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Fair Value Measurements
 9 Months Ended
May 02, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows:
Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and
Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
Our financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts payable, and accrued liabilities. At May 2, 2020, and August 3, 2019, the carrying values of cash and cash equivalents, accounts payable, and accrued liabilities approximated fair value due to their short-term maturities.
The following table sets forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of our short-term and long-term investments accounted for as available-for-sale securities as of May 2, 2020, and August 3, 2019:
May 2, 2020August 3, 2019
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Financial Assets:
Investments:
U.S. Treasury securities$69,644  $713  $(5) $70,352  $49,807  $100  $—  $49,907  
Commercial paper31,154  —  —  31,154  29,761  —  —  29,761  
Asset-backed securities46,513  397  —  46,910  42,587  145  —  42,732  
Corporate bonds82,633  618  (4) 83,247  73,969  279  —  74,248  
Total$229,944  $1,728  $(9) $231,663  $196,124  $524  $—  $196,648  
The following table sets forth the fair value of available-for-sale securities by contractual maturity as of May 2, 2020, and August 3, 2019:
May 2, 2020August 3, 2019
(in thousands)One Year or LessOver One Year Through Five YearsOver Five YearsTotalOne Year or LessOver One Year Through Five YearsOver Five YearsTotal
Financial Assets:
Investments:
U.S. Treasury securities$45,495  $24,857  $—  $70,352  $44,772  $5,135  $—  $49,907  
Commercial paper31,154  —  —  31,154  29,761  —  —  29,761  
Asset-backed securities6,162  40,748  —  46,910  5,412  37,320  —  42,732  
Corporate bonds61,933  21,314  —  83,247  63,331  10,917  —  74,248  
Total$144,744  $86,919  $—  $231,663  $143,276  $53,372  $—  $196,648  
The following table sets forth our cash equivalents, and short-term and long-term investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of May 2, 2020, and August 3, 2019:
 May 2, 2020August 3, 2019
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets:        
Cash equivalents:
Money market funds$2,565  $—  $—  $2,565  $6,427  $—  $—  $6,427  
U.S. Treasury securities5,508  —  —  5,508  —  —  —  —  
Commercial paper—  —  —  —  —  11,970  —  11,970  
Investments:
U.S. Treasury securities70,352  —  —  70,352  49,907  —  —  49,907  
Commercial paper—  31,154  —  31,154  —  29,761  —  29,761  
Asset-backed securities—  46,910  —  46,910  —  42,732  —  42,732  
Corporate bonds—  83,247  —  83,247  —  74,248  —  74,248  
Total$78,425  $161,311  $—  $239,736  $56,334  $158,711  $—  $215,045  
There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 for the three and nine months ended May 2, 2020, and April 27, 2019.