The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of October 31, 2024 and July 31, 2024 (in millions):


	October 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	228.7	$	—	$	—	$	228.7
Corporate debt securities	34.2		—		—		34.2
U.S. government and agency securities	74.8		—		—		74.8

Total available-for-sale cash equivalents	$	337.7	$	—	$	—	$	337.7
Investments:
Certificates of deposit	$	15.7	$	—	$	—	$	15.7
Commercial paper	36.1		—		—		36.1
Corporate debt securities	4,115.2		25.3		(7.8)		4,132.7
U.S. government and agency securities	21.9		—		—		21.9
Non-U.S. government and agency securities	38.6		0.5		—		39.1
Asset-backed securities	976.1		7.1		(0.8)		982.4
Total available-for-sale investments	$	5,203.6	$	32.9	$	(8.6)	$	5,227.9


	July 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	299.6	$	—	$	—	$	299.6
Corporate debt securities	18.2		—		—		18.2
U.S. government and agency securities	149.6		—		—		149.6

Total available-for-sale cash equivalents	$	467.4	$	—	$	—	$	467.4
Investments:
Certificates of deposit	$	20.6	$	—	$	—	$	20.6
Commercial paper	79.9		0.1		(0.1)		79.9
Corporate debt securities	4,065.5		28.3		(6.6)		4,087.2
U.S. government and agency securities	21.9		—		(0.2)		21.7
Non-U.S. government and agency securities	57.9		0.7		—		58.6
Asset-backed securities	943.1		6.3		(0.6)		948.8
Total available-for-sale investments	$	5,188.9	$	35.4	$	(7.5)	$	5,216.8

As of October 31, 2024, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $7.3 million, which were related to $1.2 billion of available-for-sale debt securities, and the gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months were $1.3 million, which were related to $372.5 million of available-for-sale debt securities. As of July 31, 2024 the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $1.5 million, which were related to $949.4 million of available-for-sale debt securities, and the gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months were $6.0 million, which were related to $915.3 million of available-for-sale debt securities.

Unrealized losses related to our available-for-sale debt securities are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three months ended October 31, 2024 and 2023.

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of October 31, 2024, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,445.9	$	1,445.9
Due between one and three years	1,843.2		1,853.4
Due between three and five years	1,925.5		1,937.9
Due between five and ten years	217.7		218.2
Due after ten years	109.0		110.2
Total	$	5,541.3	$	5,565.6

Marketable equity securities consist of money market funds and are included in cash and cash equivalents on our condensed consolidated balance sheets. As of October 31, 2024 and July 31, 2024, the carrying values of our marketable equity securities were $1.1 billion and $494.0 million, respectively. There were no unrealized gains or losses recognized for these securities during the three months ended October 31, 2024 and 2023.