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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
May 02, 2014
Derivative Instruments and Hedging Activities  
Fair value of the company's derivatives and consolidated balance sheet location

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

May 2, 2014

 

May 3, 2013

 

May 2, 2014

 

May 3, 2013

 

 

 

Balance

 

 

 

Balance

 

 

 

Balance

 

 

 

Balance

 

 

 

 

 

Sheet

 

Fair

 

Sheet

 

Fair

 

Sheet

 

Fair

 

Sheet

 

Fair

 

(Dollars in thousands)

 

Location

 

Value

 

Location

 

Value

 

Location

 

Value

 

Location

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Designated as Hedging Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

Prepaid expenses

 

$

—

 

Prepaid expenses

 

$

2,027

 

Accrued liabilities

 

$

(156

)

Accrued liabilities

 

$

478

 

Cross currency contract

 

Prepaid expenses

 

—

 

Prepaid expenses

 

—

 

Accrued liabilities

 

295

 

Accrued liabilities

 

598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

Prepaid expenses

 

—

 

Prepaid expenses

 

241

 

Accrued liabilities

 

2,199

 

Accrued liabilities

 

763

 

Cross currency contract

 

Prepaid expenses

 

—

 

Prepaid expenses

 

189

 

Accrued liabilities

 

358

 

Accrued liabilities

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

$

—

 

 

 

$

2,457

 

 

 

$

2,696

 

 

 

$

1,839

 
Impact of derivative instruments on the consolidated statements of earnings for the company's derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

Location of Gain (Loss)

 

Gain (Loss)

 

 

 

 

 

Location of Gain

 

 

 

Recognized in Income

 

Recognized in Income

 

 

 

Gain (Loss)

 

(Loss) Reclassified

 

Gain (Loss)

 

on Derivatives

 

on Derivatives

 

 

 

Recognized in OCI on

 

from AOCL

 

Reclassified from

 

(Ineffective Portion

 

(Ineffective Portion and

 

 

 

Derivatives

 

into Income

 

AOCL into Income

 

and excluded from

 

Excluded from

 

 

 

(Effective Portion)

 

(Effective Portion)

 

(Effective Portion)

 

Effectiveness Testing)

 

Effectiveness Testing)

 

(Dollars in thousands)

 

May 2,

 

May 3,

 

 

 

May 2,

 

May 3,

 

 

 

May 2,

 

May 3,

 

For the three months ended

 

2014

 

2013

 

 

 

2014

 

2013

 

 

 

2014

 

2013

 

Forward currency contracts

 

$

(1,152

)

$

1,523

 

Net sales

 

$

(318

)

$

(796

)

Other income, net

 

$

(230

)

$

133

 

Forward currency contracts

 

282

 

363

 

Cost of sales

 

(15

)

177

 

 

 

 

 

 

 

Cross currency contracts

 

148

 

(406

)

Other income, net

 

(350

)

(292

)

 

 

 

 

 

 

Total

 

$

(722

)

$

1,480

 

 

 

$

(683

)

$

(911

)

 

 

 

 

 

 

 

 

 

May 2,

 

May 3,

 

 

 

May 2,

 

May 3,

 

 

 

May 2,

 

May 3,

 

For the six months ended

 

2014

 

2013

 

 

 

2014

 

2013

 

 

 

2014

 

2013

 

Forward currency contracts

 

$

742

 

$

674

 

Net sales

 

$

(771

)

$

(1,342

)

Other income, net

 

$

(141

)

$

701

 

Forward currency contracts

 

(117

)

601

 

Cost of sales

 

32

 

241

 

 

 

 

 

 

 

Cross currency contracts

 

(38

)

(605

)

Other income, net

 

(227

)

(839

)

 

 

 

 

 

 

Total

 

$

587

 

$

670

 

 

 

$

(966

)

$

(1,940

)

 

 

 

 

 

 
Impact of derivative instruments on the consolidated statements of earnings for the company's derivatives not designated as hedging instruments

 

 

 

 

 

 

Gain (Loss) Recognized in Net Earnings

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

Location of Gain (Loss)

 

May 2,

 

May 3,

 

May 2,

 

May 3,

 

(Dollars in thousands)

 

Recognized in Net Earnings

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

Other income, net

 

$

(3,434

)

$

2,394

 

$

(3,027

)

$

(960

)

Cross currency contracts

 

Other income, net

 

(192

)

342

 

(240

)

(181

)

 

 

 

 

$

(3,626

)

$

2,736

 

$

(3,267

)

$

(1,141

)
Schedule of effects of the master netting arrangements on the fair value of the company's derivative contracts that are recorded in the Consolidated Balance Sheets

 

 

 

 

Assets

 

Liabilities

 

 

 

Gross Amounts

 

Gross Liabilities

 

Net Amounts

 

Gross Amounts

 

Gross Assets

 

Net Amounts of

 

(Dollars in thousands)

 

of Recognized

 

Offset in the

 

of Assets Presented

 

of Recognized

 

offset in the

 

Liabilities Presented

 

May 2, 2014

 

Assets

 

Balance Sheet

 

in the Balance Sheet

 

Liabilities

 

Balance Sheet

 

in the Balance Sheet

 

Forward currency contracts

 

$

—

 

—

 

$

—

 

$

(2,650

)

$

607

 

$

(2,043

)

Cross currency contracts

 

—

 

—

 

—

 

(653

)

—

 

(653

)

 

 

$

—

 

$

—

 

$

—

 

$

(3,303

)

$

607

 

$

(2,696

)

 

 

 

Assets

 

Liabilities

 

 

 

Gross Amounts

 

Gross Liabilities

 

Net Amounts

 

Gross Amounts

 

Gross Assets

 

Net Amounts of

 

(Dollars in thousands)

 

of Recognized

 

Offset in the

 

of Assets Presented

 

of Recognized

 

offset in the

 

Liabilities Presented

 

May 3, 2013

 

Assets

 

Balance Sheet

 

in the Balance Sheet

 

Liabilities

 

Balance Sheet

 

in the Balance Sheet

 

Forward currency contracts

 

$

2,268

 

—

 

$

2,268

 

$

(1,241

)

$

—

 

$

(1,241

)

Cross currency contracts

 

189

 

—

 

189

 

(598

)

—

 

(598

)

 

 

$

2,457

 

$

—

 

$

2,457

 

$

(1,839

)

$

—

 

$

(1,839

)