Coach 2014 Annual Report Download - page 76
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TABLE OF CONTENTS
The following tables provide information related to the Company’s derivatives:
June 29, 2013
Balance Sheet
Classification
June 29, 2013
Balance Sheet
Classification
June 29, 2013
C - Inventory purchases
$ 193,352
Other Current
Assets
$ 1,592
Accrued Liabilities
$ (2,555)
CCS - Intercompany loans
111,195
Other Current
Assets
1,366
Accrued Liabilities
(85)
FC - Intercompany &
Related Party Loans
36,396
Other Current
Assets
1,024
Accrued Liabilities
—
FC - Contractual
Obligations(2)
16,944
Other Current
Assets
523
Accrued Liabilities
(255)
$ 357,887
$ 4,505
$ (2,895)
(1) C = Zero-cost Collars; CCS = Cross Currency Swaps; FC = Forward foreign currency exchange contracts;
(2) Contractual obligations as of fiscal 2014 and 2013 consist of $4,000 and $10,000 respectively, due to Shinsegae International, related to the acquisition
of the domestic retail business in South Korea. Fiscal 2013 also had contractual obligations of $6,944 due to Hackett Limited related to the acquired
European joint venture.
June 29,
2013
June 30,
2012
June 29,
2013
June 30,
2012
C - Inventory purchases
$ 8,483
$ (2,568)
Cost of Sales
$ 3,803
$ (3,099)
CCS - Intercompany loans
(478)
473
SG&A
—
—
$ 8,005
$ (2,095)
$ 3,803
$ (3,099)
(1) For fiscal 2014, fiscal 2013 and fiscal 2012, the amounts above are net of tax of $(1,626), $(5,325) and $1,858, respectively.
(2) For fiscal 2014, fiscal 2013 and fiscal 2012, the amounts above are net of tax of $(3,432), $(2,416) and $2,181, respectively.
During fiscal 2014 and fiscal 2013, there were no material gains or losses recognized in income due to hedge ineffectiveness.
For forward foreign currency exchange contracts that are designated as fair value hedges, the gain (loss) on the derivative as well as the offsetting gain
(loss) on the hedged item attributable to the hedged risk, both of which are recorded within SG&A, resulted in an immaterial net impact to the Company's
statement of operations.
The Company expects that $1,131 of net derivative gains included in accumulated other comprehensive income at June 28, 2014 will be reclassified
into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange rates.
The Company categorizes its assets and liabilities based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy as
set forth below. The three levels of the hierarchy are defined as follows:
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.
74