Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 25, 2011

Other Comprehensive Earnings (Loss) Abstract [Abstract]

Other Comprehensive Loss

(2)       Other Comprehensive Loss

The Company's other comprehensive loss for the years 2011, 2010 and 2009 consist of the following:

	2011	2010	2009
	-------	-------	-------
Foreign currency translation adjustments	$   (21,844)	(32,457)	23,782
Changes in value of available-for-sale securities, net of tax	-	-	504
Gain (loss) on cash flow hedging activities, net of tax	(8,689)	10,444	(24,446)
Changes in unrecognized pension and postretirement    amounts, net of tax	(20,237)	(1,812)	8,356
Reclassifications to earnings, net of tax:
Net (gains) losses on cash flow hedging activities	3,338	(15,422)	(18,657)
Loss on available-for-sale securities	-	-	147
Amortization of unrecognized pension and postretirement
amounts	3,340	(11,235)	6,689
	----------	----------	----------
Other comprehensive loss	$   (44,092)	(50,482)	(3,625)
	======	======	======

In 2011, 2010 and 2009, net losses on cash flow hedging activities reclassified to earnings, net of tax, included losses of $100, $109 and $679, respectively, as a result of hedge ineffectiveness.

The related tax benefit of other comprehensive earnings items was $8,581, $5,327 and $1,322 for the years 2011, 2010 and 2009, respectively. Income tax expense (benefit) related to reclassification adjustments from other comprehensive earnings of $(1,571), $8,767 and $(331) in 2011, 2010 and 2009, respectively, were included in these amounts.

At December 25, 2011, the Company had remaining deferred gains on hedging instruments, net of tax, of $10,081 in AOCE. These instruments hedge inventory purchased during the fourth quarter of 2011 or forecasted to be purchased during 2012 and 2013 and intercompany expenses and royalty payments expected to be paid or received during 2012 and 2013.  These amounts will be reclassified into the consolidated statement of operations upon the sale of the related inventory or receipt or payment of the related royalties or expenses.  Of the amount included in AOCE at December 25, 2011, the Company expects approximately $8,307 to be reclassified to the consolidated statement 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.

Components of AOCE at December 25, 2011 and December 26, 2010 are as follows:

	2011	2010
	-------	-------
Foreign currency translation adjustments	$     40,798	62,642
Gain on cash flow hedging activities, net of tax	10,081	15,432
Unrecognized pension and postretirement amounts, net of tax	(86,822)	(69,925)
	---------	---------
Total AOCE	$    (35,943)	8,149
	=====	=====