Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 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
	July 30, 2022			January 29, 2022			July 31, 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	$	11,290	Other liabilities	$	10,968	Other liabilities	$	31,764

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						Six Months Ended
Interest Rate Derivatives:	July 30, 2022			July 31, 2021			July 30, 2022			July 31, 2021
Unrealized (losses) gains, before taxes	$	(9,345	)	$	(6,972	)	$	18,146		$	(5,840	)
Income tax benefit (expense)		2,576			1,889			(4,855	)		1,582
Unrealized (losses) gains, net of taxes	$	(6,769	)	$	(5,083	)	$	13,291		$	(4,258	)

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						Six Months Ended
Component of Earnings:	July 30, 2022			July 31, 2021			July 30, 2022			July 31, 2021
Interest expense	$	2,847		$	3,459		$	6,739		$	6,423
Income tax benefit		(768	)		(940	)		(1,818	)		(1,745	)
Net reclassification into earnings	$	2,079		$	2,519		$	4,921		$	4,678

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships

As of July 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