v3.26.1
Fair Value Measurements
 3 Months Ended
May 02, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, “Fair Value Measurement and Disclosures,” outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows:
Level 1:  Observable inputs such as quoted prices in active markets;
Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Recurring
The Company records deferred compensation plan assets held in trust at fair value on a recurring basis using Level 1 inputs within other long-term assets on the Consolidated Balance Sheets. Such assets consist of investments in various mutual and money market funds made by eligible individuals as part of the Company’s deferred compensation plans. The liability for compensation deferred under the Company’s plans is included within other long-term liabilities on the Consolidated Balance Sheets.
The Company’s derivative financial instruments are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility and therefore are classified as Level 2 instruments. The cross-currency swap contract and available-for-sale security are included within other long-term assets on the Consolidated Balance Sheets. Foreign exchange forward contracts are included within prepaid and other current assets and accrued expenses on the Consolidated Balance Sheets.
Assets and liabilities measured at fair value on a recurring basis for the following periods are set forth in the table below (in thousands):
May 2,
2026		January 31,
2026		May 3,
2025
Assets:
Level 1:
Deferred compensation plan assets held in trust$189,418 $178,006 $154,446 
Level 2:
Available-for-sale security5,452 5,544 — 
Foreign exchange forward contracts778 727 — 
Cross-currency swap contract19,747 18,449 — 
Total assets$215,395 $202,726 $154,446 
Liabilities:
Level 1:
Deferred compensation liabilities$189,418 $178,006 $154,446 
Level 2:
Foreign exchange forward contracts1,741 6,469 — 
Total liabilities$191,159 $184,475 $154,446 
Due to their short-term nature, the fair value of cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximated their carrying values at May 2, 2026, January 31, 2026 and May 3, 2025.
Nonrecurring
Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include property and equipment, operating lease assets, goodwill and other intangible assets, equity and certain other assets. These assets are required to be assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, and at least annually for goodwill and indefinite-lived intangible assets. If an impairment is required, the asset is adjusted to fair value using Level 3 inputs.
During the 13 weeks ended May 3, 2025, the Company purchased $119.5 million of investments. These investments consisted of $69.5 million of Foot Locker equity securities purchased prior to the acquisition and $50.0 million for an equity method investment. The fair value of the Foot Locker securities owned by the Company as of May 3, 2025 was $55.6 million. The Company recorded a non-cash loss of $13.9 million during the 13 weeks ended May 3, 2025, related to these equity securities within other (income) expense on the Consolidated Statements of Income, resulting from net changes in Foot Locker’s underlying stock price during the respective periods. The equity method investment is included within other long-term assets on the Consolidated Balance Sheets.
Long-term Debt
The Company discloses the fair value of its senior notes due 2029, 2032 and 2052 using Level 2 inputs, which are based on quoted prices for similar or identical instruments in inactive markets, as follows (in thousands):
May 2, 2026January 31, 2026May 3, 2025
Carrying ValueFair
Value		Carrying ValueFair
Value		Carrying ValueFair
Value
Senior notes due 2029$385,466 $389,848 $384,500 $394,132 $— $— 
Senior notes due 2032$744,924 $683,670 $744,722 $690,683 $744,128 $653,910 
Senior notes due 2052$740,536 $535,575 $740,484 $548,258 $740,334 $509,910