Derivative Financial Instruments (Tables)

3 Months Ended

May 04, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of derivative instruments in the consolidated balance sheet

The fair value of derivative instruments in the condensed consolidated balance sheet as of May 4, 2013 and February 2, 2013 was as follows (in thousands):

	Derivative Balance Sheet Location	Fair Value at May 4, 2013		Fair Value at Feb 2, 2013
ASSETS:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Other current assets	$	1,940	$	387
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other current assets	1,833		971
Total		$	3,773	$	1,358
LIABILITIES:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Current liabilities	$	34	$	2,904
Net investment hedges	Current liabilities	23		—
Total derivatives designated as hedging instruments		57		2,904
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Current liabilities	29		2,648
Interest rate swaps	Long-term liabilities	737		852
Total derivatives not designated as hedging instruments		766		3,500
Total		$	823	$	6,404

Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings for the three months ended May 4, 2013 and April 28, 2012 (in thousands):

	Gain/(Loss) Recognized in OCI					Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (1)	Gain/(Loss) Reclassified from Accumulated OCI into Income
	Three Months Ended May 4, 2013		Three Months Ended Apr 28, 2012				Three Months Ended May 4, 2013			Three Months Ended Apr 28, 2012
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	4,232	$	(823	)	Cost of sales	$	479		$	2,443
Foreign exchange currency contracts	$	438	$	(51	)	Other income/expense	$	(21	)	$	178

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(1) The ineffective portion was immaterial during the three months ended May 4, 2013 and April 28, 2012 and was recorded in net earnings and included in interest income/expense.

Summary of net after-tax derivative activity recorded in accumulated other comprehensive income

The following table summarizes net after-tax derivative activity recorded in accumulated other comprehensive income (loss) (in thousands):

	Three Months Ended
	May 4, 2013			Apr 28, 2012
Beginning balance gain (loss)	$	(1,782	)	$	4,259
Net gains (losses) from changes in cash flow hedges	4,088			(494		)
Net gains reclassified to income	(388		)	(2,300		)
Ending balance gain	$	1,918		$	1,465

Summary of gains (losses) before taxes recognized on the derivative instruments not designated as cash flow hedges in other income and expense

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense for the three months ended May 4, 2013 and April 28, 2012 (in thousands):

	Location of Gain/(Loss) Recognized in Income	Gain/(Loss) Recognized in Income
		Three Months Ended May 4, 2013		Three Months Ended Apr 28, 2012
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other income/expense	$	3,776	$	(2,254	)
Interest rate swaps	Other income/expense	$	78	$	19