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CREDIT FACILITY | 6 Months Ended
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Aug. 01, 2020
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | CREDIT FACILITY The Company and certain of its subsidiaries maintain a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), Bank of America, N.A., HSBC Business Credit (USA) Inc., and JPMorgan Chase Bank, N.A., as lenders (collectively, the “Lenders”) and Wells Fargo, as Administrative Agent, Collateral Agent, and Swing Line Lender. The Credit Agreement, which expires in May 2024, consists of a $360 million asset based revolving credit facility, that was increased from $325 million as a result of finalizing an amendment with lenders on April 24, 2020 to secure the Company an additional $35 million available under the accordion feature for a period of one year, and including a $25 million Canadian sublimit, with a $50 million sublimit for standby and documentary letters of credit. Revolving credit loans outstanding under the Credit Agreement bear interest, at the Company’s option, at: (i)the prime rate, plus a margin of 1.75% to 1.88% based on the amount of the Company’s average excess availability under the facility; or (ii)the London InterBank Offered Rate, or “LIBOR”, for an interest period of one, two, three, or six months, as selected by the Company, plus a margin of 2.50% to 2.75% based on the amount of the Company’s average excess availability under the facility. The Company is charged a fee of 0.25% on the unused portion of the commitments. Letter of credit fees range from 1.25% to 1.38% for commercial letters of credit and from 2.00% to 2.25% for standby letters of credit. Letter of credit fees are determined based on the amount of the Company’s average excess availability under the facility. The amount available for loans and letters of credit under the Credit Agreement is determined by a borrowing base consisting of certain credit card receivables, certain trade and franchise receivables, certain inventory, and the fair market value of certain real estate, subject to certain reserves. The outstanding obligations under the Credit Agreement may be accelerated upon the occurrence of certain events, including, among others, non-payment, breach of covenants, the institution of insolvency proceedings, defaults under other material indebtedness and a change of control, subject, in the case of certain defaults, to the expiration of applicable grace periods. The Company is not subject to any early termination fees. The Credit Agreement contains covenants which include conditions on stock buybacks and the payment of cash dividends or similar payments. Credit extended under the Credit Agreement is secured by a first priority security interest in substantially all of the Company’s U.S. and Canadian assets excluding intellectual property, software, equipment, and fixtures. The Company has capitalized an aggregate of approximately $5.4 million in deferred financing costs related to the Credit Agreement. The unamortized balance of deferred financing costs at August 1, 2020 was approximately $1.0 million. Unamortized deferred financing costs are amortized over the remaining term of the Credit Agreement. The table below presents the components of the Company’s credit facility:
| August 1, 2020 |  | February 1, 2020 |  | August 3, 2019
| (In millions) |  |  |  |
Credit facility maximum | $ | 360.0 |  |  | $ | 325.0 |  |  | $ | 325.0 |
Borrowing base | 326.7 |  |  | 282.1 |  |  | 325.0 |
Outstanding borrowings | 250.8 |  |  | 170.8 |  |  | 196.4 |
Letters of credit outstanding—standby | 6.2 |  |  | 6.2 |  |  | 6.2 |
Utilization of credit facility at end of period | 257.0 |  |  | 177.0 |  |  | 202.5 |
Availability (1) | $ | 69.7 |  |  | $ | 105.1 |  |  | $ | 122.5 |
Interest rate at end of period | 4.1 | % |  | 3.4 | % |  | 3.8 | %
| Year-To-Date 2020 |  | Fiscal 2019 |  | Year-To-Date 2019
Average end of day loan balance during the period | $ | 233.1 |  |  | $ | 192.0 |  |  | $ | 176.6 |
Highest end of day loan balance during the period | 272.2 |  |  | 262.5 |  |  | 247.5 |
Average interest rate | 3.5 | % |  | 4.0 | % |  | 4.3 | %
____________________________________________ (1)The sublimit availability for the letters of credit was $43.8 million at

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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