Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2014

Derivative Financial Instruments (Thousands of Dollars) [Abstract]

Summary of Cash Flow Hedging Instruments

At June 29, 2014, June 30, 2013 and December 29, 2013, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows:

	June 29, 2014					June 30, 2013					December 29, 2013
Hedged transaction	Notional Amount		Fair Value			Notional Amount		Fair Value			Notional Amount		Fair Value
Inventory purchases	$	747,516		(8,500	)		342,616		8,295			577,138		(7,493	)
Intercompany royalty transactions		2,340		(2,033	)		118,116		2,154			4,948		(2,774	)
Sales		189,357		(4,613	)		112,278		4,193			171,393		(1,965	)
Other		40,702		84			25,102		(349	)		46,563		302
Total	$	979,915		(15,062	)		598,112		14,293			800,042		(11,930	)

Derivatives Fair Value by Balance Sheet Location

The Company has a master agreement with each of its counterparties that allows for the netting of outstanding forward contracts. The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at June 29, 2014, June 30, 2013 and December 29, 2013 as follows:

	June 29, 2014			June 30, 2013			December 29, 2013
Prepaid expenses and other current assets
Unrealized gains	$	422			13,907			1,088
Unrealized losses		(248	)		(1,540	)		(702	)
Net unrealized gain	$	174			12,367			386
Other assets
Unrealized gains	$	315			1,926			-
Unrealized losses		(22	)		-			-
Net unrealized gains	$	293			1,926			-
Accrued liabilities
Unrealized gains	$	2,563			1			3,425
Unrealized losses		(16,475	)		(1	)		(13,671	)
Net unrealized loss	$	(13,912	)		-			(10,246	)
Other liabilities
Unrealized gains	$	1,118			-			-
Unrealized losses		(2,735	)		-			(2,070	)
Net unrealized loss	$	(1,617	)		-			(2,070	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations

Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarter and six-month periods ended June 29, 2014 and June 30, 2013 as follows:

	Quarter Ended						Six Months Ended
	June 29, 2014			June 30, 2013			June 29, 2014			June 30, 2013
Statements of Operations Classification
Cost of sales	$	821			(306	)		(198	)		36
Royalties		(260	)		97			(610	)		(44	)
Sales		(704	)		1,060			(863	)		1,535
Net realized (losses) gains	$	(143	)		851			(1,671	)		1,527

Fair values of undesignated derivative financial instruments

At June 29, 2014, June 30, 2013 and December 29, 2013, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:

	June 29, 2014			June 30, 2013			December 29, 2013
Prepaid expenses and other current assets
Unrealized gains	$	-			1,625			-
Unrealized losses		-			(18	)		-
Net unrealized loss		-			1,607			-
Other assets
Unrealized gains		66			-			1,069
Accrued liabilities
Unrealized gains		663			-			478
Unrealized losses		(1,265	)		-			(492	)
Net unrealized loss		(602	)		-			(14	)
Other liabilities
Unrealized loss		-			(1,235	)		-
Total unrealized gain (loss), net	$	(536	)		372			1,055