Fair Value Measurement, Financial Instruments And Risk Management (Tables)

12 Months Ended

Dec. 30, 2012

Assets and Liabilities Measured at Fair Value On A Recurring Basis

The following tables represent our assets and liabilities measured at fair value on a recurring basis as of December 30, 2012 and December 25, 2011 and the basis for that measurement:



(amounts in thousands)	Total Fair Value Measurement December 30, 2012		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Foreign currency forward exchange contracts	$	179	$	—	$	179	$	—
Foreign currency revenue forecast contracts	14		—		14		—
Total assets	$	193	$	—	$	193	$	—

Foreign currency forward exchange contracts	$	208	$	—	$	208	$	—
Total liabilities	$	208	$	—	$	208	$	—



(amounts in thousands)	Total Fair Value Measurement December 25, 2011		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Foreign currency forward exchange contracts	$	463	$	—	$	463	$	—
Foreign currency revenue forecast contracts	1,120		—		1,120		—
Total assets	$	1,583	$	—	$	1,583	$	—

Foreign currency forward exchange contracts	$	415	$	—	$	415	$	—
Total liabilities	$	415	$	—	$	415	$	—

Summary of Activity Associated With All Designated Cash Flow Hedges Reflected in AOCI

The following table provides a summary of the activity associated with all of our designated cash flow hedges (foreign currency) reflected in accumulated other comprehensive income for the years ended December 30, 2012 and December 25, 2011:



(amounts in thousands)	December 30, 2012			December 25, 2011
Beginning balance, net of tax	$	1,542		$	377
Changes in fair value gain, net of tax	481			(643		)
Reclass to earnings, net of tax	(2,002		)	1,808
Ending balance, net of tax	$	21		$	1,542

Carrying Amount And Fair Value Of Non-Current Financial Assets And Liabilities Not Measured At Fair Value on a Recurring Basis

The carrying values and the estimated fair values of non-current financial assets and liabilities that qualify as financial instruments and are not measured at fair value on a recurring basis at December 30, 2012 and December 25, 2011 are summarized in the following table:



	December 30, 2012				December 25, 2011
(amounts in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt (including current maturities and excluding capital leases and factoring)⁽¹⁾
Senior secured credit facility	$	42,021	$	42,021	$	52,248	$	52,248
Senior secured notes	$	66,114	$	66,549	$	75,000	$	75,686


⁽¹⁾	The carrying amounts are reported on the balance sheet under the indicated captions.

Fair Values of Derivative Instruments Included Within The Consolidated Balance Sheets

The following table presents the fair values of derivative instruments included within the Consolidated Balance Sheets as of December 30, 2012 and December 25, 2011:



	December 30, 2012						December 25, 2011
	Asset Derivatives			Liability Derivatives			Asset Derivatives			Liability Derivatives
(amounts in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign currency revenue forecast contracts	Other current assets	$	14	Other current liabilities	$	—	Other current assets	$	1,120	Other current liabilities	$	—
Total derivatives designated as hedging instruments		14			—			1,120			—
Derivatives not designated as hedging instruments
Foreign currency forward exchange contracts	Other current assets	179		Other current liabilities	208		Other current assets	463		Other current liabilities	415
Total derivatives not designated as hedging instruments		179			208			463			415
Total derivatives		$	193		$	208		$	1,583		$	415

Amounts Affecting The Consolidated Statement of Operations

The following tables present the amounts affecting the Consolidated Statement of Operations for the years ended December 30, 2012, December 25, 2011, and December 26, 2010:



	December 30, 2012
(amounts in thousands)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income			Amount of Forward Points Recognized in Other Gain (Loss), net
Derivatives designated as cash flow hedges
Foreign currency revenue forecast contracts	$	507	Cost of sales	$	(1,994	)	$	102
Total designated cash flow hedges	$	507		$	(1,994	)	$	102



	December 25, 2011
(amounts in thousands)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives			Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income			Amount of Forward Points Recognized in Other Gain (Loss), net
Derivatives designated as cash flow hedges
Foreign currency revenue forecast contracts	$	(658	)	Cost of sales	$	(1,792	)	$	(296	)
Total designated cash flow hedges	$	(658	)		$	(1,792	)	$	(296	)



	December 26, 2010
(amounts in thousands)	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income			Amount of Forward Points Recognized in Other Gain (Loss), net
Derivatives designated as cash flow hedges
Foreign currency revenue forecast contracts	$	1,940	Cost of sales	$	1,194		$	(124	)
Interest rate swap contracts	171		Interest expense	(159		)	—
Total designated cash flow hedges	$	2,111		$	1,035		$	(124	)

Effect of Non-Designated Hedging Instruments on Financial Performance

December 30, 2012

December 25, 2011

December 26, 2010

(amounts in thousands)

Amount of

Gain (Loss)

Recognized in

Income on

Derivatives

Location of

Gain (Loss)

Recognized in

Income on

Derivatives

Amount of

Gain (Loss)

Recognized in

Income on

Derivatives

Location of

Gain(Loss)

Recognized in

Income on

Derivatives

Amount of

Gain (Loss)

Recognized in

Income on

Derivatives

Location of

Gain(Loss)

Recognized in

Income on

Derivatives

Derivatives not designated as hedging instruments

Foreign exchange forwards and options

261

Other gain

(loss), net

(155

)

Other gain

(loss), net

Other gain

(loss), net

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

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+ Details