Other Comprehensive Income

9 Months Ended

Jun. 28, 2014

Other Comprehensive Income [Abstract]

Other Comprehensive Income

9. Other Comprehensive Income

Other Comprehensive Income, a component of Shareholders’ Investment, consists of foreign currency translation adjustments, gains or losses on derivative instruments, and defined benefit pension plan adjustments.

Income tax expense or benefit allocated to each component of Other Comprehensive Income for the three and nine fiscal months  ended June  28, 2014 and June 29, 2013 was as follows:

	June 28, 2014
	Three Fiscal Months Ended						Nine Fiscal Months Ended
					Net of						Net of
	Pretax		Tax		Tax		Pretax		Tax		Tax
	Amount		Expense		Amount		Amount		Expense		Amount
	(expressed in thousands)
Foreign currency translation adjustments	$	173	$	-	$	173	$	104	$	-	$	104
Derivative instruments:
Unrealized net (loss) gain		(148)		54		(94)		(297)		109		(188)
Net loss (gain) reclassified to earnings		46		(18)		28		(614)		224		(390)
Defined benefit pension plan:
Unrealized net gain (loss)		900		(271)		629		1,503		(453)		1,050
Net loss (gain) reclassified to earnings		117		(36)		81		350		(106)		244
Currency exchange rate change		13		-		13		(62)		-		(62)
Other comprehensive income (loss)	$	1,101	$	(271)	$	830	$	984	$	(226)	$	758

	June 29, 2013
	Three Fiscal Months Ended						Nine Fiscal Months Ended
			Tax		Net of				Tax		Net of
	Pretax		(Expense)		Tax		Pretax		(Expense)		Tax
	Amount		or Benefit		Amount		Amount		or Benefit		Amount
	(expressed in thousands)
Foreign currency translation adjustments	$	1,070	$	-	$	1,070	$	(2,313)	$	-	$	(2,313)
Derivative instruments:
Unrealized net gain (loss)		50		(18)		32		3,596		(1,325)		2,271
Net (gain) loss reclassified to earnings		(168)		61		(107)		(928)		341		(587)
Defined benefit pension plan:
Unrealized net (loss) gain		(215)		65		(150)		(172)		52		(120)
Net loss (gain) reclassified to earnings		129		(39)		90		389		(118)		271
Currency exchange rate change		(104)		-		(104)		(58)		-		(58)
Other comprehensive income (loss)	$	762	$	69	$	831	$	514	$	(1,050)	$	(536)

The changes in the net-of-tax balances of each component of AOCI during the three and nine fiscal months ended June 28, 2014 and June 29, 2013 were as follows:

	June 28, 2014
	Three Fiscal Months Ended								Nine Fiscal Months Ended
	Foreign		Unrealized		Defined				Foreign		Unrealized		Defined
	Currency		Gain (Loss)		Benefit				Currency		Gain (Loss)		Benefit
	Translation		on Derivative		Pension Plan				Translation		on Derivative		Pension Plan
	Adjustments		Instruments		Adjustments		Total		Adjustments		Instruments		Adjustments		Total
	(expressed in thousands)
Beginning balance	$	17,250	$	(35)	$	(4,950)	$	12,265	$	17,319	$	477	$	(5,459)	$	12,337
Other comprehensive
income (loss) before
reclassifications		173		(94)		642		721		104		(188)		988		904
Amounts reclassified
to earnings		-		28		81		109		-		(390)		244		(146)
Other comprehensive
income (loss)		173		(66)		723		830		104		(578)		1,232		758
Ending balance	$	17,423	$	(101)	$	(4,227)	$	13,095	$	17,423	$	(101)	$	(4,227)	$	13,095

	June 29, 2013
	Three Fiscal Months Ended								Nine Fiscal Months Ended
	Foreign		Unrealized		Defined				Foreign		Unrealized		Defined
	Currency		Gain on		Benefit				Currency		(Loss) Gain		Benefit
	Translation		Derivative		Pension Plan				Translation		on Derivative		Pension Plan
	Adjustments		Instruments		Adjustments		Total		Adjustments		Instruments		Adjustments		Total
	(expressed in thousands)
Beginning balance	$	13,351	$	1,351	$	(5,168)	$	9,534	$	16,734	$	(408)	$	(5,425)	$	10,901
Other comprehensive
income (loss) before
reclassifications		1,070		32		(254)		848		(2,313)		2,271		(178)		(220)
Amounts reclassified
to earnings		-		(107)		90		(17)		-		(587)		271		(316)
Other comprehensive
income (loss)		1,070		(75)		(164)		831		(2,313)		1,684		93		(536)
Ending balance	$	14,421	$	1,276	$	(5,332)	$	10,365	$	14,421	$	1,276	$	(5,332)	$	10,365

The effect on certain line items in the Consolidated Statements of Income of amounts reclassified out of AOCI for the three and nine fiscal months  ended June 28, 2014 and June 29, 2013 was as follows:

			Three Fiscal Months Ended				Nine Fiscal Months Ended			Affected Line Item in the
		June 28,		June 29,		June 28,		June 29,		Consolidated Statements
		2014		2013		2014		2013		of Income
Derivative instruments:	(expressed in thousands)
Currency exchange contracts		$	(46)	$	168	$	614	$	928	Revenue
Total net (losses) gains included in income
before income taxes			(46)		168		614		928
Income tax benefit (expense)			18		(61)		(224)		(341)
Total net gains included in net income			(28)		107		390		587
Defined benefit pension plan:
Actuarial losses			(58)		(43)		(191)		(128)	Cost of sales
Actuarial losses			(37)		(38)		(99)		(116)	Selling and marketing
Actuarial losses			(22)		(48)		(60)		(145)	General and administrative
Total losses included in income
before income taxes			(117)		(129)		(350)		(389)
Income tax benefit			36		39		106		118
Total net losses included in net income			(81)		(90)		(244)		(271)
Total net-of-tax reclassifications out of
accumulated other comprehensive
income included in net income		$	(109)	$	17	$	146	$	316