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Derivative Financial Instruments (Tables) | 3 Months Ended
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Apr. 29, 2023
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 Apr 29, 2023 |  | Fair Value at Jan 28, 2023 |  | Derivative Balance Sheet Location
ASSETS: |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | 310 |  |  | $ | 1,073 |  |  | Other current assets
Interest rate swap | 922 |  |  | 1,034 |  |  | Other assets
Total derivatives designated as hedging instruments | 1,232 |  |  | 2,107 |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange currency contracts | 357 |  |  | 1,146 |  |  | Other current assets
Total | $ | 1,589 |  |  | $ | 3,253 |  |  |
LIABILITIES: |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange currency contracts | $ | 12,179 |  |  | $ | 12,930 |  |  | Accrued expenses/ Other long-term liabilities
Total derivatives designated as hedging instruments | 12,179 |  |  | 12,930 |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange currency contracts | 3,817 |  |  | 3,774 |  |  | Accrued expenses
Total | $ | 15,996 |  |  | $ | 16,704 |  |  |
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 (loss) (in thousands):
| Gains (Losses) Recognized in OCI |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings (Loss) |  | Gains (Losses) Reclassified from Accumulated OCI into Earnings (Loss)
| Apr 29, 2023 |  | Apr 30, 2022 |  |  |  | Apr 29, 2023 |  | Apr 30, 2022
| Three Months Ended
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | (1,072) |  |  | $ | 7,826 |  |  | Cost of product sales |  | $ | 5,893 |  |  | $ | 1,674 |
Interest rate swap | 15 |  |  | 777 |  |  | Interest expense |  | 128 |  |  | (61) |
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
|  |  |  |  | Apr 29, 2023 |  | Apr 30, 2022
Beginning balance gain (loss) |  |  |  |  | $ | (1,584) |  |  | $ | 7,280 |
Net gains (losses) from changes in cash flow hedges |  |  |  |  | (942) |  |  | 7,563 |
Net gains reclassified into earnings (loss) |  |  |  |  | (5,343) |  |  | (1,443) |
Ending balance gain (loss) |  |  |  |  | $ | (7,869) |  |  | $ | 13,400 |
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 (Losses) Recognized in Earnings (Loss) |  |  |  |  |  | Gains (Losses) Recognized in Earnings (Loss)
|  |  |  | Three Months Ended
|  |  |  |  |  | Apr 29, 2023 |  | Apr 30, 2022
Foreign exchange currency contracts | Other expense |  |  |  |  |  | $ | (625) |  |  | $ | 1,580 |

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