Fair Value Measurements |
6 Months Ended |
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Aug. 01, 2026 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Fair Value Measurements Fair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of the assets and liabilities. The fair value measurements are classified as either: •Level 1 which represents valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2 which represents valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and •Level 3 which represents valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the fair value measurement is classified in its entirety, is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers made into or out of the Level 1, 2 or 3 categories during any period presented. Other Financial Instruments Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and redeemable on demand. As of August 1, 2026, January 31, 2026 and August 2, 2025, we held $211.9 million, $277.7 million and $250.2 million in money market funds, respectively. The fair value of the Term Loan, 2020 Notes, and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy. As of August 1, 2026, the estimated fair value of the Notes (issued in the 2026 second quarter, see Note 4) was $0.5 billion. As of January 31, 2026, and August 2, 2025, the estimated fair value of the Term Loan and 2020 Notes were $0.5 billion and $0.5 billion, respectively. The Term Loan was repaid and the 2020 Notes were redeemed in the 2026 second quarter (see Note 4). As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value. The $10.5 million proceeds from the sale of a portion of the rights to potential IEEPA tariff relief claims were recorded within Other Long-Term Liabilities on the Condensed Consolidated Balance Sheets in 2025 and the fair value option was elected (see Note 10). In the second quarter of 2026, the change in the fair value of the liability and the remittance of tariff refund claims were $61.8 million, net and $72.2 million, respectively.
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