XML 38 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Sep. 27, 2013
Fair Value of Derivative Instrument Reported in Statement of Financial Position

The fair values of derivative instruments reported on the Company’s Consolidated Balance Sheets were as follows:

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance Sheet

Location

 

 

September 27,
2013

 

 

September 28,
2012

 

 

Balance Sheet

Location

 

 

September 27,
2013

 

 

September 28,
2012

 

(In millions)

 

 

Fair Value

 

 

Fair Value

 

 

 

Fair Value

 

 

Fair Value

 

Derivative designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts             

 

Prepaid Expenses

  

 

$

-

  

 

$

  0.8

 

 

Accrued liabilities

  

 

$

  1.1

  

 

$

-

  

Derivative not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts             

 

Prepaid Expenses

  

 

 

-

  

 

 

-

 

 

Accrued liabilities

  

 

 

-

  

 

 

-

  

Total derivatives             

 

 

 

 

$

-

  

 

$

  0.8

 

 

 

 

 

$

  1.1

  

 

$

-

  

 
Outstanding Foreign Currency Forward Contracts

The Company had the following outstanding foreign currency forward contracts that were entered into to hedge balance sheet exposures from its various foreign subsidiaries and business units:

 

 

At September 27, 2013

 

(In millions)

Notional

Value

Sold

 

  

Notional

Value

Purchased

 

Australian dollar             

$

  21.9

  

  

$

-

  

British pound

 

  18.6

 

 

 

-

 

Canadian dollar             

 

-

  

  

 

  2.2

  

Euro             

 

  188.1

  

  

 

-

  

Indian rupee             

 

  4.7

  

  

 

-

  

Japanese yen             

 

  69.3

  

  

 

-

  

Norwegian krone             

 

  3.3

  

  

 

  2.8

  

Swedish krona

 

  3.2

 

 

 

-

 

Swiss franc             

 

-

  

  

 

  70.9

  

Totals             

$

  309.1

  

  

$

  75.9

  

 
Effective Portion of Foreign Currency Forward Contracts Designated as Cash Flow Hedges

The following table presents the amounts, before tax, recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets and in the Consolidated Statements of Earnings that are related to the effective portion of the foreign currency forward contracts designated as cash flow hedges:

 

(in millions)

Gain (Loss) Recognized in Other

Comprehensive Income
(Effective Portion)

 

  

Location of Gain (Loss)

Reclassified from

Accumulated Other

Comprehensive Income

into Net Earnings

(Effective Portion)

  

Gain (Loss) Reclassified from

Accumulated Other Comprehensive

Income into Net Earnings
(Effective Portion)

 

Fiscal Years

 

  

  

Fiscal Years

 

2013

 

  

2012

 

  

2011

 

  

  

2013

 

  

2012

 

  

2011

 

Foreign exchange contracts             

$

  0.5

  

  

$

  1.4

  

  

$

(0.5

) 

  

Revenues

  

$

  2.5

  

  

$

  0.6

  

  

$

(1.0

) 

 
Gains (Losses) Related to Foreign Currency Forward Exchange Contracts that are Not Designated as Hedging Instruments

The following table presents the gains (losses) recognized in the Consolidated Statements of Earnings related to the foreign currency forward contracts that are not designated as hedging instruments.

 

Location of Gain or (Loss)

 

Amount of Gain or (Loss)

Recognized in Net Earnings on
Derivative

 

 

Fiscal Years

 

(In millions)

2013

 

  

2012

 

  

2011

 

Selling, general and administrative expenses

$

  9.6

  

  

$

  5.0

  

  

$

  2.3

  

 
Cash Flow Hedging
  
Outstanding Foreign Currency Forward Contracts

The Company had the following outstanding foreign currency forward contracts that were entered into to hedge forecasted revenues and designated as cash flow hedges:

 

 

At September 27,
2013

 

(In millions)

Notional Value
Sold

 

Euro             

$

  40.5

  

Japanese yen             

 

  78.5

  

Totals             

$

  119.0