Other Comprehensive Earnings (Loss)

9 Months Ended

Sep. 25, 2016

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 25,2016 and September 27,2015.

		Quarter Ended				Nine Months Ended
		September 25,		September 27,		September 25,		September 27,
		2016		2015		2016		2015
Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on cash flow hedging activities		$	1,420		(7,400)		9,423		(11,362)
Tax benefit (expense) on unrealized holding gains (losses)			221		700		(547)		164
Tax expense on changes in unrecognized pension and
	postretirement amounts		-		(660)		-		(660)
Reclassifications to earnings, tax effect:
	Tax expense on cash flow hedging activities		2,456		1,487		5,274		2,537
	Tax (benefit) expense on unrecognized pension and
	postretirement amounts		(666)		338		(1,999)		(942)
Total tax effect on other comprehensive earnings (loss)		$	3,431		(5,535)		12,151		(10,263)

Changes in the components of accumulated other comprehensive loss for the nine months ended September 25,2016 and September 27,2015 are as follows:

					Unrealized
					Holding				Total
			Gains		Gains on		Foreign		Accumulated
	Pension and		(Losses) on		Available-		Currency		Other
	Postretirement		Derivative		for-Sale		Translation		Comprehensive
	Amounts		Instruments		Securities		Adjustments		Earnings (Loss)
2016
Balance at December 27, 2015	$	(102,931)		79,317		1,258		(123,645)		(146,001)
Current period other comprehensive earnings (loss)		3,523		(80,956)		963		18,482		(57,988)
Balance at September 25, 2016	$	(99,408)		(1,639)		2,221		(105,163)		(203,989)
2015
Balance at December 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)

At September 25, 2016, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $16,864 in accumulated other comprehensive loss ("AOCE"). These instruments hedge payments related to inventory purchased in the thirdquarter of 2016 or forecasted to be purchased during the remainder of 2016 and, to a lesser extent, 2017 through 2021, intercompany expenses expected to be paid or received during 2016 and 2017, cash receipts for sales made at the end of the third quarterof 2016 or forecasted to be made in the remainder of 2016 and, to a lesser extent, 2017 through 2018. 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 in 2014, 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 25, 2016, deferred losses, net of tax of $18,503 related to these instruments remained in AOCE. For the quarters ended September 25, 2016 andSeptember 27, 2015, previously deferred losses of $450 were reclassified from AOCE to net earnings. For the nine month periodsended September 25, 2016 andSeptember 27, 2015, previously deferred losses of $1,349 were reclassified from AOCE to net earnings.

Of the amount included in AOCE at September 25, 2016, the Company expects net gains ofapproximately $11,699 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.