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Accumulated Other Comprehensive Loss

8 Months Ended

May 09, 2020

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note I – Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes foreign currency translation adjustments, activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale debt securities. Changes in Accumulated other comprehensive loss for the twelve week periods ended May 9, 2020 and May 4, 2019 consisted of the following:


					Net
		Foreign			Unrealized
		Currency and			Gain (Loss)
(in thousands)		Other⁽²⁾			on Securities			Derivatives			Total

Balance at February 15, 2020		$	(225,380)		$	581		$	(3,538)		$	(228,337)
Other comprehensive (loss) income before reclassifications⁽¹⁾			(104,920)			1,116			(12,808)	⁽⁵⁾		(116,612)
Amounts reclassified from Accumulated other comprehensive (loss)⁽¹⁾			—			44	⁽³⁾		389	⁽⁴⁾		433
Balance at May 9, 2020		$	(330,300)		$	1,741		$	(15,957)		$	(344,516)


					Net
		Foreign			Unrealized
		Currency and			Gain (Loss)
(in thousands)		Other⁽²⁾			on Securities			Derivatives			Total

Balance at February 9, 2019		$	(230,140)		$	(442)		$	(5,255)		$	(235,837)
Other comprehensive (loss) income before reclassifications⁽¹⁾			(1,409)			277			—			(1,132)
Amounts reclassified from Accumulated other comprehensive (loss)⁽¹⁾			—			(31)	⁽³⁾		388	⁽⁴⁾		357
Balance at May 4, 2019		$	(231,549)		$	(196)		$	(4,867)		$	(236,612)

(1)	Amounts in parentheses indicate debits to Accumulated other comprehensive loss.

(2)	Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

(3)

Represents realized gains on marketable debt securities, net of taxes of $12 for the twelve weeks ended May 9, 2020, and $8 for the twelve weeks ended May 4, 2019, which is recorded in Operating, selling general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion.

(4)

Represents losses on derivatives, net of tax benefit of $120 for the twelve weeks ended May 9, 2020 and for the twelve weeks ended May 4, 2019, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion.

(5)	Represents change in fair value for derivatives, net of tax benefit of $4,034 for the twelve weeks ended May 9, 2020.

Changes in Accumulated other comprehensive loss for the thirty-six week periods ended May 9, 2020 and May 4, 2019 consisted of the following:


					Net
		Foreign			Unrealized
		Currency and			Gain (Loss)
(in thousands)		Other⁽²⁾			on Securities			Derivatives			Total

Balance at August 31, 2019		$	(265,598)		$	591		$	(4,315)		$	(269,322)
Other comprehensive (loss) income before reclassifications⁽¹⁾			(64,702)			1,063			(12,808)	⁽⁵⁾		(76,447)
Amounts reclassified from Accumulated other comprehensive (loss)⁽¹⁾			—			87	⁽³⁾		1,166	⁽⁴⁾		1,253
Balance at May 9, 2020		$	(330,300)		$	1,741		$	(15,957)		$	(344,516)


					Net
		Foreign			Unrealized
		Currency and			Gain (Loss)
(in thousands)		Other⁽²⁾			on Securities			Derivatives			Total

Balance at August 25, 2018		$	(228,899)		$	(873)		$	(6,033)		$	(235,805)
Other comprehensive (loss) income before reclassifications⁽¹⁾			(2,650)			707			—			(1,943)
Amounts reclassified from Accumulated other comprehensive (loss)⁽¹⁾			—			(30)	⁽³⁾		1,166	⁽⁴⁾		1,136
Balance at May 4, 2019		$	(231,549)		$	(196)		$	(4,867)		$	(236,612)

(1)	Amounts in parentheses indicate debits to Accumulated other comprehensive loss.

(2)	Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

(3)

Represents realized gains on marketable debt securities, net of taxes of $24 for the thirty-six weeks ended May 9, 2020 and $8 for thirty-six weeks ended May 4, 2019, which is recorded in Operating, selling general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion.

(4)

Represents losses on derivatives, net of tax benefits of $360 for the thirty-six weeks ended May 9, 2020 and for thirty-six weeks ended May 4, 2019, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion.

(5)	Represents the change in fair value for derivatives, net of tax benefit of $4,034 for the thirty-six weeks ended May 9, 2020.