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DEBT (Tables) | 3 Months Ended
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Apr. 29, 2023
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The table below presents the components of the Company’s ABL Credit Facility:
| April 29, 2023 |  | January 28, 2023 |  | April 30, 2022
| (in millions)
Total borrowing base availability | $ | 408.9 |  | $ | 404.2 |  | $ | 420.0
Credit facility maximum | 350.0 |  | 350.0 |  | 350.0
Maximum borrowing availability (1) | 350.0 |  | 350.0 |  | 350.0
Outstanding borrowings | 300.8 |  | 287.0 |  | 249.5
Letters of credit outstanding—standby | 7.4 |  | 7.4 |  | 7.4
Utilization of credit facility at end of period | 308.2 |  | 294.4 |  | 256.9
Availability (2) (3) | $ | 41.8 |  | $ | 55.6 |  | $ | 93.1
Interest rate at end of period | 6.5% |  | 5.9% |  | 2.0%
| First Quarter 2023 |  | Fiscal 2022 |  | First Quarter 2022
| (in millions)
Average end of day loan balance during the period | $ | 297.1 |  | $ | 274.9 |  | $ | 251.2
Highest end of day loan balance during the period | $ | 305.9 |  | $ | 297.7 |  | $ | 308.6
Average interest rate | 5.9% |  | 3.7% |  | 2.0%
____________________________________________ (1)Lower of the credit facility maximum or the total borrowing base availability. (2)The sub-limit availability for letters of credit was $42.6 million at April 29, 2023, January 28, 2023, and April 30, 2022. (3)The ABL Credit Facility contains an excess availability requirement which would effectively reduce this amount to $6.8 million as of April 29, 2023.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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