Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
3-May-15 | 31-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 3-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WSM | |
Entity Registrant Name | WILLIAMS SONOMA INC | |
Entity Central Index Key | 719955 | |
Current Fiscal Year End Date | 0 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 91,553,769 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | 3-May-15 | 4-May-14 | ||
Net revenues | $1,030,676 | [1] | $974,330 | [1] |
Cost of goods sold | 651,835 | 605,922 | ||
Gross profit | 378,841 | 368,408 | ||
Selling, general and administrative expenses | 306,913 | 294,082 | ||
Operating income | 71,928 | 74,326 | ||
Interest (income) expense, net | 8 | -69 | ||
Earnings before income taxes | 71,920 | 74,395 | ||
Income taxes | 27,130 | 28,233 | ||
Net earnings | $44,790 | $46,162 | ||
Basic earnings per share | $0.49 | $0.49 | ||
Diluted earnings per share | $0.48 | $0.48 | ||
Shares used in calculation of earnings per share: | ||||
Basic | 91,707 | 93,993 | ||
Diluted | 93,300 | 95,618 | ||
[1] | Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 |
Net earnings | $44,790 | $46,162 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 867 | 1,398 |
Change in fair value of derivative financial instruments, net of tax | -379 | -298 |
Reclassification adjustment for realized gains on derivative financial instruments, net of tax | -198 | -233 |
Comprehensive income | $45,080 | $47,029 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3-May-15 | Feb. 01, 2015 | 4-May-14 | ||
In Thousands, unless otherwise specified | |||||
Current assets | |||||
Cash and cash equivalents | $78,851 | $222,927 | $112,870 | ||
Restricted cash | 0 | 0 | 14,295 | ||
Accounts receivable, net | 64,720 | 67,465 | 54,725 | ||
Merchandise inventories, net | 942,800 | 887,701 | 850,416 | ||
Prepaid catalog expenses | 35,648 | 33,942 | 34,986 | ||
Prepaid expenses | 59,684 | 36,265 | 79,491 | ||
Deferred income taxes, net | 130,889 | 130,618 | 121,443 | ||
Other assets | 11,627 | 13,005 | 9,261 | ||
Total current assets | 1,324,219 | 1,391,923 | 1,277,487 | ||
Property and equipment, net | 876,785 | 883,012 | 837,012 | ||
Non-current deferred income taxes, net | 0 | 4,265 | 0 | ||
Other assets, net | 50,085 | 51,077 | 53,601 | ||
Total assets | 2,251,089 | [1] | 2,330,277 | 2,168,100 | [1] |
Current liabilities | |||||
Accounts payable | 367,525 | 397,037 | 369,279 | ||
Accrued salaries, benefits and other | 87,067 | 136,012 | 88,796 | ||
Customer deposits | 258,854 | 261,679 | 233,563 | ||
Borrowings under revolving line of credit | 60,000 | 0 | 0 | ||
Income taxes payable | 8,322 | 32,488 | 2,571 | ||
Current portion of long-term debt | 1,968 | 1,968 | 1,785 | ||
Other liabilities | 45,092 | 46,764 | 40,232 | ||
Total current liabilities | 828,828 | 875,948 | 736,226 | ||
Deferred rent and lease incentives | 170,528 | 166,925 | 158,339 | ||
Long-term debt | 0 | 0 | 1,968 | ||
Non-current deferred income taxes, net | 1,958 | 0 | 2,850 | ||
Other long-term obligations | 63,143 | 62,698 | 60,425 | ||
Total liabilities | 1,064,457 | 1,105,571 | 959,808 | ||
Commitments and contingencies | |||||
Stockholders' equity | |||||
Preferred stock: $.01 par value; 7,500 shares authorized; none issued | 0 | 0 | 0 | ||
Common stock: $.01 par value; 253,125 shares authorized; 91,644, 91,891 and 94,184 shares issued and outstanding at May 3, 2015, February 1, 2015 and May 4, 2014, respectively | 917 | 919 | 942 | ||
Additional paid-in capital | 527,257 | 527,261 | 509,178 | ||
Retained earnings | 662,671 | 701,214 | 693,670 | ||
Accumulated other comprehensive income (loss) | -2,257 | -2,548 | 7,391 | ||
Treasury stock, at cost | -1,956 | -2,140 | -2,889 | ||
Total stockholders' equity | 1,186,632 | 1,224,706 | 1,208,292 | ||
Total liabilities and stockholders' equity | $2,251,089 | $2,330,277 | $2,168,100 | ||
[1] | Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 3-May-15 | Feb. 01, 2015 | 4-May-14 |
In Thousands, except Per Share data, unless otherwise specified | |||
Preferred stock, par value | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 7,500 | 7,500 | 7,500 |
Preferred stock, shares issued | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 253,125 | 253,125 | 253,125 |
Common stock, shares issued | 91,644 | 91,891 | 94,184 |
Common stock, shares outstanding | 91,644 | 91,891 | 94,184 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 |
Cash flows from operating activities: | ||
Net earnings | $44,790 | $46,162 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 41,478 | 38,630 |
Loss on disposal/impairment of assets | 1,694 | 644 |
Amortization of deferred lease incentives | -5,999 | -5,782 |
Deferred income taxes | -5,498 | -4,649 |
Tax benefit related to stock-based awards | 20,572 | 43,223 |
Excess tax benefit related to stock-based awards | -8,724 | -21,371 |
Stock-based compensation expense | 14,010 | 12,368 |
Other | 51 | 173 |
Changes in: | ||
Accounts receivable | 2,864 | 5,692 |
Merchandise inventories | -53,746 | -36,108 |
Prepaid catalog expenses | -1,706 | -1,430 |
Prepaid expenses and other assets | -21,439 | -41,951 |
Accounts payable | -25,030 | -19,276 |
Accrued salaries, benefits and other current and long-term liabilities | -51,387 | -48,164 |
