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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Feb. 02, 2019
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS |
C. | FAIR VALUE MEASUREMENTS
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs.
• | Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data.
• | Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets.
As of February 2, 2019 and February 3, 2018, the Company held certain assets that are required to be measured at fair value on a recurring basis including available-for-sale and trading securities. The Company’s financial assets measured at fair value on a recurring basis are as follows:
| Fair Value Measurements at Reporting Date Using
| Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs |  |
February 2, 2019 | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Trading securities (including mutual funds) | 13,978 |  |  | — |  |  | — |  |  | 13,978 |
| Fair Value Measurements at Reporting Date Using
| Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs |  |
February 3, 2018 | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Available-for-sale securities: |  |  |  |  |  |  |
Auction-rate securities | $ | — |  |  | $ | 50 |  |  | $ | 1,555 |  |  | $ | 1,605 |
Trading securities (including mutual funds) | 15,154 |  |  | — |  |  | — |  |  | 15,154 |
Total | $ | 15,154 |  |  | $ | 50 |  |  | $ | 1,555 |  |  | $ | 16,759 |
Securities included in Level 1 represent securities which have a known or anticipated upcoming redemption as of the reporting date and those that have publicly traded quoted prices. ARS included in Level 2 represent securities which have not experienced a successful auction subsequent to the end of fiscal 2007. The fair market value for these securities was determined by applying a discount to par value based on auction prices for similar securities and by utilizing a discounted cash flow model, using market-based inputs, to determine fair value. The Company used a discounted cash flow model to value its Level 3 investments, using estimates regarding recovery periods, yield, and liquidity. The assumptions used are subjective based upon management’s judgment and views on current market conditions, and resulted in $120 of the Company’s recorded temporary impairment as of February 3, 2018. The use of different assumptions would result in a different valuation and related temporary impairment charge. Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows:
| Fifty-Two Weeks Ended February 2, 2019
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| Available-for-Sale Securities |  | Trading Securities |  |
| Auction-rate Securities |  | Mutual Funds |  | Total
Balance, beginning of year | $ | 1,555 |  |  | $ | — |  |  | $ | 1,555 |
Total gains and losses: |  |  |  |  |  |  |  |
Included in net income | — |  |  | — |  |  | — |
Included in other comprehensive income | 120 |  |  | — |  |  | 120 |
Purchases, Issuances, Sales, and Settlements: |  |  |  |  |  |  |  |
Sales | (1,675 | ) |  | — |  |  | (1,675 | )
Balance, end of year | $ | — |  |  | $ | — |  |  | $ | — |
| Fifty-Three Weeks Ended February 3, 2018
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| Available-for-Sale Securities |  | Trading Securities |  |
| Auction-rate Securities |  | Mutual Funds |  | Total
Balance, beginning of year | $ | 1,625 |  |  | $ | — |  |  | $ | 1,625 |
Total gains and losses: |  |  |  |  |  |  |  |
Included in net income | — |  |  | — |  |  | — |
Included in other comprehensive income | 5 |  |  | — |  |  | 5 |
Purchases, Issuances, Sales, and Settlements: |  |  |  |  |  |  |  |
Sales | (75 | ) |  | — |  |  | (75 | )
Balance, end of year | $ | 1,555 |  |  | $ | — |  |  | $ | 1,555 |
There were no transfers of securities between Levels 1, 2, or 3 during the fiscal years ended February 2, 2019 or February 3, 2018. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period in which the transfer occurred. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of February 2, 2019, the fair value of held-to-maturity securities was $56,371 compared to the carrying amount of $56,313. As of February 3, 2018, the fair value of held-to-maturity securities was $55,460 compared to the carrying amount of $55,527. The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial as of both February 2, 2019 and February 3, 2018.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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