Derivative Instruments (Tables)

9 Months Ended

Oct. 28, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Exchange Forward Contracts

As of October 28, 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 transactions:

(in thousands)	Notional Amount (1)
Euro	$	51,476
British pound	44,599
Canadian dollar	19,122

(1)    Amounts reported are the U.S. Dollar notional amounts outstanding as of October 28, 2023.

As of October 28, 2023, foreign currency exchange forward contracts that were entered into to hedge foreign-currency-denominated net monetary assets and liabilities were as follows:

(in thousands)	Notional Amount (1)
United Arab Emirates dirham	$	22,058

(1)    Amounts reported are the U.S. Dollar notional amounts outstanding as of October 28, 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 following table provides the location and amounts of derivative fair values of foreign currency exchange forward contracts on the Condensed Consolidated Balance Sheets as of October 28, 2023 and January 28, 2023:

(in thousands)	Location	October 28, 2023		January 28, 2023		Location	October 28, 2023		January 28, 2023
Derivatives designated as cash flow hedging instruments	Other current assets	$	5,114	$	32	Accrued expenses	$	—	$	4,986
Derivatives not designated as hedging instruments	Other current assets	18		—		Accrued expenses	10		—
Total		$	5,132	$	32		$	10	$	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 and thirty-nine weeks ended October 28, 2023 and October 29, 2022:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in thousands)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Gain recognized in AOCL (1)	$	7,151	$	2,723	$	7,202	$	10,447
(Loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2)	(326)		3,909		$	(2,940)	$	11,718

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

(2)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.

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.

The following table provides additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for the thirteen and thirty-nine weeks ended October 28, 2023 and October 29, 2022:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in thousands)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Gain (loss) recognized in other operating loss (income), net	$	2,193	$	504	$	(239)	$	2,276