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Derivative Financial Instruments (Tables) | 3 Months Ended
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May 04, 2024
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 May 4, 2024 |  | Fair Value at Feb 3, 2024 |  | Derivative Balance Sheet Location |  |
ASSETS: |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 2,191 |  |  | $ | 1,590 |  |  | Other current assets/Other assets |  |
Interest rate swap | 835 |  |  | 797 |  |  | Other assets |  |
Total derivatives designated as hedging instruments | 3,026 |  |  | 2,387 |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange currency contracts | 1,069 |  |  | 688 |  |  | Other current assets |  |
2028 Bond Hedge | 138,269 |  |  | 85,918 |  |  | Other assets |  |
Total derivatives not designated as hedging instruments | 139,338 |  |  | 86,606 |  |  |  |  |
Total | $ | 142,364 |  |  | $ | 88,993 |  |  |  |  |
LIABILITIES: |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 285 |  |  | $ | 763 |  |  | Accrued expenses/ Other long-term liabilities |  |
Interest rate swap | — |  |  | — |  |  | Other long-term liabilities |  |
Total derivatives designated as hedging instruments | 285 |  |  | 763 |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange currency contracts | 113 |  |  | 939 |  |  | Accrued expenses |  |
Embedded derivative | 30,230 |  |  | 16,390 |  |  | Convertible senior notes due 2028, net |  |
Total derivatives not designated as hedging instruments | 30,343 |  |  | 17,329 |  |  |  |  |
Total | $ | 30,628 |  |  | $ | 18,092 |  |  |  |  |
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 other comprehensive income (loss) (“OCL”) and net earnings (loss) (in thousands):
| Gain (Loss) Recognized in OCL |  | Location of Gain (Loss) Reclassified from AOCL into Earnings (Loss) |  | Gain (Loss) Reclassified from AOCL into Earnings (Loss)
| May 4, 2024 |  | Apr 29, 2023 |  |  |  | May 4, 2024 |  | Apr 29, 2023
| Three Months Ended
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 1,171 |  |  | $ | (1,072) |  |  | Cost of product sales |  | $ | (2,045) |  |  | $ | 5,893 |
Interest rate swap | 193 |  |  | 15 |  |  | Interest expense |  | 155 |  |  | 128 |
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 AOCL (in thousands):
| Three Months Ended |  |
| May 4, 2024 |  | Apr 29, 2023 |  |  |  |
Beginning balance loss | $ | (544) |  |  | $ | (1,584) |  |  |  |  |
Net gain (loss) from changes in cash flow hedges | 1,145 |  |  | (942) |  |  |  |  |
Net (gain) loss reclassified into earnings (loss) | 1,620 |  |  | (5,343) |  |  |  |  |
Ending balance gain (loss) | $ | 2,221 |  |  | $ | (7,869) |  |  |  |  |
Summary of derivative instruments not designated as hedging instruments | The following summarizes the gains (losses) 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 |  |
|  | May 4, 2024 |  | Apr 29, 2023 |  |  |  |
Foreign exchange currency contracts | Other income (expense) |  | $ | 521 |  |  | $ | (625) |  |  |  |  |
2028 Bond Hedge | Other income (expense) |  | $ | 45,813 |  |  | $ | — |  |  |  |  |
Embedded derivatives | Other income (expense) |  | $ | (7,302) |  |  | $ | — |  |  |  |  |

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