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Debt (Tables)

6 Months Ended

Jul. 27, 2024

Debt Disclosure [Abstract]

Outstanding Indebtedness

The following table summarizes the net carrying value of our outstanding indebtedness (dollars in thousands):

			July 27, 2024						January 27, 2024
Credit Agreement - Term loan facility (matures January 2029)			$	446,730					$	313,735
4.50% senior notes, net (mature April 2029)			495,638						495,180
			942,368						808,915
Less: current portion			—						(17,500)
Long-term debt			$	942,368					$	791,415

Carrying Value and Fair Value of Notes

The following table summarizes the net carrying value of the term loan as of July 27, 2024 and January 27, 2024 (dollars in thousands):

			July 27, 2024						January 27, 2024
Principal amount of term loan			$	450,000					$	315,000
Less: Debt issuance costs			(3,270)						(1,265)
Net carrying amount of term loan			$	446,730					$	313,735

The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $94.41 and $92.49 as of July 27, 2024 and January 27, 2024, respectively (dollars in thousands):

			July 27, 2024						January 27, 2024
Fair value of principal amount of 2029 Notes			$	472,050					$	462,450
Less: Debt issuance costs			(4,362)						(4,820)
Fair value of 2029 Notes			$	467,688					$	457,630

Schedule Interest Rates for the Credit Agreement

Under our Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing four-quarter consolidated EBITDA, as defined by our Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio.

Borrowings - Term SOFR Loans			1.375% - 2.00% plus Term SOFR
Borrowings - Base Rate Loans			0.375% - 1.00% plus Base rate(1)
Unused Revolver Commitment			0.20% - 0.40%
Standby Letters of Credit			1.375% - 2.00%
Commercial Letters of Credit			0.6875% -1.00%

(1) Base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and, if such rate is less than zero, such rate shall be deemed zero. “Term SOFR” will be the published forward-looking SOFR rate for the applicable interest period plus a 0.10% spread adjustment and if such rate is less than zero, such rate shall be deemed zero.

The weighted average interest rates and fees for balances under our Credit Agreement as of July 27, 2024 and January 27, 2024 were as follows:

			Weighted Average Rate End of Period
			July 27, 2024						January 27, 2024
Borrowings - Term loan facility			6.93%						7.06%
Borrowings - Revolving facility(1)			—%						—%
Standby Letters of Credit			1.50%						1.63%
Unused Revolver Commitment			0.25%						0.30%

(1) There were no outstanding borrowings under our revolving facility as of July 27, 2024 and January 27, 2024.

Schedule of Long-term Debt Instruments

The following table summarizes the net carrying value of the 2029 Notes as of July 27, 2024 and January 27, 2024 (dollars in thousands):

			July 27, 2024						January 27, 2024
Principal amount of 2029 Notes			$	500,000					$	500,000
Less: Debt issuance costs			(4,362)						(4,820)
Net carrying amount of 2029 Notes			$	495,638					$	495,180

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