Derivatives (Tables)

9 Months Ended

Oct. 27, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Exchange Forward Contracts

As of October 27, 2012, the Company had outstanding the following foreign currency forward contracts that were entered into to hedge foreign currency denominated net monetary assets/liabilities:



	Notional Amount⁽¹⁾
Euro	$	27,521
British Pound	$	25,829
Swiss Franc	$	21,676
Canadian Dollar	$	4,064
Japanese Yen	$	3,175


⁽¹⁾	Amounts are reported in thousands and in U.S. Dollar equivalent as of October 27, 2012.

As of October 27, 2012, the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all of, forecasted foreign-currency-denominated intercompany inventory sales, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both:



	Notional Amount⁽¹⁾
Euro	$	218,263
British Pound	$	142,873
Canadian Dollar	$	16,343


⁽¹⁾	Amounts are reported in thousands and in U.S. Dollar equivalent as of October 27, 2012.

Location and Amounts of Derivative Fair Values on the Consolidated Balance Sheets

The location and amounts of derivative fair values on the Consolidated Balance Sheets as of October 27, 2012 and January 28, 2012 were as follows:



	Balance Sheet	Asset Derivatives				Balance Sheet	Liability Derivatives
(in thousands)	Location	October 27, 2012		January 28, 2012		Location	October 27, 2012		January 28, 2012
Derivatives Designated as Hedging Instruments:
Foreign Currency Exchange Forward Contracts	Other Current Assets	$	2,360	$	10,766	Other Liabilities	$	2,668	$	874
Derivates Not Designated as Hedging Instruments:
Foreign Currency Exchange Forward Contracts	Other Current Assets	$	527	$	4	Other Liabilities	$	286	$	584
Total	Other Current Assets	$	2,887	$	10,770	Other Liabilities	$	2,954	$	1,458

Location and Amounts of Derivative Gains and Losses on the Consolidated Statements of Operations and Comprehensive Income (Loss)

The location and amounts of derivative gains and losses for the thirteen and thirty-nine weeks ended October 27, 2012 and October 29, 2011 on the Consolidated Statements of Operations and Comprehensive Income were as follows:



		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		October 27, 2012			October 29, 2011			October 27, 2012		October 29, 2011
(in thousands)	Location	Gain/(Loss)			Gain/(Loss)			Gain/(Loss)		Gain/(Loss)
Derivatives not designated as Hedging Instruments:
Foreign Exchange Forward Contracts	Other Operating (Income) Expense, Net	$	(1,560	)	$	(150	)	$	2,897	$	(1,867	)



	Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (Effective Portion) (a)					Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (b)					Location of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	Thirteen Weeks Ended
(in thousands)	October 27, 2012			October 29, 2011			October 27, 2012		October 29, 2011				October 27, 2012		October 29, 2011
Derivatives in Cash Flow Hedging Relationships
Foreign Currency Exchange Forward Contracts	$	(8,147	)	$	2,907	Cost of Goods Sold	$	5,981	$	(596	)	Other Operating (Income) Expense, Net	$	221	$	(331	)



	Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (Effective Portion) (a)				Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (b)					Location of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	Thirty-Nine Weeks Ended
(in thousands)	October 27, 2012		October 29, 2011			October 27, 2012		October 29, 2011				October 27, 2012		October 29, 2011
Derivatives in Cash Flow Hedging Relationships
Foreign Exchange Forward Contracts	$	2,566	$	805	Cost of Goods Sold	$	14,820	$	(1,988	)	Other Operating (Income) Expense, Net	$	9	$	(830	)


(a)	The amount represents the change in fair value of derivative contracts due to changes in spot rates.


(b)	The amount represents reclassification from OCI into earnings that occurs when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers.


(c)	The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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