Abercrombie & Fitch 2010 Annual Report Download - page 90

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Table of Contents
ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
inventory sales, the resulting settlement of the foreign-currency-denominated inter-company accounts receivable, or both:
Notional Amount(1)
Canadian Dollar $ 12,045
British Pound $ 34,079
Euro $ 26,569
Japanese Yen $ 8,715
(1) Amounts are reported in thousands and in U.S. Dollars equivalent as of January 29, 2011.
The location and amounts of derivative fair values on the Consolidated Balance Sheets as of January 29, 2011 and January 30,
2010 were as follows:
Asset Derivatives Liability Derivatives
Balance Sheet January 29, January 30, Balance Sheet January 29, January 30,
Location 2011 2010 Location 2011 2010
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign Exchange Forward Contracts Other Current Assets $ 727 $ 1,348 Accrued Expenses $ 1,143 $ —
Refer to Note 6, "Fair Value" for further discussion of the determination of the fair value of derivatives.
The location and amounts of derivative gains and losses for the fifty-two weeks ended January 29, 2011 and January 30, 2010 on
the Consolidated Statements of Operations and Comprehensive Income are as follows:
Location of (Loss)
Recognized in Earnings Amount of (Loss) Recognized
Amount of Gain (Loss) Location of Gain on Derivative (Ineffective in Earnings on Derivative
Recognized in OCI (Loss) Reclassified Amount of Gain (Loss) Reclassified from Portion and Amount (Ineffective Portion and
on Derivative Contracts from Accumulated Accumulated OCI into Earnings (Effective Excluded from Amount Excluded from
(Effective Portion) OCI into Earnings Portion) Effectiveness Effectiveness Testing)
(a) (Effective Portion) (b) Testing) (c)
Fifty-Two Weeks Ended
January 29, January 30, January 29, January 30, January 29, January 30,
2011 2010 2011 2010 2011 2010
(In thousands)
Derivatives in Cash Flow
Hedging Relationships
Foreign Exchange Forward
Contracts $ 1,614 $(3,790) Cost of Goods Sold $ 2,122 $ (3,074)
Other Operating
Income, Net $ (304) $ (74)
(a) The amount represents the change in fair value of derivative contracts due to changes in spot rates.
(b) The amount represents reclassification from OCI into earnings that occurs when the hedged item affects earnings, which is when
merchandise is sold to the Company's customers.
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