Other Comprehensive Loss

3 Months Ended

Jun. 30, 2013

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 (loss). The related tax expenses of gains on cash flow hedging activities within other comprehensive earnings were $1,260 and $2,971 for the quarter and six-month periods ended June 30, 2013, respectively. The income tax expense related to reclassification adjustments of net gains on cash flow hedging activities from other comprehensive earnings were $286 and $419 for the quarter and six-month periods ended June 30, 2013, respectively. The income tax benefit related to the reclassification of amortization of unrecognized pension and postretirement amounts was $712 and $1,424 for the quarter and six months ended June 30, 2013.

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, respectively. 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.

At June 30, 2013, the Company had remaining deferred gains on hedging instruments, net of tax, of $10,334 in accumulated other comprehensive earnings ("AOCE"). These instruments hedge payments related to inventory purchased during the second quarter of 2013 or forecasted to be purchased during the remainder of 2013 and 2014, intercompany expenses and royalty payments expected to be paid or received during the remainder of 2013 and 2014 as well as cash receipts for sales made during the second quarter of 2013 or forecasted to be made during the remainder of 2013. These amounts will be reclassified into the consolidated statement of operations upon the sale of the related inventory or recognition of the related sales, royalties or expenses. Of the amount included in AOCE at June 30, 2013, the Company expects approximately $8,553 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 June 30, 2013 and July 1, 2012 are as follows:

	Pension and Postretirement Amounts			Gains (Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Total Accumulated Other Comprehensive Earnings (Loss)
2013
Balance at Dec. 30, 2012	$	(120,422	)		(1,008	)		49,123			(72,307	)
Current period other comprehensive earnings (loss)		4,972			11,342			(21,873	)		(5,559	)
Balance at June 30, 2013	$	(115,450	)		10,334			27,250			(77,866	)
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	)