Fair Value Measurements

3 Months Ended

May 04, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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, maximize the use of observable inputs, and minimize the use of unobservable inputs when measuring fair value. Corporate and U.S. government and agency securities are classified within Level 1 because these securities are valued using quoted market prices.

The fair value of the Company’s financial instruments are as follows:

($000)	May 4, 2024		February 3, 2024		April 29, 2023
Cash and cash equivalents (Level 1)	$	4,654,316	$	4,872,446	$	4,416,480
Restricted cash and cash equivalents (Level 1)	$	63,764	$	62,995	$	61,025

The underlying assets in the Company’s nonqualified deferred compensation program as of May 4, 2024, February 3, 2024, and April 29, 2023 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) are as follows:

($000)	May 4, 2024		February 3, 2024		April 29, 2023
Nonqualified deferred compensation program (Level 1)	$	175,875	$	165,582	$	154,857