Quarterly report pursuant to Section 13 or 15(d)

Fair value measurements

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Fair value measurements
 6 Months Ended
Jul. 31, 2021
Fair value measurements  
Fair value measurements

9.Fair value measurements

The carrying value of cash and cash equivalents, accounts receivable, and accounts payable approximates their estimated fair values due to the short maturities of these instruments. The carrying value of long-term debt also approximates its fair value.

Fair value is measured using inputs from the three levels of the fair value hierarchy, which are described as follows:

● Level 1 – observable inputs such as quoted prices for identical instruments in active markets.
● Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data.
● Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions.

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As of July 31, 2021, January 30, 2021, and August 1, 2020, there were liabilities related to the non-qualified deferred compensation plan included in other long-term liabilities on the consolidated balance sheets of $38,077, $32,909, and $27,283, respectively. The liabilities are categorized as Level 2 as they are based on third-party reported values, which are based primarily on quoted market prices of underlying assets of the funds within the plan.

Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets and goodwill that are reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.