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Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of derivative instruments in the condensed consolidated balance sheets

The fair value of derivative instruments in the condensed consolidated balance sheets as of July 30, 2016 and January 30, 2016 is as follows (in thousands):

		Derivative Balance Sheet Location		Fair Value at Jul 30, 2016				Fair Value at Jan 30, 2016
ASSETS:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts		Other current assets/ Other assets		$	2,002			$	7,491
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts		Other current assets		931				2,306
Total				$	2,933			$	9,797
LIABILITIES:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts		Accrued expenses/ Other long-term liabilities		$	2,036			$	47
Interest rate swap		Other long-term liabilities		706				—
Total derivatives designated as hedging instruments				2,742				47
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts		Accrued expenses		1,798				319
Interest rate swap		Accrued expenses		—				37
Total derivatives not designated as hedging instruments				1,798				356
Total				$	4,540			$	403

Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings for the three and six months ended July 30, 2016 and August 1, 2015 (in thousands): 

	Gain (Loss) Recognized in OCI								Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (1)		Gain (Loss) Reclassified from Accumulated OCI into Earnings
	Three Months Ended										Three Months Ended
	Jul 30, 2016				Aug 1, 2015						Jul 30, 2016				Aug 1, 2015
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	5,762			$	5,343			Cost of product sales		$	1,141			$	3,193
Foreign exchange currency contracts	$	343			$	378			Other income/expense		$	49			$	330
Interest rate swap	$	(685	)		$	—			Interest expense		$	(59	)		$	—

	Gain (Loss) Recognized in OCI								Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (1)		Gain (Loss) Reclassified from Accumulated OCI into Earnings
	Six Months Ended										Six Months Ended
	Jul 30, 2016				Aug 1, 2015						Jul 30, 2016				Aug 1, 2015
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	(5,650	)		$	4,196			Cost of product sales		$	2,576			$	4,943
Foreign exchange currency contracts	$	(356	)		$	230			Other income/expense		$	81			$	816
Interest rate swap	$	(817	)		$	—			Interest expense		$	(110	)		$	—

 __________________________________

(1) The Company recognized gains of $0.1 million and $0.5 million resulting from the ineffective portion related to foreign exchange currency contracts in interest income during the three and six months ended July 30, 2016, respectively. The ineffective portion related to foreign exchange currency contracts was immaterial during the three and six months ended August 1, 2015. There was no ineffectiveness recognized related to the interest rate swap during the three and six months ended July 30, 2016.

Summary of net after-tax derivative activity recorded in accumulated other comprehensive income (loss)

The following table summarizes net after-tax derivative activity recorded in accumulated other comprehensive income (loss) (in thousands):

	Three Months Ended								Six Months Ended
	Jul 30, 2016				Aug 1, 2015				Jul 30, 2016				Aug 1, 2015
Beginning balance gain (loss)	$	(3,773	)		$	4,296			$	7,252			$	7,157
Net gains (losses) from changes in cash flow hedges	4,617				4,584				(5,263		)		3,658
Net gains reclassified to earnings	(881		)		(3,012		)		(2,026		)		(4,947		)
Ending balance gain (loss)	$	(37	)		$	5,868			$	(37	)		$	5,868

Summary of gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income (expense)

The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense for the three and six months ended July 30, 2016 and August 1, 2015 (in thousands):

		Location of Gain (Loss) Recognized in Earnings		Gain Recognized in Earnings								Gain (Loss) Recognized in Earnings
				Three Months Ended								Six Months Ended
				Jul 30, 2016				Aug 1, 2015				Jul 30, 2016				Aug 1, 2015
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts		Other income/expense		$	2,885			$	2,860			$	(3,144	)		$	2,159
Interest rate swap		Other income/expense		$	—			$	47			$	38			$	96

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- Definition

Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

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- Definition

Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

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