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Fair Value Measurements | 6 Months Ended
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Jan. 28, 2023
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 28, 2023, and July 30, 2022, 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 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 28, 2023, and July 30, 2022:
|  | January 28, 2023 |  | July 30, 2022
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 11,658 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,658 |  |  | $ | 16,267 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,267 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 42,748 |  |  | — |  |  | — |  |  | 42,748 |  |  | 42,260 |  |  | — |  |  | — |  |  | 42,260 |
Commercial paper |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,985 |  |  | — |  |  | 2,985 |
Corporate bonds |  | — |  |  | 42,160 |  |  | — |  |  | 42,160 |  |  | — |  |  | 54,517 |  |  | — |  |  | 54,517 |
Total |  | $ | 54,406 |  |  | $ | 42,160 |  |  | $ | — |  |  | $ | 96,566 |  |  | $ | 58,527 |  |  | $ | 57,502 |  |  | $ | — |  |  | $ | 116,029 |
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 28, 2023, and January 29, 2022. 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 28, 2023, and July 30, 2022:
|  | January 28, 2023 |  | July 30, 2022
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 43,311 |  |  | $ | — |  |  | $ | (563) |  |  | $ | 42,748 |  |  | $ | 43,163 |  |  | $ | — |  |  | $ | (903) |  |  | $ | 42,260 |
Commercial paper |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,985 |  |  | — |  |  | — |  |  | 2,985 |
Corporate bonds |  | 42,754 |  |  | — |  |  | (594) |  |  | 42,160 |  |  | 55,526 |  |  | — |  |  | (1,009) |  |  | 54,517 |
Total |  | $ | 86,065 |  |  | $ | — |  |  | $ | (1,157) |  |  | $ | 84,908 |  |  | $ | 101,674 |  |  | $ | — |  |  | $ | (1,912) |  |  | $ | 99,762 |
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position as of January 28, 2023:
|  | Less Than 12 Months |  | More Than 12 Months |  | Total
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 42,748 |  |  | $ | (563) |  |  | $ | — |  |  | $ | — |  |  | $ | 42,748 |  |  | $ | (563) |
Corporate bonds |  | 16,592 |  |  | (247) |  |  | 25,568 |  |  | (347) |  |  | 42,160 |  |  | (594) |
Total |  | $ | 59,340 |  |  | $ | (810) |  |  | $ | 25,568 |  |  | $ | (347) |  |  | $ | 84,908 |  |  | $ | (1,157) |
Gross unrealized losses on our available-for-sale securities have decreased since July 30, 2022, due to maturities of our investments in the six months ended January 28, 2023, and approaching maturities of securities in our portfolio. We evaluate securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer; whether we intend to sell the securities, and whether it is more likely than not that we will be required to sell the securities before recovery of their amortized cost basis. As of January 28, 2023, the losses on our available-for-sale securities were considered to be a direct effect of the increase in interest rates and not the creditworthiness of the issuers. We have the current intent and ability to retain these securities until maturity or recovery of the amortized cost basis. Therefore, we did not recognize any expected credit losses as of January 28, 2023. The following table sets forth the fair value of available-for-sale securities by contractual maturity as of January 28, 2023 and July 30, 2022:
|  | January 28, 2023 |  | July 30, 2022
(in thousands) |  | One Year or Less |  | Over One Year Through Five Years |  | Over Five Years |  | Total |  | One Year or Less |  | Over One Year Through Five Years |  | Over Five Years |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 42,487 |  |  | $ | 261 |  |  | $ | — |  |  | $ | 42,748 |  |  | $ | 35,473 |  |  | $ | 6,787 |  |  | $ | — |  |  | $ | 42,260 |
Commercial paper |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,985 |  |  | — |  |  | — |  |  | 2,985 |
Corporate bonds |  | 40,133 |  |  | 2,027 |  |  | — |  |  | 42,160 |  |  | 43,591 |  |  | 10,926 |  |  | — |  |  | 54,517 |
Total |  | $ | 82,620 |  |  | $ | 2,288 |  |  | $ | — |  |  | $ | 84,908 |  |  | $ | 82,049 |  |  | $ | 17,713 |  |  | $ | — |  |  | $ | 99,762 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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