Derivative Financial Instruments

3 Months Ended

Mar. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 5 – Derivative Financial Instruments

The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows:

	Notional Amounts (1)				Fair Value
	March 30, 2013		December 29, 2012		March 30, 2013			December 29, 2012
Derivatives designated as hedging instruments recorded in:
Other current assets
Foreign exchange contracts	$	17,866	$	—	$	724		$	—
Accrued expenses
Foreign exchange contracts		13,068		—		(326	)		—
		30,934		—		398			—
Derivatives not receiving hedge accounting treatment recorded in:
Other current assets
Foreign exchange contracts		1,014,521		817,172		7,488			2,897
Accrued expenses
Foreign exchange contracts		881,309		607,836		(4,537	)		(3,776	)
		1,895,830		1,425,008		2,951			(879	)
Total	$	1,926,764	$	1,425,008	$	3,349		$	(879	)

(1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts.

The amount recognized in earnings from our derivative instruments, including ineffectiveness, was a net gain (loss) of $19,094 and $(20,518) for the thirteen weeks ended March 30, 2013 and March 31, 2012, respectively, which was largely offset by the change in the fair value of the underlying hedged assets or liabilities. The gains or losses on derivative instruments are classified in our consolidated statement of income on a consistent basis with the classification of the change in fair value of the underlying hedged assets or liabilities. The unrealized gains (losses) associated with our cash flow hedging transactions, net of taxes, are reflected in our consolidated statement of comprehensive income for the thirteen weeks ended March 30, 2013 and March 31, 2012.

Cash Flow and Other Hedges

Our designated hedges have consisted primarily of foreign currency forward contracts to hedge certain foreign currency-denominated intercompany management fees. There were no such designated hedges outstanding as of December 29, 2012. We also use foreign currency forward contracts that are not designated as hedges primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts payable and intercompany loans.