Fair Value Measurements

3 Months Ended

May 03, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy

gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement), then the lowest priority to unobservable inputs (Level 3 measurement).

The fair values of cash and cash equivalents, receivables, accounts payable, accrued expenses, other current liabilities and short-term debt approximate their carrying values because of their short-term nature.  The carrying value of the Company's capital lease obligations approximates the fair value.

  The following table shows the difference between the financial statement carrying value and fair value of the Company's debt obligations (see Note H - Debt and Credit Agreements) as of May 3, 2014 and February 1, 2014 (in thousands). The fair values of these notes were determined based on quoted market prices and are classified as Level 1 measurements.

	May 3, 2014		February 1, 2014
	Carrying Value	Fair Value	Carrying Value	Fair Value
January 2018 Notes	498,988	503,185	498,919	505,189
January 2023 Notes	499,164	496,012	499,140	486,947

The following table shows the Company’s assets and liabilities as of May 3, 2014 and February 1, 2014 that are measured and recorded in the financial statements at fair value on a recurring basis (in thousands): 

	May 3, 2014
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Unobservable Inputs
	Level 1		Level 2		Level 3
Assets
Money market funds	$	50,656	$	—	$	—
Derivative assets	—		541		—

	February 1, 2014
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs			Unobservable Inputs
	Level 1		Level 2			Level 3
Assets
Money market funds	$	37,288	$	—		$	—
Liabilities
Derivative liabilities	—		(4,688		)	—

     The derivative assets and liabilities shown in the tables above include both derivatives which are designated as hedges pursuant to the guidelines of ASC 815, "Derivatives and Hedging" (see Note I - Derivatives Instruments and Hedging Activities) as well as derivatives which are not designated as hedges.

The fair values of the Company’s money market funds are based on quotes received from third-party banks.  The fair values of the Company’s derivative assets and liabilities are based on quotes received from third-party banks and represent the estimated amount the Company would receive or pay to terminate the agreements taking into consideration current interest and forward exchange rates as well as the creditworthiness of the counterparty.