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DERIVATIVE INSTRUMENTS | 12 Months Ended
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Jan. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS As of January 28, 2023, the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany inventory transactions, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both:
(in thousands) | Notional Amount (1)
Euro | $ | 88,401 |
British pound | 59,514 |
Canadian dollar | 432 |
Japanese yen | 273 |
(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of January 28, 2023. The fair value of derivative instruments is determined using quoted market prices of the same or similar instruments, adjusted for counterparty risk. The location and amounts of derivative fair values of foreign currency exchange forward contracts on the Consolidated Balance Sheets as of January 28, 2023 and January 29, 2022 were as follows:
(in thousands) | Location |  | January 28, 2023 |  | January 29, 2022 |  | Location |  | January 28, 2023 |  | January 29, 2022
Derivatives designated as cash flow hedging instruments | Other current assets |  | $ | 32 |  |  | $ | 4,973 |  |  | Accrued expenses |  | $ | 4,986 |  |  | $ | — |
Refer to Note 4, “FAIR VALUE,” for further discussion of the determination of the fair value of derivative instruments. Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for Fiscal 2022, Fiscal 2021 and Fiscal 2020 follows:
(in thousands) | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Gain recognized in AOCL (1) | $ | 2,844 |  |  | $ | 11,987 |  |  | $ | 7,619 |
Gain reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2) | 13,781 |  |  | 1,263 |  |  | 13,235 |
(1)Amount represents the change in fair value of derivative instruments. (2)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive (Loss) Income when the hedged item affected earnings, which was when merchandise was converted to cost of sales, exclusive of depreciation and amortization. Substantially all of the unrealized gains or losses related to foreign currency exchange forward contracts designated as cash flow hedging instruments as of January 28, 2023 will be recognized within the Consolidated Statements of Operations and Comprehensive (Loss) Income over the next 12 months. Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for Fiscal 2022, Fiscal 2021 and Fiscal 2020 follows:
(in thousands) | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Gain recognized in other operating income, net | $ | 1,226 |  |  | $ | 1,205 |  |  | $ | 742 |
Refer to Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments,” for discussion regarding significant accounting policies related to the Company’s derivative instruments.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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