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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

May 04, 2014

Foreign Currency Forward Contracts Outstanding

As of May 4, 2014, and May 5, 2013, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows:

Dollars in thousands		May 4, 2014				May 5, 2013
Contracts to sell Canadian dollars and buy U.S. dollars
Contracts designated as cash flow hedges		$	23,000			$	16,100
Contracts not designated as cash flow hedges 1		$	1,500			$	0
Contracts to sell Australian dollars and buy U.S. dollars
Contracts not designated as cash flow hedges		$	10,000			$	0

¹ These contracts are no longer designated as cash flow hedges due to the related inventory purchases having occurred.

Effect of Derivative Instruments in Consolidated Financial Statements

The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows:

Dollars in thousands		Thirteen Weeks Ended May 4, 2014				Thirteen Weeks Ended May 5, 2013
Net loss recognized in OCI		$	(224	)		$	(169	)
Net gain reclassified from OCI into cost of goods sold			233				0
Net foreign exchange loss recognized in other income (expense):
Instruments designated as cash flow hedges (a)			(34	)			(13	)
Instruments not designated or de-designated during the period (b)			584				0

(a) Changes in fair value of the forward contract related to interest charges or “forward points”

(b) Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges

Fair Values of Derivative Instruments

The fair values of our derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 inputs as defined by the fair value hierarchy described in Note H.

Dollars in thousands		Balance sheet location		May 4, 2014				May 5, 2013
Derivatives designated as hedging instruments:
Cash flow hedge foreign currency forward contracts		Other current assets		$	112			$	0
Cash flow hedge foreign currency forward contracts		Other current liabilities			(147	)			(182	)
Total				$	(35	)		$	(182	)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts		Other current assets		$	72			$	0
Foreign currency forward contracts		Other current liabilities			0				0
Total				$	72			$	0

Amounts Recorded within Accumulated Other Comprehensive Income Associated with Derivative Instruments

Amounts recorded within accumulated other comprehensive income (“AOCI”) associated with our derivative instruments were as follows:

Dollars in thousands		Thirteen Weeks Ended May 4, 2014				Thirteen Weeks Ended May 5, 2013
AOCI beginning balance amount of gain		$	741			$	0
Amounts recognized in OCI before reclassifications			(224	)			(169	)
Amounts reclassified from OCI into cost of goods sold			(233	)			0
AOCI ending balance amount of gain (loss)		$	284			$	(169	)

X

- Definition

Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (c)

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959



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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

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+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-Subparagraph (c)(1)

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