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Quanto Swaps: Isolate asset return from FX risk.
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July 14, 2026 at 2:45 PM
epsteinweb.bsky.social
Parts 1-3/3 — EFTA00190206.jpg
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https://epsteinweb.org
Available in the iOS app store now!
https://apps.apple.com/us/app/epstein-web/id6758880661
EFTA00190141 | EFTA00190206 The Company's foreign exchange rate exposure is primarily the result of the January 2007 acquisition of La Senza Corporation (see Note 3), whose operations are conducted primarily in Canada. To mitigate the exposure to fluctuations in the U.S. dollar-Canadian dollar exchange rate, the Company entered into a series of crosscurrency swaps related to Canadian dollar denominated intercompany loans. These cross-currency swaps require the periodic exchange of fixed rate Canadian dollar interest payments for fixed rate U.S. dollar interest payments as well as exchange of Canadian dollar and U.S. dollar principal payments upon maturity. The swap arrangements mature between 2015 and 2018 at the same time as the related loans. The crass-currency interest rate swaps are designated as cash flow hedges of foreign currency exchange risk. Changes in the U.S. dollar-Canadian dollar exchange rate result in reclassification of amounts from accumulated other comprehensive income (loss) to earnings to offset foreign currency transaction gains and losses recognized on the intercompany loans. The aggregate fair value of foreign currency swap arrangements was $3 million at February 3. 2007 and is included in other long-term liabilities on the Consolidated Balance Sheet. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method. deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Self Insurance The Company is self—insured for medical, worker's compensation, general liability and automobile benefits up to certain stop—loss limits. Such costs are accrued based on known claims and an estimate of incurred but not reported ("IBNR") claims. IBNR claims are estimated using historical claim information and actuarial estimates. Minority Interest Minority interest on the accompanying Consolidated Balance Sheets represents the portion of equity interests of consolidated affiliates not owned by the Company. Revenue Recognition The Company recognizes sales upon customer receipt of the merchandise, which for e—commerce and catalogue revenues reflects an estimate of shipments that have not yet been received by the customer based on shipping terms and estimated delivery times. Shipping and handling revenues are included in net sales and the related costs are included in costs of goods sold, buying and occupancy. The Company also provides a reserve for projected merchandise returns based on prior experience. Net sales excludes sales tax collected from customers. The Company's brands sell gift cards with no expiration dates. The Company recognizes income from gift cards when they are redeemed by the customer. In addition, the Company recognizes income on unredeemed gift cards when it can determine that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions (gift card breakage). The Company determines the gift card breakage rate based on historical redemption patterns. During the fourth quarter of 2005. the Company accumulated enough historical data to determine the gift card breakage rate at both Express and Bath & Body Works. Once the breakage rate is determined, breakage is recognized over a 36 month period based on historical redemption patterns of each brand's gift cards. Gift card breakage is included in net sales in the Consolidated Statements of Income. During the fourth quarter of 2005, the Company recognized $30 million in pretax income related to the initial recognition of gift card breakage at Express and Bath & Body Works. The Company will recognize gift card breakage at Victoria's Secret and Limited Stores when adequate historical data exists. 45 EFTA00190206 Epstein Web iOS app on the App Store.
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