XML 47 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Note 18 - Fair Value Measurements
12 Months Ended
Jan. 30, 2021
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

18.

Fair Value Measurements

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

The fair values of the Company’s derivative instruments are based on quotes received from third-party banks and represent the estimated amount the Company would pay to terminate the agreements taking into consideration current interest rates as well as the creditworthiness of the counterparties. These inputs are considered to be Level 2.

 

Financial Assets and Liabilities

 

The gross carrying amount and fair value of the Company’s debt at January 30, 2021 are as follows (in thousands):

 

  

Carrying Amount

  

Fair Value

 

First Lien Term Loan

 $801,920  $802,256 

ABL Facility

  310,000   310,000 

Total Debt

 $1,111,920  $1,112,256 

 

The fair value of debt was determined based on quoted market prices and on borrowing rates available to the Company at January 30, 2021. These inputs are considered to be Level 2.

 

The gross carrying amount and fair value of the Company’s debt at February 1, 2020 are as follows (in thousands):

 

  

Carrying Amount

  

Fair Value

 

First Lien Term Loan

 $1,315,216  $1,319,990 

ABL Facility

  378,000   378,000 

Total Debt

 $1,693,216  $1,697,990 

 

The fair value of debt was determined based on quoted market prices and borrowing rates available to the Company at February 1, 2020. These inputs are considered to be Level 2.

 

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

 

The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. See Note 2 for further information.

 

The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable approximates their carrying value due to the short-term maturities of these instruments.