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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Feb. 03, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Foreign Exchange Forward Contracts | As of February 3, 2024, 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 | $ | 45,315 |
British pound | 37,253 |
Canadian dollar | 14,239 |
(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of February 3, 2024. As of February 3, 2024, foreign currency exchange forward contracts that were entered into to hedge foreign-currency-denominated net monetary assets and liabilities were as follows:
(in thousands) | Notional Amount (1)
United Arab Emirates dirham | $ | 5,719 |
(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of February 3, 2024.
Schedule of Locations and Amounts of Derivative Fair Values on the Consolidated Balance Sheets | The location and amounts of derivative fair values of foreign currency exchange forward contracts on the Consolidated Balance Sheets as of February 3, 2024, and January 28, 2023 were as follows:
(in thousands) | Location |  | February 3, 2024 |  | January 28, 2023 |  | Location |  | February 3, 2024 |  | January 28, 2023
Derivatives designated as cash flow hedging instruments | Other current assets |  | $ | 1,090 |  |  | $ | 32 |  |  | Accrued expenses |  | $ | 539 |  |  | $ | 4,986 |
Derivatives not designated as hedging instruments | Other current assets |  | 2 |  |  | — |  |  | Accrued expenses |  | — |  |  | — |
Total |  |  | $ | 1,092 |  |  | $ | 32 |  |  |  |  | $ | 539 |  |  | $ | 4,986 |
Schedule of Locations and Amounts of Derivative Gains (Losses) on the Consolidated Statements of Operations and Comprehensive Income | Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for Fiscal 2023, Fiscal 2022 and Fiscal 2021 follows:
(in thousands) |  | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
Gain recognized in AOCL (1) |  | $ | 3,618 |  |  | $ | 2,844 |  |  | $ | 11,987 |
(Loss) gain reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2) |  | (1,846) |  |  | 13,781 |  |  | 1,263 |
(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 Income (Loss) 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 February 3, 2024 will be recognized within the Consolidated Statements of Operations and Comprehensive Income (Loss) 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 2023, Fiscal 2022 and Fiscal 2021 follows:
(in thousands) |  | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
(Loss) gain recognized in other operating income, net |  | $ | (1,206) |  |  | $ | 1,226 |  |  | $ | 1,205 |

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