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Foreign Currency and Other, Net
6 Months Ended
Jun. 28, 2014
Foreign Currency [Abstract]  
Foreign Currency and Other, Net
Foreign Currency and Other, Net
Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. The Company includes these gains and losses related to intercompany loans and debt as well as other non-operating activities as a component of Other income (expense).
Amounts associated with these components for the respective periods are as follows:
In thousands
Three Months
Ended
June 28,
2014
 
Three Months
Ended
June 29,
2013
 
Six Months
Ended
June 28,
2014
 
Six Months
Ended
June 29,
2013
Foreign currency gains (losses)
$
3,258

 
$
(20
)
 
$
(2,142
)
 
$
(1,017
)
Other non-operating income (expense)
6,745

 
(880
)
 
17,104

 
(1,303
)
Total
$
10,003

 
$
(900
)
 
$
14,962

 
$
(2,320
)

On January 27, 2014, the Company entered into a series of foreign exchange forward contracts with a third-party financial institution used to minimize foreign exchange risk on the future consideration to be paid for the Providência Acquisition and the Mandatory Tender Offer. The primary financial instrument was related to the Providência Acquisition and consisted of a foreign exchange forward contract with an aggregate notional amount equal to the estimated purchase price. The remaining financial instruments relate to a series of options that expire between 1 year and 5 years associated with the Mandatory Tender Offer and the deferred portion of the consideration to be paid for the Providência Acquisition. As the nature of these transactions are related to a non-operating notional amount, changes in fair value are included in Foreign currency and other, net in the current period.
On June 11, 2014, the Company settled the primary financial instrument which provided $18.9 million of income realized at the date of acquisition. In addition, the Company recognized $3.6 million associated with the changes in fair value of the options related to the Mandatory Tender Offer and the deferred portion of the purchase price. Other amounts relate to non-operating expenses, including factoring fees.