v3.26.1
Financial Instruments
3 Months Ended
May 03, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Cash equivalents are carried at cost, which approximates fair value and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Marketable securities are carried at fair value and are classified within Level 1 because they are valued using quoted market prices. Specific to marketable fixed income securities, the Company did not record any gross unrealized gains and losses as fair value approximates amortized cost. The Company did not record any credit losses during the thirteen weeks ended May 3, 2026. Further, as of May 3, 2026, the Company did not record an allowance for credit losses related to its fixed income securities.

Vested equity warrants and equity investments in public companies that have readily determinable fair values are carried at fair value and are classified within Level 1 because they are valued using quoted market prices.

The following table includes a summary of financial instruments measured at fair value as of May 3, 2026 (in millions):

Level 1Level 2Level 3
Cash$475.3 $— $— 
Commercial paper9.9 — — 
Cash and cash equivalents485.2 — — 
Corporate bonds24.0 — — 
Commercial paper9.9 — — 
Equity investments1.0 — — 
Marketable securities34.9 — — 
Total financial instruments$520.1 $— $— 

The following table includes a summary of financial instruments measured at fair value as of February 1, 2026 (in millions):

Level 1Level 2Level 3
Cash$858.8 $— $— 
Corporate bonds1.3 — — 
Cash and cash equivalents860.1 — — 
Corporate bonds17.6 — — 
Equity investments1.1 — — 
Marketable securities18.7 — — 
Total financial instruments$878.8 $— $— 

The Company held no financial instruments measured using Level 3 significant unobservable inputs as of May 3, 2026.