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Fair Value Measurements | 6 Months Ended
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May 01, 2015
Fair Value Measurements |
Fair Value Measurements | Fair Value Measurements The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value, and requires certain disclosures. The framework discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability. Cash balances are valued at their carrying amounts in the consolidated balance sheets, which are reasonable estimates of their fair value due to their short-term nature. Forward currency contracts are valued based on observable market transactions of forward currency prices and spot currency rates as of the reporting date. The fair value of cross currency contracts is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs such as interest rates and foreign currency exchange rates. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, such as collateral postings, thresholds, mutual puts, and guarantees, are incorporated in the fair values to account for potential nonperformance risk. The unfunded deferred compensation liability is primarily subject to changes in fixed-income investment contracts based on current yields. For accounts receivable and accounts payable, carrying amounts are a reasonable estimate of fair value given their short-term nature. Assets and liabilities measured at fair value on a recurring basis, as of May 1, 2015, May 2, 2014, and October 31, 2014 are summarized below:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
May 1, 2015 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 109,295 |  | $ | 109,295 |  | $ | — |  | — |
Forward currency contracts |  | 7,830 |  | — |  | 7,830 |  | — |
Cross currency contracts |  | 2,070 |  | — |  | 2,070 |  | — |
Total assets |  | $ | 119,195 |  | $ | 109,295 |  | $ | 9,900 |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Forward currency contracts |  | $ | 985 |  | — |  | $ | 985 |  | — |
Cross currency contracts |  | 319 |  | — |  | 319 |  | — |
Deferred compensation liabilities |  | 1,896 |  | — |  | 1,896 |  | — |
Total liabilities |  | $ | 3,200 |  | — |  | $ | 3,200 |  | — |
May 2, 2014 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 129,909 |  | $ | 129,909 |  | $ | — |  | — |
Total assets |  | $ | 129,909 |  | $ | 129,909 |  | $ | — |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Forward currency contracts |  | $ | 2,043 |  | — |  | $ | 2,043 |  | — |
Cross currency contracts |  | 653 |  | — |  | 653 |  | — |
Deferred compensation liabilities |  | 2,439 |  | — |  | 2,439 |  | — |
Total liabilities |  | $ | 5,135 |  | — |  | $ | 5,135 |  | — |
October 31, 2014 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 314,873 |  | $ | 314,873 |  | $ | — |  | — |
Forward currency contracts |  | 6,030 |  | — |  | 6,030 |  | — |
Cross currency contracts |  | 831 |  | — |  | 831 |  | — |
Total assets |  | $ | 321,734 |  | $ | 314,873 |  | $ | 6,861 |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Forward currency contracts |  | $ | 9 |  | — |  | $ | 9 |  | — |
Cross currency contracts |  | 536 |  | — |  | 536 |  | — |
Deferred compensation liabilities |  | 2,141 |  | — |  | 2,141 |  | — |
Total liabilities |  | $ | 2,686 |  | — |  | $ | 2,686 |  | — |
The company measures certain assets and liabilities at fair value on a nonrecurring basis. Assets acquired and liabilities assumed as part of acquisitions are measured at fair value. Refer to Acquisition Note for additional information. There were no transfers between Level 1 and Level 2 during the three and six months ended May 1, 2015 and May 2, 2014, or the twelve months ended October 31, 2014.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
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