Customer deposits | -3,106 | 5,216 |
Deferred rent and lease incentives | 8,260 | 3,092 |
Income taxes payable | -24,155 | -46,798 |
Net cash used in operating activities | -67,071 | -70,329 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -40,384 | -38,119 |
Other | 5 | 133 |
Net cash used in investing activities | -40,379 | -37,986 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 60,000 | 0 |
Repurchase of common stock | -52,562 | -53,309 |
Payment of dividends | -31,934 | -32,891 |
Tax withholdings related to stock-based awards | -21,734 | -46,730 |
Excess tax benefit related to stock-based awards | 8,724 | 21,371 |
Net proceeds related to stock-based awards | 1,836 | 2,997 |
Other | 0 | -6 |
Net cash used in financing activities | -35,670 | -108,568 |
Effect of exchange rates on cash and cash equivalents | -956 | -368 |
Net decrease in cash and cash equivalents | -144,076 | -217,251 |
Cash and cash equivalents at beginning of period | 222,927 | 330,121 |
Cash and cash equivalents at end of period | $78,851 | $112,870 |
FINANCIAL_STATEMENTS_BASIS_OF_
FINANCIAL STATEMENTS - BASIS OF PRESENTATION | 3 Months Ended |
3-May-15 | |
FINANCIAL STATEMENTS - BASIS OF PRESENTATION | NOTE A. FINANCIAL STATEMENTS - BASIS OF PRESENTATION |
These financial statements include Williams-Sonoma, Inc. and its wholly owned subsidiaries (“we,” “us” or “our”). The Condensed Consolidated Balance Sheets as of May 3, 2015 and May 4, 2014, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Cash Flows for the thirteen weeks then ended, have been prepared by us, without audit. In our opinion, the financial statements include all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the thirteen weeks then ended. Intercompany transactions and accounts have been eliminated. The balance sheet as of February 1, 2015, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2015. | |
The results of operations for the thirteen weeks ended May 3, 2015 are not necessarily indicative of the operating results of the full year. | |
Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2015. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently assessing the potential impact of this ASU on our Condensed Consolidated Financial Statements. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||
3-May-15 | |||||
STOCK-BASED COMPENSATION | NOTE B. STOCK-BASED COMPENSATION | ||||
Equity Award Programs | |||||
Our Amended and Restated 2001 Long-Term Incentive Plan (the “Plan”) provides for grants of incentive stock options, nonqualified stock options, stock-settled stock appreciation rights (collectively, “option awards”), restricted stock awards, restricted stock units (including those that are performance-based), deferred stock awards (collectively, “stock awards”) and dividend equivalents up to an aggregate of 25,760,000 shares. As of May 3, 2015, there were approximately 2,737,000 shares available for future grant under the plan. Subsequently, on May 29, 2015, our stockholders approved an amendment and restatement of the Plan to, among other things, increase the shares issuable by 6,550,000 shares and extend the term to 2025. Awards may be granted under the Plan to officers, employees and non-employee members of the board of directors of the company (the “Board”) or any parent or subsidiary. Shares issued as a result of award exercises or releases are primarily funded with the issuance of new shares. | |||||
Option Awards | |||||
Annual grants of option awards are limited to 1,000,000 shares on a per person basis and have a maximum term of seven years. The exercise price of these option awards is not less than 100% of the closing price of our stock on the day prior to the grant date. Option awards granted to employees generally vest over a period of four years for service-based awards. Certain option awards contain vesting acceleration clauses resulting from events including, but not limited to, retirement, merger or a similar corporate event. | |||||
Stock Awards | |||||
Annual grants of stock awards are limited to 400,000 shares on a per person basis. Stock awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, vest three years from the date of grant. Certain stock awards and other agreements contain vesting acceleration clauses resulting from events including, but not limited to, retirement, merger or a similar corporate event. Stock awards granted to non-employee Board members generally vest in one year. Non-employee Board members automatically receive stock awards on the date of their initial election to the Board and annually thereafter on the date of the annual meeting of stockholders (so long as they continue to serve as a non-employee Board member). | |||||
Stock-Based Compensation Expense | |||||
We measure and record stock-based compensation expense for all employee stock-based awards using a fair value method. During the thirteen weeks ended May 3, 2015 and May 4, 2014, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $14,010,000 and $12,368,000, respectively. | |||||
Stock Options | |||||
The following table summarizes our stock option activity during the thirteen weeks ended May 3, 2015: | |||||
Shares | |||||
Balance at February 1, 2015 | 107,000 | ||||
Granted | 0 | ||||
Exercised | (47,737 | ) | |||
