XML 32 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value Disclosures
6 Months Ended
Jul. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Disclosures

Note 11. Fair Value Disclosures

The estimated fair values of financial instruments 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 cash and cash equivalents and accounts receivable approximates their carrying values at July 30, 2022 due to the short-term maturities of these instruments. The Company’s short-term investments are recorded at amortized cost, which is consistent with the Company’s held-to-maturity classification. The fair value of the Company’s long-term debt at July 30, 2022 was approximately $383 million. The carrying value of the Company’s long-term debt at July 30, 2022 was $366.1 million. The fair value of the Company’s subordinated debentures at July 30, 2022 was approximately $216 million. The carrying value of the Company’s subordinated debentures at July 30, 2022 was $200 million.

The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and is categorized as Level 1 in the fair value hierarchy.