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DERIVATIVES AND RISK MANAGEMENT (Tables)

6 Months Ended

Jun. 29, 2013

Derivatives

Schedule of outstanding forward contracts

As of June 29, 2013, the Company had the following outstanding forward contracts that were entered into to hedge the future payments of intercompany inventory transactions (in millions):

Functional Currency				Contract Currency
Type		Amount		Type		Amount
Euro		179.3		U.S. Dollar		234.6
British Pound		20.4		U.S. Dollar		31.7
Japanese Yen		2,321.6		U.S. Dollar		26.4
Canadian Dollar		28.3		U.S. Dollar		27.7
Mexican Peso		148.9		U.S. Dollar		11.6
Australian Dollar		11.6		U.S. Dollar		11.4

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

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

Derivatives Designated as Cash		For the 13 Weeks Ended			For the 13 Weeks Ended
Flow Hedges Under ASC 815		June 29, 2013			June 30, 2012
Foreign exchange forward contracts		$	2,442		$	3,708
Total gain recognized in other comprehensive income (loss)		$	2,442		$	3,708

		For the 26 Weeks			For the 26 Weeks
Derivatives Designated as Cash		Ended			Ended
Flow Hedges Under ASC 815		June 29, 2013			June 30, 2012
Foreign exchange forward contracts		$	5,788		$	3,211
Total gain recognized in other comprehensive income (loss)		$	5,788		$	3,211

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 income (loss), net of taxes during the term of the hedging relationship and reclassified into earnings during the Second Quarter, Prior Year Quarter, Year To Date Period, and Prior Year YTD Period (in thousands):

		Condensed
		Consolidated
		Statements of
		Comprehensive				For the 13 Weeks			For the 13 Weeks
Foreign Exchange Forward		Income				Ended			Ended
Contracts Under ASC 815		Location				June 29, 2013			June 30, 2012
Cash flow hedging instruments		Other (expense) income-net		Total gain reclassified from other comprehensive income (loss)		$	843		$	1,451
Not designated as hedging instruments		Other (expense) income-net		Total loss recognized in income		$	(74	)	$	0

		Condensed
		Consolidated
		Statements of				For the 26 Weeks			For the 26 Weeks
Foreign Exchange Forward		Comprehensive				Ended			Ended
Contracts Under ASC 815		Income Location				June 29, 2013			June 30, 2012
Cash flow hedging instruments		Other (expense) income-net		Total gain reclassified from other comprehensive income (loss)		$	798		$	2,303
Not designated as hedging instruments		Other (expense) income-net		Total loss recognized in income		$	(74	)	$	0

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

June 29, 2013

December 29, 2012

June 29, 2013

December 29, 2012

Foreign

Condensed

Condensed

Exchange

Consolidated

Consolidated

Consolidated

Consolidated

Contracts

Balance

Balance

Balance

Balance

Under

Sheet

Fair

Sheet

Fair

Sheet

Fair

Sheet

Fair

ASC 815

Location

Value

Location

Value

Location

Value

Location

Value

Cash flow hedging instruments

Prepaid expenses and other current assets

$

7,710

Prepaid expenses and other current assets

$

2,336

Accrued expenses- other

$

1,426

Accrued expenses- other

$

4,560

Cash flow hedging instruments

Intangible and other assets-net

688

Intangible and other assets-net

240

Other long-term liabilities

57

Other long-term liabilities

582

Total

$

8,398

$

2,576

$

1,483

$

5,142

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 205G

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Tabular disclosure of the notional amounts of outstanding derivative positions.

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