v3.25.2
Fair Value Measurement
 6 Months Ended
Aug. 03, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value is defined as 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. Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:
•Level 1 - defined as observable inputs such as quoted prices in active markets;
•Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
•Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Assets and liabilities measured at fair value on a recurring basis
The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. As of August 3, 2025 and February 2, 2025, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis:
August 3,
2025		Level 1Level 2Level 3Balance Sheet Classification
(In thousands)
Money market funds$107,601 $107,601 $— $— Cash and cash equivalents
Forward currency contract assets714 — 714 — Prepaid expenses and other current assets
Forward currency contract liabilities4,895 — 4,895 — Other current liabilities

February 2,
2025		Level 1Level 2Level 3Balance Sheet Classification
(In thousands)
Money market funds$240,918 $240,918 $— $— Cash and cash equivalents
Term deposits8 — 8 — Cash and cash equivalents
Forward currency contract assets76,848 — 76,848 — Prepaid expenses and other current assets
Forward currency contract liabilities74,638 — 74,638 — Other current liabilities
The Company records cash, accounts receivable, accounts payable, and accrued liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities.
The Company has short-term, highly liquid investments classified as cash equivalents, which are invested in money market funds and short-term deposits with original maturities of three months or less. The Company records cash equivalents at their original purchase prices plus interest that has accrued at the stated rate.
The fair values of the forward currency contract assets and liabilities are determined using observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and interest rates. The fair values consider the credit risk of the Company and its counterparties. The Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. However, the Company records all derivatives on its consolidated balance sheets at fair value and does not offset derivative assets and liabilities.