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Derivative Instruments (Tables) | 3 Months Ended
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Apr. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding Foreign Exchange Forward Contracts | As of April 29, 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 | $ | 83,749 |
British pound | 61,030 |
Canadian dollar | — |
Japanese yen | — |
(1) Amounts reported are the U.S. Dollar notional amounts outstanding as of April 29, 2023.
Location and Amounts of Derivative Fair Values on the Condensed Consolidated Balance Sheets | 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 Condensed Consolidated Balance Sheets as of April 29, 2023 and January 28, 2023 were as follows:
(in thousands) | Location |  | April 29, 2023 |  | January 28, 2023 |  | Location |  | April 29, 2023 |  | January 28, 2023
Derivatives designated as cash flow hedging instruments | Other current assets |  | $ | 7 |  |  | $ | 32 |  |  | Accrued expenses |  | $ | 4,139 |  |  | $ | 4,986 |
Location and Amounts of Derivative Gains and Losses on the Condensed Consolidated Statements of Operations and Comprehensive Loss | Information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for the thirteen weeks ended April 29, 2023 and April 30, 2022 follows:
| Thirteen Weeks Ended |  |
(in thousands) | April 29, 2023 |  | April 30, 2022 |  |  |  |
(Loss) gain recognized in AOCL (1) | $ | (507) |  |  | $ | 5,363 |  |  |  |  |
(Loss) gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2) | (906) |  |  | 3,684 |  |  |  |  |
(1)Amount represents the change in fair value of derivative instruments. (2)Amount represents gain (loss) reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings, which is when merchandise is converted to cost of sales, exclusive of depreciation and amortization. Substantially all of the unrealized gain will be recognized in costs of sales, exclusive of depreciation and amortization, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) over the next twelve months. Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for the thirteen weeks ended April 29, 2023 and April 30, 2022 follows:
|  | Thirteen Weeks Ended |  |
(in thousands) |  | April 29, 2023 |  | April 30, 2022 |  |  |  |
(Gain) loss, net recognized in other operating income, net |  | $ | (547) |  |  | $ | 1,141 |  |  |  |  |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
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