Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 28, 2013 | |
Entity Registrant Name | 'TOOTSIE ROLL INDUSTRIES INC |
Entity Central Index Key | '0000098677 |
Document Type | '10-Q |
Document Period End Date | 28-Sep-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Common Stock | ' |
Entity Common Stock, Shares Outstanding | 37,376,085 |
Class B Common Stock | ' |
Entity Common Stock, Shares Outstanding | 22,259,270 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash & cash equivalents | $32,734 | $63,862 | $37,124 |
Investments | 31,579 | 18,746 | 14,563 |
Trade accounts receivable, less allowances of $3,446, $2,142 & $3,501 | 102,786 | 42,108 | 111,578 |
Other receivables | 3,466 | 5,528 | 6,539 |
Inventories: | ' | ' | ' |
Finished goods & work-in-process | 40,437 | 37,046 | 36,506 |
Raw material & supplies | 29,044 | 25,337 | 28,925 |
Prepaid expenses | 1,463 | 4,148 | 4,167 |
Deferred income taxes | 4,942 | 466 | 600 |
Total current assets | 246,451 | 197,241 | 240,002 |
PROPERTY, PLANT & EQUIPMENT, at cost: | ' | ' | ' |
Land | 21,679 | 21,687 | 21,694 |
Buildings | 108,376 | 108,391 | 107,962 |
Machinery & equipment | 328,520 | 331,110 | 323,277 |
Construction in progress | 12,878 | 2,539 | 9,566 |
Property, plant and equipment, gross | 471,453 | 463,727 | 462,499 |
Less-accumulated depreciation | 274,448 | 262,437 | 258,112 |
Net property, plant and equipment | 197,005 | 201,290 | 204,387 |
OTHER ASSETS: | ' | ' | ' |
Goodwill | 73,237 | 73,237 | 73,237 |
Trademarks | 175,024 | 175,024 | 175,024 |
Investments | 162,371 | 126,812 | 129,345 |
Split dollar officer life insurance | 41,394 | 66,911 | 70,549 |
Prepaid expenses | ' | ' | 680 |
Deferred income taxes | 6,026 | 6,222 | 8,015 |
Total other assets | 458,052 | 448,206 | 456,850 |
Total assets | 901,508 | 846,737 | 901,239 |
CURRENT LIABILITIES: | ' | ' | ' |
Accounts payable | 14,801 | 8,942 | 18,050 |
Dividends payable | 4,770 | ' | 4,689 |
Accrued liabilities | 49,539 | 45,150 | 49,891 |
Postretirement health care and life insurance benefits | 555 | 555 | 574 |
Income taxes payable | 11,113 | 6,118 | 8,137 |
Total current liabilities | 80,778 | 60,765 | 81,341 |
NONCURRENT LIABILITIES: | ' | ' | ' |
Deferred income taxes | 43,423 | 38,748 | 43,265 |
Postretirement health care and life insurance benefits | 29,401 | 26,826 | 27,788 |
Industrial development bonds | 7,500 | 7,500 | 7,500 |
Liability for uncertain tax positions | 7,794 | 7,866 | 8,019 |
Deferred compensation and other liabilities | 64,988 | 55,217 | 54,665 |
Total noncurrent liabilities | 153,106 | 136,157 | 141,237 |
SHAREHOLDERS' EQUITY: | ' | ' | ' |
Capital in excess of par value | 584,128 | 547,576 | 556,771 |
Retained earnings | 60,478 | 80,210 | 101,171 |
Accumulated other comprehensive loss | -16,403 | -16,447 | -18,002 |
Treasury stock (at cost)- 76, 73 & 73 shares, respectively | -1,992 | -1,992 | -1,992 |
Total shareholders' equity | 667,624 | 649,815 | 678,661 |
Total liabilities and shareholders' equity | 901,508 | 846,737 | 901,239 |
Common stock | ' | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' |
Common stock | 25,955 | 25,450 | 25,693 |
Class B common stock | ' | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' | ' |
Common stock | $15,458 | $15,018 | $15,020 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Trade accounts receivable, allowances | $3,446 | $2,142 | $3,501 |
Treasury stock, shares | 76,000 | 73,000 | 73,000 |
Common stock | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.69 | $0.69 | $0.69 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 37,376,000 | 36,649,000 | 36,998,000 |
Class B common stock | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.69 | $0.69 | $0.69 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 22,259,000 | 21,627,000 | 21,629,000 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS | ' | ' | ' | ' | ||||
Net product sales | $191,807 | $200,274 | $404,074 | $418,193 | ||||
Rental and royalty revenue | 902 | 908 | 2,807 | 2,948 | ||||
Total revenue | 192,709 | 201,182 | 406,881 | 421,141 | ||||
Product cost of goods sold | 125,833 | 135,852 | 264,974 | 283,615 | ||||
Rental and royalty cost | 223 | 232 | 698 | 739 | ||||
Total costs | 126,056 | 136,084 | 265,672 | 284,354 | ||||
Product gross margin | 65,974 | 64,422 | 139,100 | 134,578 | ||||
Rental and royalty gross margin | 679 | 676 | 2,109 | 2,209 | ||||
Total gross margin | 66,653 | 65,098 | 141,209 | 136,787 | ||||
