Staples 2015 Annual Report Download - page 117
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STAPLES B-14
APPENDIX B
STAPLES, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of Financial Condition and
Results of Operations (continued)
The conversion of our foreign subsidiaries’ financial statements
into U.S. dollars will lead to a translation gain or loss which
is recorded as a component of Other comprehensive
income (loss) in stockholders’ equity. In 2015 and 2014, we
recorded consolidated foreign currency translation losses of
approximately $132 million and $403 million, respectively. In
addition, certain of our foreign subsidiaries have assets and
liabilities that are denominated in currencies other than the
relevant entity’s functional currency. Changes in the functional
currency value of these assets and liabilities will result in a
transaction gain or loss. In 2015 we recorded foreign currency
transaction net losses of $4 million, which are recorded in
Other income (expense), net in our consolidated statement of
income. In 2014, our foreign currency transaction net gain was
de minimis.
Our international business is subject to risks, including, but
not limited to differing economic conditions, changes in
political climate, differing tax structures, and other regulations
and restrictions, all of which may influence foreign currency
exchange rate volatility. Accordingly, our future results could
be materially adversely impacted by changes in these or other
factors. As exchange rates vary, our international financial
results may vary from expectations and adversely impact our
overall operating results.
In accordance with our risk management policies, we use
derivative instruments on a limited basis to hedge our foreign
currency exposures (see Note H - Derivative Instruments and
Hedging Activities in the Notes to the Consolidated Financial
Statements). As of January 30, 2016 and January 31, 2015,
we had no outstanding foreign currency derivative agreements
designated as hedges.