XML 51 R42.htm IDEA: XBRL DOCUMENT v3.23.2
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Aug. 04, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivatives and Consolidated Balance Sheet Location
The following table presents the fair value and location of the company’s derivative instruments on the Condensed Consolidated Balance Sheets:
(Dollars in thousands)August 4, 2023July 29, 2022October 31, 2022
Derivative assets:   
Derivatives designated as cash flow hedging instruments:   
Prepaid expenses and other current assets   
Forward currency contracts$9,940 $17,723 $27,733 
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts3,823 4,618 5,523 
Total derivative assets$13,763 $22,341 $33,256 
Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts$76 $— $— 
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts14 18 — 
Total derivative liabilities$90 $18 $— 
Schedule of Effects of Master Netting Arrangements on Fair Value of Derivative Contracts Recorded in Consolidated Balance Sheets
The following table presents the effects of the master netting arrangements on the fair value of the company’s derivative instruments that are recorded on the Condensed Consolidated Balance Sheets:
(Dollars in thousands)August 4, 2023July 29, 2022October 31, 2022
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets$14,931 $22,424 $33,256 
Derivative liabilities offsetting derivative assets1,168 83 — 
Net amount of derivative assets$13,763 $22,341 $33,256 
Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities$95 $18 $— 
Derivative assets offsetting derivative liabilities5 — — 
Net amount of derivative liabilities$90 $18 $— 
Schedule of Impact of Derivative Instruments on Consolidated Statements of Earnings for Derivatives Designated as Cash Flow Hedging Instruments
The following table presents the impact and location of the amounts reclassified from AOCL into net earnings on the Condensed Consolidated Statements of (Loss) Earnings and the impact of derivative instruments on the Condensed Consolidated Statements of Comprehensive (Loss) Income for the company's derivatives designated as cash flow hedging instruments for the three and nine months ended August 4, 2023 and July 29, 2022:
Three Months Ended
Gain Reclassified from AOCL into Earnings(Loss) Gain Reclassified from AOCL into Earnings
(Dollars in thousands)August 4, 2023July 29, 2022August 4, 2023July 29, 2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales$1,962 $1,640 $(846)$2,508 
Cost of sales1,218 200 1,452 (36)
Total derivatives designated as cash flow hedging instruments$3,180 $1,840 $606 $2,472 
Nine Months Ended
Gain Reclassified from AOCL into Earnings(Loss) Gain Recognized in OCI on Derivatives
(Dollars in thousands)August 4, 2023July 29, 2022August 4, 2023July 29, 2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales$9,723 $1,431 $(18,099)$14,836 
Cost of sales3,036 164 3,658 1,207 
Total derivatives designated as cash flow hedging instruments$12,759 $1,595 $(14,441)$16,043 
The following tables present the impact and location of derivative instruments on the Condensed Consolidated Statements of (Loss) Earnings for the company’s derivatives designated as cash flow hedging instruments and the related components excluded from effectiveness testing:
Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)August 4, 2023July 29, 2022
Three Months EndedNet SalesCost of SalesNet SalesCost of Sales
Condensed Consolidated Statements of (Loss) Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded$1,081,784 $(709,430)$1,160,550 $(760,644)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings1,962 1,218 1,640 200 
(loss) gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value$(356)$762 $646 $627 
Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)August 4, 2023July 29, 2022
Nine Months EndedNet SalesCost of SalesNet SalesCost of Sales
Condensed Consolidated Statements of (Loss) Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded$3,569,950 $(2,321,951)$3,342,678 $(2,236,927)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings9,723 3,036 1,431 164 
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value$2,036 $1,777 $(930)$1,180 
Schedule of Impact of Derivative Instruments on Consolidated Statements of Earnings for Derivatives Not Designated as Hedging Instruments
The following table presents the impact and location of derivative instruments on the Condensed Consolidated Statements of (Loss) Earnings for the company’s derivatives not designated as cash flow hedging instruments:
 Three Months EndedNine Months Ended
(Dollars in thousands)August 4, 2023July 29, 2022August 4, 2023July 29, 2022
(Loss) gain on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other (loss) income, net$(2,730)$(344)$(4,530)$3,639 
Total gain (loss) on derivatives not designated as cash flow hedging instruments$(2,730)$(344)$(4,530)$3,639