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Derivatives
 9 Months Ended
Sep. 27, 2013
Derivatives

Note 3—Derivatives

Derivatives are carried as assets or liabilities at their fair values in accordance with Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements”. During 2012 the Company entered into a derivative contract which did not qualify for hedge accounting. In February 2012 the Company purchased an out of the money Brent Crude Option as a hedge against potential geo-political disruptions in the Middle East. This option expired on June 11, 2012.

Financial Statement Presentation

The effect of our derivative instruments on our condensed consolidated statements of operations for the 13 weeks and 39 weeks ended September 27, 2013 and September 28, 2012 was as follows:

 

     Location of
(expense)		      13 Weeks Ended      39 Weeks Ended  
     recognized on
derivative		      September 27,
2013		      September 28,
2012		      September 27,
2013		      September 28,
2012		  

Derivatives not designated as hedging instruments:

               

Brent crude oil option

     
 		 Operating
expenses		   
  		      —           —           —           (17 )