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Fair Value Measurements
 6 Months Ended
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, 2023July 30, 2022
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets:        
Cash equivalents:
Money market funds$11,658 $— $— $11,658 $16,267 $— $— $16,267 
Investments:
U.S. Treasury securities42,748 — — 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, 2023July 30, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair 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 bonds42,754 — (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 MonthsMore Than 12 MonthsTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Financial Assets:
Investments:
U.S. Treasury securities$42,748 $(563)$— $— $42,748 $(563)
Corporate bonds16,592 (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, 2023July 30, 2022
(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$42,487 $261 $— $42,748 $35,473 $6,787 $— $42,260 
Commercial paper— — — — 2,985 — — 2,985 
Corporate bonds40,133 2,027 — 42,160 43,591 10,926 — 54,517 
Total$82,620 $2,288 $— $84,908 $82,049 $17,713 $— $99,762