v3.26.1
Derivative Instruments and Hedging Activities (Tables)
3 Months Ended
May 02, 2026
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

 

 

 

May 2, 2026

 

 

January 31, 2026

 

 

May 3, 2025

 

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

$

 

26,306

 

 

Other assets

$

 

20,454

 

 

Other assets

$

 

26,079

 

Interest rate swap contracts

 

Other liabilities

$

 

564

 

 

Other liabilities

$

 

3,290

 

 

Other liabilities

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Interest Rate Derivatives:

 

May 2, 2026

 

 

May 3, 2025

 

Unrealized gains (losses), before taxes

 

$

9,800

 

 

$

(17,071

)

Income tax (expense) benefit

 

 

(2,577

)

 

 

4,539

 

Unrealized gains (losses), net of taxes

 

$

7,223

 

 

$

(12,532

)

 

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

 

Component of Earnings:

 

May 2, 2026

 

 

May 3, 2025

 

Interest benefit

 

$

(2,692

)

 

$

(4,064

)

Income tax expense

 

 

715

 

 

 

1,083

 

Net reclassification into earnings

 

$

(1,977

)

 

$

(2,981

)

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

As of May 2, 2026, 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 contracts

 

Four

 

$1,100.0 million

 

2.83%-3.76%

 

September 24, 2031