v3.26.1
Debt (Tables)
 3 Months Ended
May 02, 2026
Debt Disclosure [Abstract]  
Outstanding Indebtedness
The following table summarizes the net carrying value of our outstanding indebtedness (dollars in thousands):
May 2, 2026January 31, 2026
Credit Agreement - Term Loan A Facility (matures December 2030)$1,526,170 $1,525,422 
Credit Agreement - Term Loan B Facility (matures January 2033)$792,280 $792,041 
4.50% senior notes, net (mature April 2029)
497,264 497,034 
2,815,714 2,814,497 
Less: current portion(6,000)(4,000)
Long-term debt$2,809,714 $2,810,497 
Carrying Value and Fair Value of Notes
The following table summarizes the net carrying value of the Term Loan A Facility as of May 2, 2026 and January 31, 2026 (dollars in thousands):
May 2, 2026January 31, 2026
Principal amount of Term Loan A Facility$1,540,000 $1,540,000 
Less: Debt issuance costs(13,830)(14,579)
Net carrying amount of Term Loan A Facility$1,526,170 $1,525,422 

The following table summarizes the net carrying value of the Term Loan B Facility as of May 2, 2026 and January 31, 2026 (dollars in thousands):
May 2, 2026January 31, 2026
Principal amount of Term Loan B Facility$800,000 $800,000 
Less: Debt issuance costs(5,797)(5,963)
Less: Original Issue Discount(1,923)(1,996)
Net carrying amount of Term Loan B Facility$792,280 $792,041 
The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $97.73 and $98.44 as of May 2, 2026 and January 31, 2026, respectively (dollars in thousands):

May 2, 2026January 31, 2026
Fair value of principal amount of 2029 Notes$488,650 $492,200 
Less: Debt issuance costs(2,736)(2,966)
Fair value of 2029 Notes$485,914 $489,234 
Schedule Interest Rates for the Credit Agreement The weighted average interest rates and fees for balances under our Credit Agreement as of May 2, 2026 and January 31, 2026 were as follows:
Weighted Average Rate End of Period
May 2, 2026January 31, 2026
Borrowings - Term A SOFR Loans
1.375% - 2.00% plus Term SOFR
5.40%6.02%
Borrowings - Base Rate Loans
0.375% - 1.00% plus Base rate(1)
—%—%
Borrowings - Term B SOFR Loans
1.75% plus Term SOFR
5.40%—%
Unused Revolver Commitment
0.20% - 0.40%
0.35%0.30%
Standby Letters of Credit
1.375% - 2.00%
1.75%1.63%
Commercial Letters of Credit
0.6875% -1.00%
—%—%

(1) Base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and, if such rate is less than zero, such rate shall be deemed zero. “Term SOFR” will be the published forward-looking SOFR rate for the applicable interest period plus a 0.10% spread adjustment and if such rate is less than zero, such rate shall be deemed zero. There were no outstanding borrowings under our revolving facility as of May 2, 2026 and January 31, 2026.
Schedule of Long-term Debt Instruments
The following table summarizes the net carrying value of the 2029 Notes as of May 2, 2026 and January 31, 2026 (dollars in thousands):
May 2, 2026January 31, 2026
Principal amount of 2029 Notes $500,000 $500,000 
Less: Debt issuance costs(2,736)(2,966)
Net carrying amount of 2029 Notes$497,264 $497,034