v3.25.3
Fair Value Measurements
 9 Months Ended
Nov. 01, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Applicable accounting standards require disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Each fair value measurement is reported in one of the following three levels:
•Level 1 inputs are quoted prices in active markets for identical assets or liabilities;
•Level 2 inputs are observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs; and
•Level 3 inputs are unobservable inputs for the asset or liability reflecting our assumptions about pricing by market participants.
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
Assets and liabilities that are measured at fair value on a recurring basis include our cash equivalents, marketable securities, digital assets, foreign currency contracts, company-owned life insurance policies with a cash surrender value, and certain nonqualified deferred compensation liabilities.
We measure the fair value of cash equivalents, certain marketable securities and digital assets based on quoted prices in active markets for identical assets. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
Our investments in U.S. government treasury notes and bills are classified as available-for-sale debt securities, are reported at fair value on a recurring basis, and utilize Level 1 inputs for measurement. Our investments in time deposits are reported at fair value and utilize Level 1 inputs for measurement.
We measure the fair value of our foreign currency contracts, life insurance policies with cash surrender values and certain nonqualified deferred compensation liabilities based on Level 2 inputs using quotations provided by major market news services, such as Bloomberg, and industry-standard models that consider various assumptions, including quoted forward prices, time value, volatility factors, contractual prices for the underlying instruments, and other relevant economic measures, all of which are observable in active markets. When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence.
The following tables present our assets and liabilities measured at fair value on a recurring basis:
November 1, 2025
Adjusted CostUnrealized GainsUnrealized LossesFair Value
Assets
Level 1:
Marketable securities(1)
$987.0 $— $(0.1)$986.9 
Digital assets(2)
500.0 19.4 — 519.4 
Level 2:
Company-owned life insurance(3)
0.1 — — 0.1 
Total assets$1,487.1 $19.4 $(0.1)$1,506.4 
Liabilities
Level 2:
Nonqualified deferred compensation(4)
0.1 — — 0.1 
Total liabilities$0.1 $— $— $0.1 
November 2, 2024
Adjusted CostUnrealized GainsUnrealized LossesFair Value
Assets
Level 1:
Marketable securities(1)
$32.8 $— $— $32.8 
Level 2:
Company-owned life insurance(3)
0.2 — — 0.2 
Total assets$33.0 $— $— $33.0 
Liabilities
Level 2:
Nonqualified deferred compensation(4)
0.1 — — 0.1 
Total liabilities$0.1 $— $— $0.1 
February 1,
2025
Adjusted CostUnrealized GainsUnrealized LossesFair Value
Assets
Level 1:
Marketable securities(1)
$18.0 $— $— $18.0 
Level 2:
Company-owned life insurance(3)
0.1 — — 0.1 
Total assets$18.1 $— $— $18.1 
Liabilities
Level 2:
Nonqualified deferred compensation(4)
0.1 — — 0.1 
Total liabilities$0.1 $— $— $0.1 
_________________________________________________
(1)    Recognized in marketable securities on our Condensed Consolidated Balance Sheets.
(2)    Recognized in digital assets on our Condensed Consolidated Balance Sheets.
(3)    Recognized in other noncurrent assets on our Condensed Consolidated Balance Sheets.
(4)    Recognized in accrued liabilities and other current liabilities on our Condensed Consolidated Balance Sheets.
Assets that are Measured at Fair Value on a Nonrecurring Basis
Assets that are measured at fair value on a nonrecurring basis relate primarily to property and equipment, operating lease right-of-use ("ROU") assets and other intangible assets, which are remeasured when the estimated fair value is below its carrying value. When we determine that impairment has occurred, the carrying value of the asset is reduced to its fair value.
As of November 1, 2025, our government-guaranteed low interest French term loans due through October 2026 ("French Term Loans") had a carrying value of $10.2 million and a fair value of $10.1 million. The fair value of our French Term Loans were estimated based on a model that discounted future principal and interest payments at interest rates available to us at the end of the period for similar debt at the same maturity, which is a Level 2 input defined by the fair value hierarchy.
During the first quarter of fiscal 2025, management approved a plan to divest the Company's operations in France. In connection with this plan, we reclassified the debt related to the French disposal group to Liabilities held for sale, in the Condensed Consolidated Balance Sheets. The debt was previously included in the Company's consolidated debt balances and consisted of the French Term Loans. Following the reclassification, $10.2 million of debt is no longer included in the total consolidated debt balances.
On October 7, 2025, the Company announced that the Board declared the Warrant Distribution. The Company estimated the fair value of the Warrants using the Black-Scholes option pricing model (Level 3). The estimated fair value of each Warrant on the issuance date was $2.94 and the $173.9 million aggregate fair value of the Warrants was recorded as additional paid-in-capital. Of this aggregate fair value amount, $42.2 million was distributed to the the holders of the Convertible Notes and recognized as interest expense and $131.7 million was distributed to stockholders and recorded to retained earnings.
The carrying value of our cash, restricted cash, net receivables, accounts payable and current portion of debt approximate their fair values due to their short-term maturities.