v3.24.3
Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Nov. 02, 2024
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

 

 

 

November 2, 2024

 

 

February 3, 2024

 

 

October 28, 2023

 

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

 

$

38,143

 

 

Other assets

 

$

29,075

 

 

Other assets

 

$

43,031

 

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

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

 

 

Nine Months Ended

 

Interest Rate Derivatives:

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

Unrealized gains, before taxes

 

$

21,696

 

 

$

10,416

 

 

$

19,931

 

 

$

23,269

 

Income tax benefit

 

 

(5,801

)

 

 

(2,798

)

 

 

(5,338

)

 

 

(6,240

)

Unrealized gains, net of taxes

 

$

15,895

 

 

$

7,618

 

 

$

14,593

 

 

$

17,029

 

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

 

 

Nine Months Ended

 

Component of Earnings:

 

November 2, 2024

 

 

October 28, 2023

 

 

November 2, 2024

 

 

October 28, 2023

 

Interest benefit

 

$

(4,745

)

 

$

(1,892

)

 

$

(13,876

)

 

$

(4,631

)

Income tax expense

 

 

1,269

 

 

 

506

 

 

 

3,710

 

 

 

1,240

 

Net reclassification into earnings

 

$

(3,476

)

 

$

(1,386

)

 

$

(10,166

)

 

$

(3,391

)

Derivatives Designated as Hedging Instruments  
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships

As of November 2, 2024, 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