Summary of Significant Accounting Policies Derivatives (Policies)

12 Months Ended

Jan. 03, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments: All derivative financial instruments are recognized on the balance sheet at fair value. Derivative assets and derivative liabilities are classified as other current assets, other assets, other current liabilities or other liabilities based on the gain or loss position of the contract and the contract maturity date. Changes in the fair value of derivatives are recognized in net earnings or other comprehensive income depending on whether the derivative is designated as part of a qualifying hedge transaction.

The Company uses forward contracts to manage foreign currency exposures primarily related to intercompany receivables and payables arising from intercompany purchases of manufactured products. In fiscal years 2014, 2013 and 2012, these forward contracts were not designated as qualifying hedges and therefore, the changes in the fair values of these derivatives were recognized in net earnings and classified in other (income) expense. The gains and losses on these forward contracts largely offset the losses or gains on the foreign currency exposures being managed. See Note 12 for further detail on the Company's use of its derivative financial instruments.