Selling, marketing and administrative expenses | 33,166 | 32,685 | 87,620 | 84,946 | ||||
Earnings from operations | 33,487 | 32,413 | 53,589 | 51,841 | ||||
Other income, net | 3,105 | 1,537 | 7,401 | 4,428 | ||||
Earnings before income taxes | 36,592 | 33,950 | 60,990 | 56,269 | ||||
Provision for income taxes | 10,549 | 11,027 | 17,509 | 17,061 | ||||
Net earnings | 26,043 | 22,923 | 43,481 | 39,208 | ||||
Net earnings per share (in dollars per share) | $0.44 | $0.38 | $0.73 | $0.65 | ||||
Dividends per share (in dollars per share) | $0.08 | [1] | $0.08 | [1] | $0.24 | [1] | $0.24 | [1] |
Average number of shares outstanding (in shares) | 59,579 | 60,456 | 59,723 | 60,634 | ||||
Retained earnings at beginning of period | 39,199 | 82,931 | 80,210 | 114,269 | ||||
Net earnings | 26,043 | 22,923 | 43,481 | 39,208 | ||||
Cash dividends | -4,764 | -4,683 | -14,185 | -13,972 | ||||
Stock dividends | ' | ' | 49,028 | 38,334 | ||||
Retained earnings at end of period | $60,478 | $101,171 | $60,478 | $101,171 | ||||
[1] | Does not include 3% stock dividend to shareholders of record on 3/5/13 and 3/6/12. |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 05, 2013 | Apr. 05, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS | ' | ' | ' | ' | ' | ' |
Stock dividends (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS | ' | ' | ' | ' |
Net earnings | $26,043 | $22,923 | $43,481 | $39,208 |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -144 | 1,303 | -245 | 1,644 |
Pension and post-retirement reclassification adjustment | 0 | ' | 0 | ' |
Investments: | ' | ' | ' | ' |
Unrealized gains (losses) for the period on investments | 400 | 869 | 219 | 837 |
Unrealized gains (losses) on investments | 400 | 869 | 219 | 837 |
Less: reclassification adjustment for (gains) losses to net income | 0 | ' | 0 | ' |
Derivatives: | ' | ' | ' | ' |
Unrealized gains (losses) for the period on derivatives | 768 | 73 | -964 | -120 |
Less: reclassification adjustment for (gains) losses to net income | 315 | 41 | 1,216 | -241 |
Unrealized gains (losses) on derivatives | 1,083 | 114 | 252 | -361 |
Total other comprehensive income (loss), before tax | 1,339 | 2,286 | 226 | 2,120 |
Income tax benefit (expense) related to items of other comprehensive income | -560 | -378 | -182 | -169 |
Comprehensive earnings | $26,822 | $24,831 | $43,525 | $41,159 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $43,481 | $39,208 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 14,863 | 14,992 |
Loss from equity method investment | 733 | 963 |
Amortization of marketable security premiums | 2,274 | 1,318 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -60,765 | -69,113 |
Other receivables | 2,315 | -3,508 |
Inventories | -7,141 | 6,696 |
Prepaid expenses and other assets | 28,193 | 7,009 |
Accounts payable and accrued liabilities | 10,301 | 13,906 |
Income taxes payable and deferred | 5,124 | 7,272 |
Postretirement health care and life insurance benefits | 2,575 | 2,254 |
Deferred compensation and other liabilities | 2,801 | 2,403 |
Other | -175 | 715 |
Net cash from operating activities | 44,579 | 24,115 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -10,593 | -7,008 |
Net purchases of trading securities | -2,612 | -2,489 |
Purchase of available for sale securities | -63,992 | -33,502 |
Sale and maturity of available for sale securities | 22,436 | 5,743 |
Net cash used in investing activities | -54,761 | -37,256 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Shares purchased and retired | -11,429 | -14,363 |
Dividends paid in cash | -9,517 | -13,984 |
Net cash used in financing activities | -20,946 | -28,347 |
Decrease in cash and cash equivalents | -31,128 | -41,488 |
Cash and cash equivalents at beginning of year | 63,862 | 78,612 |
Cash and cash equivalents at end of quarter | 32,734 | 37,124 |
Supplemental cash flow information: | ' | ' |
Income taxes paid, net | 13,173 | 10,651 |
Interest paid | 19 | 27 |
Stock dividend issued | $48,925 | $38,237 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 28, 2013 | |
Significant Accounting Policies | ' |
Significant Accounting Policies | ' |
Note 1 — Significant Accounting Policies | |
General Information | |
Foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. and Subsidiaries (the Company) and in the opinion of management all adjustments necessary for a fair statement of the results for the interim period have been reflected. All adjustments were of a normal and recurring nature. Certain amounts previously reported have been reclassified to conform to the current year presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s 2012 Annual Report on Form 10-K. | |
