Other Comprehensive Earnings

6 Months Ended

Jun. 26, 2011

Other Comprehensive Earnings (Thousands of Dollars) [Abstract]

Other Comprehensive Earnings

(3) Other Comprehensive Earnings

Other comprehensive earnings (losses) for the quarters and six month periods ended June 26, 2011 and June 27, 2010 consist of the following:

	Quarter Ended		Six Months Ended
	------------------		------------------
	June 26,	June 27,	June 26,	June 27,
	2011	2010	2011	2010
	---------	---------	---------	---------
Foreign currency translation adjustments	$ 4,353	(30,355)	33,022	(56,364)
Gain (loss) on cash flow hedging activities, net of tax	(332)	5,436	(37,340)	30,431
Reclassifications to earnings, net of tax:
Net losses (gains) on cash flow hedging activities	1,911	(3,321)	338	(4,895)
	----------	---------	---------	----------
Other comprehensive earnings (loss)	$ 5,932	(28,240)	(3,980)	(30,828)
	======	======	======	======

At June 26, 2011, the Company had remaining deferred losses on hedging instruments, net of tax, of $21,570 in accumulated other comprehensive earnings (“AOCE”). These instruments hedge certain forecasted inventory purchases and other cross-border transactions through 2013. These amounts will be reclassified into the consolidated statement of operations upon the sale of the related inventory or receipt or payment of other cross-border transactions. Of the amount included in AOCE at June 26, 2011, the Company expects approximately $4,000 to be reclassified to earnings within the next twelve months. However, the amount ultimately realized in earnings is dependent on the fair value of the contracts on the settlement dates.