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Other Comprehensive Earnings (Loss)
 9 Months Ended
Sep. 27, 2015
Other Comprehensive Earnings (Loss) [Abstract]  
Other Comprehensive Earnings (Loss)


(3) Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings. The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarter and nine-month periods ended September 27, 2015 and September 28, 2014.

  
Quarter Ended
  
Nine Months Ended
 
  
September 27, 2015
  
September 28, 2014
  
September 27, 2015
  
September 28, 2014
 
         
Other comprehensive earnings (loss), tax effect:
        
Tax benefit (expense) on cash flow hedging activities
 
$
(7,400
)
  
(2,924
)
  
(11,362
)
  
11,987
 
Tax benefit (expense) on unrealized holding (losses) gains
  
700
   
80
   
164
   
(1,919
)
Tax expense on changes in unrecognized pension and postretirement amounts
  
(660
)
  
-
   
(660
)
  
-
 
Reclassifications to earnings, tax effect:
                
   Tax expense (benefit) on cash flow hedging activities
  
1,487
   
(2,129
)
  
2,537
   
(2,471
)
   Tax expense (benefit) on amortization of unrecognized pension and postretirement amounts
  
338
   
(312
)
  
(942
)
  
(936
)
                 
Total tax effect on other comprehensive earnings (loss)
 
$
(5,535
)
  
(5,285
)
  
(10,263
)
  
6,661
 




Changes in the components of accumulated other comprehensive loss for the nine months ended September 27, 2015 and September 28, 2014 are as follows:

  
Pension and Postretirement Amounts
  
Gains (Losses) on Derivative Instruments
  
Unrealized Holding Gains on Available-for-Sale Securities
  
Foreign Currency Translation Adjustments
  
Total Accumulated Other Comprehensive Loss
 
2015
          
Balance at Dec. 28, 2014
 
$
(113,092
)
  
43,689
   
1,900
   
(27,951
)
  
(95,454
)
Current period other comprehensive earnings (loss)
  
6,855
   
48,459
   
(290
)
  
(85,755
)
  
(30,731
)
Balance at September 27, 2015
 
$
(106,237
)
  
92,148
   
1,610
   
(113,706
)
  
(126,185
)
                     
2014
                    
Balance at Dec. 29, 2013
 
$
(64,841
)
  
(7,313
)
  
-
   
38,019
   
(34,135
)
Current period other comprehensive earnings (loss)
  
1,650
   
23,938
   
3,382
   
(31,640
)
  
(2,670
)
Balance at September 28, 2014
 
$
(63,191
)
  
16,625
   
3,382
   
6,379
   
(36,805
)

At September 27, 2015, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $111,798 in accumulated other comprehensive loss ("AOCE"). These instruments hedge payments related to inventory purchased in the third quarter of 2015 or forecasted to be purchased during the remainder of 2015 and, to a lesser extent, 2016 through 2020, intercompany expenses expected to be paid or received during 2015 and 2016, cash receipts for sales made at the end of the third quarter of 2015 or forecasted to be made in the remainder of 2015 and, to a lesser extent, 2016 through 2017. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales or expenses.

In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the long-term notes due 2021 and 2044.  At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At September 27, 2015, deferred losses, net of tax, of $19,650 related to these instruments remained in AOCE. For the quarter and nine months ended September 27, 2015, losses of $450 and $1,349, respectively, were reclassified from AOCE to net earnings.  For the quarter and nine months ended September 28, 2014, losses of $450 and $707, respectively, were reclassified from AOCE to net earnings.

Of the amount included in AOCE at September 27, 2015, the Company expects approximately $64,807 to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.