Fair Value Measurements
 3 Months Ended
May 02, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not observable for the asset or liability.
Level 3: Unobservable inputs for the asset or liability.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair values of the Company’s derivative instruments are based on quotes received from third-party banks and represent the estimated amount the Company would pay to terminate the agreements taking into consideration current interest rates as well as the creditworthiness of the counterparties. These inputs are considered to be Level 2.

Financial Assets and Liabilities

The gross carrying amount and fair value of the Company’s debt at May 2, 2020 are as follows (in thousands):
 
Carrying Amount
 
Fair Value
First Lien Term Loan
$
1,311,919

 
$
1,268,758

ABL Facility
50,000

 
50,000

Total Debt
$
1,361,919

 
$
1,318,758

The gross carrying amount and fair value of the Company’s debt at February 1, 2020 are as follows (in thousands):
 
Carrying Amount
 
Fair Value
First Lien Term Loan
$
1,315,216

 
$
1,319,990

ABL Facility
378,000

 
378,000

Total Debt
$
1,693,216

 
$
1,697,990


The gross carrying amount and fair value of the Company’s debt at May 4, 2019 are as follows (in thousands):
 
Carrying Amount
 
Fair Value
First Lien Term Loan
$
1,526,200

 
$
1,532,800

ABL Facility
281,000

 
281,000

Total Debt
$
1,807,200

 
$
1,813,800


The fair value of debt was based on quoted market prices and on borrowing rates available to the Company as of May 2, 2020, February 1, 2020 and May 4, 2019. These inputs are considered to be Level 2.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis.
The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable, approximates their carrying value due to the short-term maturities of these instruments.