Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2015

Derivative Financial Instruments (Thousands of Dollars) [Abstract]

Summary of Cash Flow Hedging Instruments

At September 27, 2015, September 28, 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:

	September 27, 2015					September 28, 2014					December 28, 2014
Hedged transaction	Notional Amount		Fair Value			Notional Amount		Fair Value			Notional Amount		Fair Value
Inventory purchases	$	1,122,827		124,422			716,028		45,501			863,232		69,049
Sales		213,841		(3,352	)		195,364		(6,484	)		139,946		829
Other		57,360		(2,512	)		29,242		(1,992	)		51,213		(1,008	)
Total	$	1,394,028		118,558			940,634		37,025			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 September 27, 2015, September 28, 2014 and December 28, 2014 as follows:

	September 27, 2015			September 28, 2014			December 28, 2014
Prepaid expenses and other current assets
Unrealized gains	$	81,718			24,242			46,594
Unrealized losses		(9,717	)		(6,356	)		(11,508	)
Net unrealized gain	$	72,001			17,886			35,086
Other assets
Unrealized gains	$	48,111			23,127			34,234
Unrealized losses		(989	)		(964	)		(172	)
Net unrealized gains	$	47,122			22,163			34,062
Accrued liabilities
Unrealized gains	$	62			2,519			447
Unrealized losses		(566	)		(5,539	)		(725	)
Net unrealized loss	$	(504	)		(3,020	)		(278	)
Other liabilities
Unrealized gains	$	-			22			-
Unrealized losses		(61	)		(26	)		-
Net unrealized loss	$	(61	)		(4	)		-

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 27, 2015 and September 28, 2014 as follows:

	Quarter Ended						Nine Months Ended
	September 27, 2015			September 28, 2014			September 27, 2015			September 28, 2014
Statements of Operations Classification
Cost of sales	$	19,244			(3,165	)		41,990			(3,363	)
Sales		(4,507	)		(3,477	)		(8,506	)		(4,340	)
Other		(377	)		(923	)		(322	)		(1,533	)
Net realized gains (losses)	$	14,360			(7,565	)		33,162			(9,236	)

Fair values of undesignated derivative financial instruments

At September 27, 2015, September 28, 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:

	September 27, 2015			September 28, 2014			December 28, 2014
Prepaid expenses and other current assets
Unrealized gains	$	93			4,876			-
Unrealized losses		-			(3,450	)		-
Net unrealized gain		93			1,426			-
Accrued liabilities
Unrealized gains		360			-			1,733
Unrealized losses		(493	)		-			(4,046	)
Net unrealized loss		(133	)		-			(2,313	)
Other liabilities
Unrealized gains		-			303			-
Unrealized losses		-			(705	)		-
Net unrealized loss		-			(402	)		-
Total unrealized gain (loss), net	$	(40	)		1,024			(2,313	)