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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
May 01, 2015
Derivative Instruments and Hedging Activities  
Fair value of the company's derivatives and consolidated balance sheet location

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

May 1, 2015

 

May 2, 2014

 

May 1, 2015

 

May 2, 2014

 

 

 

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

 

$
2,865

 

Prepaid expenses

 

$

—

 

Accrued liabilities

 

$
1,427

 

Accrued liabilities

 

$
(156

)

Cross currency contract

 

Prepaid expenses

 

—

 

Prepaid expenses

 

—

 

Accrued liabilities

 
319

 

Accrued liabilities

 
295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

Prepaid expenses

 
4,965

 

Prepaid expenses

 

—

 

Accrued liabilities

 
(442

)

Accrued liabilities

 
2,199

 

Cross currency contract

 

Prepaid expenses

 
2,070

 

Prepaid expenses

 

—

 

Accrued liabilities

 

—

 

Accrued liabilities

 
358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

$
9,900

 

 

 

$

—

 

 

 

$
1,304

 

 

 

$
2,696

 

 

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 1,

 

May 2,

 

 

 

May 1,

 

May 2,

 

 

 

May 1,

 

May 2,

 

For the three months ended

 

2015

 

2014

 

 

 

2015

 

2014

 

 

 

2015

 

2014

 

Forward currency contracts

 

$
(4,474

)

$
(1,152

)

Net sales

 

$
5,926

 

$
(318

)

Other income, net

 

$
56

 

$
(230

)

Forward currency contracts

 
202

 
282

 

Cost of sales

 
(678

)
(15

)

 

 

 

 

 

 

Cross currency contracts

 
154

 
148

 

Other income, net

 
(194

)
(350

)

 

 

 

 

 

 

Total

 

$
(4,118

)

$
(722

)

 

 

$
5,054

 

$
(683

)

 

 

 

 

 

 

 

 

May 1,

 

May 2,

 

 

 

May 1,

 

May 2,

 

 

 

May 1,

 

May 2,

 

For the six months ended

 

2015

 

2014

 

 

 

2015

 

2014

 

 

 

2015

 

2014

 

Forward currency contracts

 

$
(296

)

$
742

 

Net sales

 

$
7,930

 

$
(771

)

Other income, net

 

$
283

 

$
(141

)

Forward currency contracts

 
(1,182

)
(117

)

Cost of sales

 
(991

)
32

 

 

 

 

 

 

 

Cross currency contracts

 
136

 
(38

)

Other income, net

 
(207

)
(227

)

 

 

 

 

 

 

Total

 

$
(1,342

)

$
587

 

 

 

$
6,732

 

$
(966

)

 

 

 

 

 

 

 

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 1,

 

May 2,

 

May 1,

 

May 2,

 

(Dollars in thousands)

 

Recognized in Net Earnings

 

2015

 

2014

 

2015

 

2014

 

Forward currency contracts

 

Other income, net

 

$
3,089

 

$
(3,434

)

$
11,350

 

$
(3,027

)

Cross currency contracts

 

Other income, net

 
167

 
(192

)
1,302

 
(240

)

 

 

 

 

$
3,256

 

$
(3,626

)

$
12,652

 

$
(3,267

)

 

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 1, 2015

 

Assets

 

Balance Sheet

 

in the Balance Sheet

 

Liabilities

 

Balance Sheet

 

in the Balance Sheet

 

Forward currency contracts

 

$
8,370

 

$
(540

)

$
7,830

 

$
(1,741

)

$
756

 

$
(985

)

Cross currency contracts

 
2,070

 

—

 
2,070

 
(319

)

—

 
(319

)

 

 

$
10,440

 

$
(540

)

$
9,900

 

$
(2,060

)

$
756

 

$
(1,304

)

 

 

 

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

)