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Derivative Financial Instruments
 12 Months Ended
Jan. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

NOTE 5 – DERIVATIVE FINANCIAL INSTRUMENTS

As of January 31, 2017, the Company’s entire net forward contracts hedging portfolio consisted of 20.0 million Swiss francs equivalent, 5.9 million Euros equivalent and 4.8 million British Pounds equivalent with various expiry dates ranging through July 6, 2017.

The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for derivatives as of January 31, 2017 and 2016 (in thousands):

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Balance
Sheet
Location

 

2017
Fair
Value

 

 

2016
Fair
Value

 

 

Balance
Sheet
Location

 

2017
Fair
Value

 

 

2016
Fair
Value

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

Other Current
Assets

 

$

145

 

 

$

1

 

 

Accrued

Liabilities

 

$

211

 

 

$

1,163

 

Total Derivative Instruments

 

 

$

145

 

 

$

1

 

 

 

 

$

211

 

 

$

1,163

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Balance
Sheet
Location

 

2017
Fair
Value

 

 

2016
Fair
Value

 

 

Balance
Sheet
Location

 

2017
Fair
Value

 

 

2016
Fair
Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Contracts

Other Current
Assets

 

$

—

 

 

$

63

 

 

Accrued

Liabilities

 

$

—

 

 

$

—

 

Total Derivative Instruments

 

 

$

—

 

 

$

63

 

 

 

 

$

—

 

 

$

—

 

 

As of January 31, 2017 and 2016, the balance of deferred net gains on derivative financial instruments documented as cash flow hedges included in accumulated other comprehensive income (“AOCI”) were immaterial for both periods, respectively. The maximum length of time the Company hedges its exposure to the fluctuation in future cash flows for forecasted transactions is 24 months. For the fiscal year ended January 31, 2017, the Company reclassified from AOCI to earnings $0.4 million of net gains, net of tax of $0.1 million. For the fiscal year ended January 31, 2016, the amount the Company reclassified from AOCI to earnings was immaterial. No ineffectiveness has been recorded in fiscal years 2017 and 2016, respectively.