Cancelled | 0 | ||||
Balance at May 3, 2015 (100% vested) | 59,263 | ||||
Stock-Settled Stock Appreciation Rights | |||||
The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended May 3, 2015: | |||||
Shares | |||||
Balance at February 1, 2015 | 1,159,948 | ||||
Granted | 0 | ||||
Converted into common stock | (160,350 | ) | |||
Cancelled | (1,186 | ) | |||
Balance at May 3, 2015 | 998,412 | ||||
Vested at May 3, 2015 | 976,987 | ||||
Vested plus expected to vest at May 3, 2015 | 991,233 | ||||
Restricted Stock Units | |||||
The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 3, 2015: | |||||
Shares | |||||
Balance at February 1, 2015 | 2,313,477 | ||||
Granted | 729,536 | ||||
Released | (545,484 | ) | |||
Cancelled | (16,245 | ) | |||
Balance at May 3, 2015 | 2,481,284 | ||||
Vested plus expected to vest at May 3, 2015 | 1,720,829 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||||||
3-May-15 | |||||||||||||
EARNINGS PER SHARE | NOTE C. EARNINGS PER SHARE | ||||||||||||
Basic earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding and common stock equivalents for the period. Common stock equivalents consist of shares subject to stock-based awards with exercise prices less than or equal to the average market price of our common stock for the period, to the extent their inclusion would be dilutive. | |||||||||||||
The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations: | |||||||||||||
In thousands, except per share amounts | Net Earnings | Weighted | Earnings | ||||||||||
Average Shares | Per Share | ||||||||||||
Thirteen weeks ended May 3, 2015 | |||||||||||||
Basic | $ | 44,790 | 91,707 | $ | 0.49 | ||||||||
Effect of dilutive stock-based awards | 1,593 | ||||||||||||
Diluted | $ | 44,790 | 93,300 | $ | 0.48 | ||||||||
Thirteen weeks ended May 4, 2014 | |||||||||||||
Basic | $ | 46,162 | 93,993 | $ | 0.49 | ||||||||
Effect of dilutive stock-based awards | 1,625 | ||||||||||||
Diluted | $ | 46,162 | 95,618 | $ | 0.48 | ||||||||
There were no stock-based awards excluded from the computation of diluted earnings per share for the thirteen weeks ended May 3, 2015. Anti-dilutive stock-based awards outstanding were 160,000 as of May 4, 2014, and were excluded from the computation of diluted earnings per share. |
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | ||||||||||||||||
3-May-15 | |||||||||||||||||
SEGMENT REPORTING | NOTE D. SEGMENT REPORTING | ||||||||||||||||
We have two reportable segments, e-commerce and retail. The e-commerce segment has the following merchandising strategies: Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation and Mark and Graham, which sell our products through our e-commerce websites and direct-mail catalogs. Our e-commerce merchandising strategies are operating segments, which have been aggregated into one reportable segment, e-commerce. The retail segment has the following merchandising strategies: Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation, which sell our products through our retail stores. Our retail merchandising strategies are operating segments, which have been aggregated into one reportable segment, retail. Our operating segments have had similar historical economic characteristics and it is management’s expectation that the operating segments will have similar long-term financial performance in the future. | |||||||||||||||||
These reportable segments are strategic business units that offer similar home-centered products. They are managed separately because the business units utilize two distinct distribution and marketing strategies. Based on management’s best estimate, our operating segments include allocations of certain expenses, including advertising and employment costs, to the extent they have been determined to benefit both channels. These operating segments are aggregated at the channel level for reporting purposes due to the fact that our brands are interdependent for economies of scale and we do not maintain fully allocated income statements at the brand level. As a result, material financial decisions related to the brands are made at the channel level. Furthermore, it is not practicable for us to report revenue by product group. | |||||||||||||||||
We use operating income to evaluate segment profitability. Operating income is defined as earnings (loss) before net interest income or expense and income taxes. Unallocated costs before interest and income taxes include employee-related costs, occupancy expenses (including depreciation expense), administrative costs and third party service costs, primarily in our corporate departments. Unallocated assets include corporate cash and cash equivalents, deferred income taxes, the net book value of corporate facilities and related information systems, and other corporate long-lived assets. | |||||||||||||||||
Income tax information by reportable segment has not been included as income taxes are calculated at a company-wide level and are not allocated to each reportable segment. | |||||||||||||||||
Segment Information | |||||||||||||||||
In thousands | E-commerce | Retail | Unallocated | Total | |||||||||||||
Thirteen weeks ended May 3, 2015 | |||||||||||||||||
Net revenues1 | $ | 532,573 | $ | 498,103 | $ | 0 | $ | 1,030,676 | |||||||||
Depreciation and amortization expense | 8,102 | 20,150 | 13,226 | 41,478 | |||||||||||||
Operating income (loss) | 127,574 | 28,126 | (83,772 | ) | 71,928 | ||||||||||||
Assets2 | 610,976 | 1,053,039 | 587,074 | 2,251,089 | |||||||||||||
Capital expenditures | 3,936 | 19,928 | 16,520 | 40,384 | |||||||||||||
Thirteen weeks ended May 4, 2014 | |||||||||||||||||
Net revenues1 | $ | 491,289 | $ | 483,041 | $ | 0 | $ | 974,330 | |||||||||
Depreciation and amortization expense | 7,407 | 19,360 | 11,863 | 38,630 | |||||||||||||
Operating income (loss) | 121,136 | 30,196 | (77,006 | ) | 74,326 | ||||||||||||
Assets2 | 547,077 | 988,659 | 632,364 | 2,168,100 | |||||||||||||
Capital expenditures | 9,477 | 14,700 | 13,942 | 38,119 | |||||||||||||
1 | Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. | ||||||||||||||||
2 | Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
3-May-15 | |
COMMITMENTS AND CONTINGENCIES | NOTE E. COMMITMENTS AND CONTINGENCIES |
We are involved in lawsuits, claims and proceedings incident to the ordinary course of our business. These disputes, which are not currently material, are increasing in number as our business expands and our company grows larger. We review the need for any loss contingency reserves and establish reserves when, in the opinion of management, it is probable that a matter would result in liability, and the amount of loss, if any, can be reasonably estimated. In view of the inherent difficulty of predicting the outcome of these matters, it may not be possible to determine whether any loss is probable or to reasonably estimate the amount of the loss until the case is close to resolution, in which case no reserve is established until that time. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in the diversion of significant operational resources. The results of these lawsuits, claims and proceedings cannot be predicted with certainty. However, we believe that the ultimate resolution of these current matters will not have a material adverse effect on our consolidated financial statements taken as a whole. |
STOCK_REPURCHASE_PROGRAM_AND_D
STOCK REPURCHASE PROGRAM AND DIVIDEND | 3 Months Ended |
3-May-15 | |
STOCK REPURCHASE PROGRAM AND DIVIDEND | NOTE F. STOCK REPURCHASE PROGRAM AND DIVIDEND |
Stock Repurchase Program | |
During the thirteen weeks ended May 3, 2015, we repurchased 664,402 shares of our common stock at an average cost of $79.11 per share for a total cost of approximately $52,562,000. As of May 3, 2015, we held treasury stock of $1,956,000 which represents the cost of shares available for re-issuance to satisfy future stock-based award settlements in certain foreign jurisdictions. | |
During the thirteen weeks ended May 4, 2014, we repurchased 840,761 shares of our common stock at an average cost of $63.41 per share for a total cost of approximately $53,309,000. | |
Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions. This stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice. | |
Dividend | |
We declared cash dividends of $0.35 and $0.33 per common share during the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended | ||||||||||
3-May-15 | |||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE G. DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||
We have retail and e-commerce businesses in Canada, Australia and the United Kingdom, and operations throughout Asia and Europe, which expose us to market risk associated with foreign currency exchange rate fluctuations. Substantially all of our purchases and sales are denominated in U.S. dollars, which limits our exposure to this risk. While the impact of foreign currency exchange rate fluctuations was not significant to us in the first quarter of fiscal 2015, we continue to see volatility in the exchange rates in the countries in which we do business. As we continue to expand globally, the foreign currency exchange risk related to the transactions of our foreign subsidiaries may increase. To mitigate this risk, we hedge a portion of our foreign currency exposure with foreign currency forward contracts in accordance with our risk management policies. We do not enter into such contracts for speculative purposes. | |||||||||||
The assets or liabilities associated with the derivative instruments are measured at fair value and recorded in either other current assets or other current liabilities. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on whether the derivative instrument is designated as a hedge and qualifies for hedge accounting in accordance with the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. | |||||||||||
Cash Flow Hedges | |||||||||||
We enter into foreign currency forward contracts designated as cash flow hedges for forecasted inventory purchases in U.S. dollars by our foreign subsidiaries. These hedges generally have terms of up to 12 months. All hedging relationships are formally documented, and the forward contracts are designed to mitigate foreign currency exchange risk on hedged transactions. We record the effective portion of changes in the fair value of our cash flow hedges in other comprehensive income (“OCI”) until the earlier of when the hedged forecasted inventory purchase occurs or the respective contract reaches maturity. Subsequently, as the inventory is sold to the customer, we reclassify amounts previously recorded in OCI to cost of goods sold. Changes in the fair value of the forward contract related to interest charges or “forward points” are excluded from the assessment and measurement of hedge effectiveness and are recorded immediately in other income (expense), net. Based on the rates in effect as of May 3, 2015, we expect to reclassify a net gain of approximately $540,000 from OCI to cost of goods sold over the next 12 months. | |||||||||||
We also enter into non-designated foreign currency forward contracts to reduce the exchange risk associated with our assets and liabilities denominated in a foreign currency. Any foreign exchange gains (losses) related to these contracts are recognized in other income (expense), net. | |||||||||||
As of May 3, 2015, and May 4, 2014, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows: | |||||||||||
In thousands | May 3, 2015 | May 4, 2014 | |||||||||
Contracts to sell Canadian dollars and buy U.S. dollars | |||||||||||
Contracts designated as cash flow hedges | $ | 20,400 | $ | 23,000 | |||||||
Contracts not designated as cash flow hedges 1 | $ | 0 | $ | 1,500 | |||||||
Contracts to sell Australian dollars and buy U.S. dollars | |||||||||||
Contracts not designated as cash flow hedges | $ | 26,000 | $ | 10,000 | |||||||
1 | These contracts are no longer designated as cash flow hedges as the related inventory purchases have occurred. | ||||||||||
Hedge effectiveness is evaluated prospectively at inception, on an ongoing basis, as well as retrospectively using regression analysis. Any measureable ineffectiveness of the hedge is recorded in other income (expense), net. No gain or loss was recognized for cash flow hedges due to hedge ineffectiveness and all hedges were deemed effective for assessment purposes for the thirteen weeks ended May 3, 2015 and May 4, 2014. | |||||||||||
The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows: | |||||||||||
In thousands | Thirteen | Thirteen | |||||||||
Weeks Ended | Weeks Ended | ||||||||||
May 3, 2015 | May 4, 2014 | ||||||||||
Net loss recognized in OCI | $ | (513 | ) | $ | (224 | ) | |||||
Net gain reclassified from OCI into cost of goods sold | $ | 268 | $ | 233 | |||||||
Net foreign exchange gain (loss) recognized in other income (expense): | |||||||||||
Instruments designated as cash flow hedges1 | $ | (16 | ) | $ | (34 | ) | |||||
Instruments not designated or de-designated2 | $ | 382 | $ | 584 | |||||||
1 | Changes in fair value of the forward contract related to interest charges or “forward points.” | ||||||||||
2 | Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges. | ||||||||||
The fair values of our derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 inputs as defined by the fair value hierarchy described in Note H. | |||||||||||
In thousands | Balance sheet location | May 3, 2015 | May 4, 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Cash flow hedge foreign currency forward contracts | Other current assets | $ | 283 | $ | 112 | ||||||
Cash flow hedge foreign currency forward contracts | Other current liabilities | (426 | ) | (147 | ) | ||||||
Total, net | $ | (143 | ) | $ | (35 | ) | |||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | Other current assets | $ | 262 | $ | 72 | ||||||
Total, net | $ | 262 | $ | 72 | |||||||
We record all derivative assets and liabilities on a gross basis. They do not meet the balance sheet netting criteria as discussed in ASC 210, Balance Sheet, because we do not have master netting agreements established with our derivative counterparties that would allow for net settlement. | |||||||||||
Amounts recorded within accumulated other comprehensive income (“AOCI”) associated with our derivative instruments, pre-tax, were as follows: | |||||||||||
In thousands | Thirteen | Thirteen | |||||||||
Weeks Ended | Weeks Ended | ||||||||||
May 3, 2015 | May 4, 2014 | ||||||||||
AOCI beginning balance amount of gain (loss) | $ | 1,321 | $ | 741 | |||||||
Amounts recognized in OCI before reclassifications | (513 | ) | (224 | ) | |||||||
Amounts reclassified from OCI to cost of goods sold | (268 | ) | (233 | ) | |||||||
AOCI ending balance amount of gain (loss) | $ | 540 | $ | 284 | |||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||
3-May-15 | ||||
FAIR VALUE MEASUREMENTS | NOTE H. FAIR VALUE MEASUREMENTS | |||
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||
We determine the fair value of financial and non-financial assets and liabilities using the fair value hierarchy established by ASC 820, Fair Value Measurement, which defines three levels of inputs that may be used to measure fair value, as follows: | ||||
• | Level 1: inputs which include quoted prices in active markets for identical assets or liabilities; | |||
• | Level 2: inputs which include observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and | |||
• | Level 3: inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. | |||
The fair values of our cash and cash equivalents are based on Level 1 inputs, which include quoted prices in active markets for identical assets. | ||||
Foreign Currency Derivatives and Hedging Instruments | ||||
We use the income approach to value our derivatives using observable Level 2 market data at the measurement date and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated but not compelled to transact. Level 2 inputs are limited to quoted prices that are observable for the assets and liabilities, which include interest rates and credit risk ratings. We use mid-market pricing as a practical expedient for fair value measurements. Key inputs for currency derivatives are the spot rates, forward rates, interest rates and credit derivative market rates. | ||||
The counterparties associated with our foreign currency forward contracts are large credit-worthy financial institutions, and the derivatives transacted with these entities are relatively short in duration, therefore, we do not consider counterparty concentration and non-performance to be material risks at this time. Both we and our counterparties are expected to perform under the contractual terms of the instruments. None of the derivative contracts entered into are subject to credit risk-related contingent features or collateral requirements. | ||||
There were no transfers between Level 1 and Level 2 categories during the thirteen weeks ended May 3, 2015. |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||
3-May-15 | |||||
Summary of Stock Options Activity | The following table summarizes our stock option activity during the thirteen weeks ended May 3, 2015: | ||||
Shares | |||||
Balance at February 1, 2015 | 107,000 | ||||
Granted | 0 | ||||
Exercised | (47,737 | ) | |||
Cancelled | 0 | ||||
Balance at May 3, 2015 (100% vested) | 59,263 | ||||
Summary of Stock-Settled Stock Appreciation Rights Activity | The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended May 3, 2015: | ||||
Shares | |||||
Balance at February 1, 2015 | 1,159,948 | ||||
Granted | 0 | ||||
Converted into common stock | (160,350 | ) | |||
Cancelled | (1,186 | ) | |||
Balance at May 3, 2015 | 998,412 | ||||
Vested at May 3, 2015 | 976,987 | ||||
Vested plus expected to vest at May 3, 2015 | 991,233 | ||||
Summary of Restricted Stock Units Activity | The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 3, 2015: | ||||
Shares | |||||
Balance at February 1, 2015 | 2,313,477 | ||||
Granted | 729,536 | ||||
Released | (545,484 | ) | |||
Cancelled | (16,245 | ) | |||
Balance at May 3, 2015 | 2,481,284 | ||||
Vested plus expected to vest at May 3, 2015 | 1,720,829 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||||||
3-May-15 | |||||||||||||
Reconciliation of Net Earnings and Number of Shares Used In Basic and Diluted Earnings per Share Computations | The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations: | ||||||||||||
In thousands, except per share amounts | Net Earnings | Weighted | Earnings | ||||||||||
Average Shares | Per Share | ||||||||||||
Thirteen weeks ended May 3, 2015 | |||||||||||||
Basic | $ | 44,790 | 91,707 | $ | 0.49 | ||||||||
Effect of dilutive stock-based awards | 1,593 | ||||||||||||
Diluted | $ | 44,790 | 93,300 | $ | 0.48 | ||||||||
Thirteen weeks ended May 4, 2014 | |||||||||||||
Basic | $ | 46,162 | 93,993 | $ | 0.49 | ||||||||
Effect of dilutive stock-based awards | 1,625 | ||||||||||||
Diluted | $ | 46,162 | 95,618 | $ | 0.48 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | ||||||||||||||||
3-May-15 | |||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||
In thousands | E-commerce | Retail | Unallocated | Total | |||||||||||||
Thirteen weeks ended May 3, 2015 | |||||||||||||||||
Net revenues1 | $ | 532,573 | $ | 498,103 | $ | 0 | $ | 1,030,676 | |||||||||
Depreciation and amortization expense | 8,102 | 20,150 | 13,226 | 41,478 | |||||||||||||
Operating income (loss) | 127,574 | 28,126 | (83,772 | ) | 71,928 | ||||||||||||
Assets2 | 610,976 | 1,053,039 | 587,074 | 2,251,089 | |||||||||||||
Capital expenditures | 3,936 | 19,928 | 16,520 | 40,384 | |||||||||||||
Thirteen weeks ended May 4, 2014 | |||||||||||||||||
Net revenues1 | $ | 491,289 | $ | 483,041 | $ | 0 | $ | 974,330 | |||||||||
Depreciation and amortization expense | 7,407 | 19,360 | 11,863 | 38,630 | |||||||||||||
Operating income (loss) | 121,136 | 30,196 | (77,006 | ) | 74,326 | ||||||||||||
Assets2 | 547,077 | 988,659 | 632,364 | 2,168,100 | |||||||||||||
Capital expenditures | 9,477 | 14,700 | 13,942 | 38,119 | |||||||||||||
1 | Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. | ||||||||||||||||
2 | Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | ||||||||||
3-May-15 | |||||||||||
Foreign Currency Forward Contracts Outstanding | As of May 3, 2015, and May 4, 2014, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows: | ||||||||||
In thousands | May 3, 2015 | May 4, 2014 | |||||||||
Contracts to sell Canadian dollars and buy U.S. dollars | |||||||||||
Contracts designated as cash flow hedges | $ | 20,400 | $ | 23,000 | |||||||
Contracts not designated as cash flow hedges 1 | $ | 0 | $ | 1,500 | |||||||
Contracts to sell Australian dollars and buy U.S. dollars | |||||||||||
Contracts not designated as cash flow hedges | $ | 26,000 | $ | 10,000 | |||||||
1 | These contracts are no longer designated as cash flow hedges as the related inventory purchases have occurred. | ||||||||||
Effect of Derivative Instruments in Consolidated Financial Statements | The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows: | ||||||||||
In thousands | Thirteen | Thirteen | |||||||||
Weeks Ended | Weeks Ended | ||||||||||
May 3, 2015 | May 4, 2014 | ||||||||||
Net loss recognized in OCI | $ | (513 | ) | $ | (224 | ) | |||||
Net gain reclassified from OCI into cost of goods sold | $ | 268 | $ | 233 | |||||||
Net foreign exchange gain (loss) recognized in other income (expense): | |||||||||||
Instruments designated as cash flow hedges1 | $ | (16 | ) | $ | (34 | ) | |||||
Instruments not designated or de-designated2 | $ | 382 | $ | 584 | |||||||
1 | Changes in fair value of the forward contract related to interest charges or “forward points.” | ||||||||||
2 | Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges. | ||||||||||
Fair Values of Derivative Instruments | The fair values of our derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 inputs as defined by the fair value hierarchy described in Note H. | ||||||||||
In thousands | Balance sheet location | May 3, 2015 | May 4, 2014 | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Cash flow hedge foreign currency forward contracts | Other current assets | $ | 283 | $ | 112 | ||||||
Cash flow hedge foreign currency forward contracts | Other current liabilities | (426 | ) | (147 | ) | ||||||
Total, net | $ | (143 | ) | $ | (35 | ) | |||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | Other current assets | $ | 262 | $ | 72 | ||||||
Total, net | $ | 262 | $ | 72 | |||||||
Amounts Recorded within Accumulated Other Comprehensive Income Associated with Derivative Instruments | Amounts recorded within accumulated other comprehensive income (“AOCI”) associated with our derivative instruments, pre-tax, were as follows: | ||||||||||
In thousands | Thirteen | Thirteen | |||||||||
Weeks Ended | Weeks Ended | ||||||||||
May 3, 2015 | May 4, 2014 | ||||||||||
AOCI beginning balance amount of gain (loss) | $ | 1,321 | $ | 741 | |||||||
Amounts recognized in OCI before reclassifications | (513 | ) | (224 | ) | |||||||
Amounts reclassified from OCI to cost of goods sold | (268 | ) | (233 | ) | |||||||
AOCI ending balance amount of gain (loss) | $ | 540 | $ | 284 | |||||||
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 3-May-15 | 4-May-14 | 29-May-15 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of grants of option awards, years | 7 years | ||
Stock-based compensation expense | $14,010 | $12,368 | |
Minimum | Non-Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards granted to employees, years | 1 year | ||
Equity Award Programs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares under the Plan | 25,760,000 | ||
Shares available for future grant | 2,737,000 | ||
Equity Award Programs | Subsequent Event | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares increased for issuance | 6,550,000 | ||
Extended term of plan | 2025 | ||
Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards annual grant limit | 1,000,000 | ||
Option Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price as a percentage of closing price on the day prior to the grant date | 100.00% | ||
Service Based Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards granted to employees, years | 4 years | ||
Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards annual grant limit | 400,000 | ||
Service Based Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards granted to employees, years | 4 years | ||
Performance Based Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards granted to employees, years | 3 years |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) | 3 Months Ended |
3-May-15 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at February 1, 2015, shares | 107,000 |
Granted, shares | 0 |
Exercised, shares | -47,737 |
Cancelled, shares | 0 |
Balance at May 3, 2015, shares | 59,263 |
Summary_of_Stock_Option_Activi1
Summary of Stock Option Activity (Parenthetical) (Detail) | 3 Months Ended |
3-May-15 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vested percentage | 100.00% |
Summary_of_StockSettled_Stock_
Summary of Stock-Settled Stock Appreciation Right Activity (Detail) (Stock-Settled Stock Appreciation Rights) | 3 Months Ended |
3-May-15 | |
Stock-Settled Stock Appreciation Rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at February 1, 2015 shares | 1,159,948 |
Granted, shares | 0 |
Converted into common stock, shares | -160,350 |
Cancelled, shares | -1,186 |
Balance at May 3, 2015 shares | 998,412 |
Vested at May 3, 2015 shares | 976,987 |
Vested plus expected to vest at May 3, 2015 shares | 991,233 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs)) | 3 Months Ended |
3-May-15 | |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at February 1, 2015 shares | 2,313,477 |
Granted, shares | 729,536 |
Released, shares | -545,484 |
Cancelled, shares | -16,245 |
Balance at May 3, 2015 shares | 2,481,284 |
Vested plus expected to vest at May 3, 2015 shares | 1,720,829 |
Reconciliation_of_Net_Earnings
Reconciliation of Net Earnings and Number of Shares Used in Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-15 | 4-May-14 |
Earnings Per Share [Line Items] | ||
Net Earnings, Basic | $44,790 | $46,162 |
Net Earnings, Diluted | $44,790 | $46,162 |
Weighted Average Shares, Basic | 91,707 | 93,993 |
Weighted Average Shares, Effect of dilutive stock-based awards | 1,593 | 1,625 |
Weighted Average Shares, Diluted | 93,300 | 95,618 |
Earnings Per Share, Basic | $0.49 | $0.49 |
Earnings Per Share, Diluted | $0.48 | $0.48 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
3-May-15 | 4-May-14 | |
Earnings Per Share [Line Items] | ||
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share | 0 | 160,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
3-May-15 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | Feb. 01, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Net revenues | $1,030,676 | [1] | $974,330 | [1] | |
Depreciation and amortization expense | 41,478 | 38,630 | |||
Operating income (loss) | 71,928 | 74,326 | |||
Assets | 2,251,089 | [2] | 2,168,100 | [2] | 2,330,277 |
Capital expenditures | 40,384 | 38,119 | |||
Operating Segments | E-commerce | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 532,573 | [1] | 491,289 | [1] | |
Depreciation and amortization expense | 8,102 | 7,407 | |||
Operating income (loss) | 127,574 | 121,136 | |||
Assets | 610,976 | [2] | 547,077 | [2] | |
Capital expenditures | 3,936 | 9,477 | |||
Operating Segments | Retail | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 498,103 | [1] | 483,041 | [1] | |
Depreciation and amortization expense | 20,150 | 19,360 | |||
Operating income (loss) | 28,126 | 30,196 | |||
Assets | 1,053,039 | [2] | 988,659 | [2] | |
Capital expenditures | 19,928 | 14,700 | |||
Unallocated | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 0 | [1] | 0 | [1] | |
Depreciation and amortization expense | 13,226 | 11,863 | |||
Operating income (loss) | -83,772 | -77,006 | |||
Assets | 587,074 | [2] | 632,364 | [2] | |
Capital expenditures | $16,520 | $13,942 | |||
[1] | Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. | ||||
[2] | Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations. |
Segment_Information_Parentheti
Segment Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-15 | 4-May-14 |
Segment Reporting Information [Line Items] | ||
Net revenues | $54.80 | $51.10 |
Long-term assets | $59 | $59.80 |
Stock_Repurchase_Programs_and_
Stock Repurchase Programs and Dividends - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 3-May-15 | 4-May-14 | Feb. 01, 2015 |
Stock Repurchase Program and Dividend [Line Items] | |||
Common stock repurchased, shares | 664,402 | 840,761 | |
Common stock repurchased, average cost per share | $79.11 | $63.41 | |
Common stock repurchased, total cost | $52,562 | $53,309 | |
Treasure stock, value | $1,956 | $2,889 | $2,140 |
Cash dividend, per common share | $0.35 | $0.33 |
Recovered_Sheet1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | |
3-May-15 | 4-May-14 | |
Derivative [Line Items] | ||
Reclassification from OCI to cost of goods sold | $540,000 | |
Gain or loss recognized for cash flow hedges due to hedge ineffectiveness | $0 | $0 |
Foreign_Currency_Forward_Contr
Foreign Currency Forward Contracts Outstanding (Detail) (Foreign Exchange Contract, USD $) | 3-May-15 | 4-May-14 | ||
In Thousands, unless otherwise specified | ||||
Derivatives designated as hedging instruments | Cash Flow Hedging | Canada, Dollars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Exchange of foreign currency contracts | $20,400 | $23,000 | ||
Not Designated as Hedging Instrument | Canada, Dollars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Exchange of foreign currency contracts | 0 | [1] | 1,500 | [1] |
Not Designated as Hedging Instrument | Australia, Dollars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Exchange of foreign currency contracts | $26,000 | $10,000 | ||
[1] | These contracts are no longer designated as cash flow hedges as the related inventory purchases have occurred. |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | ||
Derivative [Line Items] | ||||
Net loss recognized in OCI | ($513) | ($224) | ||
Net gain reclassified from OCI into cost of goods sold | 268 | 233 | ||
Net foreign exchange gain (loss) recognized in other income (expense), Instruments designated as cash flow hedges | -16 | [1] | -34 | [1] |
Net foreign exchange gain (loss) recognized in other income (expense), Instruments not designated or de-designated | $382 | [2] | $584 | [2] |
[1] | Changes in fair value of the forward contract related to interest charges or "forward points." | |||
[2] | Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges. |
Fair_Value_of_Derivatives_as_D
Fair Value of Derivatives as Defined by Accounting Standard (Detail) (USD $) | 3-May-15 | 4-May-14 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Cash flow hedge foreign currency forward contracts - Other Current Assets | $283 | $112 |
Cash flow hedge foreign currency forward contracts - Other Current Liabilities | -426 | -147 |
Total, net | -143 | -35 |
Foreign currency forward contracts - Other Current Assets | 262 | 72 |
Total, net | $262 | $72 |
Amounts_Recorded_within_Accumu
Amounts Recorded within Accumulated Other Comprehensive Income Associated with Derivative Instruments (Detail) (Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
AOCI beginning balance amount of gain (loss) | $1,321 | $741 |
Amounts recognized in OCI before reclassifications | -513 | -224 |
Amounts reclassified from OCI to cost of goods sold | -268 | -233 |
AOCI ending balance amount of gain (loss) | $540 | $284 |