v3.26.1
Fair Value Measurements
 3 Months Ended
May 02, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Applicable accounting standards require disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Each fair value measurement is reported in one of the following three levels:
•Level 1 inputs are quoted prices in active markets for identical assets or liabilities;
•Level 2 inputs are observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs; and
•Level 3 inputs are unobservable inputs for the asset or liability reflecting our assumptions about pricing by market participants.
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
Assets and liabilities that are measured at fair value on a recurring basis include our Cash equivalents, Marketable securities, Digital assets, Digital assets receivable, Derivative assets and liabilities, company-owned life insurance policies with a cash surrender value, and certain nonqualified deferred compensation liabilities.
We measure the fair value of cash equivalents, certain marketable securities and digital assets based on quoted prices in active markets for identical assets. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
Our investments in time deposits are reported at fair value and utilize Level 1 inputs for measurement.
We measure the fair value of our derivative assets and liabilities, digital assets receivable, life insurance policies with cash surrender values and certain nonqualified deferred compensation liabilities based on Level 2 inputs using quotations provided by major market news services, such as Bloomberg, and industry-standard models that consider various assumptions, including quoted forward prices, time value, volatility factors, contractual prices for the underlying instruments, and other relevant economic measures, all of which are observable in active markets.
When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence.
The following tables present our assets and liabilities measured at fair value on a recurring basis:
May 2, 2026
Adjusted CostUnrealized GainsUnrealized LossesFair Value
Assets
Level 1:
Marketable securities(1)
$971.3 $— $(0.8)$970.5 
Digital assets(2)
0.2 — (0.1)0.1 
Level 2:
Derivative asset(3)
— 285.3 — 285.3 
Digital assets receivable(2)
428.0 — (58.4)369.6 
Company-owned life insurance(4)
0.1 — — 0.1 
Total assets$1,399.6 $285.3 $(59.3)$1,625.6 
Liabilities
Level 2:
Derivative liability on digital assets(5)
$5.4 $3.0 $— $8.4 
Nonqualified deferred compensation(5)
0.1 — — 0.1 
Total liabilities$5.5 $3.0 $— $8.5 
May 3, 2025
Adjusted CostUnrealized GainsUnrealized LossesFair Value
Assets
Level 1:
Time deposits(6)
$11.4 $— $— $11.4 
Level 2:
Company-owned life insurance(4)
0.1 — — 0.1 
Total assets$11.5 $— $— $11.5 
Liabilities
Level 2:
Nonqualified deferred compensation(5)
0.1 — — 0.1 
Total liabilities$0.1 $— $— $0.1 

January 31,
2026
Adjusted CostUnrealized GainsUnrealized LossesFair Value
Assets
Level 1:
Marketable securities(1)
$2,708.7 $0.4 $— $2,709.1 
Digital assets(2)
0.2 — (0.1)0.1 
Level 2:
Digital assets receivable(2)
428.0 — (59.7)368.3 
Company-owned life insurance(4)
0.1 — — 0.1 
Total assets$3,137.0 $0.4 $(59.8)$3,077.6 
Liabilities
Level 2:
Derivative liability on digital assets(5)
$3.0 $(2.3)$— $0.7 
Nonqualified deferred compensation(5)
0.1 — — 0.1 
Total liabilities$3.1 $(2.3)$— $0.8 
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(1)    Recognized in "Marketable securities" on our condensed consolidated balance sheets.
(2)    Recognized in "Digital assets and related receivables" on our condensed consolidated balance sheets. During fiscal 2025, the Company pledged portion of its digital assets as collateral in connection with a covered‑call strategy, which resulted in the derecognition of the pledged digital assets and the corresponding recognition of a digital asset receivable.
(3)    Recognized in "Derivative asset" on our condensed consolidated balance sheets. See Note 10, "Derivative Asset," for additional information.
(4)    Recognized in "Other noncurrent assets" on our condensed consolidated balance sheets.
(5)    Recognized in "Accrued liabilities and other current liabilities" on our condensed consolidated balance sheets. See Note 11, "Digital assets and Related Receivables," for additional information.
(6)    Recognized in "Assets held for sale" on our condensed consolidated balance sheets. During the first quarter of fiscal year 2025 we reclassified $11.4 million of our marketable securities to assets held for sale, on our condensed consolidated balance sheets.

Assets that are Measured at Fair Value on a Nonrecurring Basis
Assets that are measured at fair value on a nonrecurring basis relate primarily to Property and equipment, Operating lease right-of-use ("ROU") assets and Other intangible assets, which are remeasured when the estimated fair value is below its carrying value. When we determine that impairment has occurred, the carrying value of the asset is reduced to its fair value. No such remeasurements were recorded during the quarter.
The carrying value of our Cash, Restricted cash, Net receivables, Collateral pledged for derivative asset, Accounts payable and Current portion of debt approximate their fair values due to their short-term maturities.
The fair value estimates of trade name intangibles and store-level property and equipment are based on significant unobservable inputs (Level 3) developed using company-specific information. These assets were valued using variations of the discounted cash flow method, which require assumptions associated with, among others, projected sales and cost estimates, capital expenditures, royalty rates, discount rates, terminal values and remaining useful lives.
During the first quarter of fiscal 2025, management approved a plan to divest the Company's operations in France. In connection with this plan, we reclassified the debt related to the French disposal group to Liabilities held for sale, within our condensed consolidated balance sheets. The debt had previously been included in the Company's consolidated debt balances and consisted of government-subsidized low interest French term loans maturing from October 2022 through October 2026 ("French Term Loans")
As of May 2, 2026, the French Term Loans included in Liabilities held for sale had a carrying value of $8.9 million and a fair value of $8.8 million. The fair value of our French Term Loans were estimated using a discounted cash flow model that incorporates interest rates available to the Company for similar debt with comparable maturities. The valuation technique uses Level 2 inputs within the fair value hierarchy.
On October 7, 2025, the Company announced that the Board declared the Warrant Distribution. The Company estimated the fair value of the Warrants using the Black-Scholes option pricing model (Level 3). The estimated fair value of each Warrant on the issuance date was $2.94 and the $173.9 million aggregate fair value of the Warrants was recorded as additional paid-in-capital. Of this aggregate fair value amount, $42.2 million was distributed to the holders of the Convertible Notes and recognized as interest expense and $131.7 million was distributed to stockholders and recorded to retained earnings.