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Other Income (Expense)
6 Months Ended
Jun. 28, 2013
Other Income and Expenses [Abstract]  
Other Income (Expense)
Other Income (Expense)
Other income (expense) includes foreign currency transaction gains or losses, which result from changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated as well as gains and losses on derivative instruments that are not designated as cash flow hedges and ineffectiveness on derivatives designated as cash flow hedges. During the three months ended June 28, 2013 and June 29, 2012, the Company recorded other expense of $15.6 million and $13.5 million, respectively. During the six months ended June 28, 2013 and June 29, 2012, the Company recorded other expense of $68.3 million and $6.7 million, respectively. For the three months ended June 28, 2013, other expense was primarily attributable to $10.3 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $3.6 million related to foreign currency transactions which included $11.7 million in foreign exchange gains related to copper imports in Venezuela that were approved at the 4.30 BsF per U.S. dollar rate prior to February 13, 2013 and paid in the second quarter of 2013. For the three months ended June 29, 2012, other expense was primarily the result of $6.5 million related to losses on derivative instruments which were not designated as cash flow hedges and other expense of $6.5 million related to foreign currency transactions. For the six months ended June 28, 2013, other expense was primarily attributable to $40.9 million related to the Venezuela currency devaluation, $20.4 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $5.3 million related to foreign currency transaction losses which include $11.7 million in foreign exchange gains related to copper imports in Venezuela that were approved at the 4.30 BsF per U.S. dollar rate prior to currency devaluation on February 13, 2013. For the six months ended June 29, 2012, other expense was primarily the result of $0.3 million related to losses on derivative instruments which were not designated as cash flow hedges and other expense of $5.1 million related to foreign currency transactions.

On February 13, 2013 the Venezuelan government announced the devaluation of its currency from 4.30 BsF per U.S. dollar to 6.30 BsF per U.S. dollar. Due to the impact of the devaluation of its currency by the Venezuelan government, the Company recorded a pre-tax charge of $40.9 million in the six months ended June 28, 2013 primarily related to the remeasurement of the local balance sheet on the date of the devaluation at the 6.30 BsF per U.S. dollar rate. The functional currency of the Company’s subsidiary in Venezuela is the U.S. dollar. See Item 2 - Management's Discussion &Analysis - Venezuelan Operations for additional detail.