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Financial Instruments | 3 Months Ended
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Apr. 01, 2012
Financial Instruments [Abstract] |
Financial Instruments | Note 7 — Financial instruments The Company uses derivative instruments for risk management purposes. Forward rate contracts are used to manage foreign currency transaction exposure. These derivative instruments 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 8, "Fair value measurement" for additional information. The following table presents the location and fair values of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet as of April 1, 2012 and December 31, 2011:
|  | April 1, 2012 Fair Value |  |  | December 31, 2011 Fair Value |
|  | (Dollars in thousands) |
Asset derivatives: |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Other assets – current |  | $ | 1,432 |  |  | $ | 204 |
Total asset derivatives |  | $ | 1,432 |  |  | $ | 204 |
Liability derivatives: |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Derivative liabilities – current |  | $ | 1,496 |  |  | $ | 633 |
Total liability derivatives |  | $ | 1,496 |  |  | $ | 633 |
The following table provides information as to the gains and losses attributable to derivatives 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") in the condensed consolidated statement of income for the three months ended April 1, 2012 and March 27, 2011:
|  | After Tax Gain/(Loss) Recognized in OCI |
|  | April 1, 2012 |  |  | March 27, 2011 |
|  | (Dollars in thousands) |
Interest rate contracts |  | $ | 2,386 |  |  | $ | 1,657 |
Foreign exchange contracts |  |  | 74 |  |  |  | 249 |
Total |  | $ | 2,460 |  |  | $ | 1,906 |
|  | Pre-Tax (Gain)/Loss Reclassified from AOCI into Income |
|  | April 1, 2012 |  |  | March 27, 2011 |
|  | (Dollars in thousands) |
Interest rate contracts: |  |  |  |  |  |  |  |
Interest expense |  | $ | 3,751 |  |  | $ | 3,720 |
Foreign exchange contracts |  |  |  |  |  |  |  |
Cost of goods sold |  |  | (897 | ) |  |  | (584 | )
Income from discontinued operations |  |  | — |  |  |  | (435 | )
Total |  | $ | 2,854 |  |  | $ | 2,701 |
For the three months ended April 1, 2012 and March 27, 2011, there was no ineffectiveness related to the Company's derivatives. In 2011, the Company terminated its interest rate swap covering a notional amount of $350 million designated as a hedge against the variability of the cash flows in the interest payments under the term loan. At April 1, 2012, the Company had $4.6 million, net of tax, recorded in AOCI associated with this interest rate swap, which will be amortized as interest expense over the remaining life of the original term of the hedged obligation, which expires in September 2012. Based on interest rates and exchange rates at April 1, 2012, approximately $4.8 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 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. + References No definition available. + Details
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- Details
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