XML 36 R17.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 28, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	March 28, 2015		December 27, 2014
Raw materials and purchased parts	$	187,281	$	179,093
Work-in-process		26,078		27,835
Finished goods and manufactured goods		210,063		199,772

Subtotal		423,422		406,700
Less: LIFO reserve		43,908		47,178

	$	379,514	$	359,522

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

	Thirteen Weeks Ended
	2015		2014
United States	$	32,641	$	71,694
Foreign		15,804		14,884

	$	48,445	$	86,578

Schedule of components of the net periodic pension expense

	Thirteen Weeks Ended
	2015			2014
Net periodic (benefit) expense:
Interest cost	$	6,111		$	7,197
Expected return on plan assets		(6,261	)		(6,535	)

Net periodic (benefit) expense	$	(150	)	$	662

Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options

	Thirteen Weeks Ended
	2015		2014
Compensation expense	$	1,350	$	1,263
Income tax benefits		520		486

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
	Carrying Value March 28, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	44,544	$	44,544	$	—	$	—

			Fair Value Measurement Using:
	Carrying Value December 27, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	45,473	$	45,473	$	—	$	—

Components of accumulated other comprehensive income (loss)

	Foreign Currency Translation Adjustments			Unrealized Gain on Cash Flow Hedge		Defined Benefit Pension Plan			Accumulated Other Comprehensive Income
Balance at December 27, 2014	$	(99,618	)	$	3,879	$	(38,694	)	$	(134,433	)
Current-period comprehensive income (loss)		(56,083	)		312		—			(55,771	)

Balance at March 28, 2015	$	(155,701	)	$	4,191	$	(38,694	)	$	(190,204	)

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details