Fair Value Measurements

9 Months Ended

Oct. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Accounting Standard Codification ("ASC") 820, "Fair Value Measurement and Disclosures," outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets measured at fair value on a recurring basis as of October 31, 2015 and January 31, 2015 are set forth in the table below (in thousands):

Description	Level 1		Level 2		Level 3
As of October 31, 2015
Assets:
Deferred compensation plan assets held in trust (1)	$	54,802	$	—	$	—
Total assets	$	54,802	$	—	$	—
As of January 31, 2015
Assets:
Deferred compensation plan assets held in trust(1)	$	52,193	$	—	$	—
Total assets	$	52,193	$	—	$	—

⁽¹⁾  Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan.

The fair value of cash and cash equivalents, accounts receivable, accounts payable, revolving credit borrowings and certain other liabilities approximated book value due to the short-term nature of these instruments at both October 31, 2015 and January 31, 2015.

The Company uses quoted prices in active markets to determine the fair value of the aforementioned assets determined to be Level 1 instruments. The Company's policy for recognition of transfers between levels of the fair value hierarchy is to recognize any transfer at the end of the fiscal quarter in which the determination to transfer was made. The Company did not transfer any assets or liabilities among the levels within the fair value hierarchy during the 39 weeks ended October 31, 2015 or the fiscal year ended January 31, 2015.