EXPRESS, INC. - 10-Q filing on 2012-08-30

Fair Value of Financial Assets

6 Months Ended

Jul. 28, 2012

Fair Value of Financial Assets and Liabilities [Abstract]

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. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date.

Level 1-Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2-Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3-Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

The following table presents the Company's assets measured at fair value on a recurring basis as of July 28, 2012 and January 28, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall.



	July 28, 2012
	Level 1		Level 2		Level 3
	(in thousands)
U.S. treasury securities funds	$	106,664	$	—	$	—

	January 28, 2012
	Level 1		Level 2		Level 3
	(in thousands)
U.S. treasury securities funds	$	131,543	$	—	$	—

The carrying amounts reflected on the unaudited Consolidated Balance Sheets for cash, cash equivalents, receivables, prepaid expenses, and payables as of July 28, 2012 and January 28, 2012 approximated their fair values.