Results of operations for the period ended September 28, 2013 are not necessarily indicative of results to be expected for the year to end December 31, 2013 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest sales quarter due to Halloween sales. | |
Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, which requires presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 provides explicit guidance on presentation in financial statements. The amendment is effective for reporting periods beginning after December 15, 2013. The Company does not expect adoption of this ASU to significantly impact its consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02 which requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes, significant amounts reclassified out of accumulated other comprehensive income if the amount is reclassified in its entirety in the same reporting period. This guidance is effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013. The Company’s adoption of this standard did not have a significant impact on its consolidated financial statements. | |
In July 2012, the FASB issued ASU 2012-02, which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test of an indefinite-lived intangible asset. Per the terms of this ASU, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The revised standard is effective for annual and interim impairment tests performed for fiscal years beginning after December 15, 2012; however, early adoption is permitted. The Company does not expect adoption of this ASU to significantly impact the notes to the consolidated financial statements. | |
In March 2013, the FASB issued ASU 2013-05, which permits an entity to release cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. The revised standard is effective for fiscal years beginning after December 15, 2013; however, early adoption is permitted. The Company does not expect adoption of this ASU to significantly impact its consolidated financial statements. |
Average_Shares_Outstanding
Average Shares Outstanding | 9 Months Ended |
Sep. 28, 2013 | |
Average Shares Outstanding | ' |
Average Shares Outstanding | ' |
Note 2 — Average Shares Outstanding | |
The average number of shares outstanding for year to date ended September 28, 2013 reflect stock purchases of 384 shares for $11,429 and a 3% stock dividend distributed on April 5, 2013. The average number of shares outstanding for year to date ended September 29, 2012 reflect stock purchases of 593 shares for $14,363 and a 3% stock dividend distributed on April 5, 2012. The average number of shares for third quarter 2013 and 2012 reflect stock purchases of 28 shares for $861 and 287 shares for $7,287, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
Note 3 — Income Taxes | |
The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company remains subject to examination by U.S. federal and state and foreign tax authorities for the years 2009 through 2012. With few exceptions, the Company is no longer subject to examination by tax authorities for the year 2008 and prior. The consolidated effective tax rates were 28.8% and 32.5% in third quarter 2013 and 2012, respectively, and 28.7% and 30.3% in nine months 2013 and 2012, respectively.The lower effective income tax rate in third quarter 2013 compared to third quarter 2012 reflects lower state income tax expense including the settlement of certain state income tax issues. The lower effective tax rate in the nine months 2013 period is primarily due to the release of certain tax valuation allowances relating to prior capital losses as a result of capital gains realized during nine months 2013. In addition, the Company’s overall effective tax rate on foreign earnings, primarily Canada and Mexico, reflect statutory rates which are lower than the 35.0% U.S. statutory corporate income tax rate. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 4 — Fair Value Measurements | ||||||||||||||
Current accounting guidance defines fair value as the price that would be received in the sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Guidance requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. Guidance establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the table below. | ||||||||||||||
