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Long-Term Debt (Tables)
 12 Months Ended
Jan. 31, 2021
Debt Instruments [Abstract]  
Schedule of Long-term Debt
Long-term debt and the current period interest rates were as follows:
 Balance as of
(in thousands)January 31, 2021January 26, 2020
Revolving loans$181,000 $197,000 
Debt issuance costs(1,805)(2,257)
Total long-term debt, net of debt issuance costs$179,195 $194,743 
Effective interest rate (1)
1.88 %2.95 %
(1) The revolving loans bear interest at a variable rate based on LIBOR or a Base Rate, at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2021, the Company entered into an interest rate swap agreement that fixed the interest on the first $150.0 million of debt outstanding under the revolving loans at 1.9775%. As of January 31, 2021, the effective interest rate is a weighted-average rate that represents interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.14% as of January 31, 2021, plus a margin of 1.25% (total variable rate of 1.39%). As of January 26, 2020, the interest rate was a variable rate based on the one-month LIBOR rate, which was 1.7% as of January 26, 2020, plus a margin of 1.25% (total variable rate of 2.95%).
Interest Income and Interest Expense Disclosure
Interest expense was comprised of the following components for the periods presented:
 Fiscal Year Ended
(in thousands)January 31, 2021January 26, 2020January 27, 2019
Contractual interest (1)
$4,854 $8,622 $8,674 
Amortization of debt discount and issuance costs482 484 528 
Total interest expense$5,336 $9,106 $9,202 
(1) Contractual interest represents the interest on the Company's outstanding debt after giving effect to the interest rate swap agreement.