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DERIVATIVES AND RISK MANAGEMENT (Tables)

3 Months Ended

Apr. 05, 2014

Derivatives

Schedule of outstanding forward contracts

As of April 5, 2014, 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		176.5		U.S. Dollar		238.3
British Pound		21.0		U.S. Dollar		33.4
Canadian Dollar		30.5		U.S. Dollar		28.5
Japanese Yen		2,312.0		U.S. Dollar		23.4
Australian Dollar		13.2		U.S. Dollar		11.8
Mexican Peso		145.7		U.S. Dollar		11.0

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 First Quarter and Prior Year Quarter is set forth below (in thousands):

		For the 14 Weeks			For the 13 Weeks
Derivative Contracts		Ended			Ended
Under ASC 815		April 5, 2014			March 30, 2013
Cash flow hedges:
Foreign exchange forward contracts		$	(348	)	$	3,345
Interest rate swap		(538		)	0
Net investment hedge		162			0
Total (loss) gain recognized in other comprehensive loss, net of taxes		$	(724	)	$	3,345

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 and gains and losses on derivatives not designated as hedging instruments recorded

The following table illustrates the effective portion of gains and losses on derivative instruments recorded in other comprehensive loss, net of taxes during the term of the hedging relationship and reclassified into earnings, and gains and losses on derivatives not designated as hedging instruments recorded directly to earnings during the First Quarter and Prior Year Quarter (in thousands):

		Condensed
		Consolidated
		Statements of Income
		and Comprehensive				For the 14 Weeks			For the 13 Weeks
Derivative Contracts		Income				Ended			Ended
Under ASC 815		Location				April 5, 2014			March 30, 2013
Foreign exchange contracts designated as cash flow hedging instruments		Other (expense) income-net		Total loss reclassified from other comprehensive loss		$	(498	)	$	(46	)
Foreign exchange contracts not designated as hedging instruments		Other (expense) income-net		Total loss recognized in income		$	(148	)	$	0
Interest rate swap designated as cash flow hedging instruments		Interest expense		Total loss reclassified from other comprehensive loss		$	(465	)	$	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

April 5, 2014

December 28, 2013

April 5, 2014

December 28, 2013

Condensed

Condensed

Condensed

Condensed

Consolidated

Consolidated

Consolidated

Consolidated

Derivative Contracts Under

Balance

Fair

Balance

Fair

Balance

Fair

Balance

Fair

ASC 815

Sheets Location

Value

Sheets Location

Value

Sheets Location

Value

Sheets Location

Value

Foreign exchange contracts designated as cash flow hedging instruments

Prepaid expenses and other current assets

$

2,279

Prepaid expenses and other current assets

$

3,289

Accrued expenses- other

$

5,859

Accrued expenses- other

$

7,651

Interest rate contracts designated as cash flow hedging instruments

Prepaid expenses and other current assets

0

Prepaid expenses and other current assets

0

Accrued expenses- other

2,617

Accrued expenses- other

2,783

Foreign exchange contracts designated as net investment hedges

Prepaid expenses and other current assets

255

Prepaid expenses and other current assets

0

Prepaid expenses and other current assets

0

Prepaid expenses and other current assets

0

Foreign exchange contracts designated as cash flow hedging instruments

Intangible and other assets- net

218

Intangible and other assets- net

219

Other long-term liabilities

185

Other long-term liabilities

563

Interest rate contracts designated as cash flow hedging instruments

Intangible and other assets- net

3,658

Intangible and other assets- net

4,307

Other long-term liabilities

1,322

Other long-term liabilities

1,693

Total

$

6,410

$

7,815

$

9,983

$

12,690

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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.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959



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-Publisher FASB

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (d)

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