Supercuts 2012 Annual Report Download - page 97
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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1. BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Comprehensive (Loss) Income:
Components of comprehensive (loss) income for the Company include net (loss) income, changes in fair value of financial instruments
designated as hedges of interest rate or foreign currency exposure, recognition of deferred compensation, and foreign currency translation
charged or credited to the cumulative translation account within shareholders' equity. These amounts are presented in the Consolidated
Statements of Changes in Shareholders' Equity and Comprehensive Income.
Derivative Instruments:
The Company may manage its exposure to interest rate and foreign currency risk within the Consolidated Financial Statements through
the use of derivative financial instruments, according to its
94
2012 2011 2010
(Dollars in thousands)
Accumulated Other Comprehensive Income, balance at July 1
$
77,946
$
47,032
$
51,855
Cumulative translation adjustment:
Balance at July 1
87,814
57,409
62,825
Pre
-
tax amount
(24,254
)
30,405
(5,416
)
Tax effect
—
—
—
Net of tax amount
(24,254
)
30,405
(5,416
)
Balance at June 30
63,560
87,814
57,409
Unrecognized loss on net investment hedge:
Balance at July 1
(7,932
)
(7,932
)
(7,932
)
Pre
-
tax amount
—
—
—
Tax effect
—
—
—
Net of tax amount
—
—
—
Balance at June 30
(7,932
)
(7,932
)
(7,932
)
Changes in fair market value of financial instruments
designated as cash flow hedges:
Balance at July 1
(372
)
(504
)
(2,971
)
Pre
-
tax amount
603
218
3,949
Tax effect
(210
)
(86
)
(1,482
)
Net of tax amount
393
132
2,467
Balance at June 30
21
(372
)
(504
)
Recognition of deferred compensation:
Balance at July 1
(1,564
)
(1,941
)
(67
)
Pre
-
tax amount
1,673
609
(3,184
)
Tax effect
(644
)
(232
)
1,310
Net of tax amount
1,029
377
(1,874
)
Balance at June 30
(535
)
(1,564
)
(1,941
)
Accumulated Other Comprehensive Income, balance at June 30
$
55,114
$
77,946
$
47,032