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DERIVATIVES AND RISK MANAGEMENT (Tables)
 3 Months Ended
Mar. 30, 2013
Derivatives  
Schedule of outstanding forward contracts

As of March 30, 2013, the Company had the following outstanding forward contracts that were entered into to hedge the future payments of intercompany inventory transactions (in thousands):

 

Functional Currency

 

Contract Currency

 

Type

 

Amount

 

Type

 

Amount

 

Euro

 

172,450

 

U.S. Dollar

 

225,318

 

British Pound

 

17,650

 

U.S. Dollar

 

27,688

 

Japanese Yen

 

2,083,700

 

U.S. Dollar

 

24,924

 

Canadian Dollar

 

22,680

 

U.S. Dollar

 

22,388

 

Mexican Peso

 

167,607

 

U.S. Dollar

 

12,850

 

Australian Dollar

 

10,350

 

U.S. Dollar

 

10,607

 
Schedule of effective portion of gains and losses on derivative instruments recognized in other comprehensive (loss) income, net of taxes

The effective portion of gains and losses on derivative instruments that was recognized in other comprehensive (loss) income, net of taxes during the First Quarter and the Prior Year Quarter is set forth below (in thousands):

 

Derivatives Designated as Cash
Flow Hedges Under ASC 815

 

For the 13 Weeks
Ended
March 30, 2013

 

For the 13 Weeks
Ended
March 31, 2012

 

Foreign exchange forward contracts

 

$

3,345

 

$

(497

)

 

 

 

 

 

 

Total gain (loss) recognized in other comprehensive income (loss)

 

$

3,345

 

$

(497

)
Schedule of effective portion of gains and losses on derivative instruments recorded in other comprehensive income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings

The following table illustrates the effective portion of gains and losses on derivative instruments recorded in other comprehensive (loss) income, net of taxes during the term of the hedging relationship and reclassified into earnings during the First Quarter and Prior Year Quarter (in thousands):

 

Foreign Exchange Forward
Contracts Under ASC 815

 

Condensed
Consolidated
Statements of
Comprehensive
Income
Location

 

 

 

For the 13 Weeks
Ended
March 30, 2013

 

For the 13 Weeks
Ended
March 31, 2012

 

Cash flow hedging instruments

 

Other income-net

 

Total (loss) gain reclassified from other comprehensive (loss) income

 

$

(46

)

$

852

 
Schedule of fair value amounts for derivative instruments as separate asset and liability values on a gross basis and their location on condensed consolidated balance sheets

The following table discloses the fair value amounts for the Company’s derivative instruments as separate asset and liability values, presents the fair value of derivative instruments on a gross basis, and identifies the line items in the condensed consolidated balance sheets in which the fair value amounts for these categories of derivative instruments are included (in thousands):

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

March 30, 2013

 

December 29, 2012

 

March 30, 2013

 

December 29, 2012

 

 

 

Condensed

 

 

 

 

 

 

 

Condensed

 

 

 

 

 

 

 

Foreign Exchange
Contracts Under

 

Consolidated
Balance

 

Fair

 

Consolidated
Balance Sheet

 

Fair

 

Consolidated
Balance

 

Fair

 

Consolidated
Balance Sheet

 

Fair

 

ASC 815

 

Sheet Location

 

Value

 

Location

 

Value

 

Sheet Location

 

Value

 

Location

 

Value

 

Cash flow hedging
instruments

 

Prepaid expenses
and other
current assets

 

$

7,614

 

Prepaid expenses
and other
current assets

 

$

2,336

 

Accrued expenses-
other

 

$

1,706

 

Accrued expenses-
other

 

$

4,560

 

Cash flow hedging
instruments

 

Intangible and
other assets-
net

 

1,064

 

Intangible and
other assets-
net

 

240

 

Other long-term
liabilities

 

13

 

Other long-term
liabilities

 

582

 

Total

 

 

 

$

8,678

 

 

 

$

2,576

 

 

 

$

1,719

 

 

 

$

5,142