DERIVATIVES AND RISK MANAGEMENT (Tables)

6 Months Ended

Jul. 05, 2014

Schedule of outstanding forward contracts

As of July 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	181.7	U.S. Dollar	247.0
British Pound	28.2	U.S. Dollar	46.0
Canadian Dollar	33.8	U.S. Dollar	31.3
Japanese Yen	2,370.0	U.S. Dollar	23.7
Australian Dollar	14.8	U.S. Dollar	13.5
Mexican Peso	171.0	U.S. Dollar	12.9

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 Prior Year YTD Period is set forth below (in thousands):

Derivative Contracts Under ASC 815	For the 13 Weeks Ended July 5, 2014			For the 13 Weeks Ended June 29, 2013
Cash flow hedges:
Foreign exchange forward contracts	$	(1,639	)	$	2,442
Interest rate swap	(579		)	0
Net investment hedge	95			0
Total (loss) gain recognized in other comprehensive income (loss), net of taxes	$	(2,123	)	$	2,442

	For the 27 Weeks			For the 26 Weeks
Derivative Contracts Under ASC 815	Ended July 5, 2014			Ended June 29, 2013

Cash flow hedges:
Foreign exchange forward contracts	$	(1,987	)	$	5,788
Interest rate swap	(1,117		)	0
Net investment hedge	257			0
Total (loss) gain recognized in other comprehensive income (loss), net of taxes	$	(2,847	)	$	5,788

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 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 directly to earnings during the Second Quarter, Prior Year Quarter, Year To Date Period, and Prior Year YTD Period (in thousands):

	Condensed
	Consolidated
	Statements of Income
	and Comprehensive		For the 13 Weeks			For the 13 Weeks
Derivative Contracts	Income		Ended			Ended
Under ASC 815	Location		July 5, 2014			June 29, 2013

Foreign exchange contracts designated as cash flow hedging instruments	Other income (expense)-net	Total (loss) gain reclassified from other comprehensive income (loss)	$	(1,033	)	$	843

Foreign exchange contracts not designated as hedging instruments	Other income (expense)-net	Total loss recognized in income	$	0		$	(74	)

Interest rate swap designated as a cash flow hedging instrument	Interest expense	Total loss reclassified from other comprehensive income (loss)	$	(439	)	$	0

	Condensed
	Consolidated
	Statements of Income
	and Comprehensive		For the 27 Weeks			For the 26 Weeks
Derivative Contracts	Income		Ended			Ended
Under ASC 815	Location		July 5, 2014			June 29, 2013

Foreign exchange contracts designated as cash flow hedging instruments	Other income (expense)-net	Total (loss) gain reclassified from other comprehensive income (loss)	$	(1,531	)	$	798

Foreign exchange contracts not designated as hedging instruments	Other income (expense)-net	Total loss recognized in income	$	(148	)	$	(74	)

Interest rate swap designated as a cash flow hedging instrument	Interest expense	Total loss reclassified from other comprehensive income (loss)	$	(904	)	$	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

July 5, 2014

December 28, 2013

July 5, 2014

December 28, 2013

Condensed

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

1,910

Prepaid expenses and other current assets

3,289

Accrued expenses- other

4,818

Accrued expenses- other

7,651

Interest rate swap designated as a cash flow hedging instrument

Prepaid expenses and other current assets

Accrued expenses- other

2,534

Accrued expenses- other

2,783

Foreign exchange contracts designated as cash flow hedging instruments

Intangible and other assets- net

384

Intangible and other assets- net

219

Other long-term liabilities

275

Other long-term liabilities

563

Interest rate swap designated as a cash flow hedging instrument

Intangible and other assets- net

2,977

Intangible and other assets- net

4,307

Other long-term liabilities

946

Other long-term liabilities

1,693

Total

5,271

7,815

8,573

12,690