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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Oct. 30, 2021

Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification

The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets:

(in thousands)

Fair Values of Derivative Instruments

October 30, 2021

January 30, 2021

October 31, 2020

Derivatives Designated as Hedging Instruments

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Interest rate swap contracts

Other liabilities

$

20,439

Other liabilities

$

31,665

Other liabilities

$

34,076

Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Loss

The following table presents the unrealized gains and losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative financial instruments for each of the reporting periods.

		(in thousands)
		Three Months Ended								Nine Months Ended
Interest Rate Derivatives:		October 30, 2021				October 31, 2020				October 30, 2021				October 31, 2020
Unrealized gains (losses), before taxes		$	8,936			$	804			$	3,096			$	(15,090	)
Income tax (expense) benefit			(2,427	)			(221	)			(845	)			4,082
Unrealized gains (losses), net of taxes		$	6,509			$	583			$	2,251			$	(11,008	)

Reclassification of Gains and Losses from Accumulated Other Comprehensive Loss into Earnings

The following table presents information about the reclassification of gains and losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments for each of the reporting periods.

		(in thousands)
		Three Months Ended								Nine Months Ended
Component of Earnings:		October 30, 2021				October 31, 2020				October 30, 2021				October 31, 2020
Interest expense		$	4,096			$	2,919			$	10,519			$	7,271
Income tax benefit			(1,112	)			(800	)			(2,857	)			(1,995	)
Net reclassification into earnings		$	2,984			$	2,119			$	7,662			$	5,276

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships

As of October 30, 2021, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Aggregate Principal Amount		Interest Swap Rate		Maturity Date
Interest rate swap contract		One		$ 450.0 million		2.19%		June 24, 2028

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