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Fair Value Measurements of Financial Assets and Liabilities
 12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Financial Assets and Liabilities

NOTE 9. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

Cash and cash equivalents and restricted cash is reflected on the Consolidated Balance Sheets at fair value based on Level 1 inputs. Cash and cash equivalents and restricted cash amounts are valued based upon statements received from financial institutions. The fair value of restricted cash was $2.6 million and $2.0 million as of January 31, 2025 and February 2, 2024, respectively.

Carrying amounts and fair values of long-term debt, including current portion, in the Consolidated Balance Sheets are as follows:

 

 

January 31, 2025

 

 

February 2, 2024

 

(in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

Long-term debt, including current portion

 

$

247,000

 

 

$

251,690

 

 

$

260,000

 

 

$

258,139

 

The Company’s valuation of long-term debt, including current portion, at fair value is considered a Level 3 instrument under the fair value hierarchy. The Company’s valuation techniques include the Black-Derman-Toy (“BDT”) model as well as market inputs from management. The BDT modeling approach is particularly relevant given the Current Term Loan Facility’s features, including the optional redemption provision. There were no

nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of January 31, 2025 and February 2, 2024.