Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 26, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



	March 26, 2017						December 31, 2016						March 27, 2016
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)	$	534,652	$	12,195	$	1,015	$	554,551	$	28,528	$	142	$	488,193	$	3,592	$	2,222
Commodity contracts^(c)	1,027		23		—		992		177		—		895		—		135
Total	$	535,679	$	12,218	$	1,015	$	555,543	$	28,705	$	142	$	489,088	$	3,592	$	2,357
	March 26, 2017						December 31, 2016						March 27, 2016
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	$	5,046	$	228	$	37	$	5,025	$	329	$	—	$	6,004	$	59	$	819
Total	$	5,046	$	228	$	37	$	5,025	$	329	$	—	$	6,004	$	59	$	819


(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
Cash Flow Hedges	March 26, 2017			March 27, 2016
Foreign currency contracts	$	(11,797	)	$	(12,523	)
Commodity contracts	(106		)	(192		)
Total	$	(11,903	)	$	(12,715	)



	Amount of Gain/(Loss) Reclassified from AOCL into Income
	Three months ended						Expected to be Reclassified
Cash Flow Hedges	March 26, 2017			March 27, 2016			Over the Next Twelve Months
Foreign currency contracts^(a)	$	2,516		$	856		$	12,270
Commodity contracts^(a)	48			(215		)	23
Treasury rate locks^(b)	(90		)	(90		)	(362		)
Total	$	2,474		$	551		$	11,931


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


(b)	Gain/(loss) reclassified from 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 table summarizes 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
Derivatives Not Designated As Hedges	March 26, 2017		March 27, 2016
Commodity contracts^(a)	$	20	$	(292	)
Total	$	20	$	(292	)


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