Other Comprehensive Earnings

6 Months Ended

Jul. 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 expense of gains on cash flow hedging activities within other comprehensive earnings was $3,201 and $1,861 for the quarter and six-month periods ended July 1, 2012. The income tax expense related to reclassification adjustments of net gains on cash flow hedging activities from other comprehensive earnings was $419 and $562 for the quarter and six-month periods ended July 1, 2012, respectively.

The related tax benefits of losses on cash flow hedging activities within other comprehensive earnings were $64 and $5,685 for the quarter and six-month periods ended June 26, 2011, respectively.  The income tax benefits related to reclassification adjustments for net losses on cash flow hedging activities from other comprehensive earnings were $46 and $226 for the quarter and six-month periods ended June 26, 2011, respectively.

At July 1, 2012, the Company had remaining deferred gains on hedging instruments, net of tax, of $14,288 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 July 1, 2012, the Company expects approximately $10,074 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 six months ended July 1, 2012 and June 26, 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)	-	4,207	(7,907)	(3,700)
	------------	------------	------------	------------
Balance at July 1, 2012	$   (86,822)	14,288	32,891	(39,643)
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2011
Balance at Dec. 26, 2010	$   (69,925)	15,432	62,642	8,149
Current period other comprehensive earnings (loss)	-	(37,002)	33,022	(3,980)
	------------	------------	------------	------------
Balance at June 26, 2011	$   (69,925)	(21,570)	95,664	4,169
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