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Stockholders' Equity | 6 Months Ended
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Jul. 31, 2021
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share Repurchase Program During the three and six months ended July 31, 2021, there were no shares repurchased under the Company’s Share Repurchase Program. There were 4,000,000 shares repurchased at an aggregate cost of $38.8 million under the program during the three and six months ended August 1, 2020. As of July 31, 2021, the Company had remaining authority under the program to purchase $47.8 million of its common stock. Refer to Note 17 for more information regarding the Company’s newly authorized share repurchase program. Dividends The following sets forth the cash dividend declared per share:
| Three Months Ended |  | Six Months Ended
| Jul 31, 2021 |  | Aug 1, 2020 |  | Jul 31, 2021 |  | Aug 1, 2020
Cash dividend declared per share | $ | 0.1125 |  |  | $ | — |  |  | $ | 0.2250 |  |  | $ | — |
During the first and second quarters of fiscal 2021, the Company announced that its Board of Directors had deferred the decision with respect to the payment of its quarterly cash dividend, in light of the uncertainties related to the COVID-19 pandemic. The Company resumed paying its quarterly cash dividend of $0.1125 per share beginning in the third quarter of fiscal 2021, but decided to not declare any cash dividends for the first and second quarters of fiscal 2021. For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest. Decisions on whether, when and in what amounts to continue making any future dividend distributions will remain at all times entirely at the discretion of the Company’s Board of Directors, which reserves the right to change or terminate the Company’s dividend practices at any time and for any reason without prior notice. The payment of cash dividends in the future will be based upon a number of business, legal and other considerations, including the Company’s cash flow from operations, capital expenditures, debt service and covenant requirements, cash paid for income taxes, earnings, share repurchases, economic conditions and U.S. and global liquidity. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss), net of related income taxes, are (in thousands):
| Foreign Currency Translation Adjustment |  | Derivative Financial Instruments Designated as Cash Flow Hedges |  |  | Defined Benefit Plans |  | Total
| Three Months Ended Jul 31, 2021
Balance at May 1, 2021 | $ | (108,403) |  |  | $ | (2,863) |  |  |  | $ | (9,636) |  |  | $ | (120,902) |
Gains (losses) arising during the period | (5,325) |  |  | 1,471 |  |  |  | (39) |  |  | (3,893) |
Reclassification to net earnings (loss) for losses realized | — |  |  | 790 |  |  |  | 77 |  |  | 867 |
Net other comprehensive income (loss) | (5,325) |  |  | 2,261 |  |  |  | 38 |  |  | (3,026) |
Balance at July 31, 2021 | $ | (113,728) |  |  | $ | (602) |  |  |  | $ | (9,598) |  |  | $ | (123,928) |
| Six Months Ended Jul 31, 2021
Balance at January 30, 2021 | $ | (105,970) |  |  | $ | (4,876) |  |  |  | $ | (9,829) |  |  | $ | (120,675) |
Gains (losses) arising during the period | (7,758) |  |  | 3,024 |  |  |  | 77 |  | (4,657) |
Reclassification to net earnings (loss) for losses realized | — |  |  | 1,250 |  |  |  | 154 |  | 1,404 |
Net other comprehensive income (loss) | (7,758) |  |  | 4,274 |  |  |  | 231 |  |  | (3,253) |
Balance at July 31, 2021 | $ | (113,728) |  |  | $ | (602) |  |  |  | $ | (9,598) |  |  | $ | (123,928) |
| Three Months Ended Aug 1, 2020
Balance at May 2, 2020 | $ | (152,162) |  |  | $ | 7,711 |  |  |  |  | $ | (8,851) |  |  | $ | (153,302) |
Gains (losses) arising during the period | 31,043 |  |  | (7,012) |  |  |  |  | (211) |  |  | 23,820 |
Reclassification to net earnings (loss) for (gains) losses realized | — |  |  | (2,198) |  |  |  |  | 71 |  |  | (2,127) |
Net other comprehensive income (loss) | 31,043 |  |  | (9,210) |  |  |  |  | (140) |  |  | 21,693 |
Balance at August 1, 2020 | $ | (121,119) |  |  | $ | (1,499) |  |  |  |  | $ | (8,991) |  |  | $ | (131,609) |
| Six Months Ended Aug 1, 2020
Balance at February 1, 2020 | $ | (137,289) |  |  | $ | 6,300 |  |  |  |  | $ | (8,921) |  |  | $ | (139,910) |
Gains (losses) arising during the period | 16,170 |  |  | (3,832) |  |  |  |  | (212) |  |  | 12,126 |
Reclassification to net earnings (loss) for (gains) losses realized | — |  |  | (3,967) |  |  |  |  | 142 |  |  | (3,825) |
Net other comprehensive income (loss) | 16,170 |  |  | (7,799) |  |  |  |  | (70) |  |  | 8,301 |
Balance at August 1, 2020 | $ | (121,119) |  |  | $ | (1,499) |  |  |  |  | $ | (8,991) |  |  | $ | (131,609) |
Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss) are (in thousands):
| Three Months Ended |  | Six Months Ended |  | Location of (Gain) Loss Reclassified from Accumulated OCI into Earnings (Loss)
| Jul 31, 2021 |  | Aug 1, 2020 |  | Jul 31, 2021 |  | Aug 1, 2020 |
Derivative financial instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 829 |  |  | $ | (2,504) |  |  | $ | 1,291 |  |  | $ | (4,495) |  |  | Cost of product sales
Interest rate swap | 195 |  |  | 42 |  |  | 131 |  |  | 45 |  |  | Interest expense
Less income tax effect | (234) |  |  | 264 |  |  | (172) |  |  | 483 |  |  | Income tax expense (benefit)
| 790 |  |  | (2,198) |  |  | 1,250 |  |  | (3,967) |  |  |
Defined benefit plans: |  |  |  |  |  |  |  |  |
Net actuarial loss amortization | 106 |  |  | 97 |  |  | 211 |  |  | 193 |  |  | Other income (expense)
Prior service credit amortization | (17) |  |  | (16) |  |  | (34) |  |  | (32) |  |  | Other income (expense)
Less income tax effect | (12) |  |  | (10) |  |  | (23) |  |  | (19) |  |  | Income tax expense (benefit)
| 77 |  |  | 71 |  |  | 154 |  |  | 142 |  |  |
Total reclassifications during the period | $ | 867 |  |  | $ | (2,127) |  |  | $ | 1,404 |  |  | $ | (3,825) |  |  |

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