Fair Value Measurements
 3 Months Ended
Apr. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
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.
Financial Assets
The following table presents the Company's financial assets measured at fair value on a recurring basis as of April 30, 2016 and January 30, 2016, aggregated by the level in the fair value hierarchy within which those measurements fall.
 
April 30, 2016
 
Level 1
Level 2
Level 3
 
(in thousands)
Money market funds
$
70,667

$
—

$
—

 
 
 
January 30, 2016
 
Level 1
Level 2
Level 3
 
(in thousands)
Money market funds
$
152,069

$
—

$
—


The carrying amounts reflected on the unaudited Consolidated Balance Sheets for cash, cash equivalents, receivables, prepaid expenses, and payables as of April 30, 2016 and January 30, 2016 approximated their fair values.