As of September 28, 2013, December 31, 2012 and September 29, 2012, the Company held certain financial assets that are required to be measured at fair value on a recurring basis. These included derivative hedging instruments related to the purchase of certain raw materials and foreign currencies, investments in trading securities and available for sale securities, including an auction rate security. The Company’s available for sale and trading securities principally consist of municipal bonds and mutual funds that are publicly traded. | ||||||||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value as of September 28, 2013, December 31, 2012 and September 29, 2012, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | ||||||||||||||
Estimated Fair Value September 28, 2013 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 32,734 | $ | 32,734 | $ | — | $ | — | ||||||
Auction rate security | 10,162 | — | — | 10,162 | ||||||||||
Available for sale securities excluding the auction rate security | 123,391 | — | 123,391 | — | ||||||||||
Foreign currency forward contracts | 29 | — | 29 | — | ||||||||||
Commodity futures contracts | 97 | 97 | — | — | ||||||||||
Trading securities | 58,968 | 58,968 | — | — | ||||||||||
Total assets measured at fair value | $ | 225,381 | $ | 91,799 | $ | 123,420 | $ | 10,162 | ||||||
Estimated Fair Value December 31, 2012 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 63,862 | $ | 63,862 | $ | — | $ | — | ||||||
Auction rate security | 9,485 | — | — | 9,485 | ||||||||||
Available for sale securities excluding the auction rate security | 84,568 | — | 84,568 | — | ||||||||||
Commodity futures contracts, net | (112 | ) | (112 | ) | — | — | ||||||||
Trading securities | 49,378 | 49,378 | — | — | ||||||||||
Total assets measured at fair value | $ | 207,181 | $ | 113,128 | $ | 84,568 | $ | 9,485 | ||||||
Estimated Fair Value September 29, 2012 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 37,124 | $ | 37,124 | $ | — | $ | — | ||||||
Auction rate security | 8,130 | — | — | 8,130 | ||||||||||
Available for sale securities excluding the auction rate security | 84,437 | — | 84,437 | — | ||||||||||
Foreign currency forward contracts | — | — | — | — | ||||||||||
Commodity futures contracts | 48 | 48 | — | — | ||||||||||
Commodity options contracts | 100 | 100 | — | — | ||||||||||
Trading securities | 48,382 | 48,382 | — | — | ||||||||||
Total assets measured at fair value | $ | 178,221 | $ | 85,654 | $ | 84,437 | $ | 8,130 | ||||||
As of September 28, 2013, the Company’s long-term investments include $10,162 ($13,550 original cost) of Jefferson County Alabama Sewer Revenue Refunding Warrants, originally purchased with an insurance-backed AAA rating. This is an auction rate security that is classified as an available for sale security. Due to adverse events related to Jefferson County and its bond insurance carrier, Financial Guaranty Insurance Company (FGIC), as well as events in the credit markets, the auctions for this auction rate security have failed since 2008. As such, the Company continues to estimate the fair value of this auction rate security utilizing a valuation model with Level 3 inputs, as defined by guidance. This valuation model considered, among others items, a limited number of market trades, the credit risk of the collateral underlying the auction rate security, the credit risk of the bond insurer, interest rates, and the amount and timing of expected future cash flows including assumptions about the market expectation of the next successful auction or possible negotiated settlement between Jefferson County and the debt holders. The trading range of these inputs was between 65.2% and 73.0% of the original par value. Both Jefferson County and FGIC are in bankruptcy. During the second quarter 2013, Jefferson County and the holders of its bonds and warrants reached an agreement whereby Jefferson County would issue replacement securities with a value of approximately 80% of the face value of the original bonds and warrants. The agreement is subject to approval by the bankruptcy court which is scheduled to meet at a future date. Nonetheless, future rulings by the bankruptcy courts could have adverse effects to the holders of warrants and other debt, and further reduce the market value of this auction rate security resulting in an additional other-than-temporary impairments and charges to net earnings. The Company is not currently able to determine with certainty the outcome of this matter, or the amount and timing of the ultimate net proceeds that it may recover. See also the Company’s consolidated financial statements and related notes and Management’s Discussion and Analysis included in the Company’s 2012 Form 10-K and annual report. | ||||||||||||||
