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Derivative Financial Instruments
 6 Months Ended
Aug. 03, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Hedging Strategy
Foreign Exchange Currency Contracts
The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. The Company’s primary objective is to hedge the variability in forecasted cash flows due to the foreign currency risk. The Company enters into certain forward exchange currency contracts to hedge the risk of a portion of these anticipated foreign currency transactions against foreign
currency rate fluctuations. The Company may also hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries.
Interest Rate Swap Agreements
The Company is exposed to interest rate risk on its floating-rate debt. From time to time, the Company may enter into interest rate swap agreements to effectively convert its floating-rate debt to a fixed-rate basis. The principal objective is to eliminate or reduce the variability of the cash flows in interest payments associated with the Company’s floating-rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. In connection with the sale of the U.S. distribution center, the Company settled its interest rate swap agreement, recognizing a gain of $0.8 million. As of August 3, 2024, there was no related net unrealized loss, net of tax, in AOCL.
Summary of Derivative Instruments
The fair value of derivative instruments in the condensed consolidated balance sheets is (in thousands):
 Fair Value at Aug 3, 2024Fair Value at Feb 3, 2024Derivative Balance Sheet Location
ASSETS:   
Derivatives designated as hedging instruments:   
Cash flow hedges:
   Foreign exchange currency contracts$467 $1,590 Other current assets/Other assets
   Interest rate swap— 797 Other assets
Total derivatives designated as hedging instruments467 2,387 
Derivatives not designated as hedging instruments:  
Foreign exchange currency contracts523 688 Other current assets
2028 Bond Hedge86,446 85,918 Other assets
Total derivatives not designated as hedging instruments86,969 86,606 
Total$87,436 $88,993  
LIABILITIES:   
Derivatives designated as hedging instruments:   
Cash flow hedges:
   Foreign exchange currency contracts$600 $763 Accrued expenses/
Other long-term liabilities
Total derivatives designated as hedging instruments600 763 
Derivatives not designated as hedging instruments:   
Foreign exchange currency contracts415 939 Accrued expenses
Embedded derivative18,900 16,390 Convertible senior notes due 2028, net
Total derivatives not designated as hedging instruments19,315 17,329 
Total$19,915 $18,092  
Derivatives Designated as Hedging Instruments
Foreign Exchange Currency Contracts Designated as Cash Flow Hedges
During the six months ended August 3, 2024, the Company purchased U.S. dollar forward contracts in Europe totaling US$175.0 million that were designated as cash flow hedges. As of August 3, 2024, the Company had forward contracts outstanding for its European operations of US$145.0 million to hedge forecasted merchandise purchases, which are expected to mature over the next 14 months.
As of August 3, 2024, AOCL related to foreign exchange currency contracts included a $0.5 million net unrealized gain, net of tax, of which $0.5 million will be recognized in cost of product sales over the following 12 months, at the then current values on a pre-tax basis, which can be different than the current quarter-end values.
As of February 3, 2024, the Company had forward contracts outstanding for its European operations of $104.0 million that were designated as cash flow hedges.
The following summarizes the gains (losses) before income taxes recognized on derivative instruments designated as cash flow hedges in other comprehensive income (loss) (“OCL”) and net earnings (loss) (in thousands): 
Gain (Loss) Recognized in OCL
Location of Gain (Loss) Reclassified from AOCL into Earnings (Loss)Gain (Loss) Reclassified from AOCL into Earnings (Loss)
Aug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
Three Months Ended
Derivatives designated as cash flow hedges:    
Foreign exchange currency contracts$(1,422)$2,467 Cost of product sales$(56)$311 
Interest rate swap(797)338 Interest expense57 148 
Six Months Ended
Derivatives designated as cash flow hedges:     
Foreign exchange currency contracts$(251)$1,395 Cost of product sales$(2,101)$6,204 
Interest rate swap(604)353 Interest expense212 276 
The following summarizes net after income tax derivative activity recorded in AOCL (in thousands):
 Three Months EndedSix Months Ended
 Aug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
Beginning balance gain (loss)$2,221 $(7,869)$(544)$(1,584)
Net gain (loss) from changes in cash flow hedges(1,832)2,455 (687)1,513 
Net (gain) loss reclassified into earnings (loss)87 (391)1,707 (5,734)
Ending balance gain (loss)$476 $(5,805)$476 $(5,805)
Foreign Exchange Currency Contracts Not Designated as Hedging Instruments
As of August 3, 2024, the Company had euro foreign exchange currency contracts to purchase US$114.0 million expected to mature over the next 13 months. As of February 3, 2024, the Company had euro foreign exchange currency contracts to purchase US$52.0 million.
The following summarizes the gains (losses) before income taxes recognized on derivative instruments not designated as hedging instruments in other income (expense) (in thousands):
 Location of Gains (Losses) Recognized in Earnings (Loss)Gains (Losses) Recognized in Earnings (Loss)
Three Months EndedSix Months Ended
 Aug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
Foreign exchange currency contractsOther expense, net$(939)$165 $(418)$(460)
2028 Bond HedgeOther expense, net$(51,822)$— $(6,010)$— 
Embedded derivativesOther expense, net$11,330 $— $4,028 $—