Fair Value Measurements (Tables)

12 Months Ended

Feb. 03, 2024

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements
	Feb 3, 2024								Jan 28, 2023
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Foreign exchange currency contracts	$	—	$	2,278	$	—	$	2,278	$	—	$	2,219	$	—	$	2,219
2028 Bond Hedge	—		—		85,918		85,918		—		—		—		—
Interest rate swap	—		797		—		797		—		1,034		—		1,034

Total	$	—	$	3,075	$	85,918	$	88,993	$	—	$	3,253	$	—	$	3,253
Liabilities:
Foreign exchange currency contracts	$	—	$	1,702	$	—	$	1,702	$	—	$	16,704	$	—	$	16,704
Embedded derivative	—		—		16,390		16,390		—		—		—		—
Interest rate swap	—		—		—		—		—		—		—		—
Deferred compensation obligations	—		17,164		—		17,164		—		15,187		—		15,187
Total	$	—	$	18,866	$	16,390	$	35,256	$	—	$	31,891	$	—	$	31,891

Schedule of measurement input assumptions

The following assumptions were used within the model:


Valuation Assumptions	Feb 3, 2024
Expected volatility	30		%
Risk-free interest rate	4.1		%
Credit spread	4.3		%
Dividend yield	5.2		%
Term to maturity	4.2 years
Stock price	$	22.86

Reconciliation of Level 3 assets and liabilities

The following presents a reconciliation of the Company’s financial assets and liabilities measured at fair value as of February 3, 2024, using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the consolidated statements of income (in thousands):


	Embedded Derivative		2028 Bond Hedge
Balance as of January 28, 2023	$	—	$	—
Initial bifurcation of embedded derivative	(16,155)		—
Purchase of Additional 2028 Bond Hedge	—		16,155
Reclassification of Initial 2028 Bond Hedge	—		68,530
Gain (loss) on fair value remeasurement	(235)		1,233
Balance as of February 3, 2024	$	(16,390)	$	85,918