The following table presents additional information about the Company’s financial instruments (an auction rate security) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 28, 2013 and September 29, 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance at January 1 | $ | 9,485 | $ | 7,453 | ||||||||||
Unrealized gain in other comprehensive earnings | 677 | 677 | ||||||||||||
Balance at September 28 and September 29, respectively | $ | 10,162 | $ | 8,130 | ||||||||||
The fair value of the Company’s industrial revenue development bonds at September 28, 2013 and September 29, 2012 were valued using Level 2 inputs which approximates the carrying value of $7,500 for both periods. Interest rates on these bonds are reset weekly based on current market conditions. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Note 5 — Derivative Instruments and Hedging Activities | |||||||||||
From time to time, the Company uses derivative instruments, including foreign currency forward contracts, commodity futures contracts and commodity option contracts, to manage its exposures to foreign exchange and commodity prices. Commodity futures contracts and most commodity option contracts are intended and effective as hedges of market price risks associated with the anticipated purchase of certain raw materials (primarily sugar). Foreign currency forward contracts are intended and effective as hedges of the Company’s exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of products manufactured in Canada and sold in the United States from foreign suppliers denominated in a foreign currency. The Company does not engage in trading or other speculative use of derivative instruments. | |||||||||||
The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses either hedge accounting or mark-to-market accounting for its derivative instruments. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. | |||||||||||
Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Substantially all amounts reported in accumulated other comprehensive loss for foreign currency derivatives are expected to be reclassified to other income, net. | |||||||||||
The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at September 28, 2013, December 31, 2012 and September 29, 2012: | |||||||||||
September 28, 2013 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 30,181 | $ | 29 | $ | — | |||||
Commodity futures contracts | 4,376 | 114 | (66 | ) | |||||||
Total derivatives designated as hedging instruments | 143 | (66 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 871 | 49 | — | ||||||||
Total derivatives not designated as hedging instruments | 49 | — | |||||||||
Total derivatives | $ | 192 | $ | (66 | ) | ||||||
December 31, 2012 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Commodity futures contracts | $ | 7,868 | $ | 127 | $ | (301 | ) | ||||
Total derivatives designated as hedging instruments | 127 | (301 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 627 | 62 | — | ||||||||
Total derivatives not designated as hedging instruments | 62 | — | |||||||||
Total derivatives | $ | 189 | $ | (301 | ) | ||||||
September 29, 2012 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Commodity futures contracts | $ | 2,252 | $ | 53 | $ | (5 | ) | ||||
Total derivatives designated as hedging instruments | 53 | (5 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 841 | 100 | — | ||||||||
Total derivatives not designated as hedging instruments | 100 | — | |||||||||
Total derivatives | $ | 153 | $ | (5 | ) | ||||||
The effects of derivative instruments on the Company’s Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings for periods ended September 28, 2013 and September 29, 2012 are as follows: | |||||||||||
For Quarter Ended September 28, 2013 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain(Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | 626 | $ | (162 | ) | $ | — | ||||
Commodity futures contracts | 142 | (153 | ) | — | |||||||
Commodity option contracts | — | — | — | ||||||||
Total | $ | 768 | $ | (315 | ) | $ | — | ||||
For Quarter Ended September 29, 2012 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain (Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | 94 | $ | 164 | $ | — | |||||
Commodity futures contracts | (20 | ) | (200 | ) | — | ||||||
