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Derivatives (Tables)
 9 Months Ended
Nov. 01, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Foreign Exchange Forward Contracts
As of November 1, 2014, the Company had outstanding the following foreign currency exchange forward contracts that were entered into 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
$
76,926

British Pound
$
34,003

Canadian Dollar
$
14,377


(1) 
Amounts are reported in thousands and in U.S. Dollar equivalent as of November 1, 2014.

The Company also uses foreign currency 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 November 1, 2014, the Company had outstanding the following foreign currency forward contracts that were entered into to hedge foreign currency denominated net monetary assets/liabilities:
 
Notional Amount(1)
Swiss Franc
$
7,925

British Pound
$
6,400


(1) 
Amounts are reported in thousands and in U.S. Dollar equivalent as of November 1, 2014.
Location 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 November 1, 2014 and February 1, 2014 were as follows:
 
Asset Derivatives
 
Liability Derivatives
(in thousands)
Balance Sheet Location
 
November 1,
2014
 
February 1,
2014
 
Balance Sheet Location
 
November 1,
2014
 
February 1,
2014
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
Foreign Currency Exchange Forward Contracts
Other Current Assets
 
$
7,881

 
$
691

 
Other Liabilities
 
$
—

 
$
2,503

Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
Foreign Currency Exchange Forward Contracts
Other Current Assets
 
$
214

 
$
278

 
Other Liabilities
 
$
133

 
$
52

Total
Other Current Assets
 
$
8,095

 
$
969

 
Other Liabilities
 
$
133

 
$
2,555
Location and Amounts of Derivative Gains and Losses on the Consolidated Statements of Operations and Comprehensive Income (Loss)
The location and amounts of derivative gains and losses for the thirteen and thirty-nine week periods ended November 1, 2014 and November 2, 2013 on the Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
 
 
 
Thirteen Weeks Ended
 
Thirty-Nine Weeks Ended
 
 
 
November 1, 2014
 
November 2, 2013
 
November 1, 2014
 
November 2, 2013
(in thousands)
Location
 
Gain/(Loss)
 
Gain/(Loss)
 
Gain/(Loss)
 
Gain/(Loss)
Derivatives not designated as Hedging Instruments:
 
 
 
 
 
 
 
 
Foreign Exchange Forward Contracts
Other Operating Income, Net
 
$
793

 
$
(805
)
 
$
564

 
$
456

 
 
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)
 
Thirteen Weeks Ended
(in thousands)
November 1,
2014
 
November 2,
2013
 
 
 
November 1,
2014
 
November 2,
2013
 
 
 
November 1,
2014
 
November 2,
2013
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
 
Foreign Currency Exchange Forward Contracts
$
9,265

 
$
(3,748
)
 
Cost of Goods Sold
 
$
(856
)
 
$
1,359

 
Other Operating Income, Net
 
$
78

 
$
(9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Thirty-Nine Weeks Ended
(in thousands)
November 1, 2014
 
November 2, 2013
 
 
 
November 1, 2014
 
November 2, 2013
 
 
 
November 1, 2014
 
November 2, 2013
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
 
Foreign Currency Exchange Forward Contracts
$
8,128

 
$
7,515

 
Cost of Goods Sold
 
$
(4,212
)
 
$
1,581

 
Other Operating Income, Net
 
$
248

 
$
167


(a)
The amount represents the change in fair value of derivative contracts due to changes in spot rates.
(b)
The amount represents the reclassification from OCI into earnings 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.