Derivative Financial Instruments (Tables)

6 Months Ended

Aug. 03, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of derivative instruments in the consolidated balance sheet

The fair value of derivative instruments in the condensed consolidated balance sheet as of August 3, 2013 and February 2, 2013 was as follows (in thousands):

	Derivative Balance Sheet Location	Fair Value at Aug 3, 2013		Fair Value at Feb 2, 2013
ASSETS:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Other current assets	$	927	$	387
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other current assets	1,098		971
Total		$	2,025	$	1,358
LIABILITIES:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Current liabilities	$	471	$	2,904
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Current liabilities	262		2,648
Interest rate swaps	Long-term liabilities	623		852
Total derivatives not designated as hedging instruments		885		3,500
Total		$	1,356	$	6,404

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

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings for the three and six months ended August 3, 2013 and July 28, 2012 (in thousands): 

	Gain/(Loss) Recognized in OCI					Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (1)	Gain/(Loss) Reclassified from Accumulated OCI into Income
	Three Months Ended  Aug 3, 2013			Three Months Ended Jul 28, 2012			Three Months Ended  Aug 3, 2013		Three Months Ended Jul 28, 2012
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	247		$	7,641	Cost of sales	$	393	$	714
Foreign exchange currency contracts	$	(20	)	$	673	Other income/expense	$	115	$	118

	Gain/(Loss) Recognized in OCI				Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (1)	Gain/(Loss) Reclassified from Accumulated OCI into Income
	Six Months Ended  Aug 3, 2013		Six Months Ended Jul 28, 2012			Six Months Ended  Aug 3, 2013		Six Months Ended Jul 28, 2012
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	4,479	$	6,818	Cost of sales	$	872	$	3,157
Foreign exchange currency contracts	$	418	$	622	Other income/expense	$	94	$	296

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(1) The ineffective portion was immaterial during the three and six months ended August 3, 2013 and July 28, 2012 and was recorded in net earnings and included in interest income/expense.

Summary of net after-tax derivative activity recorded in accumulated other comprehensive income

The following table summarizes net after-tax derivative activity recorded in accumulated other comprehensive income (loss) (in thousands):

	Three Months Ended						Six Months Ended
	Aug 3, 2013			Jul 28, 2012			Aug 3, 2013			Jul 28, 2012
Beginning balance gain (loss)	$	1,918		$	1,465		$	(1,782	)	$	4,259
Net gains (losses) from changes in cash flow hedges	64			7,261			4,152			6,767
Net losses (gains) reclassified to income	(424		)	(733		)	(812		)	(3,033		)
Ending balance gain (loss)	$	1,558		$	7,993		$	1,558		$	7,993

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

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense for the three and six months ended August 3, 2013 and July 28, 2012 (in thousands):

	Location of Gain/(Loss) Recognized in Income	Gain/(Loss) Recognized in Income						Gain/(Loss) Recognized in Income
		Three Months Ended  Aug 3, 2013			Three Months Ended Jul 28, 2012			Six Months Ended  Aug 3, 2013		Six Months Ended Jul 28, 2012
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other income/expense	$	(727	)	$	8,474		$	3,049	6,220
Interest rate swaps	Other income/expense	$	118		$	(14	)	$	196	$	5