Derivative Financial Instruments (Tables)

12 Months Ended

Feb. 01, 2015

Foreign Currency Forward Contracts Outstanding

As of February 1, 2015, and February 2, 2014, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows:


In thousands	Feb. 1, 2015		Feb. 2, 2014
Contracts to sell Canadian dollars and buy U.S. dollars
Contracts designated as cash flow hedges	$	15,900	$	16,500
Contracts not designated as cash flow hedges ¹	$	0	$	3,500
Contracts to sell Australian dollars and buy U.S. dollars
Contracts not designated as cash flow hedges	$	21,000	$	5,500

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

Effect of Derivative Instruments in Consolidated Financial Statements

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


In thousands	Fiscal 2014 (52 Weeks)			Fiscal 2013 (52 Weeks)
Net gain recognized in OCI	$	1,153		$	870
Net gain reclassified from OCI into cost of goods sold	$	573		$	129
Net foreign exchange gain (loss) recognized in other income (expense):
Instruments designated as cash flow hedges¹	$	(155	)	$	(109	)
Instruments not designated or de-designated²	$	(1,795	)	$	906

¹	Changes in fair value of the forward contract related to interest charges or “forward points.”

²	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 were measured using Level 2 inputs as defined by the fair value hierarchy described in Note N.


In thousands	Balance sheet location	Feb. 1, 2015			Feb. 2, 2014
Derivatives designated as hedging instruments:
Cash flow hedge foreign currency forward contracts	Other current assets	$	1,015		$	485
Cash flow hedge foreign currency forward contracts	Other current liabilities		(9	)		0
Total, net		$	1,006		$	485
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	427		$	222
Foreign currency forward contracts	Other current liabilities		0			(40	)
Total, net		$	427		$	182

Amounts Recorded within Accumulated Other Comprehensive Income Associated with Derivative Instruments

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


In thousands	Fiscal 2014 (52 Weeks)			Fiscal 2013 (52 Weeks)
AOCI beginning balance amount of gain (loss)	$	741		$	0
Amounts recognized in OCI before reclassifications		1,153			870
Amounts reclassified from OCI into cost of goods sold		(573	)		(129	)
AOCI ending balance amount of gain (loss)	$	1,321		$	741