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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Tables)
6 Months Ended
Jun. 30, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2015

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

19,283

 

$

 -

 

$

(2,494)

Commodity futures contracts

 

 

12,799

 

 

86

 

 

(1,108)

Total derivatives designated as hedging instruments

 

 

 

 

 

86

 

 

(3,602)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Commodity futures contracts

 

 

 -

 

 

 -

 

 

 -

Total derivatives not designated as hedging instruments

 

 

 

 

 

 -

 

 

 -

Total derivatives

 

 

 

 

$

86

 

$

(3,602)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

June 28, 2014

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

38,978

 

$

534

 

$

(453)

Commodity futures contracts

 

 

5,563

 

 

192

 

 

(42)

Total derivatives designated as hedging instruments

 

 

 

 

 

726

 

 

(495)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Commodity futures contracts

 

 

 -

 

 

 -

 

 

 -

Total derivatives not designated as hedging instruments

 

 

 

 

 

 -

 

 

 -

Total derivatives

 

 

 

 

$

726

 

$

(495)

 

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 June 30, 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

 

$

326

 

$

(508)

 

$

 -

Commodity futures contracts

 

 

196

 

 

(491)

 

 

 -

Total

 

$

522

 

$

(999)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Quarter Ended June 28, 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

 

$

1,505

 

$

(189)

 

$

 -

Commodity futures contracts

 

 

(117)

 

 

116

 

 

 -

Total

 

$

1,388

 

$

(73)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Year to Date Ended June 30, 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

 

$

(1,577)

 

$

(1,021)

 

$

 -

Commodity futures contracts

 

 

(938)

 

 

(653)

 

 

 -

Total

 

$

(2,515)

 

$

(1,674)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Year to Date Ended June 28, 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

 

$

314

 

$

(451)

 

$

 -

Commodity futures contracts

 

 

241

 

 

(59)

 

 

 -

Total

 

$

555

 

$

(510)

 

$

 -