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accounts payable, carrying amounts are a reasonable estimate of estimated by discounting the projected cash flows using the rate at
fair value given their short-term nature. which similar amounts of debt could currently be borrowed.
Assets and liabilities measured at fair value on a recurring basis, Long-term debt is a Level 2 liability in the fair value hierarchy.
as of October 31, 2013 and 2012, respectively, are summarized
below: 15 SUBSEQUENT EVENTS
Fair
October 31, 2013 Value Level 1 Level 2 Level 3 The company evaluated all subsequent events and concluded that
Assets: no subsequent events have occurred that would require recognition
Cash and cash equivalents $182,993 $182,993 $ – – in the financial statements or disclosure in the notes to the finan-
Forward currency contracts 1,266 – 1,266 – cial statements.
Total assets $184,259 $182,993 $1,266 –
Liabilities:
Forward currency contracts $ 1,931 – $1,931 –
Cross currency contracts 443 – 443 – 16 QUARTERLY FINANCIAL DATA (unaudited)
Deferred compensation Summarized quarterly financial data for fiscal 2013 and 2012 are
liabilities 2,777 – 2,777 –
as follows:
Total liabilities $ 5,151 – $5,151 –
Fiscal year ended
Fair
October 31, 2013
October 31, 2012 Value Level 1 Level 2 Level 3
Quarter First Second Third Fourth
Assets:
Net sales $444,661 $704,486 $509,918 $382,366
Cash and cash equivalents $125,856 $125,856 $ – –
Gross profit 165,817 252,301 178,031 128,648
Forward currency contracts 995 – 995 –
Net earnings 31,396 78,402 40,097 4,950
Cross currency contracts 1,046 – 1,046 –
Basic net earnings per share
1
0.54 1.35 0.70 0.09
Total assets $127,897 $125,856 $2,041 – Diluted net earnings per share
1
0.53 1.32 0.68 0.08
Liabilities:
Forward currency contracts $ 2,114 – $2,114 –
Fiscal year ended
Deferred compensation liabilities 3,547 – 3,547 –
October 31, 2012
Total liabilities $ 5,661 – $5,661 – Quarter First Second Third Fourth
There were no transfers between Level 1 and Level 2 during the Net sales $423,835 $691,485 $504,076 $339,294
fiscal years ended October 31, 2013 and 2012. Gross profit 146,651 235,422 178,122 112,899
As of October 31, 2013, the estimated fair value of long-term Net earnings 19,923 68,818 40,549 251
Basic net earnings per share
1
0.33 1.15 0.69 0.00
debt with fixed interest rates was $243,074 compared to its carry-
Diluted net earnings per share
1
0.33 1.13 0.67 0.00
ing amount of $223,544. As of October 31, 2012, the estimated fair
1
Net earnings per share amounts do not sum to equal full year total due to
value of long-term debt with fixed interest rates was $262,458
changes in the number of shares outstanding during the periods and rounding.
compared to its carrying amount of $226,858. The fair value is
65