| Fair Value Measurements | Fair Value Measurements Our financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value due to the short-term nature of the instruments. Marketable securities are classified as available-for-sale and as of July 30, 2016 generally consist of corporate bonds, U.S. government agencies and commercial paper with $31.5 million of securities with maturity dates within one year or less and $19.1 million with maturity dates over one year and less than two years. We consider all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the condensed consolidated balance sheets as they are available to support current operational liquidity needs. Marketable securities are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Entities are required to use a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or; Inputs other than quoted prices that are observable for the asset or liability Level 3 — Unobservable inputs for the asset or liability We measure certain financial assets at fair value on a recurring basis, including our marketable securities, which are classified as available-for-sale securities, certain cash equivalents, specifically our money market accounts, and assets held in our non-qualified deferred compensation plan. The money market accounts are valued based on quoted market prices in active markets. Our marketable securities are generally valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third party pricing entities, except for U.S. government securities which are valued based on quoted market prices in active markets. The investments in our non-qualified deferred compensation plan are valued using quoted market prices and are included in other assets on our condensed consolidated balance sheets. From time to time, we measure certain assets at fair value on a non-recurring basis, including evaluation of long-lived assets, goodwill and other intangible assets for impairment using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. We estimate the fair value of assets held for sale using market values for similar assets which would fall within Level 2 of the fair value hierarchy. To assess the fair value of long-term debt, we utilize a discounted future cash flow model using current borrowing rates for similar types of debt of comparable maturities. Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. During the quarter ended July 30, 2016 , we did not make any transfers between Level 1 and Level 2 financial instruments. Furthermore, as of July 30, 2016 , January 30, 2016 and August 1, 2015 , we did not have any Level 3 financial instruments. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. In accordance with the provisions of the guidance, we categorized our financial instruments, which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at Reporting Date Using Balance as of July 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 110 $ 110 $ — $ — Marketable securities: Municipal securities 1,537 — 1,537 — U.S. government agencies 23,928 — 23,928 — Corporate bonds 21,672 — 21,672 — Commercial paper 3,475 — 3,475 — Non Current Assets Deferred compensation plan 8,401 8,401 — — Total $ 59,123 $ 8,511 $ 50,612 $ — Financial Liabilities: Long-term debt 1 $ 87,252 $ — $ 87,677 $ — Balance as of January 30, 2016 Financial Assets: Current Assets Cash equivalents: Money market accounts $ 275 $ 275 $ — $ — Marketable securities: U.S. government agencies 21,800 — 21,800 — Corporate bonds 26,149 — 26,149 — Commercial paper 2,245 — 2,245 — Non Current Assets Deferred compensation plan 7,023 7,023 — — Total $ 57,492 $ 7,298 $ 50,194 $ — Financial Liabilities: Long-term debt $ 92,219 $ — $ 92,647 $ — Balance as of August 1, 2015 Financial Assets: Current Assets Cash equivalents: Money market accounts $ 2,332 $ 2,332 $ — $ — Marketable securities: U.S. government agencies 17,022 — 17,022 — Corporate bonds 28,977 — 28,977 — Commercial paper 2,000 — 2,000 — Non Current Assets Deferred compensation plan 9,454 9,454 — — Total $ 59,785 $ 11,786 $ 47,999 $ — Financial Liabilities: Long-term debt 97,186 — 124,000 — 1 The carrying value of long-term debt includes the remaining unamortized discount of $0.2 million on the issuance of debt. |
