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Derivative Financial Instruments (Tables) | 12 Months Ended
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Feb. 01, 2020
Derivative [Line Items] |
Summary of fair value of derivative instruments in the consolidated balance sheets | The fair value of derivative instruments in the consolidated balance sheets as of February 1, 2020 and February 2, 2019 is as follows (in thousands):
|  | Derivative Balance Sheet Location |  | Fair Value at Feb 1, 2020 |  | Fair Value at Feb 2, 2019
ASSETS: |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |
Foreign exchange currency contracts |  | Other current assets/ Other assets |  | $ | 3,987 |  |  | $ | 4,058 |
Interest rate swap |  | Other assets |  | — |  |  | 1,033 |
Total derivatives designated as hedging instruments |  |  |  | 3,987 |  |  | 5,091 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign exchange currency contracts |  | Other current assets/ Other assets |  | 867 |  |  | 632 |
Total |  |  |  | $ | 4,854 |  |  | $ | 5,723 |
LIABILITIES: |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |
Foreign exchange currency contracts |  | Accrued expenses |  | $ | — |  |  | $ | 77 |
Interest rate swaps |  | Other long-term liabilities |  | 348 |  |  | — |
Total |  |  |  | $ | 348 |  |  | $ | 77 |
Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in accumulated other comprehensive income (loss) and net earnings (loss) | The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss) for fiscal 2020, fiscal 2019 and fiscal 2018 (in thousands):
| Year Ended February 1, 2020
| Gain (Loss) Recognized in OCI 1 |  | Location of Gain Reclassified from Accumulated OCI into Earnings 1 |  | Gain Reclassified from Accumulated OCI into Earnings
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | 10,557 |  |  | Cost of product sales |  | $ | 7,776 |
Interest rate swap | (1,253 | ) |  | Interest expense |  | 128 |
| Year Ended February 2, 2019
| Gain (Loss) Recognized in OCI 1 |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings 1 |  | Gain (Loss) Reclassified from Accumulated OCI into Earnings
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | 12,973 |  |  | Cost of product sales |  | $ | (7,020 | )
Foreign exchange currency contracts | 2 |  |  | Other income (expense) |  | (201 | )
Interest rate swap | (324 | ) |  | Interest expense |  | 103 |
| Year Ended February 3, 2018
| Gain (Loss) Recognized in OCI 1 |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Loss 1 |  | Gain (Loss) Reclassified from Accumulated OCI into Loss
Derivatives designated as cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | (22,497 | ) |  | Cost of product sales |  | $ | 14 |
Foreign exchange currency contracts | (1,163 | ) |  | Other income (expense) |  | (583 | )
Interest rate swap | 272 |  |  | Interest expense |  | (87 | )
______________________________________________________________________
1 | During the first quarter of fiscal 2020, the Company adopted new authoritative guidance which eliminated the requirement to separately measure and report ineffectiveness for instruments that qualify for hedge accounting and generally requires that the entire change in the fair value of such instruments ultimately be presented in the same line as the respective hedge item. As a result, there is no interest component recognized for the ineffective portion of instruments that qualify for hedge accounting, but rather all changes in the fair value of such instruments are included in other comprehensive income (loss) during fiscal 2020. Upon adoption of this guidance, the Company reclassified $2.0 million in gains from retained earnings to accumulated other comprehensive loss related to the previously recorded interest component on outstanding instruments that qualified for hedge accounting. The Company recognized gains of $3.5 million and $2.7 million resulting from the ineffective portion related to foreign exchange currency contracts in interest income during fiscal 2019 and fiscal 2018, respectively. There was no ineffectiveness recognized related to the interest rate swap during fiscal 2020, fiscal 2019 or fiscal 2018.
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):
| Year Ended Feb 1, 2020 |  | Year Ended Feb 2, 2019
Beginning balance gain (loss) | $ | 2,999 |  |  | $ | (14,369 | )
Cumulative adjustment from adoption of new accounting guidance 1 | 1,981 |  |  | — |
Net gains from changes in cash flow hedges | 8,316 |  |  | 10,962 |
Net (gains) losses reclassified to earnings | (6,996 | ) |  | 6,406 |
Ending balance gain | $ | 6,300 |  |  | $ | 2,999 |
______________________________________________________________________ 1 During the first quarter of fiscal 2020, the Company adopted new authoritative guidance which eliminated the requirement to separately measure and report ineffectiveness for instruments that qualify for hedge accounting and generally requires that the entire change in the fair value of such instruments ultimately be presented in the same line as the respective hedge item. As a result, there is no interest component recognized for the ineffective portion of instruments that qualify for hedge accounting, but rather all changes in the fair value of such instruments are included in other comprehensive income (loss) during fiscal 2020. Upon adoption of this guidance, the Company reclassified $2.0 million in gains from retained earnings to accumulated other comprehensive loss related to the previously recorded interest component on outstanding instruments that qualified for hedge accounting.
Summary of gains (loss) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense | The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income (expense) for fiscal 2020, fiscal 2019 and fiscal 2018 (in thousands):
|  | Location of Gain (Loss) Recognized in Earnings (Loss) |  | Gain (Loss) Recognized in Earnings (Loss)
|  |  | Year Ended Feb 1, 2020 |  | Year Ended Feb 2, 2019 |  | Year Ended Feb 3, 2018
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  | Other income (expense) |  | $ | 1,254 |  |  | $ | 6,785 |  |  | $ | (10,511 | )

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