Quarterly report pursuant to Section 13 or 15(d)

Hedging

v2.4.0.8
Hedging
3 Months Ended
Feb. 02, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Hedging
Hedging

The Company enters into non-derivative financial instruments to hedge its net investment in certain foreign subsidiaries. During the first quarter of fiscal 2014 and 2013, the Company primarily used short-term foreign currency borrowings to hedge its net investments in certain foreign operations.

At February 2, 2014 and November 3, 2013, the Company had outstanding $22.2 million and $22.3 million, respectively, of foreign currency denominated short-term borrowings used to hedge the Company’s net investment in certain foreign subsidiaries. The Company does not designate and document these instruments as hedges under ASC 815 “Derivatives and Hedging,” and as a result gains and losses associated with these instruments are included in Foreign Exchange Gain (Loss), net in our Condensed Consolidated Statements of Operations. During the first quarter of fiscal 2014 and 2013, net gains/(losses) on these borrowings and instruments of $0.1 million and $(0.1) million, respectively, were included in Foreign Exchange Gain (Loss), net in the Condensed Consolidated Statements of Operations.