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Fair Value (Tables) | 3 Months Ended
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May 04, 2024
Fair Value Disclosures [Abstract] |
Company's Assets and Liabilities Measured at Fair Value | The following table provides the three levels of the hierarchy and the distribution of the Company’s assets measured at fair value on a recurring basis, as of May 4, 2024 and February 3, 2024:
| Assets and Liabilities at Fair Value as of May 4, 2024
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents (1) | $ | 302,285 |  |  | $ | 17,912 |  |  | $ | — |  |  | $ | 320,197 |
Derivative instruments (2) | — |  |  | 1,613 |  |  | — |  |  | 1,613 |
Rabbi Trust assets (3) | 1,164 |  |  | 52,863 |  |  | — |  |  | 54,027 |
Restricted cash equivalents (1) | 3,285 |  |  | 1,441 |  |  | — |  |  | 4,726 |
Total assets | $ | 306,734 |  |  | $ | 73,829 |  |  | $ | — |  |  | $ | 380,563 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments (2) | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | 117 |
Total liabilities | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | 117 |
| Assets and Liabilities at Fair Value as of February 3, 2024
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents (1) | $ | 349,174 |  |  | $ | 26,975 |  |  | $ | — |  |  | $ | 376,149 |
Derivative instruments (2) | — |  |  | 1,092 |  |  | — |  |  | 1,092 |
Rabbi Trust assets (3) | 1,164 |  |  | 52,521 |  |  | — |  |  | 53,685 |
Restricted cash equivalents (1) | 4,282 |  |  | 1,420 |  |  | — |  |  | 5,702 |
Total assets | $ | 354,620 |  |  | $ | 82,008 |  |  | $ | — |  |  | $ | 436,628 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments (2) | $ | — |  |  | $ | 539 |  |  | $ | — |  |  | $ | 539 |
Total liabilities | $ | — |  |  | $ | 539 |  |  | $ | — |  |  | $ | 539 |
(1) Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits. (2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts. (3) Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies.
Fair Value of long-term borrowings | The following table provides the carrying amount and fair value of the Company’s long-term gross borrowings as of May 4, 2024 and February 3, 2024:
(in thousands) | May 4, 2024 |  | February 3, 2024
Gross borrowings outstanding, carrying amount | $ | 213,906 |  |  | $ | 223,214 |
Gross borrowings outstanding, fair value (1) | 215,510 |  |  | 226,004 |
(1) Classified as Level 2 measurements within the fair value hierarchy.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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