Derivative Financial Instruments (Tables)

9 Months Ended

Nov. 01, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of derivative instruments in the condensed consolidated balance sheets

The fair value of derivative instruments in the condensed consolidated balance sheets as of November 1, 2014 and February 1, 2014 was as follows (in thousands):

	Derivative Balance Sheet Location	Fair Value at Nov 1, 2014		Fair Value at Feb 1, 2014
ASSETS:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Other current assets	$	4,781	$	977
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other current assets	6,688		1,139
Total		$	11,469	$	2,116
LIABILITIES:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Accrued expenses	$	—	$	672
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Accrued expenses	—		1,040
Interest rate swaps	Other long-term liabilities	358		581
Total derivatives not designated as hedging instruments		358		1,621
Total		$	358	$	2,293

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 and nine months ended November 1, 2014 and November 2, 2013 (in thousands): 

	Gain (Loss) Recognized in OCI					Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings(1)	Gain (Loss) Reclassified from Accumulated OCI into Earnings
	Three Months Ended Nov 1, 2014		Three Months Ended Nov 2, 2013				Three Months Ended Nov 1, 2014			Three Months Ended Nov 2, 2013
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	3,869	$	(694	)	Cost of sales	$	(800	)	$	1,344
Foreign exchange currency contracts	$	487	$	(17	)	Other income/expense	$	—		$	4

	Gain Recognized in OCI				Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings(1)	Gain (Loss) Reclassified from Accumulated OCI into Earnings
	Nine Months Ended Nov 1, 2014		Nine Months Ended Nov 2, 2013			Nine Months Ended Nov 1, 2014			Nine Months Ended Nov 2, 2013
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	3,163	$	3,785	Cost of sales	$	(1,559	)	$	2,216
Foreign exchange currency contracts	$	381	$	401	Other income/expense	$	(56	)	$	98

 __________________________________

(1) The ineffective portion was immaterial during the three and nine months ended November 1, 2014 and November 2, 2013 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 (loss)

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

	Three Months Ended					Nine Months Ended
	Nov 1, 2014		Nov 2, 2013			Nov 1, 2014			Nov 2, 2013
Beginning balance gain (loss)	$	366	$	1,558		$	(113	)	$	(1,782	)
Net gains (losses) from changes in cash flow hedges	3,805		(657		)	3,099			3,495
Net (gains) losses reclassified to earnings	713		(1,086		)	1,898			(1,898		)
Ending balance gain (loss)	$	4,884	$	(185	)	$	4,884		$	(185	)

Summary of gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments 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 and nine months ended November 1, 2014 and November 2, 2013 (in thousands):

	Location of Gain (Loss) Recognized in Earnings	Gain (Loss) Recognized in Earnings					Gain Recognized in Earnings
		Three Months Ended Nov 1, 2014		Three Months Ended Nov 2, 2013			Nine Months Ended Nov 1, 2014		Nine Months Ended Nov 2, 2013
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other income/expense	$	6,262	$	(1,916	)	$	7,457	$	1,133
Interest rate swaps	Other income/expense	$	54	$	(22	)	$	186	$	174