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Derivative Instruments (Tables) | 3 Months Ended
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May 04, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding Foreign Exchange Forward Contracts | As of May 4, 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 transactions:
(in thousands) | Notional Amount (1)
Euro | $ | 46,741 |
British pound | 43,758 |
Canadian dollar | 16,150 |
(1) Amounts reported are the U.S. Dollar notional amounts outstanding as of May 4, 2024. As of May 4, 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)
British pound | $ | 12,325 |
Euro | 21,307 |
(1) Amounts reported are the U.S. Dollar notional amounts outstanding as of May 4, 2024.
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 following table provides the location and amounts of derivative fair values of foreign currency exchange forward contracts on the Condensed Consolidated Balance Sheets as of May 4, 2024 and February 3, 2024:
(in thousands) | Location |  | May 4, 2024 |  | February 3, 2024 |  | Location |  | May 4, 2024 |  | February 3, 2024
Derivatives designated as cash flow hedging instruments | Other current assets |  | $ | 1,163 |  |  | $ | 1,090 |  |  | Accrued expenses |  | $ | 117 |  |  | $ | 539 |
Derivatives not designated as hedging instruments | Other current assets |  | 450 |  |  | 2 |  |  | Accrued expenses |  | — |  |  | — |
Total |  |  | $ | 1,613 |  |  | $ | 1,092 |  |  |  |  | $ | 117 |  |  | $ | 539 |
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 May 4, 2024 and April 29, 2023:
|  |  | Thirteen Weeks Ended |  |
(in thousands) |  |  | May 4, 2024 |  | April 29, 2023 |  |  |  |
Gain (loss) recognized in AOCL (1) |  |  | $ | 1,029 |  |  | $ | (507) |  |  |  |  |
Gain (loss) reclassified from AOCL to cost of sales, exclusive of depreciation and amortization (2) |  |  | 483 |  |  | (906) |  |  |  |  |
(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 over the next twelve months. The following table provides additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for the thirteen weeks ended May 4, 2024 and April 29, 2023:
|  | Thirteen Weeks Ended |  |
(in thousands) |  | May 4, 2024 |  | April 29, 2023 |  |  |  |
Gain (loss) recognized in other operating income, net |  | $ | 1,868 |  |  | $ | (547) |  |  |  |  |

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