Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Feb. 01, 2020

Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification

The tables below present the fair value of the Company’s derivative financial instruments on a gross basis, as well as their classification on the Company’s Consolidated Balance Sheets:

	(in thousands)
	Fair Values of Derivative Instruments
	February 1, 2020			February 2, 2019
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate cap contracts	N/A	N/A		Prepaid and other current assets	$	2,213
Interest rate swap contract	Other liabilities	$	26,220	Other liabilities	$	5,239

Summary of Unrealized (Losses) Gains Deferred to Accumulated Other Comprehensive Loss

The following table presents the unrealized (losses) gains deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods.

	(in thousands)
	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Interest Rate Derivatives:							(53 Weeks)
Unrealized (losses) gains, before taxes	$	(22,959	)	$	(4,232	)	$	3,460
Income tax benefit (expense)		6,353			1,152			(1,718	)
Unrealized (losses) gains, net of taxes	$	(16,606	)	$	(3,080	)	$	1,742

Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings

The following table presents information about the reclassification of losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods.

	(in thousands)
	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Component of Earnings:							(53 Weeks)
Interest expense	$	1,733		$	1,872		$	5,931
Income tax expense		(474	)		(518	)		(2,369	)
Net reclassification into earnings	$	1,259		$	1,354		$	3,562

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships

As of February 1, 2020, 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 Cap/Swap Rate	Maturity Date
Interest rate swap contract	One	$ 450.0 million	2.72%	December 29, 2023