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Fair Value Measurements
 6 Months Ended
Jan. 30, 2021
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 January 30, 2021, and August 1, 2020, 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 January 30, 2021, and August 1, 2020:
January 30, 2021August 1, 2020
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Financial Assets:
Investments:
U.S. Treasury securities$70,193 $204 $— $70,397 $67,335 $516 $(1)$67,850 
Certificates of deposit11,350 — — 11,350 6,150 — — 6,150 
Commercial paper41,987 — — 41,987 35,331 — — 35,331 
Asset-backed securities22,832 118 (4)22,946 44,854 410 (4)45,260 
Corporate bonds82,398 276 (2)82,672 82,821 723 (1)83,543 
Total$228,760 $598 $(6)$229,352 $236,491 $1,649 $(6)$238,134 

The following table sets forth the fair value of available-for-sale securities by contractual maturity as of January 30, 2021, and August 1, 2020:
January 30, 2021August 1, 2020
(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$70,397 $— $— $70,397 $38,794 $29,056 $— $67,850 
Certificates of deposit11,350 — — 11,350 6,150 — — 6,150 
Commercial paper41,987 — — 41,987 35,331 — — 35,331 
Asset-backed securities6,095 16,851 — 22,946 6,657 38,603 — 45,260 
Corporate bonds37,128 45,544 — 82,672 56,105 27,438 — 83,543 
Total$166,957 $62,395 $— $229,352 $143,037 $95,097 $— $238,134 

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 January 30, 2021, and August 1, 2020:
 January 30, 2021August 1, 2020
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets:        
Cash equivalents:
Money market funds$4,504 $— $— $4,504 $2,394 $— $— $2,394 
U.S Treasury securities7,228 — — 7,228 — — — — 
Investments:
U.S. Treasury securities70,397 — — 70,397 67,850 — — 67,850 
Certificates of deposit— 11,350 — 11,350 — 6,150 — 6,150 
Commercial paper— 41,987 — 41,987 — 35,331 — 35,331 
Asset-backed securities— 22,946 — 22,946 — 45,260 — 45,260 
Corporate bonds— 82,672 — 82,672 — 83,543 — 83,543 
Total$82,129 $158,955 $— $241,084 $70,244 $170,284 $— $240,528 
There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 for the three and six months ended January 30, 2021, and February 1, 2020.