Fair Value Measurements |
3 Months Ended | ||||||||||||||||||
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May 02, 2026 | |||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||
| Fair Value Measurements | Note 3. Fair Value Measurements We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions. The Company's financial assets and liabilities are to be measured using inputs from three levels of the fair value hierarchy as follows:
The Company did not have any non-financial assets or non-financial liabilities recognized at fair value on a recurring basis at May 2, 2026 or January 31, 2026. At May 2, 2026 and January 31, 2026, the Company believes that the carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value, due to the short-term maturity of these instruments. The Company's debt obligations with a carrying value of $29,127 and $19,462 as of May 2, 2026 and January 31, 2026, respectively, are at variable interest rates. Borrowings under the Company's 2023 Revolving Credit Facility are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments. The Company considers this as a Level 2 input. The carrying values of the Company's Third Lien Credit Facility as of May 2, 2026 and January 31, 2026 approximate fair value, due to the variable rates associated with this obligation. The Company considers this a Level 3 input. The Company's non-financial assets, which primarily consist of operating lease right-of-use ("ROU") assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at their carrying values. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable, non-financial assets are assessed for impairment and, if applicable, written down to (and recorded at) fair value. There was no impairment of non-financial assets during the three months ended May 2, 2026. The inputs used in determining the fair value of the ROU assets are the current comparable market rents for similar properties and a store discount rate. The fair value of the property and equipment is based on its estimated liquidation value. The measurement of fair value of these assets are considered Level 3 valuations as certain of these inputs are unobservable and are estimated to be those that would be used by market participants in valuing these or similar assets. |