Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Value Of Financial Instruments [Abstract]

Fair Value Of Financial Instruments

NOTE N - FAIR VALUE OF FINANCIAL INSTRUMENTS

     The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

Level 1 Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets in inactive markets.

Level 3 Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

The fair values of our financial assets and liabilities are categorized as follows:

(THOUSANDS OF DOLLARS)	DECEMBER 31, 2011								JANUARY1, 2011
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Money market funds (A)	$	10,404	$	-	$	-	$	10,404	$	7,003	$	-	$	-	$	7,003
Short-term investments (B)		-		-		-		-		2,514		-		-		2,514
Derivatives not designated as hedging instruments:
Foreign exchange contracts (C)		-		55		-		55		-		-		-		-
	$	10,404	$	55	$	-	$	10,459	$	9,517	$	-	$	-	$	9,517
	DECEMBER 31, 2011								JANUARY1, 2011
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liabilities:
Derivatives designated as hedging instruments:
Interest rate swaps (D)	$	-	$	169	$	-	$	169	$	-	$	184	$	-	$	184
Derivatives not designated as hedging instruments:
Foreign exchange contracts (C)		-		31		-		31		-		154		-		154
	$	-	$	200	$	-	$	200	$	-	$	338	$	-	$	338

(A) Value is based on quoted market prices of identical instruments, fair value is included in cash and cash equivalents

(B) Value is based on quoted market prices of identical instruments

(C) Value is based on the present value of the forward rates less the contract rate multiplied by the notional amount, fair value is included in other current assets or accounts payable, accrued expenses and other liabilities

(D) Value is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, fair value is included in accounts payable, accrued expenses and other liabilities

     Accounts receivable are recorded at net realizable value, which approximates fair value. Accounts payable, included in accounts payable, accrued expenses and other current liabilities, are recorded at historical cost, which approximates fair value due to the short-term nature of the liabilities. Long-term debt is recorded at historical cost, which approximates fair value due to the variable interest rate.

The effective portion of the pre-tax gains (losses) on our derivative instruments are categorized in the following table:

(THOUSANDS OF DOLLARS)	YEARS ENDED
	DECEMBER 31, 2011			JANUARY1, 2011
Fair Value / Non-designated Hedges:
Foreign exchange contracts (A)	$	24		$	(154	)
Cash Flow Hedges:
Effective portion recognized in other comprehensive income:
Interest rate swaps	$	253		$	870
Effective portion reclassified from other comprehensive income:
Interest rate swaps (B)	$	(239	)	$	(513	)

(A) Included in selling, general and administrative expenses

(B) Included in interest expense