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Fair Value Disclosures
9 Months Ended
Nov. 02, 2024
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 long-term debt and subordinated debentures are 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 November 2, 2024 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 November 2, 2024 was approximately $337 million. The carrying value of the Company’s long-term debt at November 2, 2024 was approximately $322 million. The fair value of the Company’s subordinated debentures at November 2, 2024 was approximately $206 million. The carrying value of the Company’s subordinated debentures at November 2, 2024 was $200 million.