Fair Value Measurements (Tables)

12 Months Ended

Jan. 30, 2021

Quantitative Information on Level 3 Fair Value Measurement

The following tables presents quantitative information about the Level 3 significant unobservable inputs for the WHBM trademark and long-lived assets at retail stores and operating lease assets measured at carrying value as of January 30, 2021:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

WHBM Trademark

5,000

Relief from royalty

Weighted-average cost of capital

13% to 15%

Long-term revenue growth rate

-1% to 16%

Long-lived assets at retail stores and operating lease assets (1)

89,588

Discounted cash flow

Weighted-average cost of capital

11% to 13%

Long-term revenue growth rate

2% to 53%

(1) The fair value of $89.6 million specifically relates to only those locations which had asset impairment charges related to the pandemic during fiscal 2020.

Schedule of Financial Assets Valued on a Recurring Basis

In accordance with the provisions of the guidance, we categorized our financial assets and liabilities which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows:


			Fair Value Measurements at Reporting Date Using							January 30, 2021 (52 weeks)
	Balance as of January 30, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Impairment

	(in thousands)
Recurring fair value measurements:
Current Assets
Cash equivalents:
Money market accounts	$	36,809	$	36,809	$	—	$	—
Marketable securities:



Corporate bonds	18,559		—		18,559		—

Noncurrent Assets
Deferred compensation plan	$	8,993	$	8,993	$	—	$	—
Total recurring fair value measurements	$	64,361	$	45,802	$	18,559	$	—
Nonrecurring fair value measurements:
Noncurrent Assets
Goodwill	$	16,360	$	—	$	—	$	16,360		$	(80,414)
Trademark	5,000		—		—		5,000			(29,000)
Long-lived assets	7,090		—		5,990		1,100		(1)	(29,669)
Operating lease assets	88,488		—		—		88,488		(1)	(4,795)
Total nonrecurring fair value measurements	$	116,938	$	—	$	5,990	$	110,948		$	(143,878)

			Fair Value Measurements at Reporting Date Using
	Balance as of February 1, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(in thousands)
Recurring fair value measurements:
Current Assets
Cash equivalents:
Money market accounts	$	621	$	621	$	—	$	—
Marketable securities:



Corporate bonds	62,645		—		62,645		—
Commercial paper	1,248		—		1,248		—
Noncurrent Assets
Deferred compensation plan	7,464		7,464		—		—
Total recurring fair value measurements	$	71,978	$	8,085	$	63,893	$	—

(1) The fair value of $1.1 million and $88.5 million specifically relates to only those locations which had asset impairment charges related to the pandemic during fiscal 2020.