Derivatives

6 Months Ended

Jul. 28, 2012

Derivatives [Abstract]

DERIVATIVES

14. DERIVATIVES

In August 2009, the Company entered into an interest rate cap agreement (the “$75 million Cap Agreement”) for an aggregate notional amount of $75 million associated with the 8⁷ /₈% senior subordinated notes. The $75 million Cap Agreement became effective on December 15, 2010 and was scheduled to terminate on September 15, 2013. The $75 million Cap Agreement was being used to manage cash flow risk associated with the Company’s floating interest rate exposure pursuant to the Swap Agreement. The $75 million Cap Agreement did not qualify for hedge accounting treatment. In connection with the redemption of the 8 ⁷/ ₈% Senior Subordinated Notes Due 2013, the Company elected to terminate the $75 million Cap Agreement. The Company made a $1.6 million termination payment during March 2011.

The location and amount of (losses) on derivative instruments not designated as hedging instruments reported in the consolidated statements of income are as follows:

		Three Months Ended				Six Months Ended
Derivatives Not Designed As Hedging Instruments	Location of (Loss) Recognized in Income	July 28, 2012		July 30, 2011		July 28, 2012		July 30, 2011
		(in thousands)
Derivative : 75 Million Cap Agreement	Interest expense	$	—	$	—	$	—	$	(103	)
Total		$	—	$	—	$	—	$	(103	)

Refer to Note 19, “Fair Value Measurements,” for disclosures of the fair value and line item caption of derivative instruments recorded on the condensed consolidated balance sheets.