Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 28, 2014

Derivative Financial Instruments (Thousands of Dollars) [Abstract]

Summary of Cash Flow Hedging Instruments

At September 28, 2014, September 29, 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:

	September 28, 2014					September 29, 2013					December 29, 2013
Hedged transaction	Notional Amount		Fair Value			Notional Amount		Fair Value			Notional Amount		Fair Value
Inventory purchases	$	716,028		45,501			525,911		(6,114	)		577,138		(7,493	)
Intercompany royalty transactions		1,693		(1,493	)		174,974		(2,258	)		4,948		(2,774	)
Sales		195,364		(6,484	)		232,709		497			171,393		(1,965	)
Other		27,549		(499	)		27,148		1,000			46,563		302
Total	$	940,634		37,025			960,742		(6,875	)		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 September 28, 2014, September 29, 2013 and December 29, 2013 as follows:

	September 28, 2014			September 29, 2013			December 29, 2013
Prepaid expenses and other current assets
Unrealized gains	$	24,242			2,923			1,088
Unrealized losses		(6,356	)		(1,572	)		(702	)
Net unrealized gain	$	17,886			1,351			386
Other assets
Unrealized gains	$	23,127			109			-
Unrealized losses		(964	)		(11	)		-
Net unrealized gains	$	22,163			98			-
Accrued liabilities
Unrealized gains	$	2,519			3,023			3,425
Unrealized losses		(5,539	)		(8,652	)		(13,671	)
Net unrealized loss	$	(3,020	)		(5,629	)		(10,246	)
Other liabilities
Unrealized gains	$	22			191			-
Unrealized losses		(26	)		(2,886	)		(2,070	)
Net unrealized loss	$	(4	)		(2,695	)		(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 nine-month periods ended September 28, 2014 and September 29, 2013 as follows:

	Quarter Ended						Nine Months Ended
	September 28, 2014			September 29, 2013			September 28, 2014			September 29, 2013
Statements of Operations Classification
Cost of sales	$	(3,165	)		1,614			(3,363	)		1,650
Royalties		(923	)		(303	)		(1,533	)		(347	)
Sales		(3,477	)		2,906			(4,340	)		4,441
Net realized (losses) gains	$	(7,565	)		4,217			(9,236	)		5,744

Fair values of undesignated derivative financial instruments

At September 28, 2014, September 29, 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:

	September 28, 2014			September 29, 2013			December 29, 2013
Prepaid expenses and other current assets
Unrealized gains	$	4,876			1,761			-
Unrealized losses		(3,450	)		(1,107	)		-
Net unrealized gain		1,426			654			-
Other assets
Unrealized gains		-			298			1,069
Unrealized losses		-			(80	)		-
Net unrealized gain		-			218			1,069
Accrued liabilities
Unrealized gains		-			-			478
Unrealized losses		-			-			(492	)
Net unrealized loss		-			-			(14	)
Other liabilities
Unrealized gains		303			-			-
Unrealized losses		(705	)		-			-
Unrealized loss		(402	)		-			-
Total unrealized gain, net	$	1,024			872			1,055