Fair Value Measurements

6 Months Ended

Jul. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3 - Fair Value Measurements

The following table presents financial instruments that are measured at fair value on a recurring basis at July 29, 2023, January 28, 2023 and July 30, 2022:

	Fair Value Measurements
(In thousands)	Level 1		Level 2		Level 3		Total
As of July 29, 2023
Cash equivalents - money market mutual funds	$	22,445	$	0	$	0	$	22,445
Marketable securities - mutual funds that fund     deferred compensation		12,218		0		0		12,218
Total	$	34,663	$	0	$	0	$	34,663
As of January 28, 2023
Cash equivalents - money market mutual funds	$	45,265	$	0	$	0	$	45,265
Marketable securities - mutual funds that fund     deferred compensation		11,601						11,601
Total	$	56,866	$	0	$	0	$	56,866
As of July 30, 2022
Cash equivalents - money market mutual funds	$	41,401	$	0	$	0	$	41,401
Marketable securities - mutual funds that fund     deferred compensation		10,994						10,994
Total	$	52,395	$	0	$	0	$	52,395

We invest in publicly traded mutual funds with readily determinable fair values. These Marketable Securities are designed to mitigate volatility in our Condensed Consolidated Statements of Income associated with our non-qualified deferred compensation plan. As of July 29, 2023, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan. As of July 29, 2023, the balance in our deferred compensation plan was $12.2 million, of which $1.6 million was in Accrued and Other Liabilities based on scheduled payments due within the next 12 months and the remaining balance was in Deferred Compensation, a long-term liability. To the extent there is a variation in invested funds compared to the total non-qualified deferred compensation plan liability, such fund variance is invested in a stable value mutual fund. We classify these Marketable Securities as current assets because we have the ability to convert the securities into cash at our discretion and these Marketable Securities are not held in a rabbi trust. We have recognized cumulative unrealized losses of $1.8 million, $2.9 million and $2.5 million related to equity securities still held at July 29, 2023, January 28, 2023 and July 30, 2022, respectively. For the thirteen and twenty-six weeks ended July 29, 2023, we have recognized unrealized gains of $761,000 and $1.1 million, respectively, related to equity securities still held at July 29, 2023. For the thirteen and twenty-six weeks ended July 30, 2022, we have recognized unrealized gains of $34,000 and unrealized losses of $501,000, respectively, related to equity securities still held at July 30, 2022.

The fair values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued and Other Liabilities approximate their carrying values because of their short-term nature.

Long-Lived Asset Impairment Testing

We periodically evaluate our long-lived assets for impairment if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include Property and Equipment, Operating Lease Right-of-Use Assets, and the current and long-term portions of operating lease liabilities. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in Selling, General and Administrative Expenses. If the Operating Lease Right-of-Use Asset is impaired, we would amortize the remaining right-of-use asset on a straight-line basis over the remaining lease term. No impairment charges were recorded during the thirteen and twenty-six weeks ended July 29, 2023 or the thirteen and twenty-six weeks ended July 30, 2022.