XML 74 R60.htm IDEA: XBRL DOCUMENT v3.21.1
Derivative Instruments (Details) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
Jan. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Derivatives, Gain Deferred in AOCL $ 12,600    
Foreign Currency Cash Flow Hedge Asset at Fair Value 906   $ 79
Foreign Currency Cash Flow Hedge Liability at Fair Value 2,518   4,694
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value 0   0
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value 0   0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated AOCL into Income, Effective Portion, Net [1] $ (1,455) $ 3,370  
Length of time inventory sales hedged (in months) 12 months    
Derivative Instruments, Gain (Loss) Recognized in AOCL, Effective Portion, Net [2] $ 1,144 $ 12,235  
Euro Member Countries, Euro      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional Amount [3] 125,794    
United Kingdom, Pounds      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional Amount [3] 61,264    
Canada, Dollars      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional Amount [3] 17,413    
Japan, Yen      
Derivative Instruments, Gain (Loss) [Line Items]      
Notional Amount [3] 3,931    
Fair Value, Recurring [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other current assets 906   79
Accrued expenses 2,518   4,694
Level 2 | Fair Value, Recurring [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Other current assets 906   79
Accrued expenses $ 2,518   $ 4,694
[1] Amount represents (loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings, which is when merchandise is converted to cost of sales, exclusive of depreciation and amortization.
[2] Amount represents the change in fair value of derivative contracts. As a result of COVID-19, there was a significant change in the expected timing of previously hedged intercompany sales transactions, resulting in a dedesignation of the related hedge instruments during the thirteen weeks ended May 2, 2020. At the time of dedesignation of these hedges, they were in a net gain position of approximately $12.6 million. Due to the extenuating circumstances leading to dedesignation, gains associated with these hedges at the time of dedesignation were deferred in AOCL until being reclassified into cost of goods sold, exclusive of depreciation and amortization when the originally forecasted transactions occurred and the hedged items affected earnings. Subsequent to the dedesignation of these hedges, these hedge contracts were settled in Fiscal 2020.
[3] Amount reported is the U.S. Dollar notional amount outstanding as of May 1, 2021.