XML 56 R42.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Nov. 02, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):
|  | Fair Value Measurements |  | Fair Value Measurements
|  | at Nov 2, 2024 |  | at Feb 3, 2024
Recurring Fair Value Measures |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | $ | — |  |  | $ | 2,796 |  |  | $ | — |  |  | $ | 2,796 |  |  | $ | — |  |  | $ | 2,278 |  |  | $ | — |  |  | $ | 2,278 |
2028 Bond Hedge |  | — |  |  | — |  |  | 35,493 |  |  | 35,493 |  |  | — |  |  | — |  |  | 85,918 |  |  | 85,918 |
Interest rate swap |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 797 |  |  | — |  |  | 797 |
Total |  | $ | — |  |  | $ | 2,796 |  |  | $ | 35,493 |  |  | $ | 38,289 |  |  | $ | — |  |  | $ | 3,075 |  |  | $ | 85,918 |  |  | $ | 88,993 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | $ | — |  |  | $ | 169 |  |  | $ | — |  |  | $ | 169 |  |  | $ | — |  |  | $ | 1,702 |  |  | $ | — |  |  | $ | 1,702 |
Embedded derivative |  | — |  |  | — |  |  | 7,760 |  |  | 7,760 |  |  | — |  |  | — |  |  | 16,390 |  |  | 16,390 |
Deferred compensation obligations |  | — |  |  | 19,696 |  |  | — |  |  | 19,696 |  |  | — |  |  | 17,164 |  |  | — |  |  | 17,164 |
Total |  | $ | — |  |  | $ | 19,865 |  |  | $ | 7,760 |  |  | $ | 27,625 |  |  | $ | — |  |  | $ | 18,866 |  |  | $ | 16,390 |  |  | $ | 35,256 |
Schedule of Measurement Input Assumptions | The following assumptions were used within the model:
Valuation Assumptions |  | Nov 2, 2024 |  | Feb 3, 2024
Expected volatility |  | 30 | % |  | 30 | %
Risk-free interest rate |  | 4.2 | % |  | 4.1 | %
Credit spread |  | 2.6 | % |  | 4.3 | %
Dividend yield |  | 7.1 | % |  | 5.2 | %
Term to maturity |  | 3.5 years |  | 4.2 years
Stock price |  | $ | 16.97 |  |  | $ | 22.86 |
Schedule of Reconciliation of Level 3 Assets and Liabilities | The following presents a reconciliation of the Company’s financial assets and liabilities measured at fair value as of November 2, 2024, using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the consolidated statements of income (loss) (in thousands):
| Embedded Derivative |  | 2028 Bond Hedge
Balance as of February 3, 2024 | $ | (16,390) |  |  | $ | 85,918 |
Initial bifurcation of embedded derivative | (6,538) |  |  | — |
Purchase of Additional 2028 Bond Hedge | — |  |  | 6,538 |
Gain (loss) on fair value remeasurement | 15,168 |  |  | (56,963) |
Balance as of November 2, 2024 | $ | (7,760) |  |  | $ | 35,493 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration