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Midas Edge

ABERCROMBIE FITCH CO DE

For the period ended Feb 3, 2024. Filed Apr 1, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Apr 1, 2024

ANF$154.00+0.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

DERIVATIVE INSTRUMENTS

  1. DERIVATIVE INSTRUMENTS

As of February 3, 2024, the Company had outstanding the following foreign currency exchange forward contracts that were entered into to hedge either a portion, or all, of forecasted foreign-currency-denominated intercompany inventory transactions, the resulting settlement of the foreign-currency-denominated intercompany accounts receivable, or both:

(in thousands)Notional Amount (1)
Euro$45,315
British pound37,253
Canadian dollar14,239

(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of February 3, 2024.

As of February 3, 2024, foreign currency exchange forward contracts that were entered into to hedge foreign-currency-denominated net monetary assets and liabilities were as follows:

(in thousands)Notional Amount (1)
United Arab Emirates dirham$5,719

(1)Amounts reported are the U.S. Dollar notional amounts outstanding as of February 3, 2024.

The fair value of derivative instruments is determined using quoted market prices of the same or similar instruments, adjusted for counterparty risk. The location and amounts of derivative fair values of foreign currency exchange forward contracts on the Consolidated Balance Sheets as of February 3, 2024, and January 28, 2023 were as follows:

(in thousands)LocationFebruary 3, 2024January 28, 2023LocationFebruary 3, 2024January 28, 2023
Derivatives designated as cash flow hedging instrumentsOther current assets$1,090$32Accrued expenses$539$4,986
Derivatives not designated as hedging instrumentsOther current assets2—Accrued expenses——
Total$1,092$32$539$4,986

Refer to Note 4, “FAIR VALUE,” for further discussion of the determination of the fair value of derivative instruments. Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts designated as cash flow hedging instruments for Fiscal 2023, Fiscal 2022 and Fiscal 2021 follows:

(in thousands)Fiscal 2023Fiscal 2022Fiscal 2021
Gain recognized in AOCL (1)$3,618$2,844$11,987
(Loss) gain reclassified from AOCL into cost of sales, exclusive of depreciation and amortization (2)(1,846)13,7811,263

(1)Amount represents the change in fair value of derivative instruments.

(2)Amount represents gain reclassified from AOCL to cost of sales, exclusive of depreciation and amortization, on the Consolidated Statements of Operations and Comprehensive Income (Loss) when the hedged item affected earnings, which was when merchandise was converted to cost of sales, exclusive of depreciation and amortization.

Substantially all of the unrealized gains or losses related to foreign currency exchange forward contracts designated as cash flow hedging instruments as of February 3, 2024 will be recognized within the Consolidated Statements of Operations and Comprehensive Income (Loss) over the next 12 months.

Additional information pertaining to derivative gains or losses from foreign currency exchange forward contracts not designated as hedging instruments for Fiscal 2023, Fiscal 2022 and Fiscal 2021 follows:

(in thousands)Fiscal 2023Fiscal 2022Fiscal 2021
(Loss) gain recognized in other operating income, net$(1,206)$1,226$1,205

Refer to Note 2,“SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments,” for discussion regarding significant accounting policies related to the Company’s derivative instruments.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.