Fair Value

6 Months Ended

Aug. 02, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE

FAIR VALUE

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs to measure fair value are as follows:

•Level 1—inputs are unadjusted quoted prices for identical assets or liabilities that are available in active markets that the Company can access at the measurement date.

•Level 2—inputs are other than quoted market prices included within Level 1 that are observable for assets or liabilities, directly or indirectly.

•Level 3—inputs to the valuation methodology are unobservable.

The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. 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 August 2, 2025 and February 1, 2025:

	Assets and Liabilities at Fair Value as of August 2, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	168,794	$	14,195	$	—	$	182,989
Derivative instruments (2)	—		714		—		714
Rabbi Trust assets (3)	1,164		54,669		—		55,833
Restricted cash equivalents (1)	3,084		1,499		—		4,583
Total assets	$	173,042	$	71,077	$	—	$	244,119
Liabilities:
Derivative instruments (2)	$	—	$	7,110	$	—	$	7,110
Total liabilities	$	—	$	7,110	$	—	$	7,110

	Assets and Liabilities at Fair Value as of February 1, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1)	$	304,072	$	1,013	$	—	$	305,085
Derivative instruments (2)	—		4,315		—		4,315
Rabbi Trust assets (3)	1,164		53,921		—		55,085
Restricted cash equivalents (1)	3,070		1,496		—		4,566
Total assets	$	308,306	$	60,745	$	—	$	369,051

(1)    Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits with original maturities of less than three months.

(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.

The Company’s Level 2 assets and liabilities consisted of:

•Trust-owned life insurance policies, which were valued using the cash surrender value of the life insurance policies;

•Time deposits with original maturities of three months or less, which were recorded at cost, approximating fair value, due to the short-term nature of these investments; and

•Derivative instruments, primarily foreign currency exchange forward contracts, which were valued using quoted market prices of the same or similar instruments, adjusted for counterparty risk.

The Company also holds certain investments that are not measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of time deposits with maturities less than one year, which are valued at amortized cost, approximating fair value.