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Financial Instruments | 9 Months Ended
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Oct. 03, 2015
Notes To Financial Statements [Abstract] |
Financial Instruments | Financial Instruments ASC 815 “Derivatives and Hedging” requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If a derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in the fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a hedge's change in fair value will be immediately recognized in earnings. Foreign Exchange: The company uses foreign currency forward and option contracts with terms of less than one year to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The following table summarizes the forward and option contracts outstanding at October 3, 2015. The fair value of the forward and option contracts was a gain of $0.8 million at the end of the third quarter of 2015.
Sell |  | Purchase |  | Maturity
5,000,000 |  |  | Euro Dollars |  | 5,599,700 |  |  | US Dollars |  | December 30, 2015
5,000,000 |  |  | Euro Dollars |  | 5,595,750 |  |  | US Dollars |  | December 30, 2015
5,000,000 |  |  | Euro Dollars |  | 5,601,000 |  |  | US Dollars |  | December 30, 2015
5,300,000 |  |  | Euro Dollars |  | 5,937,060 |  |  | US Dollars |  | December 30, 2015
3,500,000 |  |  | British Pounds |  | 4,729,538 |  |  | Euro Dollars |  | December 30, 2015
4,000,000 |  |  | British Pounds |  | 5,407,415 |  |  | Euro Dollars |  | December 30, 2015
5,000,000 |  |  | British Pounds |  | 6,754,931 |  |  | Euro Dollars |  | December 30, 2015
3,796,697 |  |  | Euro Dollars |  | 2,805,000 |  |  | British Pounds |  | December 30, 2015
7,500,000 |  |  | Australian Dollars |  | 5,241,750 |  |  | US Dollars |  | December 30, 2015
12,900,000 |  |  | Australian Dollars |  | 9,024,518 |  |  | US Dollars |  | December 30, 2015
12,500,000 |  |  | Australian Dollars |  | 8,737,500 |  |  | US Dollars |  | December 30, 2015
11,500,000 |  |  | Canadian Dollars |  | 8,685,801 |  |  | US Dollars |  | December 30, 2015
2,300,000 |  |  | Australian Dollars |  | 1,608,505 |  |  | US Dollars |  | December 30, 2015
10,000,000 |  |  | Brazilian Reais |  | 2,748,763 |  |  | US Dollars |  | December 17, 2015
20,167,500 |  |  | Brazilian Reais |  | 5,000,000 |  |  | US Dollars |  | August 23, 2016
Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of October 3, 2015, the fair value of these instruments was a liability of $1.4 million. The change in fair value of these swap agreements in the first nine months of 2015 was a loss of $0.4 million, net of taxes. The following tables summarize the company’s fair value of interest rate swaps (in thousands):
| Condensed Consolidated Balance Sheet Presentation |  | Oct 3, 2015 |  |  | Jan 3, 2015 |
Fair value | Other non-current liabilities |  | $ | (1,436 | ) |  | $ | (810 | )
The impact on earnings from interest rate swaps was as follows (in thousands):
|  |  | Three Months Ended |  | Nine Months Ended
| Presentation of Gain/(loss) |  | Oct 3, 2015 |  |  | Sep 27, 2014 |  |  | Oct 3, 2015 |  | Sep 27, 2014 |
Gain/(loss) recognized in accumulated other comprehensive income | Other comprehensive income |  | $ | (768 | ) |  | $ | 343 |  |  | $ | (2,069 | ) |  | $ | (768 | )
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense |  | $ | (477 | ) |  | $ | (538 | ) |  | $ | (1,451 | ) |  | $ | (1,653 | )
Gain/(loss) recognized in income (ineffective portion) | Other expense |  | $ | (23 | ) |  | $ | 25 |  |  | $ | (8 | ) |  | $ | 8 |
Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions and assesses its creditworthiness prior to entering into the interest rate swap agreements. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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