Financial Instruments and Fair Value Measurements (Text Block)

3 Months Ended

Mar. 27, 2015

Financial Instruments and Fair Value Measurements [Abstract]

Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Text Block]

Financial Instruments and Fair Value Measurements

The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair value of the Company’s debt of $1.4 billion and $1.5 billion as of March 27, 2015 and December 31, 2014, respectively, was based on current interest rates for similar types of borrowings and is in Level Two of the fair value hierarchy. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future.

A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows:

	March 27, 2015
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	22,707	$	—	$	—	$	22,707
Foreign currency contracts related to sales - designated as hedges	—		4,185		—		4,185
Foreign currency contracts related to sales - not designated as hedges	—		1,616		—		1,616
Foreign currency contracts related to purchases - designated as hedges	—		1,987		—		1,987
Foreign currency contracts related to purchases - not designated as hedges	—		261		—		261
Deferred compensation plans	—		3,487		—		3,487
	$	22,707	$	11,536	$	—	$	34,243
Liabilities:
Foreign currency contracts related to sales - designated as hedges	$	—	$	11,438	$	—	$	11,438
Foreign currency contracts related to sales - not designated as hedges	—		2,876		—		2,876
Foreign currency contracts related to purchases - designated as hedges	—		569		—		569
Foreign currency contracts related to purchases - not designated as hedges	—		537		—		537
Deferred compensation plans	—		3,487		—		3,487
	$	—	$	18,907	$	—	$	18,907

	December 31, 2014
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	23,143	$	—	$	—	$	23,143
Foreign currency contracts related to sales - designated as hedges	—		4,524		—		4,524
Foreign currency contracts related to sales - not designated as hedges	—		1,007		—		1,007
Foreign currency contracts related to purchases - designated as hedges	—		1,980		—		1,980
Foreign currency contracts related to purchases - not designated as hedges	—		478		—		478
Deferred compensation plans	—		2,941		—		2,941
	$	23,143	$	10,930	$	—	$	34,073
Liabilities:
Foreign currency contracts related to sales - designated as hedges	$	—	$	7,163	$	—	$	7,163
Foreign currency contracts related to sales - not designated as hedges	—		2,793		—		2,793
Foreign currency contracts related to purchases - designated as hedges	—		695		—		695
Foreign currency contracts related to purchases - not designated as hedges	—		661		—		661
Deferred compensation plans	—		2,941		—		2,941
	$	—	$	14,253	$	—	$	14,253

There were no transfers in or out of Level One, Two or Three during the three months ended March 27, 2015.

Foreign Currency Contracts

As of March 27, 2015 and December 31, 2014, the Company had foreign currency contracts with the following notional values:

	March 27, 2015		December 31, 2014
	(In thousands)
Foreign currency contracts sold - not designated as hedges	$	135,568	$	124,838
Foreign currency contracts sold - designated as hedges	195,103		250,743
Foreign currency contracts purchased - not designated as hedges	37,762		36,080
Foreign currency contracts purchased - designated as hedges	34,647		53,944
Total foreign currency derivatives	$	403,080	$	465,605

The Company recognized the following in its Condensed Consolidated Financial Statements related to its derivative instruments:

	Three Months Ended
	March 27, 2015			March 28, 2014
	(In thousands)
Contracts Designated as Hedges:
Foreign Currency Contracts - related to customer sales contracts:
Unrealized loss	$	(5,759	)	$	(1,388	)
Realized gain (loss)	452			(809		)
Foreign Currency Contracts - related to supplier purchase contracts:
Unrealized loss	(2,553		)	(605		)
Realized gain	1,313			437
Unrealized gain on net investment hedges (1)	28,685			1,985
Contracts Not Designated in a Hedge Relationship:
Foreign Currency Contracts - related to customer sales contracts:
Unrealized gain (loss)	526			(169		)
Realized loss	(3,726		)	(951		)
Foreign Currency Contracts - related to supplier purchases contracts:
Unrealized loss	(144		)	(695		)
Realized gain	579			1,350

⁽¹⁾ The unrealized gain on net investment hedges is attributable to the change in valuation of Euro denominated debt.