Derivative Financial Instruments

9 Months Ended

Sep. 28, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Our derivatives designated as hedging instruments have consisted primarily of foreign currency forward contracts to hedge certain foreign currency-denominated intercompany management fees. We also use foreign currency forward contracts that are not designated as hedges primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts payable and intercompany loans.

The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows:

	Notional Amounts (1)				Fair Value
	September 28, 2013		December 29, 2012		September 28, 2013			December 29, 2012
Derivatives designated as hedging instruments recorded in:
Other current assets
Foreign exchange contracts	$	1,320	$	—	$	24		$	—
Accrued expenses
Foreign exchange contracts	9,224		—		(197		)	—
	10,544		—		(173		)	—
Derivatives not receiving hedge accounting treatment recorded in:
Other current assets
Foreign exchange contracts	333,846		817,172		3,136			2,897
Accrued expenses
Foreign exchange contracts	854,903		607,836		(8,358		)	(3,776		)
	1,188,749		1,425,008		(5,222		)	(879		)
Total	$	1,199,293	$	1,425,008	$	(5,395	)	$	(879	)

  (1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts.

The amount recognized in earnings from our derivative instruments not receiving hedge accounting treatment, including ineffectiveness, is recorded in foreign currency exchange loss as follows and was largely offset by the change in fair value of the underlying hedged assets or liabilities:

	Thirteen Weeks Ended						Thirty-nine Weeks Ended
	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Net loss recognized in earnings	$	(30,789	)	$	(23,474	)	$	(1,428	)	$	(31,582	)

The unrealized gains or losses associated with our derivatives designated as hedging instruments, net of taxes, are reflected in our consolidated statement of comprehensive income (loss) for the thirteen and thirty-nine weeks ended September 28, 2013 and September 29, 2012.