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Fair Value Measurements
6 Months Ended
Jul. 29, 2023
Fair Value Measurements  
Fair Value Measurements

NOTE 11—FAIR VALUE MEASUREMENTS

Fair Value Measurements—Recurring

Amounts reported as cash and equivalents, restricted cash, receivables, and accounts payable and accrued expenses approximate fair value due to the short-term nature of activity within these accounts.

The estimated fair value and carrying value of the 2023 Notes, the 2024 Notes, the Term Loan Credit Agreement and the real estate loans were as follows:

JULY 29,

JANUARY 28,

2023

2023

    

    

PRINCIPAL

    

    

PRINCIPAL

FAIR

CARRYING

FAIR

CARRYING

VALUE

VALUE(1)

VALUE

VALUE(1)

(in thousands)

Convertible senior notes due 2023

$

$

$

1,622

$

1,696

Convertible senior notes due 2024

 

38,178

41,904

 

37,351

 

41,904

Term loan B

1,939,895

1,965,000

1,961,056

1,975,000

Term loan B-2

 

505,871

496,250

 

500,215

 

498,750

Real estate loans

17,361

17,902

17,909

17,909

(1)The principal carrying value of the 2023 Notes and 2024 Notes excludes the discounts upon original issuance, discounts and commissions payable to the initial purchasers and third-party offering costs, as applicable. The principal carrying values of the Term Loan B and Term Loan B-2 represent the outstanding amount under each class and exclude discounts upon original issuance and third-party offering costs.

The fair value of each of the 2023 Notes and 2024 Notes was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of our convertible notes, when available, our stock price and interest rates based on similar debt issued by parties with credit ratings similar to ours (Level 2). The fair values of the Term Loan B, Term Loan B-2 and real estate loans were derived from discounted cash flows using risk-adjusted rates (Level 2).