DEBT (Tables)

3 Months Ended

May 04, 2024

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

The table below presents the components of the Company’s ABL Credit Facility:

	May 4, 2024		February 3, 2024		April 29, 2023
	(in millions)
Total borrowing base availability (1)	$	286.0	$	258.4	$	408.9
Credit facility availability (2)	433.0		400.5		315.0
Maximum borrowing availability (3)	286.0		258.4		315.0
Outstanding borrowings	226.1		226.7		300.8
Letters of credit outstanding—standby	12.2		7.4		7.4
Utilization of credit facility at end of period	238.3		234.1		308.2
Availability (4)	$	47.7	$	24.3	$	6.8
Interest rate at end of period	9.9%		8.1%		6.5%

	Year-To-Date 2024		Fiscal 2023		Year-To-Date 2023
	(in millions)
Average end of day loan balance during the period	$	228.2	$	315.5	$	297.1
Highest end of day loan balance during the period	$	251.6	$	379.4	$	305.9
Average interest rate	9.6%		7.5%		5.9%

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(1)In the First Quarter 2024, given that the Company was under cash dominion, the total borrowing base availability was only net of the availability block under the Credit Agreement as of the effective date of the Seventh Amendment, and the excess availability threshold was not applicable. For the second quarter of Fiscal 2024, if applicable, the total borrowing base availability will need to be net of the excess availability threshold for 60 consecutive days after June 30, 2024 in order to exit cash dominion. In Fiscal 2023, the total borrowing base availability was net of the excess availability threshold under the Credit Agreement prior to the effective date of the Seventh Amendment.

(2)In the First Quarter 2024, given that the Company was under cash dominion, the excess availability threshold under the Credit Agreement as of the effective date of the Seventh Amendment was not applicable to the determination of the credit facility availability. For the second quarter of Fiscal 2024, if applicable, the credit facility availability will need to be net of the excess availability threshold for 60 consecutive days after June 30, 2024 in order to exit cash dominion. In Fiscal 2023, the credit facility availability was net of the excess availability threshold under the Credit Agreement prior to the effective date of the Seventh Amendment.

(3)The lower of the credit facility availability and the total borrowing base availability.

(4)The sub-limit availability for letters of credit was $12.8 million at May 4, 2024, and $42.6 million at February 3, 2024 and April 29, 2023.

Contractual Obligation, Fiscal Year Maturity

Maturities of the Company’s principal debt payments as of May 4, 2024 are as follows:

	May 4, 2024
	(in thousands)
Remainder of 2024	$	—
2025	—
2026	—
2027	168,600
Thereafter	—
Total debt	$	168,600