v3.26.1
Fair Value Measurements
 3 Months Ended
May 02, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis, using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
The following tables present the fair value hierarchy for assets measured at fair value on a recurring basis as of the periods presented (in thousands):
As of May 2, 2026
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$72,912$—$—$72,912
Commercial paper—35,030—35,030
U.S. government and agency securities—1,899—1,899
Total cash equivalents$72,912$36,929$—$109,841
Marketable debt securities
Commercial paper
$—$181,517$—$181,517
Corporate notes and bonds
—564,054—564,054
U.S. government, agency securities, and municipal securities
—316,834—316,834
Total marketable debt securities$—$1,062,405$—$1,062,405
As of January 31, 2026
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$158,875$—$—$158,875
Commercial paper—67,606—67,606
U.S. government and agency securities—15,291—15,291
Total cash equivalents$158,875$82,897$—$241,772
Marketable debt securities
Commercial paper
$—$137,590$—$137,590
Corporate notes and bonds
—487,845—487,845
U.S. government and agency securities
—292,691—292,691
Total marketable debt securities$—$918,126$—$918,126
The Company determines the fair value of its security holdings based on pricing from service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.