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Other Comprehensive (Loss) Income | 9 Months Ended
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Oct. 03, 2015
Equity [Abstract] |
Other Comprehensive (Loss) Income | Note 18 – Other Comprehensive (Loss) Income Stockholders’ equity includes certain items classified as accumulated other comprehensive (loss) income (AOCI), including:
| • |  | Unrealized gain (loss) on anticipated sales hedging transactions relate to derivative instruments used to hedge the currency exchange rates for forecasted Euro sales. These hedges are designated as cash flow hedges, and the Company defers income statement recognition of gains and losses until the hedged transaction occurs. See Note 11 Derivative Instruments for more details.
| • |  | Unrealized gain (loss) on forward interest rate swaps hedging transactions refer to the hedging of the interest rate risk associated with the variable rate commitment entered into for the Acquisition. See Note 11 Derivative Instruments for more details.
| • |  | Unrealized gain (loss) on investments are deferred from Statement of Operations recognition until the gain or loss are realized.
| • |  | Foreign currency translation adjustment relates to the Company’s non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. The Company is required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income.
The components of accumulated other comprehensive (loss) income (AOCI) for the nine months ended October 3, 2015 and September 27, 2014 are as follows (in thousands):
|  | Unrealized gain (losses) on sales hedging |  |  | Unrealized (losses)/gains on forward interest rate swaps |  |  | Unrealized gains (losses) on investments |  |  | Cumulative Foreign Currency Translation |  |  | Total |
Balance at December 31, 2013 |  |  | (1,864 | ) |  |  | 0 |  |  |  | (78 | ) |  |  | (7,839 | ) |  |  | (9,781 | )
Other comprehensive income/(loss) before reclassifications |  |  | 6,500 |  |  |  | (1,224 | ) |  |  | 1,570 |  |  |  | (380 | ) |  |  | 6,466 |
Amounts reclassified from AOCI |  |  | 1,696 |  |  |  | 0 |  |  |  | (517 | ) |  |  | (7 | ) |  |  | 1,172 |
Tax (expense) benefit |  |  | (1,674 | ) |  |  | 443 |  |  |  | (317 | ) |  |  | 0 |  |  |  | (1,548 | )
Other comprehensive income/(loss) |  |  | 6,522 |  |  |  | (781 | ) |  |  | 736 |  |  |  | (387 | ) |  |  | 6,090 |
Balance at September 27, 2014 |  |  | 4,658 |  |  |  | (781 | ) |  |  | 658 |  |  |  | (8,226 | ) |  |  | (3,691 | )
Balance at December 31, 2014 |  |  | 5,326 |  |  |  | (7,699 | ) |  |  | 347 |  |  |  | (6,521 | ) |  |  | (8,547 | )
Other comprehensive income/(loss) before reclassifications |  |  | 6,331 |  |  |  | (18,089 | ) |  |  | (2 | ) |  |  | (7,855 | ) |  |  | (19,615 | )
Amounts reclassified from AOCI |  |  | (13,535 | ) |  |  | 716 |  |  |  | (25 | ) |  |  | (13,472 | ) |  |  | (26,316 | )
Tax benefit (expense) |  |  | 1,441 |  |  |  | 6,926 |  |  |  | (245 | ) |  |  | 0 |  |  |  | 8,122 |
Other comprehensive (loss)/income |  |  | (5,763 | ) |  |  | (10,447 | ) |  |  | (272 | ) |  |  | (21,327 | ) |  |  | (37,809 | )
Balance at October 3, 2015 |  |  | (437 | ) |  |  | (18,146 | ) |  |  | 75 |  |  |  | (27,848 | ) |  |  | (46,356 | )
Reclassification out of AOCI to earnings during the three and nine months ended October 3, 2015 and September 27, 2014 were as follows (in thousands):
|  |  |  | Three Months Ended |  |  | Nine Months Ended |
Comprehensive Income Components |  | Financial Statement Line Item |  | October 3, 2015 |  |  | September 27, 2014 |  |  | October 3, 2015 |  |  | September 27, 2014 |
Unrealized (gain) loss on sales hedging: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total before tax |  | Net sales of tangible products |  |  | (2,267 | ) |  |  | (113 | ) |  |  | (13,535 | ) |  |  | 1,696 |
Tax expense (benefit) |  |  |  |  | 459 |  |  |  | 24 |  |  |  | 2,741 |  |  |  | (365 | )
Net of taxes |  |  |  |  | (1,808 | ) |  |  | (89 | ) |  |  | (10,794 | ) |  |  | 1,331 |
Unrealized (gain)/loss on forward interest rate swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total before tax |  | Interest expense/(income) |  |  | 716 |  |  |  | 0 |  |  |  | 716 |  |  |  | 0 |
Tax expense (benefit) |  |  |  |  | (275 | ) |  |  | 0 |  |  |  | (275 | ) |  |  | 0 |
Net of taxes |  |  |  |  | 441 |  |  |  | 0 |  |  |  | 441 |  |  |  | 0 |
Unrealized (gain) loss on investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total before tax |  | Other (expense) income – Other, net |  |  | 0 |  |  |  | (443 | ) |  |  | (25 | ) |  |  | (517 | )
Tax expense (benefit) |  |  |  |  | 0 |  |  |  | 158 |  |  |  | 9 |  |  |  | 178 |
Net of taxes |  |  |  |  | 0 |  |  |  | (285 | ) |  |  | (16 | ) |  |  | (339 | )
Cumulative Foreign Currency Translation |  | Foreign exchange income (loss) |  |  | 936 |  |  |  | 0 |  |  |  | (13,472 | ) |  |  | (7 | )
Total amounts reclassified from AOCI |  |  |  |  | (431 | ) |  |  | (374 | ) |  |  | (23,841 | ) |  |  | 985 |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 + Details
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