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Financial Instruments | 9 Months Ended
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Sep. 25, 2011
Financial Instruments [Abstract] |
Financial Instruments | Note 8 — Financial instruments The Company uses derivative instruments for risk management purposes and does not utilize derivative instruments for trading or speculation purposes. Foreign exchange contracts are used to manage foreign currency transaction exposure, and an interest rate swap is used to reduce exposure to interest rate changes. These derivative instruments, whose settlement dates extend through December 2012, are designated as cash flow hedges and are recorded on the balance sheet at fair market value. The effective portion of the gains or losses on derivatives is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. See Note 9, "Fair value measurement" for additional information. The following table provides the location and fair values of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet as of September 25, 2011 and December 31, 2010:
|  | September 25, 2011 Fair Value |  |  | December 31, 2010 Fair Value |
|  | (Dollars in thousands) |
Asset derivatives: |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Other assets – current |  | $ | 60 |  |  | $ | 880 |
Other assets – noncurrent |  |  | 6 |  |  |  | — |
Total asset derivatives |  | $ | 66 |  |  | $ | 880 |
Liability derivatives: |  |  |  |  |  |  |  |
Interest rate swap: |  |  |  |  |  |  |  |
Derivative liabilities – current |  | $ | 14,811 |  |  | $ | 15,004 |
Other liabilities – noncurrent |  |  | 236 |  |  |  | 9,566 |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Derivative liabilities – current |  |  | 519 |  |  |  | 630 |
Total liability derivatives |  | $ | 15,566 |  |  | $ | 25,200 |
The following table provides the amount of the gains and losses attributable to derivative instruments in cash flow hedging relationships that were reported in other comprehensive income ("OCI"), and the location and amount of gains and losses attributable to such derivatives that were reclassified from accumulated other comprehensive income ("AOCI") to the condensed consolidated statement of income for the three and nine months ended September 25, 2011 and September 26, 2010:
|  | After Tax Gain/(Loss) Recognized in OCI |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 25, 2011 |  |  | September 26, 2010 |  |  | September 25, 2011 |  |  | September 26, 2010 |
|  | (Dollars in thousands) |
Interest rate swap |  | $ | 2,433 |  |  | $ | (92 | ) |  | $ | 5,784 |  |  | $ | (243 | )
Foreign exchange contracts |  |  | (250 | ) |  |  | (387 | ) |  |  | (276 | ) |  |  | 233 |
Total |  | $ | 2,183 |  |  | $ | (479 | ) |  | $ | 5,508 |  |  | $ | (10 | )
|  | Pre-Tax (Gain)/Loss Reclassified from AOCI into Income |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 25, 2011 |  |  | September 26, 2010 |  |  | September 25, 2011 |  |  | September 26, 2010 |
|  | (Dollars in thousands) |
Interest rate swap: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 3,978 |  |  | $ | 4,042 |  |  | $ | 11,633 |  |  | $ | 13,206 |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  | — |  |  |  | (141 | ) |  |  | — |  |  |  | (131 | )
Cost of goods sold |  |  | 183 |  |  |  | (957 | ) |  |  | (479 | ) |  |  | (2,812 | )
Income from discontinued operations |  |  | 257 |  |  |  | (85 | ) |  |  | (511 | ) |  |  | (27 | )
Total |  | $ | 4,418 |  |  | $ | 2,859 |  |  | $ | 10,643 |  |  | $ | 10,236 |
For the three and nine months ended September 25, 2011 and September 26, 2010, there was no reclassification from AOCI to income resulting from ineffectiveness related to the Company's derivative instruments. The following table provides information on the changes in AOCI related to derivative instruments, net of tax, for the nine months ended September 25, 2011 and September 26, 2010:
|  | September 25, 2011 |  |  | September 26, 2010 |
|  | (Dollars in thousands) |
Balance at beginning of year |  | $ | (15,262 | ) |  | $ | (17,343 | )
Additions and revaluations |  |  | (1,014 | ) |  |  | (5,864 | )
Loss reclassified from AOCI into income |  |  | 6,675 |  |  |  | 5,831 |
Tax rate adjustment |  |  | (153 | ) |  |  | 23 |
Balance at end of period |  | $ | (9,754 | ) |  | $ | (17,353 | )
Based on interest rates and exchange rates at September 25, 2011, approximately $9.6 million of unrealized losses, net of tax, within AOCI are expected to be reclassified from AOCI during the next twelve months. However, the actual amount reclassified from AOCI could vary due to future changes in interest rates and exchange rates.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + Details
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