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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2013
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet

 		 As at
    March 31, 2013   December 30, 2012
    Asset     Liability     Net
asset
(liability)		    

Classification on
Condensed
Consolidated
Balance Sheet

   Asset     Liability     Net
asset
(liability)		    

Classification on
Condensed
Consolidated
Balance Sheet

Derivatives designated as cash flow hedging instruments

                

Forward currency contracts(1)

   $ 2,361      $ (438 )    $ 1,923     

Accounts
receivable, net    

   $ 494      $ (2,315 )    $ (1,821 )   

Accounts payable

Interest rate swap(2)

   $ 0      $ (482 )    $ (482 )   

Other long-term liabilities

   $ 0      $ 0      $ 0     

n/a

Derivatives not designated as hedging instruments

                

TRS(3)

   $ 14,257      $ 0      $ 14,257     

Other assets

   $ 8,614      $ (1,110 )    $ 7,504     

Other assets

Forward currency contracts(1)

   $ 92      $ (6 )    $ 86     

Accounts receivable, net

   $ 5      $ (198 )    $ (193 )   

Accounts payable

 

(1) 

Notional value as at March 31, 2013 of $165.3 million (fiscal 2012: $195.1 million), with maturities ranging between April 2013 and March 2014; no associated cash collateral.
(2) 

Notional value as at March 31, 2013 of $33.8 million (fiscal 2012: $nil), with maturities through fiscal 2019; no associated cash collateral.
(3) 

TRS contracts cover 1.0 million of the Company’s underlying common shares. The notional value and associated cash collateral, in the form of bearer deposit notes (see note 7), was $41.4 million as at March 31, 2013 (fiscal 2012: $41.4 million). The TRS have maturities annually, in May, between fiscal 2015 and fiscal 2019.

 
Summary of Effect of Derivative Instruments on Consolidated Statement of Comprehensive Income
    Classification on   First quarter ended March 31, 2013     First quarter ended April 1, 2012  

Derivatives designated as cash flow

hedging instruments(1)

   Condensed
Consolidated
Statement of
Operations		   Amount of
gain (loss)
recognized
in OCI(2)		     Amount of net
(gain) loss
reclassified
to earnings		     Total effect
on  OCI(2)		     Amount of
gain (loss)
recognized
in OCI(2)		     Amount of net
(gain) loss
reclassified
to earnings		     Total effect
on  OCI(2)		  

Forward currency contracts

   Cost of sales   $ 3,273      $ 471      $ 3,744      $ (3,502 )    $ (1,321 )    $ (4,823 ) 

Interest rate swap

   Interest (expense)     (501 )      19        (482 )      0        0        0   

Interest rate forwards(3)

   Interest (expense)     0        173        173        0        173        173   
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

       2,772        663        3,435        (3,502 )      (1,148 )      (4,650 ) 

Income tax effect

   Income taxes     (862 )      (130 )      (992 )      987        298        1,285   
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net of income taxes

     $ 1,910      $ 533      $ 2,443      $ (2,515 )    $ (850 )    $ (3,365 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Excludes amounts related to ineffectiveness, as they were not significant.
(2) 

Other comprehensive income (“OCI”).
(3) 

The Company entered into and settled interest rate forwards in fiscal 2010 relating to the Company’s outstanding term debt.
Summary of (Gain) Loss on Derivatives Not Designated as Hedging Instruments

The following table summarizes the (gain) loss on derivatives not designated as hedging instruments:

 

    

Classification on
Condensed Consolidated
Statement of Operations

    First quarter ended  
        March 31,
2013		     April 1,
2012		  

TRS

   

General and
administrative expenses

    $ (6,753 )    $ (3,232 ) 

Forward currency contracts

   

Cost of sales

      (279 )      748   
     

 

 

    

 

 

  

Total net gain

       $ (7,032 )    $ (2,484 )