Stockholders' Equity

6 Months Ended

Jul. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

During the three and six months ended July 31, 2021, there were no shares repurchased under the Company’s Share Repurchase Program. There were 4,000,000 shares repurchased at an aggregate cost of $38.8 million under the program during the three and six months ended August 1, 2020. As of July 31, 2021, the Company had remaining authority under the program to purchase $47.8 million of its common stock. Refer to Note 17 for more information regarding the Company’s newly authorized share repurchase program.

Dividends

The following sets forth the cash dividend declared per share:

	Three Months Ended				Six Months Ended
	Jul 31, 2021		Aug 1, 2020		Jul 31, 2021		Aug 1, 2020
Cash dividend declared per share	$	0.1125	$	—	$	0.2250	$	—

During the first and second quarters of fiscal 2021, the Company announced that its Board of Directors had deferred the decision with respect to the payment of its quarterly cash dividend, in light of the uncertainties related to the COVID-19 pandemic. The Company resumed paying its quarterly cash dividend of $0.1125 per share beginning in the third quarter of fiscal 2021, but decided to not declare any cash dividends for the first and second quarters of fiscal 2021.

For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest.

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 the Company’s 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, are (in thousands):

	Foreign Currency Translation Adjustment		Derivative Financial Instruments Designated as Cash Flow Hedges		Defined Benefit Plans		Total
	Three Months Ended Jul 31, 2021
Balance at May 1, 2021	$	(108,403)	$	(2,863)	$	(9,636)	$	(120,902)
Gains (losses) arising during the period	(5,325)		1,471		(39)		(3,893)
Reclassification to net earnings (loss) for losses realized	—		790		77		867
Net other comprehensive income (loss)	(5,325)		2,261		38		(3,026)
Balance at July 31, 2021	$	(113,728)	$	(602)	$	(9,598)	$	(123,928)

	Six Months Ended Jul 31, 2021
Balance at January 30, 2021	$	(105,970)	$	(4,876)	$	(9,829)	$	(120,675)
Gains (losses) arising during the period	(7,758)		3,024		77		(4,657)
Reclassification to net earnings (loss) for losses realized	—		1,250		154		1,404
Net other comprehensive income (loss)	(7,758)		4,274		231		(3,253)
Balance at July 31, 2021	$	(113,728)	$	(602)	$	(9,598)	$	(123,928)

	Three Months Ended Aug 1, 2020
Balance at May 2, 2020	$	(152,162)	$	7,711	$	(8,851)	$	(153,302)
Gains (losses) arising during the period	31,043		(7,012)		(211)		23,820
Reclassification to net earnings (loss) for (gains) losses realized	—		(2,198)		71		(2,127)
Net other comprehensive income (loss)	31,043		(9,210)		(140)		21,693
Balance at August 1, 2020	$	(121,119)	$	(1,499)	$	(8,991)	$	(131,609)

	Six Months Ended Aug 1, 2020
Balance at February 1, 2020	$	(137,289)	$	6,300	$	(8,921)	$	(139,910)
Gains (losses) arising during the period	16,170		(3,832)		(212)		12,126
Reclassification to net earnings (loss) for (gains) losses realized	—		(3,967)		142		(3,825)
Net other comprehensive income (loss)	16,170		(7,799)		(70)		8,301
Balance at August 1, 2020	$	(121,119)	$	(1,499)	$	(8,991)	$	(131,609)

Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss) are (in thousands):

	Three Months Ended				Six Months Ended				Location of (Gain) Loss Reclassified from Accumulated OCI into Earnings (Loss)
	Jul 31, 2021		Aug 1, 2020		Jul 31, 2021		Aug 1, 2020
Derivative financial instruments designated as cash flow hedges:
Foreign exchange currency contracts	$	829	$	(2,504)	$	1,291	$	(4,495)	Cost of product sales
Interest rate swap	195		42		131		45		Interest expense
Less income tax effect	(234)		264		(172)		483		Income tax expense (benefit)
	790		(2,198)		1,250		(3,967)
Defined benefit plans:
Net actuarial loss amortization	106		97		211		193		Other income (expense)
Prior service credit amortization	(17)		(16)		(34)		(32)		Other income (expense)
Less income tax effect	(12)		(10)		(23)		(19)		Income tax expense (benefit)
	77		71		154		142
Total reclassifications during the period	$	867	$	(2,127)	$	1,404	$	(3,825)