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Fair Value

3 Months Ended

May 02, 2020

Fair Value Disclosures [Abstract]

Fair Value

Note 6

Fair Value

Fair Value of Financial Instruments

The carrying amounts and fair values of our financial instruments at May 2, 2020 and February 1, 2020 are as follows:

Fair Values
(In thousands)	May 2, 2020				February 1, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	198,939	$	195,592	$	14,393	$	14,056
UK Revolver Borrowings		23,741		23,774		—		—

The following table presents our assets and liabilities measured at fair value on a nonrecurring basis as of May 2, 2020 aggregated by the level in the fair value hierarchy within which those measurements fall:

(In thousands)

Long-Lived

Assets

Held and Used

Level 1

Level 2

Level 3

Total

Losses

Measured as of May 2, 2020

23,854

—

23,854

3,042

We recorded $3.0 million of impairment charges as a result of the fair value measurement of our long-lived assets held and used during the three months ended May 2, 2020. These charges are reflected in asset impairments and other, net on the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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