Fair Value (Tables)

3 Months Ended

May 04, 2024

Company's Assets and Liabilities Measured at Fair Value

The following table provides the three levels of the hierarchy and the distribution of the Company’s assets measured at fair value on a recurring basis, as of May 4, 2024 and February 3, 2024:


	Assets and Liabilities at Fair Value as of May 4, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	302,285	$	17,912	$	—	$	320,197
Derivative instruments (2)	—		1,613		—		1,613
Rabbi Trust assets (3)	1,164		52,863		—		54,027
Restricted cash equivalents (1)	3,285		1,441		—		4,726
Total assets	$	306,734	$	73,829	$	—	$	380,563

Liabilities:
Derivative instruments (2)	$	—	$	117	$	—	$	117
Total liabilities	$	—	$	117	$	—	$	117


	Assets and Liabilities at Fair Value as of February 3, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	349,174	$	26,975	$	—	$	376,149
Derivative instruments (2)	—		1,092		—		1,092
Rabbi Trust assets (3)	1,164		52,521		—		53,685
Restricted cash equivalents (1)	4,282		1,420		—		5,702
Total assets	$	354,620	$	82,008	$	—	$	436,628

Liabilities:
Derivative instruments (2)	$	—	$	539	$	—	$	539
Total liabilities	$	—	$	539	$	—	$	539

(1) Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits.

(2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.

(3) Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies.

Fair Value of long-term borrowings

The following table provides the carrying amount and fair value of the Company’s long-term gross borrowings as of May 4, 2024 and February 3, 2024:


(in thousands)	May 4, 2024		February 3, 2024
Gross borrowings outstanding, carrying amount	$	213,906	$	223,214
Gross borrowings outstanding, fair value (1)	215,510		226,004

(1) Classified as Level 2 measurements within the fair value hierarchy.