Derivative Financial Instruments (Tables)

6 Months Ended

Aug. 02, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The fair value of derivative instruments in the condensed consolidated balance sheets as of August 2, 2014 and February 1, 2014 was as follows (in thousands):

	Derivative Balance Sheet Location	Fair Value at Aug 2, 2014		Fair Value at Feb 1, 2014
ASSETS:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Other current assets	$	1,430	$	977
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other current assets	1,818		1,139
Total		$	3,248	$	2,116
LIABILITIES:
Derivatives designated as hedging instruments:
Foreign exchange currency contracts:
Cash flow hedges	Accrued expenses	$	237	$	672
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Accrued expenses	105		1,040
Interest rate swaps	Other long-term liabilities	440		581
Total derivatives not designated as hedging instruments		545		1,621
Total		$	782	$	2,293

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 2, 2014 and August 3, 2013 (in thousands): 

	Gain (Loss) Recognized in OCI					Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings(1)	Gain (Loss) Reclassified from Accumulated OCI into Earnings
	Three Months Ended Aug 2, 2014		Three Months Ended Aug 3, 2013				Three Months Ended Aug 2, 2014			Three Months Ended Aug 3, 2013
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	1,866	$	247		Cost of sales	$	(265	)	$	393
Foreign exchange currency contracts	$	1	$	(20	)	Other income/expense	$	(25	)	$	115

	Gain (Loss) Recognized in OCI					Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings(1)	Gain (Loss) Reclassified from Accumulated OCI into Earnings
	Six Months Ended Aug 2, 2014			Six Months Ended Aug 3, 2013			Six Months Ended Aug 2, 2014			Six Months Ended Aug 3, 2013
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	(706	)	$	4,479	Cost of sales	$	(759	)	$	872
Foreign exchange currency contracts	$	(106	)	$	418	Other income/expense	$	(56	)	$	94

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(1) The ineffective portion was immaterial during the three and six months ended August 2, 2014 and August 3, 2013 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 2, 2014			Aug 3, 2013			Aug 2, 2014			Aug 3, 2013
Beginning balance gain (loss)	$	(1,667	)	$	1,918		$	(113	)	$	(1,782	)
Net gains (losses) from changes in cash flow hedges	1,352			64			(706		)	4,152
Net (gains) losses reclassified to earnings	681			(424		)	1,185			(812		)
Ending balance gain	$	366		$	1,558		$	366		$	1,558

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 2, 2014 and August 3, 2013 (in thousands):

	Location of Gain (Loss) Recognized in Earnings	Gain (Loss) Recognized in Earnings					Gain Recognized in Earnings
		Three Months Ended Aug 2, 2014		Three Months Ended Aug 3, 2013			Six Months Ended Aug 2, 2014		Six Months Ended Aug 3, 2013
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	Other income/expense	$	3,984	$	(727	)	$	1,195	$	3,049
Interest rate swaps	Other income/expense	$	57	$	118		$	132	$	196