Commodity option contracts | (1 | ) | (5 | ) | — | ||||||
Total | $ | 73 | $ | (41 | ) | $ | — | ||||
For Year to Date Ended September 28, 2013 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain(Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | (241 | ) | $ | (270 | ) | $ | — | |||
Commodity futures contracts | (723 | ) | (946 | ) | — | ||||||
Commodity option contracts | — | — | — | ||||||||
Total | $ | (964 | ) | $ | (1,216 | ) | $ | — | |||
For Year to Date Ended September 29, 2012 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain (Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | 222 | $ | 428 | $ | — | |||||
Commodity futures contracts | (307 | ) | (152 | ) | — | ||||||
Commodity option contracts | (35 | ) | (35 | ) | — | ||||||
Total | $ | (120 | ) | $ | 241 | $ | — | ||||
During the quarters and years to date ended September 28, 2013 and September 29, 2012, the Company recognized earnings (loss) of $92 and $27, and $53 and $80 respectively, related to mark-to-market accounting for certain commodity option and future contracts. |
Pension_Plans
Pension Plans | 9 Months Ended |
Sep. 28, 2013 | |
Pension Plans | ' |
Pension Plans | ' |
Note 6 — Pension Plans | |
During 2012 and 2013, the Company received Annual Funding Notices, Notices of Funded Status, and a Rehabilitation Plan (Notices), as defined by the Pension Protection Act (PPA), from the Bakery and Confectionery Union and Industry International (BC&T) Pension Fund (Plan), a multi-employer defined benefit pension plan for certain Company union employees. The Notices indicate that the Plan’s actuary has certified that the Plan is in critical status, the “Red Zone”, as defined by the PPA, and that a plan of rehabilitation was adopted by the Trustees of the Plan (Trustees) in fourth quarter 2012. The Plan’s actuary has certified that the Plan is 66.9% funded as of January 1, 2012. This funding percentage is based on actuarial values and not market values of investments. As of January 1, 2012 and 2011, the Plan was 66.9% and 83.6% funded based on the actuarial value of investments; however, it was only 55.6% and 70.0% funded based on the then current market value of its investments at these same dates. | |
Under the Rehabilitation Plan adopted, the Plan is projected to emerge from critical status sometime beyond the 30 year projection period. The Rehabilitation Plan requires that employer contributions include 5% compounded annual surcharges each year for an unspecified period of time beginning January 2013 (in addition to the 5% interim surcharge initiated in June 2012) as well as certain plan benefit reductions. The Trustees will review the Plan’s progress each year and will consider if further adjustments, including employer surcharges or plan benefit modifications, are necessary to meet the objectives of the Rehabilitation Plan. The Company was advised by the Plan that if the Company had withdrawn from the Plan during 2012 its estimated withdrawal liability would have been $37,200. In first quarter 2013, the Company executed a new labor contract with its BC&T local union which included the Company’s commitment to continue participating in this Plan through third quarter 2017. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than $37,200, would be payable to the Plan. | |
The risks of participating in multi-employer pension plans are different from single-employer plans. Assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the remaining participating employers may be required to bear the unfunded obligations of the plan. The Company is currently unable to determine the ultimate outcome of the above discussed matter and therefore, is unable to determine the effects on its consolidated financial statements, but, the ultimate outcome could be material to its consolidated results of operations in one or more future periods.See also the Company’s consolidated financial statements and related notes and Management’s Discussion and Analysis included in the Company’s 2012 Form 10-K and annual report. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Earnings (Loss) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | |||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | |||||||||||||||||||
Note 7 — Accumulated Other Comprehensive Earnings (Loss) | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) consists of the following components: | ||||||||||||||||||||
Foreign | Investments | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives | and Pension | Other | ||||||||||||||||
