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Debt

9 Months Ended

Nov. 02, 2019

Debt Disclosure [Abstract]

Debt

Note 8 – Debt

Long-term debt in the accompanying condensed consolidated balance sheets is as follows:

(In thousands)		November 2, 2019				January 31, 2019
USD Term Loan (3.30% as of November 2, 2019 and 4.02% as of January 31, 2019); maturity date of November 20, 2022		$	9,000			$	11,250
USD Term Loan (3.30% as of November 2, 2019 and 4.02% as of January 31, 2019); maturity date of January 31, 2022			5,244				6,992
		$	14,244			$	18,242
Debt Issuance Costs, net of accumulated amortization			(124	)			(164	)
Current Portion of Term Loans			(5,116	)			(5,208	)
Long-Term Debt		$	9,004			$	12,870

The schedule of required principal payments remaining during the next five years on long-term debt outstanding as of November 2, 2019 is as follows:

(In thousands)
Fiscal 2020, remainder		$	1,210
Fiscal 2021			5,208
Fiscal 2022			5,576
Fiscal 2023			2,250
Fiscal 2024			—
		$	14,244

Following the completion of the third quarter of fiscal 2020, the Company entered into a Fourth Amendment to its Credit Agreement with Bank of America governing the Company’s long-term debt. Refer to Note 17 – Subsequent Events for additional information on the Fourth Amendment and the resulting changes to the terms of the Credit Agreement.

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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

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