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Fair Value Disclosures
12 Months Ended
Jan. 29, 2022
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
The estimated fair values of financial instruments which are presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange.
The fair value of the Company's long-term debt and subordinated debentures is based on market prices and are categorized as Level 1 in the fair value hierarchy.
The fair value of the Company's cash and cash equivalents and trade accounts receivable approximates their carrying values at January 29, 2022 and January 30, 2021 due to the short-term maturities of these instruments. The fair values of the Company's long-term debt at January 29, 2022 and January 30, 2021 were approximately $419 million and $408 million, respectively. The carrying values of the Company's long-term debt at January 29, 2022 and January 30, 2021 were approximately $366 million. The fair values of the subordinated debentures at January 29, 2022 and January 30, 2021 were approximately $209 million and $203 million, respectively. The carrying values of the subordinated debentures at both January 29, 2022 and January 30, 2021 were $200 million.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The FASB's accounting guidance utilizes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels:
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active
Level 3: Unobservable inputs that reflect the reporting entity's own assumptions
During fiscal 2021 and 2019, no asset impairment and store closing charges were recorded. During fiscal 2020, long-lived assets held for use related to certain clearance store locations were written down, resulting in an impairment charge of $10.7 million which was recorded in asset impairment and store closing charges during the period based on Level 3 inputs.