Translation | Derivatives | Benefits | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | (13,406 | ) | $ | 908 | $ | — | $ | (111 | ) | $ | (3,838 | ) | $ | (16,447 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | 1,122 | (770 | ) | (282 | ) | (648 | ) | — | (578 | ) | ||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 35 | (a) | 320 | (b) | — | 355 | ||||||||||||
Net Q1 other comprehensive earnings (loss) before tax | 1,122 | (770 | ) | (247 | ) | (328 | ) | — | (223 | ) | ||||||||||
Income tax benefit (expense) | 19 | 279 | 89 | 119 | — | 506 | ||||||||||||||
Balance at March 30, 2013 | (12,265 | ) | 417 | (158 | ) | (320 | ) | (3,838 | ) | (16,164 | ) | |||||||||
Other comprehensive earnings (loss) before reclassifications | (1,223 | ) | 589 | (585 | ) | (217 | ) | — | (1,436 | ) | ||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 73 | (a) | 473 | (b) | — | 546 | ||||||||||||
Net Q2 other comprehensive earnings (loss) before tax | (1,223 | ) | 589 | (512 | ) | 256 | — | (890 | ) | |||||||||||
Income tax benefit (expense) | (8 | ) | (213 | ) | 186 | (93 | ) | — | (128 | ) | ||||||||||
Balance at June 29, 2013 | (13,496 | ) | 793 | (484 | ) | (157 | ) | (3,838 | ) | (17,182 | ) | |||||||||
Other comprehensive earnings (loss) before reclassifications | (144 | ) | 400 | 626 | 142 | — | 1,024 | |||||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 162 | (a) | 153 | (b) | — | 315 | ||||||||||||
Net Q3 other comprehensive earnings (loss) before tax | (144 | ) | 400 | 788 | 295 | — | 1,339 | |||||||||||||
Income tax benefit (expense) | (23 | ) | (145 | ) | (285 | ) | (107 | ) | — | (560 | ) | |||||||||
Balance at September 28, 2013 | $ | (13,663 | ) | $ | 1,048 | $ | 19 | $ | 31 | $ | (3,838 | ) | $ | (16,403 | ) | |||||
(a) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(b) Commodity derivatives are reclassified to cost of goods sold. | ||||||||||||||||||||
Foreign | Investments | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives | and Pension | Other | ||||||||||||||||
Translation | Derivatives | Benefits | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (14,686 | ) | $ | (351 | ) | $ | 129 | $ | 128 | $ | (5,173 | ) | $ | (19,953 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | 1,851 | (546 | ) | 252 | 254 | — | 1,811 | |||||||||||||
Reclassifications from accumulated other comprehensive earnings (loss) | — | — | (149 | )(a) | (18 | )(b) | — | (167 | ) | |||||||||||
Net Q1 other comprehensive earnings (loss) before tax | 1,851 | (546 | ) | 103 | 236 | — | 1,644 | |||||||||||||
Income tax benefit (expense) | (45 | ) | 194 | (37 | ) | (84 | ) | — | 28 | |||||||||||
Balance at March 31, 2012 | (12,880 | ) | (703 | ) | 195 | 280 | (5,173 | ) | (18,281 | ) | ||||||||||
Other comprehensive earnings (loss) before reclassifications | (1,510 | ) | 514 | (124 | ) | (575 | ) | — | (1,695 | ) | ||||||||||
Reclassifications from accumulated other comprehensive earnings (loss) | — | — | (115 | )(a) | — | — | (115 | ) | ||||||||||||
Net Q2 other comprehensive earnings (loss) before tax | (1,510 | ) | 514 | (239 | ) | (575 | ) | — | (1,810 | ) | ||||||||||
Income tax benefit (expense) | 71 | (186 | ) | 88 | 208 | — | 181 | |||||||||||||
Balance at June 30, 2012 | (14,319 | ) | (375 | ) | 44 | (87 | ) | (5,173 | ) | (19,910 | ) | |||||||||
Other comprehensive earnings (loss) before reclassifications | 1,303 | 869 | 94 | (21 | ) | — | 2,245 | |||||||||||||
Reclassifications from accumulated other comprehensive earnings (loss) | — | — | (164 | )(a) | 205 | (b) | — | 41 | ||||||||||||
Net Q3 other comprehensive earnings (loss) before tax | 1,303 | 869 | (70 | ) | 184 | — | 2,286 | |||||||||||||
Income tax benefit (expense) | (23 | ) | (315 | ) | 25 | (65 | ) | — | (378 | ) | ||||||||||
Balance at September 29, 2012 | $ | (13,039 | ) | $ | 179 | $ | (1 | ) | $ | 32 | $ | (5,173 | ) | $ | (18,002 | ) | ||||
(a) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(b) Commodity derivatives are reclassified to cost of goods sold. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of financial assets and liabilities measured at fair value | ' | |||||||||||||
Estimated Fair Value September 28, 2013 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 32,734 | $ | 32,734 | $ | — | $ | — | ||||||
Auction rate security | 10,162 | — | — | 10,162 | ||||||||||
Available for sale securities excluding the auction rate security | 123,391 | — | 123,391 | — | ||||||||||
Foreign currency forward contracts | 29 | — | 29 | — | ||||||||||
