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Derivative Financial Instruments (Tables) | 3 Months Ended
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May 01, 2021
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 is as follows (in thousands):
| Derivative Balance Sheet Location |  | Fair Value at May 1, 2021 |  | Fair Value at Jan 30, 2021
ASSETS: |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | Other current assets/Other assets |  | $ | 353 |  |  | $ | — |
Total |  |  | $ | 353 |  |  | $ | — |
LIABILITIES: |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | Accrued expenses |  | $ | 1,663 |  |  | $ | 3,326 |
Interest rate swap | Other long-term liabilities |  | 665 |  |  | 999 |
Total derivatives designated as hedging instruments |  |  | 2,328 |  |  | 4,325 |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange currency contracts | Accrued expenses |  | 917 |  |  | 1,155 |
Total |  |  | $ | 3,245 |  |  | $ | 5,480 |
Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI 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 the three months ended May 1, 2021 and May 2, 2020 (in thousands):
| Gains (Losses) Recognized in OCI |  | Location of Gains (Losses) Reclassified from Accumulated OCI into Earnings |  | Gains (Losses) Reclassified from Accumulated OCI into Earnings
| Three Months Ended |  |  | Three Months Ended
| May 1, 2021 |  | May 2, 2020 |  |  | May 1, 2021 |  | May 2, 2020
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 1,511 |  |  | $ | 4,410 |  |  | Cost of product sales |  | $ | (462) |  |  | $ | 1,991 |
Interest rate swap | 270 |  |  | (874) |  |  | Interest expense |  | 64 |  |  | (3) |
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 |  |
| May 1, 2021 |  | May 2, 2020 |  |  |  |
Beginning balance gain (loss) | $ | (4,876) |  |  | $ | 6,300 |  |  |  |  |
Net gains from changes in cash flow hedges | 1,553 |  |  | 3,180 |  |  |  |  |
Net (gains) losses reclassified into earnings (loss) | 460 |  |  | (1,769) |  |  |  |  |
Ending balance gain (loss) | $ | (2,863) |  |  | $ | 7,711 |  |  |  |  |
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 (expense) (in thousands):
| Location of Gain Recognized in Earnings (Loss) |  | Gain Recognized in Earnings (Loss) |  |  |  |
|  | Three Months Ended |  |
|  | May 1, 2021 |  | May 2, 2020 |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | Other income (expense) |  | $ | 71 |  |  | $ | 1,088 |  |  |  |  |

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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 http://asc.fasb.org/extlink&oid=121590274&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 http://asc.fasb.org/extlink&oid=121590274&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 http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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