Other Comprehensive Earnings

9 Months Ended

Sep. 30, 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 benefit (expense) of gains (losses) on cash flow hedging activities within other comprehensive earnings was $861 and $(1,000) for the quarter and nine-month periods ended September 30, 2012. The income tax expense related to reclassification adjustments of net gains on cash flow hedging activities from other comprehensive earnings was $501 and $1,063 for the quarter and nine-month periods ended September 30, 2012, respectively.

The related tax (expense) benefit of gains (losses) on cash flow hedging activities within other comprehensive earnings were $(3,377) and $2,308 for the quarter and nine-month periods ended September 25, 2011, respectively.  The income tax benefit related to reclassification adjustments for net losses on cash flow hedging activities from other comprehensive earnings were $477 and $251 for the quarter and nine-month periods ended September 25, 2011, respectively.

At September 30, 2012, the Company had remaining deferred gains on hedging instruments, net of tax, of $6,676 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 30, 2012, the Company expects approximately $5,843 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 nine months ended September 30, 2012 and September 25, 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)	-	(3,405)	1,113	(2,292)
	------------	------------	------------	------------
Balance at Sept. 30, 2012	$   (86,822)	6,676	41,911	(38,235)
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2011
Balance at Dec. 26, 2010	$   (69,925)	15,432	62,642	8,149
Current period other comprehensive earnings (loss)	-	(13,347)	(9,767)	(23,114)
	------------	------------	------------	------------
Balance at Sept. 25, 2011	$   (69,925)	2,085	52,875	(14,965)
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