Hedging

12 Months Ended

Nov. 02, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging

Hedging

The Company enters into non-derivative financial instruments to hedge its net investment in certain foreign subsidiaries. During fiscal years 2013 through 2014, the Company primarily used short-term foreign currency borrowings to hedge its net investments in certain foreign operations.

At November 2, 2014 and November 3, 2013, the Company had outstanding $8.5 million and $22.3 million, respectively, of foreign currency denominated short-term borrowings used to hedge the Company’s net investment in certain foreign subsidiaries. The Company does not designate and document these instruments as hedges under ASC 815, Derivatives and Hedging, and as a result gains and losses associated with these instruments are included in Foreign Exchange Gain (Loss), net in our Consolidated Statements of Operations. For fiscal years 2014, 2013 and 2012, net gains/(losses) on these borrowings and instruments of $0.5 million, $0.1 million and $(0.6) million, respectively, were included in Foreign Exchange Gain (Loss), net in the Consolidated Statement of Operations.