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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Tables)
3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities  
Summary of the Company's outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2015

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

23,443 

 

$

 -

 

$

(3,328)

Commodity futures contracts

 

 

15,966 

 

 

31 

 

 

(1,740)

Total derivatives designated as hedging instruments

 

 

 

 

 

31 

 

 

(5,068)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Commodity futures contracts

 

 

 -

 

 

 -

 

 

 -

Total derivatives not designated as hedging instruments

 

 

 

 

 

 -

 

 

 -

Total derivatives

 

 

 

 

$

31 

 

$

(5,068)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

27,603 

 

$

 -

 

$

(1,939)

Commodity futures contracts

 

 

5,422 

 

 

23 

 

 

(760)

Total derivatives designated as hedging instruments

 

 

 

 

 

23 

 

 

(2,699)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Commodity futures contracts

 

 

 

 

 

 -

 

 

 -

Total derivatives not designated as hedging instruments

 

 

 

 

 

 -

 

 

 -

Total derivatives

 

 

 

 

$

23 

 

$

(2,699)

 

 

 

 

 

 

 

 

 

 

 

 

March 29, 2014

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

44,665 

 

$

 -

 

$

(1,613)

Commodity futures contracts

 

 

5,154 

 

 

382 

 

 

 -

Total derivatives designated as hedging instruments

 

 

 

 

 

382 

 

 

(1,613)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Commodity futures contracts

 

 

195 

 

 

 

 

 -

Total derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 -

Total derivatives

 

 

 

 

$

388 

 

$

(1,613)

 

Effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Quarter Ended March 31, 2015

 

 

    

    

    

    

Gain (Loss)

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

Gain(Loss)

 

Reclassified from

 

from Effectiveness

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

(1,903)

 

$

(513)

 

$

 -

Commodity futures contracts

 

 

(1,134)

 

 

(162)

 

 

 -

Total

 

$

(3,037)

 

$

(675)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Quarter Ended March 29, 2014

 

 

    

    

    

    

Gain (Loss)

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

Gain(Loss)

 

Reclassified from

 

from Effectiveness

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

(1,191)

 

$

(262)

 

$

 -

Commodity futures contracts

 

 

358 

 

 

(175)

 

 

 -

Total

 

$

(833)

 

$

(437)

 

$

 -