Petsmart 2014 Annual Report Download - page 60

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foreign currency exchange rate fluctuations related to certain balance sheet accounts. We did not designate these Foreign
Exchange Contracts as hedges, and accordingly, they were recorded at fair value using quoted prices for similar assets or
liabilities in active markets. The changes in the fair value were recognized in operating, general, and administrative expenses
in the Consolidated Statements of Income and Comprehensive Income. We did not enter into Foreign Exchange Contracts
during 2013 or 2012. The recorded gains and losses were immaterial for 2011.
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