Stockholders' Equity

12 Months Ended

Jan. 28, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends

The following sets forth the cash dividend declared per share:

	Year Ended
	Jan 28, 2023		Jan 29, 2022		Jan 30, 2021
Cash dividend declared per share	$	0.9000	$	0.5625	$	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. The Company announced that it would resume 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. On November 23, 2021, the Company announced an increase to its regular quarterly cash dividend from $0.1125 to $0.225 per share on the Company’s common stock. 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 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, are (in thousands):

	Foreign Currency Translation Adjustment		Derivative Financial Instruments Designated as Cash Flow Hedges		Defined Benefit Plans		Total
Balance at February 1, 2020	$	(137,289)	$	6,300	$	(8,921)	$	(139,910)
Gains (losses) arising during the period	31,319		(5,709)		(1,203)		24,407
Reclassification to net loss for (gains) losses realized	—		(5,467)		295		(5,172)
Net other comprehensive income (loss)	31,319		(11,176)		(908)		19,235
Balance at January 30, 2021	$	(105,970)	$	(4,876)	$	(9,829)	$	(120,675)
Gains (losses) arising during the period	(29,891)		10,121		2,550		(17,220)
Reclassification to net earnings for losses realized	—		2,035		311		2,346
Net other comprehensive income (loss)	(29,891)		12,156		2,861		(14,874)
Balance at January 29, 2022	$	(135,861)	$	7,280	$	(6,968)	$	(135,549)
Gains arising during the period	6,693		47		3,177		9,917
Reclassification to net earnings for (gains) losses realized	—		(8,911)		470		(8,441)
Net other comprehensive income (loss)	6,693		(8,864)		3,647		1,476
Balance at January 28, 2023	$	(129,168)	$	(1,584)	$	(3,321)	$	(134,073)

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

	Year Ended						Location of (Gain) Loss Reclassified from Accumulated OCI into Earnings (Loss)
	Jan 28, 2023		Jan 29, 2022		Jan 30, 2021
Derivative financial instruments designated as cash flow hedges:
Foreign exchange currency contracts	$	(9,988)	$	2,051	$	(6,298)	Cost of product sales
Interest rate swap	(28)		272		181		Interest expense
Less income tax effect	1,105		(288)		650		Income tax expense
	(8,911)		2,035		(5,467)
Defined benefit plans:
Net actuarial loss amortization	615		420		397		Other expense
Prior service credit amortization	(90)		(67)		(66)		Other expense
Less income tax effect	(55)		(42)		(36)		Income tax expense
	470		311		295
Total reclassifications to net earnings (loss) for (gains) losses realized during the period	$	(8,441)	$	2,346	$	(5,172)