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Derivative Financial Instruments | 5 Months Ended
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Feb. 11, 2023
Derivative Financial Instruments |
Derivative Financial Instruments | Note E – Derivative Financial Instruments During the second quarter of fiscal 2023, the Company entered into two treasury rate locks designated as cash flow hedges used to manage our exposure to interest rate volatility associated with anticipated debt financing, each with a notional amount of $250 million. The treasury rate locks had fixed rates of 3.45% and 3.38% benchmarked based on the 5-year and the 10-year U.S. treasury notes, respectively. These locks expired on January 27, 2023 and resulted in gains of $1.9 million and $2.9 million, respectively, which have been deferred in Accumulated other comprehensive loss and will be reclassified to Interest expense over the life of the underlying debt. The hedges remained highly effective until they expired, and no ineffectiveness was recognized in earnings. At February 11, 2023, the Company had $12.2 million recorded in Accumulated other comprehensive loss related to realized losses associated with terminated interest rate swap and treasury rate lock derivatives, which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During the twelve and twenty-four week periods ended February 11, 2023, the Company reclassified $741 thousand and $1.5 million, respectively, of net losses from Accumulated other comprehensive loss to Interest expense. During the comparable prior year periods, $911 thousand and $1.8 million, respectively, were reclassified from Accumulated other comprehensive loss to Interest expense. The Company expects to reclassify $2.3 million of net losses from Accumulated other comprehensive loss to Interest expense over the next 12 months.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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