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Stockholders' Equity
 6 Months Ended
Jul. 30, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
During fiscal 2022, the Board of Directors terminated its previous 2012 $500 million share repurchase program (the “2012 Share Repurchase Program”) and authorized a new $200 million share repurchase program (the “2021 Share Repurchase Program”). On March 14, 2022, the Board of Directors expanded its repurchase authorization under the 2021 Share Repurchase Program by $100 million. Repurchases may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available
means. There is no minimum or maximum number of shares to be repurchased under the program and the program may be discontinued at any time, without prior notice.
On March 18, 2022, pursuant to existing share repurchase authorizations, the Company entered into an accelerated share repurchase agreement (the “2022 ASR Contract”) with a financial institution (the “2022 ASR Counterparty”) to repurchase an aggregate of $175.0 million of the Company’s common stock. Under the 2022 ASR Contract, the Company made a payment of $175.0 million to the 2022 ASR Counterparty and received an initial delivery of approximately 3.3 million shares of common stock on March 21, 2022. The Company received a final settlement of an additional 5.2 million shares under the 2022 ASR Contract on June 24, 2022.
During the three and six months ended July 30, 2022, the Company repurchased 5,196,027 and 8,985,603 shares, respectively, of the Company’s common stock under the Company’s 2021 Share Repurchase Program at an aggregate cost of $105.0 million and $186.7 million, respectively, which is inclusive of the shares repurchased under the 2022 ASR Contract. There were no shares repurchased under the 2012 Share Repurchase Program during the three and six months ended July 31, 2021. As of July 30, 2022, the Company had remaining authority under the 2021 Share Repurchase Program to purchase $62.3 million of its common stock.
Dividends
The following sets forth the cash dividend declared per share:
Three Months EndedSix Months Ended
Jul 30, 2022Jul 31, 2021Jul 30, 2022Jul 31, 2021
Cash dividend declared per share$0.2250 $0.1125 $0.4500 $0.2250 
In accordance with the terms of the indenture governing the Notes, the Company has adjusted the conversion rate and the conversion price of the Notes for quarterly dividends exceeding $0.1125 per share.
For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest.
Decisions on whether, when and in what amounts to continue making any future dividend distributions will remain at all times entirely at the discretion of the Company’s Board of Directors, which reserves the right to change or terminate the Company’s dividend practices at any time and for any reason without prior notice. The payment of cash dividends in the future will be based upon a number of business, legal and other considerations, including the Company’s cash flow from operations, capital expenditures, debt service and covenant requirements, cash paid for income taxes, earnings, share repurchases, economic conditions and U.S. and global liquidity.
Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss), net of related income taxes, are (in thousands):
Foreign Currency Translation AdjustmentDerivative Financial Instruments Designated as Cash Flow HedgesDefined Benefit PlansTotal
Three Months Ended Jul 30, 2022
Balance at April 30, 2022$(153,301)$13,400 $(6,812)$(146,713)
Gains (losses) arising during the period(10,561)1,879 (81)(8,763)
Reclassification to net earnings for gains realized— (1,039)(9)(1,048)
Net other comprehensive income (loss)(10,561)840 (90)(9,811)
Balance at July 30, 2022$(163,862)$14,240 $(6,902)$(156,524)
Six Months Ended Jul 30, 2022
Balance at January 29, 2022$(135,861)$7,280 $(6,968)$(135,549)
Gains (losses) arising during the period(28,001)9,442 71(18,488)
Reclassification to net earnings for gains realized— (2,482)(5)(2,487)
Net other comprehensive income (loss)(28,001)6,960 66 (20,975)
Balance at July 30, 2022$(163,862)$14,240 $(6,902)$(156,524)
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 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 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)
Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings are (in thousands):
Three Months EndedSix Months EndedLocation of (Gain) Loss Reclassified from Accumulated OCI into Earnings
Jul 30, 2022Jul 31, 2021Jul 30, 2022Jul 31, 2021
Derivative financial instruments designated as cash flow hedges:
Foreign exchange currency contracts$(1,198)$829 $(2,872)$1,291 Cost of product sales
Interest rate swap35 195 96 131 Interest expense
      Less income tax effect124 (234)294 (172)Income tax expense
(1,039)790 (2,482)1,250 
Defined benefit plans:
Net actuarial loss amortization12 106 42 211 Other expense
Prior service credit amortization(22)(17)(45)(34)Other expense
      Less income tax effect1 (12)(2)(23)Income tax expense
(9)77 (5)154 
Total reclassifications during the period$(1,048)$867 $(2,487)$1,404