Derivative Instruments (Tables)

3 Months Ended

Apr. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Exchange Forward Contracts

As of April 29, 2023, 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 transactions, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both:

(in thousands)	Notional Amount (1)
Euro	$	83,749
British pound	61,030
Canadian dollar	—
Japanese yen	—

(1)    Amounts reported are the U.S. Dollar notional amounts outstanding as of April 29, 2023.

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

The fair value of derivative instruments is determined using quoted market prices of the same or similar instruments, adjusted for counterparty risk. The location and amounts of derivative fair values of foreign currency exchange forward contracts on the Condensed Consolidated Balance Sheets as of April 29, 2023 and January 28, 2023 were as follows:

(in thousands)	Location	April 29, 2023		January 28, 2023		Location	April 29, 2023		January 28, 2023
Derivatives designated as cash flow hedging instruments	Other current assets	$	7	$	32	Accrued expenses	$	4,139	$	4,986

Location and Amounts of Derivative Gains and Losses on the Condensed Consolidated Statements of Operations and Comprehensive Loss

Information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for the thirteen weeks ended April 29, 2023 and April 30, 2022 follows:

	Thirteen Weeks Ended
(in thousands)	April 29, 2023		April 30, 2022
(Loss) gain recognized in AOCL (1)	$	(507)	$	5,363
(Loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2)	(906)		3,684

(1)Amount represents the change in fair value of derivative instruments.

(2)Amount represents gain (loss) 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.

Substantially all of the unrealized gain will be recognized in costs of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) over the next twelve months.

Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for the thirteen weeks ended April 29, 2023 and April 30, 2022 follows:

	Thirteen Weeks Ended
(in thousands)	April 29, 2023		April 30, 2022
(Gain) loss, net recognized in other operating income, net	$	(547)	$	1,141