Other Comprehensive Earnings

3 Months Ended

Apr. 01, 2012

Other Comprehensive Earnings (Thousands of Dollars) [Abstract]

Other Comprehensive Earnings (Loss)

(3) Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings are presented within the consolidated statements of comprehensive earnings. The related tax benefits of losses on cash flow hedging activities within other comprehensive earnings were $1,340 and $5,621 for the quarters ended April 1, 2012 and March 27, 2011, respectively.  The income tax benefits related to reclassification adjustments for net losses on cash flow hedging activities from other comprehensive earnings were $143 and $271 for the quarters ended April 1, 2012 and March 27, 2011, respectively.

At April 1, 2012, the Company had remaining deferred losses on hedging instruments, net of tax, of $472, in accumulated other comprehensive earnings (loss) (“AOCE”). These instruments hedge certain anticipated 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 the related sales, royalties and expenses. Of the net deferred losses included in AOCE at April 1, 2012, the Company expects approximately $57 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.

Changes in the components of accumulated other comprehensive earnings (loss) for the quarters ended April 1, 2012 and March 27, 2011 are as follows:

	Pension and Postretirement Amounts	Gains (Losses) on Derivative Instruments	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Earnings (Loss)
2012	-------------	----------------	----------------	----------------
Balance at Dec. 25, 2011	$   (86,822)	10,081	40,798	(35,943)
Current period other comprehensive earnings (loss)	-	(10,553)	22,266	11,713
	------------	------------	------------	------------
Balance at April 1, 2012	$   (86,822)	(472)	63,064	(24,230)
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2011
Balance at Dec. 26, 2010	$   (69,925)	15,432	62,642	8,149
Current period other comprehensive earnings (loss)	-	(38,581)	28,669	(9,912)
	------------	------------	------------	------------
Balance at March 27, 2011	$   (69,925)	(23,149)	91,311	(1,763)
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