Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

Fair Value Measurements
3 Months Ended
Apr. 29, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
As required, financial assets and liabilities are classified in the fair value hierarchy in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). We did not record any material impairment charges during the 13 weeks ended April 29, 2023 or April 30, 2022.
Fair Value of Financial Instruments
The carrying amounts of Cash and cash equivalents, Restricted cash and Accounts payable as reported in the accompanying unaudited condensed consolidated balance sheets approximate fair value due to their short-term maturities. The carrying value of our Revolving Credit Facility approximates its fair value.
The aggregate fair values and carrying values of our long-term borrowings were as follows:
April 29, 2023 January 28, 2023 April 30, 2022
(in millions) Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value
Level 1    
Senior Notes $ 3,140.1  $ 3,427.5  $ 3,162.8  $ 3,426.7  $ 3,232.7  $ 3,424.2 
The fair values of our Senior Notes were determined using Level 1 inputs as quoted prices in active markets for identical assets or liabilities are available.