Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

Fair Value Measurements
3 Months Ended
May 03, 2014
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. 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.

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.

As of May 3, 2014, the Company held financial liabilities of $4,376 related to its non-qualified deferred compensation plan. The liabilities have been categorized as Level 2 as they are based on third-party reported net asset values which are based primarily on quoted market prices of underlying assets of the funds within the plan.