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Derivatives And Fair Value Measurements | 12 Months Ended
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Oct. 03, 2015
Derivatives And Fair Value Measurements [Abstract] |
Derivatives And Fair Value Measurements | Derivatives and Fair Value Measurements All derivatives are recognized in the accompanying Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage the variability of foreign currency obligations and interest rates. The Company has cash flow hedges related to variable rate debt and forecasted foreign currency obligations, in addition to non-designated hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in “Accumulated other comprehensive (loss) income” in the accompanying Consolidated Balance Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates that $9.4 million of unrealized losses, net of tax, related to foreign exchange contracts will be reclassified from other comprehensive income into earnings. Changes in the fair value of the derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Other income (expense)" in the accompanying Consolidated Statements of Comprehensive Income. The Company enters into forward currency exchange contracts on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $67.0 million as of October 3, 2015 and a notional value of $64.6 million as of September 27, 2014. These forward currency contracts fix the exchange rates for the settlement of future foreign currency obligations that have yet to be realized. The total fair value of the forward currency exchange contracts was a $9.4 million liability as of October 3, 2015 and an $0.8 million asset as of September 27, 2014. The Company had no additional forward currency exchange contracts outstanding as of October 3, 2015. As of September 27, 2014, the Company had additional forward currency exchange contracts outstanding with a notional value of $37.9 million. The Company did not designate these derivative instruments as hedging instruments. The net settlement amount (fair value) related to these contracts is recorded on the Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of other income (expense). The total fair value of these derivatives was a $1.5 million asset as of September 27, 2014. In 2013, the Company entered into a $75.0 million notional amount interest rate swap contract which expires on May 5, 2017, related to $75.0 million in borrowings under the Company's Credit Facility. This interest rate swap pays the Company variable interest at the one month LIBOR rate, and the Company pays the counterparty a fixed interest rate. The fixed interest rate for the contract is 0.875%. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Facility, the interest rate contract was determined to be effective, and thus qualifies as a cash flow hedge. As such, any changes in the fair value of the interest rate swap are recorded in "Accumulated other comprehensive (loss) income" on the accompanying Consolidated Balance Sheets until earnings are affected by the variability of cash flows. The total fair value of the interest rate swap contract as of October 3, 2015 was a $0.5 million liability and a $0.2 million asset as of September 27, 2014. The notional amount of the Company's interest rate swap was $75.0 million as of both October 3, 2015 and September 27, 2014. The Company entered into three interest rate swap contracts related to term loans under a prior credit facility that had an initial total notional value of $150.0 million and matured on April 4, 2013, which resulted in a $2.0 million discrete tax benefit in fiscal 2013. The fixed interest rates for each of these contracts were 4.415%, 4.490% and 4.435%, respectively. These interest rate swap contracts were originally entered into to effectively fix $150.0 million of variable rate term loans under the prior credit facility into fixed rate debt. Based on the terms of the interest rate swap contracts and the underlying debt, these interest rate contracts were determined to be effective, and thus qualified as a cash flow hedge. As such, any changes in the fair value of these interest rate swaps were recorded in “Accumulated other comprehensive (loss) income” on the accompanying Consolidated Balance Sheets until earnings were affected by the variability of cash flows. The tables below present information regarding the fair values of derivative instruments (as defined in Note 1, "Description of Business and Significant Accounting Policies") and the effects of derivative instruments on the Company’s Consolidated Financial Statements:
Fair Values of Derivative Instruments
In thousands of dollars
|  | Asset Derivatives |  | Liability Derivatives
|  |  |  | October 3, 2015 |  | September 27, 2014 |  |  |  | October 3, 2015 |  | September 27, 2014
Derivatives designated as hedging instruments |  | Balance Sheet Classification |  | Fair Value |  | Fair Value |  | Balance Sheet Classification |  | Fair Value |  | Fair Value
Interest rate swaps |  | Prepaid expenses and other |  | $— |  | $182 |  | Current liabilities – Other |  | $497 |  | $—
Forward contracts |  | Prepaid expenses and other |  | $— |  | $812 |  | Current liabilities – Other |  | $9,408 |  | $—
Fair Values of Derivative Instruments
In thousands of dollars
|  | Asset Derivatives |  | Liability Derivatives
|  |  |  | October 3, 2015 |  | September 27, 2014 |  |  |  | October 3, 2015 |  | September 27, 2014
Derivatives not designated as hedging instruments |  | Balance Sheet Classification |  | Fair Value |  | Fair Value |  | Balance Sheet Classification |  | Fair Value |  | Fair Value
Forward contracts |  | Prepaid expenses and other |  | $— |  | $1,512 |  | Current liabilities – Other |  | $— |  | $—
Derivative Impact on Accumulated Other Comprehensive (Loss) Income for the Twelve Months Ended
In thousands of dollars
Derivatives in Cash Flow Hedging Relationships |  | Amount of Gain or (Loss) Recognized in Other Comprehensive Income (“OCI”) on Derivatives (Effective Portion)
| October 3, 2015 |  | September 27, 2014 |  | September 28, 2013
Interest rate swaps |  | $ | (1,258 | ) |  | $ | (393 | ) |  | $ | 961 |
Forward contracts |  | (15,660 | ) |  | 1,198 |  |  | (1,389 | )
Treasury Rate Locks |  | — |  |  | — |  |  | — |
Income tax expense |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative Impact on Gain (Loss) Recognized in Income for the Twelve Months Ended
In thousands of dollars
Derivatives in Cash Flow Hedging Relationships |  | Classification of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|  | October 3, 2015 |  | September 27, 2014 |  | September 28, 2013
Interest rate swaps |  | Interest income |  | $ | (579 | ) |  | $ | (542 | ) |  | $ | (788 | )
Forward contracts |  | Selling and administrative expenses |  | (597 | ) |  | (106 | ) |  | 70 |
Forward contracts |  | Cost of goods sold |  | (4,843 | ) |  | (503 | ) |  | 639 |
Treasury Rate Locks |  | Interest expense |  | 324 |  |  | 321 |  |  | 321 |
Income tax expense |  | Income tax expense |  | $ | — |  |  | $ | 70 |  |  | $ | 2,031 |
There were no gains or losses recognized in income for derivatives related to ineffective portions and amounts excluded from effectiveness testing for fiscal years 2015, 2014 and 2013. The following table lists the fair values of assets/(liabilities) of the Company’s derivatives as of October 3, 2015, by input level as defined in Note 1, "Description of Business and Significant Accounting Policies":
|  | Fair Value Measurements Using Input Levels Asset/ (Liability) (in thousands):
Fiscal year ended October 3, 2015 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivatives |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | (497 | ) |  | $ | — |  |  | $ | (497 | )
Forward currency forward contracts |  | $ | — |  |  | $ | (9,408 | ) |  | $ | — |  |  | $ | (9,408 | )
Fiscal year ended September 27, 2014 |  |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 182 |  |  | $ | — |  |  | $ | 182 |
Forward currency forward contracts |  | $ | — |  |  | $ | 2,324 |  |  | $ | — |  |  | $ | 2,324 |
The fair value of interest rate swaps and foreign currency forward contracts is determined using a market approach, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. The primary input in the fair value of the interest rate swaps is the relevant LIBOR forward curve. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currency and interest rate forward curves.

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