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Stockholders' Equity
 12 Months Ended
Feb. 01, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends
The following table sets forth the cash dividend declared per share for the years ended February 1, 2020,
February 2, 2019 and February 3, 2018:
 
Year Ended
 
Year Ended
 
Year Ended
 
Feb 1, 2020
 
Feb 2, 2019
 
Feb 3, 2018
Cash dividend declared per share
$
0.5625

 
$
0.9000

 
$
0.9000


During the first quarter of fiscal 2020, the Company announced that its Board of Directors reduced the future quarterly cash dividends that may be paid to holders of the Company’s common stock, when, as and if any such dividend is declared by the Company’s Board of Directors, from $0.225 per share to $0.1125 per share to redeploy capital and return incremental value to shareholders through share repurchases. On March 18, 2020, the Company announced that, in light of uncertainty surrounding the COVID-19 pandemic, it had decided to postpone its decision related to the potential declaration of a quarterly cash dividend for the first quarter of fiscal 2021.
Decisions on whether, when and in what amounts to continue making any future dividend distributions will remain at all times entirely at the discretion of the Company’s Board of Directors, which reserves the right to change or terminate the Company’s dividend practices at any time and for any reason without prior notice. The payment of cash dividends in the future will be based upon a number of business, legal and other considerations, including our cash flow from operations, capital expenditures, debt service and covenant requirements, cash paid for income taxes, earnings, share repurchases, economic conditions and U.S. and global liquidity.
Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss), net of related income taxes, for fiscal 2020, fiscal 2019 and fiscal 2018 are as follows (in thousands):
 
Foreign Currency Translation Adjustment
 
Derivative Financial Instruments Designated as Cash Flow Hedges
 
Defined Benefit Plans
 
Total
Balance at January 28, 2017
$
(158,227
)
 
$
5,400

 
$
(8,562
)
 
$
(161,389
)
Gains (losses) arising during the period
91,178

 
(20,408
)
 
(1,999
)
 
68,771

Reclassification to net loss for losses realized
—

 
414

 
352

 
766

Net other comprehensive income (loss)
91,178

 
(19,994
)
 
(1,647
)
 
69,537

Cumulative adjustment reclassified to retained earnings from adoption of new accounting guidance 1
—

 
225

 
(1,435
)
 
(1,210
)
Balance at February 3, 2018
$
(67,049
)
 
$
(14,369
)
 
$
(11,644
)
 
$
(93,062
)
Gains (losses) arising during the period
(52,497
)
 
10,962

 
1,516

 
(40,019
)
Reclassification to net earnings for losses realized
—

 
6,406

 
496

 
6,902

Net other comprehensive income (loss)
(52,497
)
 
17,368

 
2,012

 
(33,117
)
Balance at February 2, 2019
$
(119,546
)
 
$
2,999

 
$
(9,632
)
 
$
(126,179
)
Gains (losses) arising during the period
(17,743
)
 
8,316

 
342

 
(9,085
)
Reclassification to net earnings for (gains) losses realized
—

 
(6,996
)
 
369

 
(6,627
)
Net other comprehensive income (loss)
(17,743
)
 
1,320

 
711

 
(15,712
)
Cumulative adjustment reclassified from retained earnings due to adoption of new accounting guidance 2
—

 
1,981

 
—

 
1,981

Balance at February 1, 2020
$
(137,289
)
 
$
6,300

 
$
(8,921
)
 
$
(139,910
)
______________________________________________________________________
1 
During the fourth quarter of fiscal 2018, the Company early adopted authoritative guidance which addresses certain stranded income tax effects in accumulated other comprehensive loss resulting from the Tax Reform enacted in December 2017. As a result, the Company recorded a cumulative adjustment to increase retained earnings by $1.2 million with a corresponding reduction to accumulated other comprehensive loss related to the Company’s Supplemental Executive Retirement Plan and its interest rate swap designated as a cash flow hedge based in the U.S.
2 
During the first quarter of fiscal 2020, the Company adopted new authoritative guidance which eliminated the requirement to separately measure and report ineffectiveness for instruments that qualify for hedge accounting and generally requires that the entire change in the fair value of such instruments ultimately be presented in the same line as the respective hedge item. As a result, there is no interest component recognized for the ineffective portion of instruments that qualify for hedge accounting, but rather all changes in the fair value of such instruments are included in other comprehensive income (loss) during the year ended February 1, 2020. Upon adoption of this guidance, the Company reclassified approximately $2.0 million in gains from retained earnings to accumulated other comprehensive loss related to the previously recorded interest component on outstanding instruments that qualified for hedge accounting.
Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss) during fiscal 2020, fiscal 2019 and fiscal 2018 are as follows (in thousands):
 
 
 
 
 
 
 
Location of (Gain) Loss
Reclassified from
Accumulated OCI
into Earnings (Loss)
 
Year Ended
Feb 1, 2020
 
Year Ended
Feb 2, 2019
 
Year Ended
Feb 3, 2018
 
Derivative financial instruments designated as cash flow hedges:
 
 
 
 
 
 
 
   Foreign exchange currency contracts
$
(7,776
)
 
$
7,020

 
$
(14
)
 
Cost of product sales
   Foreign exchange currency contracts
—

 
201

 
583

 
Other income (expense)
   Interest rate swap
(128
)
 
(103
)
 
87

 
Interest expense
      Less income tax effect
908

 
(712
)
 
(242
)
 
Income tax expense
 
(6,996
)
 
6,406

 
414

 
 
Defined benefit plans:
 
 
 
 
 
 
 
   Net actuarial loss amortization
446

 
600

 
462

 
Other income (expense)1
   Prior service credit amortization
(39
)
 
(28
)
 
(27
)
 
Other income (expense)1
      Less income tax effect
(38
)
 
(76
)
 
(83
)
 
Income tax expense
 
369

 
496

 
352

 
 
Total reclassifications to net earnings (loss) for (gains) losses realized during the period
$
(6,627
)
 
$
6,902

 
$
766

 
 

______________________________________________________________________
1 
During fiscal 2019, in accordance with the adoption of the guidance related to the presentation of net periodic pension costs, reclassification of these items are now included in other income (expense).