XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Nov. 02, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Foreign Exchange Forward Contracts
As of November 2, 2024, 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 intercompany transactions:
(in thousands)
Notional Amount (1)
Euro$69,300 
British pound84,134 
Canadian dollar28,480 
(1)    Amounts reported are the U.S. dollar notional amounts outstanding as of November 2, 2024.
Location and Amounts of Derivative Fair Values on the Condensed Consolidated Balance Sheets
The fair value of derivative instruments is determined using quoted market prices of the same or similar instruments, adjusted for counterparty risk. The following table provides the location and amounts of derivative fair values of foreign currency exchange forward contracts on the Condensed Consolidated Balance Sheets as of November 2, 2024 and February 3, 2024:
(in thousands)LocationNovember 2, 2024February 3, 2024LocationNovember 2, 2024February 3, 2024
Derivatives designated as cash flow hedging instruments
Other current assets
$2,143 $1,090 
Accrued expenses
$419 $539 
Derivatives not designated as hedging instruments
Other current assets
— 2 
Accrued expenses
— — 
Total
$2,143 $1,092 $419 $539 
Location and Amounts of Derivative Gains and Losses on the Condensed Consolidated Statements of Operations and Comprehensive Loss information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:
Thirteen Weeks EndedThirty-Nine Weeks Ended
(in thousands)November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Gain recognized in AOCL (1)
$1,162 $7,151 $1,604 $7,202 
(Loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2)
(351)(326)659 (2,940)
(1)Amount represents the change in fair value of derivative instruments.
(2)Amount represents (loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings, which is when merchandise is converted to cost of sales, exclusive of depreciation and amortization.

Substantially all of the unrealized gain will be recognized in costs of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income over the next twelve months.
The following table provides additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:
Thirteen Weeks EndedThirty-Nine Weeks Ended
(in thousands)November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Gain (loss) recognized in other operating (income) loss, net
$11 $2,193 $454 $(239)