Other Comprehensive Earnings

9 Months Ended

Sep. 25, 2011

Other Comprehensive Earnings (Thousands of Dollars) [Abstract]

Other Comprehensive Earnings (Loss)

(3) Other Comprehensive Earnings (Loss)

Other comprehensive earnings (losses) for the quarters and nine month periods ended September 25, 2011 and September 26, 2010 consist of the following:

	Quarter Ended		Nine Months Ended
	------------------		------------------
	Sept. 25,	Sept. 26,	Sept. 25,	Sept. 26,
	2011	2010	2011	2010
	---------	---------	---------	---------
Foreign currency translation adjustments	$(42,789)	36,331	(9,767)	(20,033)
Gain (loss) on cash flow hedging activities, net of tax	20,755	(34,933)	(16,585)	(4,502)
Reclassifications to earnings, net of tax:
Net losses (gains) on cash flow hedging activities	2,900	(6,080)	3,238	(10,975)
	----------	----------	----------	----------
Other comprehensive loss	$(19,134)	(4,682)	(23,114)	(35,510)
	======	======	======	======

At September 25, 2011, the Company had remaining deferred gains on hedging instruments, net of tax, of $2,085 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 September 25, 2011, the Company expects gains, net of tax, of approximately $4,700 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.