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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

May 03, 2025

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

May 3, 2025

February 1, 2025

May 4, 2024

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 assets

$

26,079

Other assets

$

45,699

Other assets

$

36,079

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 income resulting from the Company’s derivative financial instruments for each of the reporting periods.

		(in thousands)
		Three Months Ended
Interest Rate Derivatives:		May 3, 2025				May 4, 2024
Unrealized (losses) gains, before taxes		$	(17,071	)		$	10,573
Income tax benefit (expense)			4,539				(2,838	)
Unrealized (losses) gains, net of taxes		$	(12,532	)		$	7,735

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

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

		(in thousands)
		Three Months Ended
Component of Earnings:		May 3, 2025				May 4, 2024
Interest benefit		$	(4,064	)		$	(4,563	)
Income tax expense			1,083				1,220
Net reclassification into earnings		$	(2,981	)		$	(3,343	)

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships

As of May 3, 2025, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Aggregate Principal Amount		Interest Swap Rate		Maturity Date
Interest rate swap contract		Two		$800.0 million		2.83% - 3.37%		September 24, 2031

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