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Long-Term Debt (Tables) | 12 Months Ended
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Jan. 29, 2023
Debt Instruments [Abstract] |
Schedule of Long-term Debt | Long-term debt and the current period interest rates were as follows:
(in thousands) | January 29, 2023 |  | January 30, 2022
Revolving loans | $ | 150,000 |  |  | $ | 173,000 |
Term loans | 895,000 |  |  | — |
1.625% convertible senior notes due 2027 | 319,500 |  |  | — |
Total debt | 1,364,500 |  |  | 173,000 |
Current portion, net | (43,104) |  |  | — |
Debt issuance costs | (24,430) |  |  | (1,324) |
Total long-term debt, net of debt issuance costs | $ | 1,296,966 |  |  | $ | 171,676 |
Weighted-average effective interest rate (1) | 4.84 | % |  | 1.90 | %
(1) The revolving loans and Term Loans bear interest at variable rates based on LIBOR (or, after the effectiveness of the Restatement Agreement, Adjusted Term SOFR) or a Base Rate (as defined herein), at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. On January 12, 2023, the Company entered into an interest rate swap agreement with a five-year term to hedge the variability of interest payments on the first $450.0 million of debt outstanding on the Term Loans at a fixed Term SOFR rate of 3.44%, plus a variable margin and spread based on the Company's consolidated leverage ratio. In fiscal year 2021, the Company entered into an interest rate swap agreement with a three-year term to hedge the variability of interest payments on the first $150.0 million of debt outstanding on the Revolving Credit Facility at a fixed LIBOR-referenced rate of 0.73%, plus a variable margin and spread based on the Company's consolidated leverage ratio. As of January 29, 2023, the effective interest rate was a weighted-average rate that represented (a) interest on the revolving loans at a fixed LIBOR rate of 0.73% plus a margin and spread of 2.36% (total fixed rate of 3.09%), (b) interest on the first $450.0 million of the debt outstanding on the Term Loans at a fixed SOFR rate of 3.44% plus a margin and spread of 2.35% (total fixed rate of 5.79%), (c) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 4.43% plus a margin and spread of 2.35% (total floating rate of 6.78%) and (d) interest on the Notes outstanding at a fixed rate of 1.625%. As of January 30, 2022, the effective interest rate was a weighted average-rate that represented (a) interest on the first $150.0 million of the debt outstanding on the revolving loans at a fixed LIBOR rate of 0.73% plus a margin and spread of 1.25% (total fixed rate of 1.98%) and (b) interest on the remainder of the debt outstanding on the revolving loans at a variable rate based on the one-month LIBOR rate, which was 0.11% as of January 30, 2022, plus a margin and spread of 1.25% (total variable rate of 1.36%).
Interest Income and Interest Expense Disclosure | Interest expense was comprised of the following components for the periods presented:
| Fiscal Year Ended
(in thousands) | January 29, 2023 |  | January 30, 2022 |  | January 31, 2021
Contractual interest | $ | 11,187 |  |  | $ | 3,665 |  |  | $ | 4,393 |
Interest rate swap agreement | (2,217) |  |  | 945 |  |  | 461 |
Amortization of debt discount and issuance costs | 1,421 |  |  | 481 |  |  | 482 |
Debt commitment fee (1) | 7,255 |  |  | — |  |  | — |
Total interest expense | $ | 17,646 |  |  | $ | 5,091 |  |  | $ | 5,336 |
(1) One-time fee incurred in connection with the Commitment Letter disclosed above.

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