Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 28, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the fair value of the Company’s derivative financial instruments (in thousands):



	June 28, 2015						December 31, 2014						June 29, 2014
Derivatives Designated As Hedging Instruments Under ASC Topic 815	Notional Value		Asset Fair Value^(a)		Liability Fair Value^(b)		Notional Value		Asset Fair Value^(a)		Liability Fair Value^(b)		Notional Value		Asset Fair Value^(a)		Liability Fair Value^(b)
Foreign currency contracts^(c)	$	367,309	$	23,136	$	—	$	339,077	$	32,244	$	—	$	398,338	$	3,091	$	1,461
Commodity contracts^(c)	1,166		—		98		1,728		—		414		1,411		—		17
Treasury rate locks^(c)	300,000		3,365		—		—		—		—		—		—		—
Total	$	668,475	$	26,501	$	98	$	340,805	$	32,244	$	414	$	399,749	$	3,091	$	1,478
	June 28, 2015						December 31, 2014						June 29, 2014
Derivatives Not Designated As Hedging Instruments Under ASC Topic 815	Notional Value		Asset Fair Value^(a)		Liability Fair Value^(b)		Notional Value		Asset Fair Value^(a)		Liability Fair Value^(b)		Notional Value		Asset Fair Value^(a)		Liability Fair Value^(b)
Commodity contracts	$	8,218	$	—	$	888	$	11,804	$	—	$	1,613	$	7,754	$	68	$	—
	$	8,218	$	—	$	888	$	11,804	$	—	$	1,613	$	7,754	$	68	$	—


(a)	Foreign currency and commodity contract fair value included in other current assets and Treasury rate lock fair value included in other long-term assets


(b)	Included in accrued liabilities


(c)	Derivative designated as a cash flow hedge

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables summarize the amount of gains and losses related to derivative financial instruments designated as cash flow hedges (in thousands):



	Amount of Gain/(Loss) Recognized in OCI, before tax
	Three months ended						Six months ended
Cash Flow Hedges	June 28, 2015			June 29, 2014			June 28, 2015			June 29, 2014
Foreign currency contracts	$	(4,458	)	$	3,931		$	28,210		$	2,493
Commodity contracts	(3		)	(24		)	(123		)	191
Treasury rate locks	3,365			—			3,365			—
Total	$	(1,096	)	$	3,907		$	31,452		$	2,684



	Amount of Gain/(Loss) Reclassified from AOCL into Income
	Three months ended						Six months ended						Expected to be Reclassified
Cash Flow Hedges	June 28, 2015			June 29, 2014			June 28, 2015			June 29, 2014			Over the Next Twelve Months
Foreign currency contracts^(a)	$	20,131		$	(1,183	)	$	35,407		$	(2,241	)	$	23,461
Commodity contracts^(a)	(125		)	87			(439		)	283			(98		)
Treasury rate locks^(b)	—			—			—			—			191
Total	$	20,006		$	(1,096	)	$	34,968		$	(1,958	)	$	23,554


(a)	Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold


(b)	Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income will be included in interest expense

For the three and six months ended June 28, 2015 and June 29, 2014, the cash flow hedges were highly effective and, as a result, the amount of hedge ineffectiveness was not material. No amounts were excluded from effectiveness testing.

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables summarize the amount of gains and losses related to derivative financial instruments not designated as hedging instruments (in thousands):



	Amount of Gain/(Loss) Recognized in Income on Derivative
	Three months ended				Six months ended
Derivatives Not Designated As Hedges	June 28, 2015		June 29, 2014		June 28, 2015			June 29, 2014
Commodity contracts^(a)	$	14	$	184	$	(526	)	$	(144	)
Total	$	14	$	184	$	(526	)	$	(144	)


(a)	Gain/(loss) recognized in income is included in cost of goods sold.