Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 28, 2015

Derivative Financial Instruments (Thousands of Dollars) [Abstract]

Summary of Cash Flow Hedging Instruments

At June 28, 2015, June 29, 2014 and December 28, 2014, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows:

	June 28, 2015					June 29, 2014					December 28, 2014
Hedged transaction	Notional Amount		Fair Value			Notional Amount		Fair Value			Notional Amount		Fair Value
Inventory purchases	$	1,081,451		111,252			747,516		(8,500	)		863,232		69,049
Sales		239,415		(7,659	)		189,357		(4,613	)		139,946		829
Other		74,433		(971	)		43,042		(1,949	)		51,213		(1,008	)
Total	$	1,395,299		102,622			979,915		(15,062	)		1,054,391		68,870

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 28, 2015, June 29, 2014 and December 28, 2014 as follows:

	June 28, 2015			June 29, 2014			December 28, 2014
Prepaid expenses and other current assets
Unrealized gains	$	63,740			422			46,594
Unrealized losses		(12,302	)		(248	)		(11,508	)
Net unrealized gain	$	51,438			174			35,086
Other assets
Unrealized gains	$	54,664			315			34,234
Unrealized losses		(732	)		(22	)		(172	)
Net unrealized gains	$	53,932			293			34,062
Accrued liabilities
Unrealized gains	$	4,349			2,563			447
Unrealized losses		(7,026	)		(16,475	)		(725	)
Net unrealized loss	$	(2,677	)		(13,912	)		(278	)
Other liabilities
Unrealized gains	$	-			1,118			-
Unrealized losses		(71	)		(2,735	)		-
Net unrealized loss	$	(71	)		(1,617	)		-

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 28, 2015 and June 29, 2014 as follows:

	Quarter Ended						Six Months Ended
	June 28, 2015			June 29, 2014			June 28, 2015			June 29, 2014
Statements of Operations Classification
Cost of sales	$	12,683			821			22,746			(198	)
Sales		(2,645	)		(704	)		(3,999	)		(863	)
Other		12			(260	)		55			(610	)
Net realized gains (losses)	$	10,050			(143	)		18,802			(1,671	)

Fair values of undesignated derivative financial instruments

At June 28, 2015, June 29, 2014 and December 28, 2014, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:

	June 28, 2015			June 29, 2014			December 28, 2014
Prepaid expenses and other current assets
Unrealized gains	$	563			-			-
Unrealized losses		(27	)		-			-
Net unrealized gain		536			-			-
Other assets
Unrealized gains		-			66			-
Unrealized losses		-			-			-
Net unrealized gain		-			66			-
Accrued liabilities
Unrealized gains		-			663			1,733
Unrealized losses		-			(1,265	)		(4,046	)
Net unrealized loss		-			(602	)		(2,313	)
Total unrealized gain (loss), net	$	536			(536	)		(2,313	)