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Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Jun. 26, 2016
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):
 
June 26, 2016
 
December 31, 2015
 
June 28, 2015
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)
$
542,788

 
$
9,423

 
$
1,358

 
$
436,352

 
$
16,167

 
$
181

 
$
367,309

 
$
23,136

 
$

Commodity
contracts(c)
861

 
88

 

 
968

 

 
159

 
1,166

 

 
98

Treasury rate locks(c)

 

 

 

 

 

 
300,000

 
3,365

 

Total
$
543,649

 
$
9,511

 
$
1,358


$
437,320

 
$
16,167

 
$
340


$
668,475

 
$
26,501

 
$
98

 
June 26, 2016
 
December 31, 2015
 
June 28, 2015
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
$
4,298

 
$
17

 
$
247

 
$
6,510

 
$
68

 
$
960

 
$
8,218

 
$

 
$
888

 
$
4,298


$
17

 
$
247

 
$
6,510

 
$
68

 
$
960

 
$
8,218

 
$

 
$
888

 
(a)
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
 
Six months ended
Cash Flow Hedges
June 26,
2016
 
June 28,
2015
 
June 26,
2016
 
June 28,
2015
Foreign currency contracts
$
8,017

 
$
(4,458
)
 
$
(4,507
)
 
$
28,210

Commodity contracts
119

 
(3
)
 
(73
)
 
(123
)
Treasury rate locks

 
3,365

 

 
3,365

Total
$
8,136

 
$
(1,096
)
 
$
(4,580
)
 
$
31,452


 
Amount of Gain/(Loss) Reclassified from AOCL into Income
 
 
 
Three months ended
 
Six months ended
 
Expected to be Reclassified
Cash Flow Hedges
June 26,
2016
 
June 28,
2015
 
June 26,
2016
 
June 28,
2015
 
Over the Next Twelve Months
Foreign currency contracts(a)
$
3,551

 
$
20,131

 
$
4,407

 
$
35,407

 
$
7,824

Commodity contracts(a)
(104
)
 
(125
)
 
(319
)
 
(439
)
 
88

Treasury rate locks(b)
(90
)
 

 
(181
)
 

 
(362
)
Total
$
3,357

 
$
20,006

 
$
3,907

 
$
34,968

 
$
7,550


(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
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 26,
2016
 
June 28,
2015
 
June 26,
2016
 
June 28,
2015
Commodity contracts(a)
$
67

 
$
14

 
$
(224
)
 
$
(526
)
Total
$
67

 
$
14

 
$
(224
)
 
$
(526
)

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