XML 45 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Tables)
 3 Months Ended
May 03, 2014
Fair Values of Financial Assets and Hierarchy of Level of Inputs

The fair values of the Company’s financial assets and the hierarchy of the level of inputs are summarized below:

 

     (in thousands)  
     Fair Value Measurements at  
     May 3,
2014		      February 1,
2014		      May 4,
2013		  

Assets:

         

Level 1

         

Cash equivalents (including restricted cash)

    $ 32,326       $ 32,324       $ 34,985   

Level 2

         

Interest rate cap agreements(a)

    $ —        $ 1       $ 9   

Level 3

         

Note Receivable(b)

    $ —        $ —        $ 385   

 

(a) Included in “Other Assets” within the Company’s Condensed Consolidated Balance Sheets (refer to Note 6 of the Company’s Condensed Consolidated Financial Statements, “Derivative Instruments and Hedging Activities,” for further discussion regarding the Company’s interest rate cap agreements).
(b) As of May 4, 2013, this note receivable was included in “Prepaid and Other Current Assets” on the Company’s Condensed Consolidated Balance Sheets. The change in the fair value of the Level 3 note receivable is related to the Company receiving full payment on the note during Fiscal 2013.
Fair Value of Debt

The fair value of the Company’s debt as of May 3, 2014, February 1, 2014 and May 4, 2013 is noted in the table below:

 

     (in thousands)  
     May 3, 2014      February 1, 2014      May 4, 2013  
     Carrying
Amount (b)		      Fair
Value (b)		      Carrying
Amount (b)		      Fair
Value (b)		      Carrying
Amount (b)		      Fair
Value (b)		  

$1,000,000 Senior Secured Term Loan Facility, LIBOR (with a floor of 1.0%) plus 3.3%, matures on February 23, 2017

    $ 825,369       $ 830,871       $ 828,839       $ 836,091       $ 863,572       $ 876,526   

$450,000 Senior Notes, 10% due at maturity on February 15, 2019, semi-annual interest payments on August 15 and February 15, from February 15, 2014 to February 15, 2019

      450,000         497,250         450,000         501,458         450,000         504,563   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total debt

    $ 1,275,369       $ 1,328,121       $ 1,278,839       $ 1,337,549       $ 1,313,572       $ 1,381,089   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) The carrying value of the ABL Line of Credit approximates its fair value due to its short term nature (borrowings are typically done in increments of 30 days or less) and its variable interest rate.
(b) Capital lease obligations are excluded from the table above.