XML 32 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Stockholders' Equity
 12 Months Ended
Jan. 30, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends
The following table sets forth the cash dividend declared per share for the years ended January 30, 2021, February 1, 2020 and February 2, 2019:
Year EndedYear EndedYear Ended
Jan 30, 2021Feb 1, 2020Feb 2, 2019
Cash dividend declared per share$0.2250 $0.5625 $0.9000 
During the first quarter of fiscal 2020, the Company announced that its Board of Directors reduced the future quarterly cash dividends that may be paid to holders of the Company’s common stock, when, and if any such dividend is declared by the Company’s Board of Directors, from $0.225 per share to $0.1125 per share to redeploy capital and return incremental value to shareholders through share repurchases. During the first quarter of fiscal 2021, the Company announced that its Board of Directors had deferred the decision with respect to the payment of its quarterly cash dividend. The Board of Directors decided to continue to postpone its decision with respect to the payment of its quarterly cash dividend during the second quarter of fiscal 2021 in order to preserve the Company’s cash position and provide continued financial flexibility in light of the uncertainties related to the COVID-19 pandemic. The Company announced that it would resume paying its quarterly cash dividend of $0.1125 per share beginning in the third quarter of fiscal 2021, but decided to not declare any cash dividends for the first and second quarters of fiscal 2021.
For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest.
Decisions on whether, when and in what amounts to continue making any future dividend distributions will remain at all times entirely at the discretion of the Company’s Board of Directors, which reserves the right to change or terminate the Company’s dividend practices at any time and for any reason without prior notice. The payment of cash dividends in the future will be based upon a number of business, legal and other considerations, including our cash flow from operations, capital expenditures, debt service and covenant requirements, cash paid for income taxes, earnings, share repurchases, economic conditions and U.S. and global liquidity.
Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss), net of related income taxes, for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows (in thousands):
Foreign Currency Translation AdjustmentDerivative Financial Instruments Designated as Cash Flow HedgesDefined Benefit PlansTotal
Balance at February 3, 2018$(67,049)$(14,369)$(11,644)$(93,062)
Gains (losses) arising during the period(52,497)10,962 1,516 (40,019)
Reclassification to net earnings for losses realized— 6,406 496 6,902 
Net other comprehensive income (loss)(52,497)17,368 2,012 (33,117)
Balance at February 2, 2019$(119,546)$2,999 $(9,632)$(126,179)
Gains (losses) arising during the period(17,743)8,316 342 (9,085)
Reclassification to net earnings for (gains) losses realized— (6,996)369 (6,627)
Net other comprehensive income (loss)(17,743)1,320 711 (15,712)
Cumulative adjustment reclassified to retained earnings from adoption of new accounting guidance1
— 1,981 — 1,981 
Balance at February 1, 2020$(137,289)$6,300 $(8,921)$(139,910)
Gains (losses) arising during the period31,319 (5,709)(1,203)24,407 
Reclassification to net loss for (gains) losses realized— (5,467)295 (5,172)
Net other comprehensive income (loss)31,319 (11,176)(908)19,235 
Balance at January 30, 2021$(105,970)$(4,876)$(9,829)$(120,675)
______________________________________________________________________
1During the first quarter of fiscal 2020, the Company adopted new authoritative guidance which eliminated the requirement to separately measure and report ineffectiveness for instruments that qualify for hedge accounting and generally requires that the entire change in the fair value of such instruments ultimately be presented in the same line as the respective hedge item. As a result, there is no interest component recognized for the ineffective portion of instruments that qualify for hedge accounting, but rather all changes in the fair value of such instruments are included in other comprehensive income (loss) beginning with the fiscal year ended February 1, 2020. Upon adoption of this guidance, the Company reclassified approximately $2.0 million in gains from retained earnings to accumulated other comprehensive loss related to the previously recorded interest component on outstanding instruments that qualified for hedge accounting.
Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss) during fiscal 2021, fiscal 2020 and fiscal 2019 are as follows (in thousands):
Location of (Gain) Loss
Reclassified from
Accumulated OCI
into Earnings (Loss)
Year Ended Jan 30, 2021Year Ended Feb 1, 2020Year Ended Feb 2, 2019
Derivative financial instruments designated as cash flow hedges:
   Foreign exchange currency contracts$(6,298)$(7,776)$7,020 Cost of product sales
   Foreign exchange currency contracts— — 201 Other income (expense)
   Interest rate swap181 (128)(103)Interest expense
      Less income tax effect650 908 (712)Income tax expense
(5,467)(6,996)6,406 
Defined benefit plans:
   Net actuarial loss amortization397 446 600 Other income (expense)
   Prior service credit amortization(66)(39)(28)Other income (expense)
      Less income tax effect(36)(38)(76)Income tax expense
295 369 496 
Total reclassifications to net earnings (loss) for (gains) losses realized during the period$(5,172)$(6,627)$6,902