XML 67 R34.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Financial Instruments (Tables)
 6 Months Ended
Aug. 01, 2015
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 August 1, 2015 and January 31, 2015 is as follows (in thousands):
 
 
Derivative
Balance Sheet
Location
 
Fair Value at
Aug 1, 2015
 
Fair Value at
Jan 31, 2015
ASSETS:
 
 
 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 

 
 

Foreign exchange currency contracts:
 
 
 
 
 
 
   Cash flow hedges
 
Other current assets/
Other assets
 
$
4,454

 
$
6,597

Derivatives not designated as hedging instruments:
 
 
 
 
 
 

Foreign exchange currency contracts
 
Other current assets
 
3,992

 
8,945

Total
 
 
 
$
8,446

 
$
15,542

LIABILITIES:
 
 
 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 

 
 

Foreign exchange currency contracts:
 
 
 
 
 
 
   Cash flow hedges
 
Accrued expenses
 
$
76

 
$
—

Derivatives not designated as hedging instruments:
 
 
 
 

 
 

Foreign exchange currency contracts
 
Accrued expenses
 
131

 
—

Interest rate swaps
 
Accrued expenses/
Other long-term liabilities
 
165

 
270

Total derivatives not designated as hedging instruments
 
 
 
296

 
270

Total
 
 
 
$
372

 
$
270
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 six months ended August 1, 2015 and August 2, 2014 (in thousands): 
 
Gain
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
 
 
Three Months Ended
 
Aug 1, 2015
 
Aug 2, 2014
 
 
Aug 1, 2015
 
Aug 2, 2014
Derivatives designated as cash flow hedges:
 

 
 

 
 
 
 

 
 

Foreign exchange currency contracts
$
5,343

 
$
1,866

 
Cost of product sales
 
$
3,193

 
$
(265
)
Foreign exchange currency contracts
$
378

 
$
1

 
Other income/expense
 
$
330

 
$
(25
)
 
Gain (Loss)
Recognized in
OCI
 
Location of
Gain (Loss)
Reclassified from
Accumulated OCI
into Earnings(1)
 
Gain (Loss)
Reclassified from
Accumulated OCI into
Earnings
 
Six Months Ended
 
 
Six Months Ended
 
Aug 1, 2015
 
Aug 2, 2014
 
 
Aug 1, 2015
 
Aug 2, 2014
Derivatives designated as cash flow hedges:
 

 
 

 
 
 
 

 
 

Foreign exchange currency contracts
$
4,196

 
$
(706
)
 
Cost of product sales
 
$
4,943

 
$
(759
)
Foreign exchange currency contracts
$
230

 
$
(106
)
 
Other income/expense
 
$
816

 
$
(56
)
 __________________________________
(1)
The ineffective portion was immaterial during the three and six months ended August 1, 2015 and August 2, 2014 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
 
Six Months Ended
 
Aug 1, 2015
 
Aug 2, 2014
 
Aug 1, 2015
 
Aug 2, 2014
Beginning balance gain (loss)
$
4,296

 
$
(1,667
)
 
$
7,157

 
$
(113
)
Net gains (losses) from changes in cash flow hedges
4,584

 
1,352

 
3,658

 
(706
)
Net (gains) losses reclassified to earnings
(3,012
)
 
681

 
(4,947
)
 
1,185

Ending balance gain
$
5,868

 
$
366

 
$
5,868

 
$
366
Summary of gains before taxes recognized on the derivative instruments not designated as hedging instruments in other income
The following table summarizes the gains before taxes recognized on the derivative instruments not designated as hedging instruments in other income for the three and six months ended August 1, 2015 and August 2, 2014 (in thousands):
 
 
Location of
Gain
Recognized in
Earnings
 
Gain
Recognized in Earnings
 
Gain
Recognized in Earnings
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
Aug 1, 2015
 
Aug 2, 2014
 
Aug 1, 2015
 
Aug 2, 2014
Derivatives not designated as hedging instruments:
 
 
 
 

 
 

 
 
 
 
Foreign exchange currency contracts
 
Other income/expense
 
$
2,860

 
$
3,984

 
$
2,159

 
$
1,195

Interest rate swaps
 
Other income/expense
 
$
47

 
$
57

 
$
96

 
$
132