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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 27, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instrument Fair Value
The following table summarizes the fair value of the Company’s derivative financial instruments (in thousands):
 
September 27, 2015
 
December 31, 2014
 
September 28, 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)
$
460,323

 
$
18,015

 
$
19

 
$
339,077

 
$
32,244

 
$
—

 
$
367,077

 
$
24,908

 
$
—

Commodity
contracts(c)
1,297

 
—

 
168

 
1,728

 
—

 
414

 
1,599

 
—

 
100

Total
$
461,620

 
$
18,015

 
$
187


$
340,805

 
$
32,244

 
$
414


$
368,676

 
$
24,908

 
$
100

 
September 27, 2015
 
December 31, 2014
 
September 28, 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
$
7,027

 
$
—

 
$
1,122

 
$
11,804

 
$
—

 
$
1,613

 
$
7,711

 
$
—

 
$
341

 
$
7,027


$
—

 
$
1,122

 
$
11,804

 
$
—

 
$
1,613

 
$
7,711

 
$
—

 
$
341

 
(a)
Foreign currency and commodity contract fair value included in other current 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
 
Nine months ended
Cash Flow Hedges
September 27,
2015
 
September 28,
2014
 
September 27,
2015
 
September 28,
2014
Foreign currency contracts
$
6,796

 
$
26,941

 
$
35,004

 
$
29,434

Commodity contracts
(138
)
 
(100
)
 
(284
)
 
91

Treasury rate locks
(10,746
)
 
—

 
(7,381
)
 
—

Total
$
(4,088
)
 
$
26,841

 
$
27,339

 
$
29,525


 
Amount of Gain/(Loss) Reclassified from AOCL into Income
 
 
 
Three months ended
 
Nine months ended
 
Expected to be Reclassified
Cash Flow Hedges
September 27,
2015
 
September 28,
2014
 
September 27,
2015
 
September 28,
2014
 
Over the Next Twelve Months
Foreign currency contracts(a)
$
12,771

 
$
6,852

 
$
48,175

 
$
4,611

 
$
17,487

Commodity contracts(a)
(68
)
 
(17
)
 
(530
)
 
266

 
(168
)
Treasury rate locks(b)
(60
)
 
—

 
(60
)
 
—

 
(362
)
Total
$
12,643

 
$
6,835

 
$
47,585

 
$
4,877

 
$
16,957


(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 is included in interest expense
For the three and nine months ended September 27, 2015 and September 28, 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
 
Nine months ended
Derivatives Not Designated As Hedges
September 27,
2015
 
September 28,
2014
 
September 27,
2015
 
September 28,
2014
Commodity contracts(a)
$
(731
)
 
$
(426
)
 
$
(1,257
)
 
$
(570
)
Total
$
(731
)
 
$
(426
)
 
$
(1,257
)
 
$
(570
)

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