Derivative Financial Instruments (Tables)

3 Months Ended

May 01, 2021

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 is as follows (in thousands):

	Derivative Balance Sheet Location	Fair Value at May 1, 2021		Fair Value at Jan 30, 2021
ASSETS:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts	Other current assets/Other assets	$	353	$	—
Total		$	353	$	—
LIABILITIES:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts	Accrued expenses	$	1,663	$	3,326
Interest rate swap	Other long-term liabilities	665		999
Total derivatives designated as hedging instruments		2,328		4,325
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Accrued expenses	917		1,155
Total		$	3,245	$	5,480

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

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss) for the three months ended May 1, 2021 and May 2, 2020 (in thousands): 

	Gains (Losses) Recognized in OCI				Location of Gains (Losses) Reclassified from Accumulated OCI into Earnings	Gains (Losses) Reclassified from Accumulated OCI into Earnings
	Three Months Ended					Three Months Ended
	May 1, 2021		May 2, 2020			May 1, 2021		May 2, 2020
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	1,511	$	4,410	Cost of product sales	$	(462)	$	1,991
Interest rate swap	270		(874)		Interest expense	64		(3)

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
	May 1, 2021		May 2, 2020
Beginning balance gain (loss)	$	(4,876)	$	6,300
Net gains from changes in cash flow hedges	1,553		3,180
Net (gains) losses reclassified into earnings (loss)	460		(1,769)
Ending balance gain (loss)	$	(2,863)	$	7,711

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

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income (expense) (in thousands):

	Location of Gain Recognized in Earnings (Loss)	Gain Recognized in Earnings (Loss)
		Three Months Ended
		May 1, 2021		May 2, 2020
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other income (expense)	$	71	$	1,088