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Derivatives (Tables)

3 Months Ended

Mar. 30, 2013

Derivatives [Abstract]

Fair value of derivative instruments

The following table summarizes the fair value of the Company's derivative instruments designated and not designated as hedging instruments, the notional values of the associated derivative contracts, and the location of these instruments in the condensed consolidated balance sheet:

			March 30, 2013								December 29, 2012
	Balance Sheet		Asset				Notional				Asset				Notional
(In thousands)	Location		(Liability) (a)				Amount (b)				(Liability) (a)				Amount
Derivatives Designated as Hedging Instruments:
Derivatives in an Asset Position:
Forward currency-exchange contracts	Other Current Assets		$	2			$	269			$	5			$	269
Derivatives in a Liability Position:
Forward currency-exchange contracts	Other Current Liabilities		$	(187	)		$	2,360			$	(161	)		$	3,180
Interest rate swap agreement	Other Current Liabilities		$	–			$	–			$	(19	)		$	–
Interest rate swap agreement	Other Long-Term Liabilities		$	(943	)		$	6,625			$	(1,029	)		$	6,875
Derivatives Not Designated as Hedging Instruments:
Derivatives in a Asset Position:
Forward currency-exchange contracts	Other Current Assets		$	–			$	–			$	24			$	1,013
Derivatives in a Liability Position:
Forward currency-exchange contracts	Other Current Liabilities		$	(2	)		$	507			$	(12	)		$	815

(a) See Note 10 for the fair value measurements related to these financial instruments.

(b) The total notional amount is indicative of the level of the Company's derivative activity during the first quarter of 2013.

Activity in accumulated other comprehensive items (OCI)

The following table summarizes the activity in accumulated other comprehensive items (OCI) associated with the Company's derivative instruments designated as cash flow hedges as of and for the period ended March 30, 2013:

(In thousands)		Interest Rate Swap Agreements				Forward Currency- Exchange Contracts				Total
Unrealized loss, net of tax, at December 29, 2012		$	(939	)		$	(107	)		$	(1,046	)
Loss reclassified to earnings (a)			213				29				242
Loss recognized in OCI			(1	)			(46	)			(47	)
Unrealized loss, net of tax, at March 30, 2013		$	(727	)		$	(124	)		$	(851	)

(a) Included in interest expense and provision for income taxes for interest rate swap agreements and in revenues for forward currency-exchange contracts in the accompanying condensed consolidated statement of income.

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- Definition

Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: 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=7476318&loc=SL5618551-113959

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