Derivative Financial Instruments
 3 Months Ended
May 02, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments

Interest Rate Swaps
On November 13, 2018, the Company entered into three forward starting interest rate swaps (the "Interest Rate Swaps"), which became effective on February 13, 2019. The Company has fixed the LIBOR component of $1.2 billion of its floating rate debt at a rate of approximately 3.0% from February 13, 2019 to February 13, 2022. At May 2, 2020, February 1, 2020, and May 4, 2019, the Interest Rate Swaps were recorded as a liability of $59.8 million, $40.0 million and $24.6 million, respectively, with the net of tax amount recorded in other comprehensive loss.
The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the losses was recorded as a component of other comprehensive loss. There were $19.4 million and $5.2 million of losses recorded in other comprehensive loss for the thirteen weeks ended May 2, 2020 and May 4, 2019, respectively.
The fair values of derivative instruments included on the consolidated balance sheets are as follows (in thousands):
 
 
 
 
 
 
 
 
Fair Value at
Accounting for cash flow hedges
 
Notional Amount
 
Fixed Rate
 
Balance Sheet Classification
 
May 2,
2020
 
February 1,
2020
 
May 4,
2019
Interest rate swap
 
$
600,000

 
3.00
%
 
Other non-current liabilities
 
$
(29,934
)
 
$
(20,035
)
 
$
(12,336
)
Interest rate swap
 
360,000

 
3.00
%
 
Other non-current liabilities
 
(17,941
)
 
(11,997
)
 
(7,370
)
Interest rate swap
 
240,000

 
3.00
%
 
Other non-current liabilities
 
(11,965
)
 
(8,003
)
 
(4,920
)
Net carrying amount
 
$
1,200,000

 
 
 
Total liabilities
 
$
(59,840
)
 
$
(40,035
)
 
$
(24,626
)