Fair Value (Tables)

6 Months Ended

Jul. 29, 2023

Company's Assets and Liabilities Measured at Fair Value

The following table provides the three levels of the hierarchy and the distribution of the Company’s assets measured at fair value on a recurring basis, as of July 29, 2023 and January 28, 2023:


	Assets and Liabilities at Fair Value as of July 29, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	116,607	$	26,700	$	—	$	143,307
Derivative instruments (2)	—		536		—		536
Rabbi Trust assets (3)	1,161		51,813		—		52,974
Restricted cash equivalents (1)	1,383		5,226		—		6,609
Total assets	$	119,151	$	84,275	$	—	$	203,426

Liabilities:
Derivative instruments (2)	$	—	$	2,312	$	—	$	2,312
Total liabilities	$	—	$	2,312	$	—	$	2,312


	Assets and Liabilities at Fair Value as of January 28, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	50,364	$	—	$	—	$	50,364
Derivative instruments (2)	—		32		—		32
Rabbi Trust assets (3)	1		51,681		—		51,682
Restricted cash equivalents (1)	1,690		5,174		—		6,864
Total assets	$	52,055	$	56,887	$	—	$	108,942

Liabilities:
Derivative instruments (2)	$	—	$	4,986	$	—	$	4,986
Total liabilities	$	—	$	4,986	$	—	$	4,986

(1) Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits.

(2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts.

(3) Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies.

Fair Value of long-term borrowings

The following table provides the carrying amount and fair value of the Company’s long-term gross borrowings as of July 29, 2023 and January 28, 2023:


(in thousands)	July 29, 2023		January 28, 2023
Gross borrowings outstanding, carrying amount	$	299,730	$	299,730
Gross borrowings outstanding, fair value (1)	304,226		304,975

(1) Classified as Level 2 measurements within the fair value hierarchy.