Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Apr. 30, 2022

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
	April 30, 2022			January 29, 2022			May 1, 2021
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	$	19,453	Other liabilities	$	10,968	Other liabilities	$	27,569

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
Interest Rate Derivatives:	April 30, 2022			May 1, 2021
Unrealized gains, before taxes	$	27,491		$	1,132
Income tax expense		(7,431	)		(307	)
Unrealized gains, net of taxes	$	20,060		$	825

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
Component of Earnings:	April 30, 2022			May 1, 2021
Interest expense	$	3,892		$	2,964
Income tax benefit		(1,050	)		(805	)
Net reclassification into earnings	$	2,842		$	2,159

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships

As of April 30, 2022, 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