XML 44 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Apr. 01, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instrument Fair Value
The following tables summarize the fair value of the Company’s derivative financial instruments (in thousands):
 
 
April 1, 2018
 
December 31, 2017
 
March 26, 2017
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)
 
$
720,869

 
$
3,442

 
$
22,807

 
$
675,724

 
$
1,388

 
$
21,239

 
$
534,652

 
$
12,195

 
$
1,015

Commodity
contracts(c)
 
728

 
—

 
11

 
915

 
—

 
69

 
1,027

 
23

 
—

Total
 
$
721,597

 
$
3,442

 
$
22,818


$
676,639

 
$
1,388

 
$
21,308


$
535,679

 
$
12,218

 
$
1,015

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
April 1, 2018
 
December 31, 2017
 
March 26, 2017
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
 
$
4,577

 
$
171

 
$
32

 
$
4,532

 
$
381

 
$
—

 
$
5,046

 
$
228

 
$
37

Total
 
$
4,577


$
171

 
$
32

 
$
4,532

 
$
381

 
$
—

 
$
5,046

 
$
228

 
$
37

 
(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
 
April 1,
2018
 
March 26,
2017
Foreign currency contracts
 
$
(5,890
)
 
$
(11,797
)
Commodity contracts
 
(16
)
 
(106
)
Total
 
$
(5,906
)
 
$
(11,903
)

 
 
Amount of Gain/(Loss) Reclassified from AOCL into Income
 
 
 
 
Three months ended
 
Expected to be Reclassified
Cash Flow Hedges
 
April 1,
2018
 
March 26,
2017
 
Over the Next Twelve Months
Foreign currency contracts(a)
 
$
(6,709
)
 
$
2,516

 
$
(15,783
)
Commodity contracts(a)
 
(73
)
 
48

 
1

Treasury rate locks(b)
 
(126
)
 
(90
)
 
(506
)
Total
 
$
(6,908
)
 
$
2,474

 
$
(16,288
)

(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
 
April 1,
2018
 
March 26,
2017
Commodity contracts(a)
 
$
6

 
$
20

Total
 
$
6

 
$
20


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