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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jul. 30, 2022
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 (in thousands):
| Fair Value at Jul 30, 2022 |  | Fair Value at Jan 29, 2022 |  | Derivative Balance Sheet Location
ASSETS: |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | 9,939 |  |  | $ | 5,999 |  |  | Other current assets/ Other assets
Interest rate swap | 584 |  |  | — |  |  | Other assets
Total derivatives designated as hedging instruments | 10,523 |  |  | 5,999 |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange currency contracts | 3,293 |  |  | 1,134 |  |  | Other current assets
Total | $ | 13,816 |  |  | $ | 7,133 |  |  |
LIABILITIES: |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | 830 |  |  | $ | — |  |  | Accrued expenses/ Other long-term liabilities
Interest rate swap | — |  |  | 74 |  |  | Other long-term liabilities
Total derivatives designated as hedging instruments | 830 |  |  | 74 |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange currency contracts | 140 |  |  | — |  |  | Accrued expenses and other current liabilities
Total | $ | 970 |  |  | $ | 74 |  |  |
Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges | The following summarizes the gains (losses) before income taxes recognized on derivative instruments designated as cash flow hedges in OCI and net earnings (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
| Jul 30, 2022 |  | Jul 31, 2021 |  |  |  | Jul 30, 2022 |  | Jul 31, 2021
| Three Months Ended
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 2,298 |  |  | $ | 1,781 |  |  | Cost of product sales |  | $ | 1,198 |  |  | $ | (829) |
Interest rate swap | (216) |  |  | (148) |  |  | Interest expense |  | (35) |  |  | (195) |
| Six Months Ended
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 10,124 |  |  | $ | 3,292 |  |  | Cost of product sales |  | $ | 2,872 |  |  | $ | (1,291) |
Interest rate swap | 561 |  |  | 122 |  |  | Interest expense |  | (96) |  |  | (131) |
Summary of net after-tax derivative activity recorded in accumulated other comprehensive income (loss) | The following summarizes net after income tax derivative activity recorded in accumulated other comprehensive income (loss) (in thousands):
| Three Months Ended |  | Six Months Ended
| Jul 30, 2022 |  | Jul 31, 2021 |  | Jul 30, 2022 |  | Jul 31, 2021
Beginning balance gain (loss) | $ | 13,400 |  |  | $ | (2,863) |  |  | $ | 7,280 |  |  | $ | (4,876) |
Net gains from changes in cash flow hedges | 1,879 |  |  | 1,471 |  |  | 9,442 |  |  | 3,024 |
Net (gains) losses reclassified into earnings | (1,039) |  |  | 790 |  |  | (2,482) |  |  | 1,250 |
Ending balance gain (loss) | $ | 14,240 |  |  | $ | (602) |  |  | $ | 14,240 |  |  | $ | (602) |
Summary of gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income (expense) | The following summarizes the gains before income taxes recognized on derivative instruments not designated as hedging instruments in other income (expense) (in thousands):
| Location of Gains Recognized in Earnings | Gains Recognized in Earnings
| Three Months Ended |  | Six Months Ended
| Jul 30, 2022 |  | Jul 31, 2021 |  | Jul 30, 2022 |  | Jul 31, 2021
Foreign exchange currency contracts | Other expense | $ | 1,561 |  |  | $ | 485 |  |  | $ | 3,141 |  |  | $ | 556 |

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