Derivatives (Tables)

12 Months Ended

Feb. 02, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Foreign Exchange Forward Contracts

As of February 2, 2013, the Company had the following outstanding foreign exchange forward contracts that were entered to hedge either a portion, or all, of forecasted foreign-currency-denominated inter-company inventory sales, the resulting settlement of the foreign-currency-denominated inter-company accounts receivable, or both:



	Notional Amount⁽¹⁾
Euro	$	151,138
British Pound	$	98,600
Canadian Dollar	$	8,816


⁽¹⁾	Amounts are reported in thousands and in U.S. Dollars equivalent as of February 2, 2013.

The Company also uses foreign exchange forward contracts to hedge certain foreign currency denominated net monetary assets/liabilities. Examples of monetary assets/liabilities include cash balances, receivables and payables. Fluctuations in exchange rates result in transaction gains/(losses) being recorded in earnings as U.S. GAAP requires that monetary assets/liabilities be remeasured at the spot exchange rate at quarter-end or upon settlement. The Company has chosen not to apply hedge accounting to these instruments because there are no differences in the timing of gain or loss recognition on the hedging instrument and the hedged item.

As of February 2, 2013, the Company had the following outstanding foreign exchange forward contracts that were entered into to hedge foreign currency denominated net monetary assets/liabilities:



	Notional Amount⁽¹⁾
Euro	$	23,195
Swiss Franc	$	10,935
British Pound	$	8,079
Japanese Yen	$	4,080
Canadian Dollar	$	2,031


⁽¹⁾	Amounts are reported in thousands and in U.S. Dollars equivalent as of February 2, 2013.

Schedule of Locations and Amounts of Derivative Fair Values on the Consolidated Balance Sheets

The location and amounts of derivative fair values on the Consolidated Balance Sheets as of February 2, 2013 and January 28, 2012 were as follows:



		Asset Derivatives					Liability Derivatives
	Balance Sheet Location	February 2, 2013		January 28, 2012		Balance Sheet Location	February 2, 2013		January 28, 2012
	(in thousands)
Derivatives Designated as Hedging Instruments:
Foreign Exchange Forward Contracts	Other Current Assets	$	1,967	$	10,766	Other Liabilities	$	9,270	$	874
Derivatives Not Designated as Hedging Instruments:
Foreign Exchange Forward Contracts	Other Current Assets	$	526	$	4	Other Liabilities	$	717	$	584
Total	Other Current Assets	$	2,493	$	10,770	Other Liabilities	$	9,987	$	1,458

Schedule of Locations and Amounts of Derivative Gains (Losses) on the Consolidated Statements of Operations and Comprehensive Income

The location and amounts of derivative gains and losses for Fiscal 2012 and Fiscal 2011, respectively, on the Consolidated Statements of Operations and Comprehensive Income were as follows:



		Fiscal 2012		Fiscal 2011
		February 2, 2013		January 28, 2012
	Location	Gain/(Loss)		Gain/(Loss)
	(in thousands)
Derivatives not designated as Hedging Instruments:
Foreign Exchange Forward Contracts	Other Operating Income (Expense), Net	$	1,946	$	1,503



	Amount of Gain (Loss) Recognized in OCI on Derivative Contracts (Effective Portion) (a)					Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) (b)				Location of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Earnings on Derivative Contracts (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	February 2, 2013			January 28, 2012			February 2, 2013		January 28, 2012			February 2, 2013		January 28, 2012
	(in thousands)
Derivatives in Cash Flow Hedging Relationships
Foreign Exchange Forward Contracts	$	(4,003	)	$	14,415	Cost of Goods Sold	$	17,510	$	982	Other Operating Expense (Income), Net	$	226	$	(1,190	)


(a)	The amount represents the change in fair value of derivative contracts due to changes in spot rates.


(b)	The amount represents reclassification from OCI into earnings that occurs when the hedged item affects earnings, which is when merchandise is sold to the Company’s customers.


(c)	The amount represents the change in fair value of derivative contracts due to changes in the difference between the spot price and forward price that is excluded from the assessment of hedge effectiveness and, therefore, recognized in earnings.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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