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Fair Value Measurement, Financial Instruments And Risk Management (Tables)

9 Months Ended

Sep. 23, 2012

Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables represent our assets and liabilities measured at fair value on a recurring basis as of September 23, 2012 and December 25, 2011 and the basis for that measurement:



(amounts in thousands)	Total Fair Value Measurement September 23, 2012		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Foreign currency forward exchange contracts	$	36	$	—	$	36	$	—
Foreign currency revenue forecast contracts	170		—		170		—
Total assets	$	206	$	—	$	206	$	—

Foreign currency forward exchange contracts	$	339	$	—	$	339	$	—
Foreign currency revenue forecast contracts	—		—		—		—
Total liabilities	$	339	$	—	$	339	$	—



(amounts in thousands)	Total Fair Value Measurement December 25, 2011		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Foreign currency forward exchange contracts	$	463	$	—	$	463	$	—
Foreign currency revenue forecast contracts	1,120		—		1,120		—
Total assets	$	1,583	$	—	$	1,583	$	—

Foreign currency forward exchange contracts	$	415	$	—	$	415	$	—
Foreign currency revenue forecast contracts	—		—		—		—
Total liabilities	$	415	$	—	$	415	$	—

Summary Of Activity Associated With All Designated Cash Flow Hedges Reflected In AOCI

The following table provides a summary of the activity associated with all of our designated cash flow hedges (foreign currency) reflected in accumulated other comprehensive income for the nine months ended September 23, 2012:



(amounts in thousands)	September 23, 2012
Beginning balance, net of tax	$	1,542
Changes in fair value gain, net of tax	499
Reclassification to earnings, net of tax	(1,300		)
Ending balance, net of tax	$	741

Carrying And Fair Values Of Non-Current Financial Assets And Liabilities Not Measured At Fair Value On A Recurring Basis

The carrying values and the estimated fair values of non-current financial assets and liabilities that qualify as financial instruments and are not measured at fair value on a recurring basis at September 23, 2012 and December 25, 2011 are summarized in the following table:



	September 23, 2012				December 25, 2011
(amounts in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt (including current maturities and excluding capital leases and factoring)⁽¹⁾
Senior secured credit facility	$	44,206	$	44,206	$	52,248	$	52,248
Senior secured notes	$	66,114	$	66,012	$	75,000	$	75,686


⁽¹⁾	The carrying amounts are reported on the balance sheet under the indicated captions.

Fair Values Of Derivative Instruments Included Within The Consolidated Balance Sheets

The following table presents the fair values of derivative instruments included within the Consolidated Balance Sheets as of September 23, 2012 and December 25, 2011:



	September 23, 2012						December 25, 2011
	Asset Derivatives			Liability Derivatives			Asset Derivatives			Liability Derivatives
(amounts in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign currency revenue forecast contracts	Other current assets	$	170	Other current liabilities	$	—	Other current assets	$	1,120	Other current liabilities	$	—
Total derivatives designated as hedging instruments		170			—			1,120			—
Derivatives not designated as hedging instruments
Foreign currency forward exchange contracts	Other current assets	36		Other current liabilities	339		Other current assets	463		Other current liabilities	415
Total derivatives not designated as hedging instruments		36			339			463			415
Total derivatives		$	206		$	339		$	1,583		$	415

Amounts Affecting The Consolidated Statement Of Operations

The following tables present the amounts affecting the Consolidated Statement of Operations for the three months ended September 23, 2012 and September 25, 2011:



	September 23, 2012								September 25, 2011
(amounts in thousands)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives			Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income		Amount of Forward Points Recognized in Other Gain (Loss), net		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income			Amount of Forward Points Recognized in Other Gain (Loss), net
Derivatives designated as cash flow hedges:
Foreign currency revenue forecast contracts	$	(298	)	Cost of sales	$	543	$	11	$	1,390	Cost of sales	$	(720	)	$	(188	)
Total designated cash flow hedges	$	(298	)		$	543	$	11	$	1,390		$	(720	)	$	(188	)



	September 23, 2012							September 25, 2011
(amounts in thousands)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income		Amount of Forward Points Recognized in Other Gain (Loss), net		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives			Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income			Amount of Forward Points Recognized in Other Gain (Loss), net
Derivatives designated as cash flow hedges:
Foreign currency revenue forecast contracts	$	524	Cost of sales	$	1,322	$	89	$	(1,334	)	Cost of sales	$	(1,214	)	$	(293	)
Total designated cash flow hedges	$	524		$	1,322	$	89	$	(1,334	)		$	(1,214	)	$	(293	)

Effect Of Non-Designated Hedging Instruments On Financial Performance

Quarter

Nine Months

(13 weeks) Ended

(39 weeks) Ended

September 23, 2012

September 25, 2011

September 23, 2012

September 25, 2011

(amounts in thousands)

Amount of

Gain (Loss)

Recognized in

Income on

Derivatives

Location of

Gain (Loss)

Recognized in

Income on

Derivatives

Amount of

Gain (Loss)

Recognized in

Income on

Derivatives

Location of

Gain (Loss)

Recognized in

Income on

Derivatives

Amount of
Gain (Loss)
Recognized in
Income on
Derivatives

Location of
Gain (Loss)
Recognized in
Income on
Derivatives

Amount of
Gain (Loss)
Recognized in
Income on
Derivatives

Location of
Gain (Loss)
Recognized in
Income on
Derivatives

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options

(81

)

Other gain

(loss), net

185

Other gain

(loss), net

193

Other gain
(loss), net

(216

)

Other gain
(loss), net

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details