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Fair Value | 3 Months Ended
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May 02, 2020
Fair Value Disclosures [Abstract] |
Fair Value | Note 16 – Fair Value Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables provide a summary of the financial liabilities that are measured at fair value as of May 2, 2020 and January 31, 2020:
Liabilities measured at fair value: |  | Fair value measurement at May 2, 2020 |  |  | Fair value measurement at January 31, 2020 |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cross-Currency Interest Rate Swap Contract (included in Other Long-Term Liabilities) |  | $ | — |  |  | $ | 192 |  |  | $ | — |  |  | $ | 192 |  |  | $ | — |  |  | $ | 250 |  |  | $ | — |  |  | $ | 250 |
Interest Rate Swap Contract (included in Other Long-Term Liabilities) |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 96 |
Earnout Liability (included in Other Long-Term Liabilities) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | 14 |
Total Liabilities |  | $ | — |  |  | $ | 394 |  |  | $ | — |  |  | $ | 394 |  |  | $ | — |  |  | $ | 346 |  |  | $ | 14 |  |  | $ | 360 |
We use the market approach to measure fair value of our derivative instruments. Derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates and foreign exchange rates, and are classified as Level 2 because they are over-the-counter contracts with a bank counterparty that are not traded in an active market. Assets and Liabilities Not Recorded at Fair Value Our long-term debt, including the current portion of long-term debt not reflected in the financial statements at fair value, is reflected in the table below:
|  | May 2, 2020 |
|  | Fair Value Measurement |  |  | Carrying Value |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Long-Term Debt and related current maturities |  | $ | — |  |  | $ | — |  |  | $ | 13,227 |  |  | $ | 13,227 |  |  | $ | 13,034 |
|  | January 31, 2020 |
|  | Fair Value Measurement |  |  | Carrying Value |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Long-Term Debt and related current maturities |  | $ | — |  |  | $ | — |  |  | $ | 13,258 |  |  | $ | 13,258 |  |  | $ | 13,034 |
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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