Derivative Financial Instruments (Tables)

9 Months Ended

Nov. 02, 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 sheets as of November 2, 2013 and February 2, 2013 was as follows (in thousands):

	Derivative Balance Sheet Location	Fair Value at Nov 2, 2013		Fair Value at Feb 2, 2013
ASSETS:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Other current assets	$	311	$	387
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other current assets	198		971
Total		$	509	$	1,358
LIABILITIES:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Current liabilities	$	1,468	$	2,904
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Current liabilities	1,008		2,648
Interest rate swaps	Long-term liabilities	650		852
Total derivatives not designated as hedging instruments		1,658		3,500
Total		$	3,126	$	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 nine months ended November 2, 2013 and October 27, 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 Nov 2, 2013			Three Months Ended Oct 27, 2012				Three Months Ended Nov 2, 2013		Three Months Ended Oct 27, 2012
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	(694	)	$	(1,876	)	Cost of sales	$	1,344	$	3,697
Foreign exchange currency contracts	$	(17	)	$	(174	)	Other income/expense	$	4	$	288

	Gain/(Loss) Recognized in OCI				Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (1)	Gain/(Loss) Reclassified from Accumulated OCI into Income
	Nine Months Ended Nov 2, 2013		Nine Months Ended Oct 27, 2012			Nine Months Ended Nov 2, 2013		Nine Months Ended Oct 27, 2012
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	3,785	$	4,942	Cost of sales	$	2,216	$	6,854
Foreign exchange currency contracts	$	401	$	448	Other income/expense	$	98	$	584

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(1) The ineffective portion was immaterial during the three and nine months ended November 2, 2013 and October 27, 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						Nine Months Ended
	Nov 2, 2013			Oct 27, 2012			Nov 2, 2013			Oct 27, 2012
Beginning balance gain (loss)	$	1,558		$	7,993		$	(1,782	)	$	4,259
Net gains (losses) from changes in cash flow hedges	(657		)	(1,892		)	3,495			4,875
Net gains reclassified to income	(1,086		)	(3,471		)	(1,898		)	(6,504		)
Ending balance gain (loss)	$	(185	)	$	2,630		$	(185	)	$	2,630

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 nine months ended November 2, 2013 and October 27, 2012 (in thousands):

	Location of Gain/(Loss) Recognized in Income	Gain/(Loss) Recognized in Income						Gain/(Loss) Recognized in Income
		Three Months Ended Nov 2, 2013			Three Months Ended Oct 27, 2012			Nine Months Ended Nov 2, 2013		Nine Months Ended Oct 27, 2012
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other income/expense	$	(1,916	)	$	(3,359	)	$	1,133	$	2,861
Interest rate swaps	Other income/expense	$	(22	)	$	37		$	174	$	42