Fair Value Measurements (Tables)

12 Months Ended

Jan. 28, 2023

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Principal Value	$	995	$	999
Fair Value, Estimated (a)	894		975

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(a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Liabilities Measured on Recurring Basis

The following table provides a summary of the Company's contingent consideration recognized at fair value related to the Adore Me acquisition as of January 28, 2023 (in millions):


Balance Sheet Location	January 28, 2023		Level 1		Level 2		Level 3
Accrued Expenses and Other	$	30	$	—	$	—	$	30
Other Long-term Liabilities	70		—		—		70

The estimated fair value of the contingent consideration is valued using a Scenario-Based method and a Monte Carlo simulation which utilize inputs including discount rates, estimated probability of achievement of certain milestones, forecasted revenues, forecasted EBITDA and volatility rates. These are considered Level 3 inputs in accordance with ASC 820, Fair Value Measurement. For additional information regarding the contingent consideration, see Note 2, “Acquisition.”