FAIR VALUE MEASUREMENTS |
9 Months Ended |
|---|---|
Oct. 31, 2015 | |
| FAIR VALUE MEASUREMENTS [Abstract] | |
| FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS
The Company's cash and cash equivalents, short-term investments, restricted investments and diesel fuel swaps represent the financial assets and liabilities that were accounted for at fair value on a recurring basis as of October 31, 2015. 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. The Company's 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. The fair value of the Company's cash and cash equivalents was $1,106.9 million, $864.1 million and $407.6 million, at October 31, 2015, January 31, 2015 and November 1, 2014, respectively. The fair value of the Company's short-term investments was $4.0 million at October 31, 2015 and the value of the Company's restricted investments was $116.4 million, $78.9 million and $78.9 million, at October 31, 2015, January 31, 2015 and November 1, 2014, respectively. The fair value of the Company's short-term investments and $82.4 million, $78.9 million and $78.9 million of the Company's restricted investments as of October 31, 2015, January 31, 2015 and November 1, 2014, respectively, were determined using Level 1 measurements in the fair value hierarchy. The fair value of $34.0 million of the restricted investments as of October 31, 2015 were estimated using Level 2 measurements in the fair value hierarchy. The fair values of the diesel fuel swaps were a liability of $2.3 million, $5.7 million and $1.1 million as of October 31, 2015, January 31, 2015 and November 1, 2014, respectively, and were estimated using Level 2 measurements in the fair value hierarchy, which used discounted cash flow calculations based upon diesel fuel cost curves.
The estimated fair value of the Company’s long-term debt was $8.6 billion as of October 31, 2015. The fair value of the Company's Acquisition Notes, Term Loans and Unsecured Senior Notes are determined using Level 1 inputs as quoted prices in active markets for identical assets or liabilities are available. The estimated fair value of the Company’s long-term debt, which was comprised of the Senior Notes, was $700.9 million and $763.2 million as of January 31, 2015 and November 1, 2014, respectively. The fair values of the Senior Notes were determined through the use of discounted cash flow analyses using Level 3 inputs as there were no quoted prices in active markets for these notes. The discount rates used in the analyses were based on borrowing rates available to the Company for debt of the same remaining maturities, issued in the same private placement debt market. The carrying value of the Company's Revolving Credit Agreement at October 31, 2015 and the Company's Unsecured Credit Agreement at January 31, 2015 and November 1, 2014, respectively, approximated their fair values because the interest rates vary with market interest rates.
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 (for example, when there is evidence of impairment). The Company did not record any significant impairment charges during the 13 or 39 weeks ended October 31, 2015.
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