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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Sep. 26, 2014
Fair Value of Derivative Instruments Reported in Consolidated Balance Sheets

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

 

 

 

Asset Derivatives

 

 

 

Liability Derivatives

 

 

 

 

 

September 26, 2014

 

 

September 27, 2013

 

 

 

 

 

September 26, 2014

 

 

September 27, 2013

 

(In millions)

 

Balance Sheet Location

 

Fair Value

 

 

Fair Value

 

 

 

Balance Sheet Location

 

Fair Value

 

 

Fair Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

Prepaid expenses and other current assets

 

$

1.5

 

 

$

-

 

 

 

Accrued liabilities

 

$

-

 

 

$

1.1

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

Prepaid expenses and other current assets

 

 

-

 

 

 

-

 

 

 

Accrued liabilities

 

 

-

 

 

 

-

 

Total derivatives

 

 

 

$

1.5

 

 

$

-

 

 

 

 

 

$

-

 

 

$

1.1

 

 
Outstanding Foreign Currency Forward Contracts

The Company had the following outstanding foreign currency forward contracts:

 

 

September 26, 2014

 

(In millions)

Notional Value Sold

 

 

Notional

Value Purchased

 

Australian dollar

$

20.1

 

 

$

-

 

Canadian dollar

 

-

 

 

 

9.6

 

Danish krone

 

4.3

 

 

 

-

 

Euro

 

156.1

 

 

 

-

 

Hungarian forint

 

0.8

 

 

 

-

 

Indian rupee

 

2.9

 

 

 

-

 

Japanese yen

 

53.6

 

 

 

-

 

Norwegian krone

 

2.8

 

 

 

-

 

Swedish krona

 

8.0

 

 

 

-

 

Swiss franc

 

-

 

 

 

75.2

 

Totals

$

248.6

 

 

$

84.8

 

 
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:

 

 

 

 

 

 

 

Gain Reclassified from Accumulated Other

 

 

Gain Recognized in Other Comprehensive Income

 

 

Location of Gain

 

Comprehensive Income into Net Earnings

 

 

(Effective Portion)

 

 

Reclassified from Accumulated

 

(Effective Portion)

 

 

Fiscal Years

 

 

Other Comprehensive Income

 

Fiscal Years

 

(In millions)

2014

 

 

2013

 

 

2012

 

 

into Net Earnings (Effective Portion)

 

2014

 

 

2013

 

 

2012

 

Foreign currency forward contracts

$

3.9

 

 

$

0.5

 

 

$

1.4

 

 

Revenues

 

$

1.3

 

 

$

2.5

 

 

$

0.6

 

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

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

 

Location of Gain Recognized in Income on Derivative

 

Amount of Gain Recognized

in Net Earnings on Derivative

 

 

 

Fiscal Years

 

(In millions)

 

2014

 

 

2013

 

 

2012

 

Selling, general and administrative expenses

 

$

13.7

 

 

$

9.6

 

 

$

5.0

 

 
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:

 

 

September 26,

2014

 

(In millions)

Notional Value Sold

 

Euro

$

26.9