Investments and Restricted Investments

12 Months Ended

Jan. 30, 2021

Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The fair value of the Company’s financial instruments as of January 30, 2021 and February 1, 2020 are as follows:


($000)	2020		2019
Cash and cash equivalents (Level 1)	$	4,819,293	$	1,351,205


Investments (Level 2)	$	8	$	8

Restricted cash and cash equivalents (Level 1)	$	134,476	$	60,205

The underlying assets in the Company’s non-qualified deferred compensation program as of January 30, 2021 and February 1, 2020 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows:


($000)	2020		2019
Level 1	$	159,116	$	134,440
Level 2	—		7,003
Total	$	159,116	$	141,443