Commodity futures contracts | 97 | 97 | — | — | ||||||||||
Trading securities | 58,968 | 58,968 | — | — | ||||||||||
Total assets measured at fair value | $ | 225,381 | $ | 91,799 | $ | 123,420 | $ | 10,162 | ||||||
Estimated Fair Value December 31, 2012 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 63,862 | $ | 63,862 | $ | — | $ | — | ||||||
Auction rate security | 9,485 | — | — | 9,485 | ||||||||||
Available for sale securities excluding the auction rate security | 84,568 | — | 84,568 | — | ||||||||||
Commodity futures contracts, net | (112 | ) | (112 | ) | — | — | ||||||||
Trading securities | 49,378 | 49,378 | — | — | ||||||||||
Total assets measured at fair value | $ | 207,181 | $ | 113,128 | $ | 84,568 | $ | 9,485 | ||||||
Estimated Fair Value September 29, 2012 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 37,124 | $ | 37,124 | $ | — | $ | — | ||||||
Auction rate security | 8,130 | — | — | 8,130 | ||||||||||
Available for sale securities excluding the auction rate security | 84,437 | — | 84,437 | — | ||||||||||
Foreign currency forward contracts | — | — | — | — | ||||||||||
Commodity futures contracts | 48 | 48 | — | — | ||||||||||
Commodity options contracts | 100 | 100 | — | — | ||||||||||
Trading securities | 48,382 | 48,382 | — | — | ||||||||||
Total assets measured at fair value | $ | 178,221 | $ | 85,654 | $ | 84,437 | $ | 8,130 | ||||||
Schedule of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | |||||||||||||
2013 | 2012 | |||||||||||||
Balance at January 1 | $ | 9,485 | $ | 7,453 | ||||||||||
Unrealized gain in other comprehensive earnings | 677 | 677 | ||||||||||||
Balance at September 28 and September 29, respectively | $ | 10,162 | $ | 8,130 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Summary of outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position | ' | ||||||||||
September 28, 2013 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 30,181 | $ | 29 | $ | — | |||||
Commodity futures contracts | 4,376 | 114 | (66 | ) | |||||||
Total derivatives designated as hedging instruments | 143 | (66 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 871 | 49 | — | ||||||||
Total derivatives not designated as hedging instruments | 49 | — | |||||||||
Total derivatives | $ | 192 | $ | (66 | ) | ||||||
December 31, 2012 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Commodity futures contracts | $ | 7,868 | $ | 127 | $ | (301 | ) | ||||
Total derivatives designated as hedging instruments | 127 | (301 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 627 | 62 | — | ||||||||
Total derivatives not designated as hedging instruments | 62 | — | |||||||||
Total derivatives | $ | 189 | $ | (301 | ) | ||||||
September 29, 2012 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Commodity futures contracts | $ | 2,252 | $ | 53 | $ | (5 | ) | ||||
Total derivatives designated as hedging instruments | 53 | (5 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 841 | 100 | — | ||||||||
Total derivatives not designated as hedging instruments | 100 | — | |||||||||
Total derivatives | $ | 153 | $ | (5 | ) | ||||||
Effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings | ' | ||||||||||
For Quarter Ended September 28, 2013 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain(Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | 626 | $ | (162 | ) | $ | — | ||||
Commodity futures contracts | 142 | (153 | ) | — | |||||||
Commodity option contracts | — | — | — | ||||||||
Total | $ | 768 | $ | (315 | ) | $ | — | ||||
For Quarter Ended September 29, 2012 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain (Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | 94 | $ | 164 | $ | — | |||||
Commodity futures contracts | (20 | ) | (200 | ) | — | ||||||
Commodity option contracts | (1 | ) | (5 | ) | — | ||||||
Total | $ | 73 | $ | (41 | ) | $ | — | ||||
For Year to Date Ended September 28, 2013 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain(Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | (241 | ) | $ | (270 | ) | $ | — | |||
Commodity futures contracts | (723 | ) | (946 | ) | — | ||||||
Commodity option contracts | — | — | — | ||||||||
Total | $ | (964 | ) | $ | (1,216 | ) | $ | — | |||
For Year to Date Ended September 29, 2012 | |||||||||||
Gain (Loss) | |||||||||||
Gain (Loss) | on Amount Excluded | ||||||||||
Gain (Loss) | Reclassified from | from Effectiveness | |||||||||
Recognized | Accumulated OCI | Testing Recognized | |||||||||
in OCI | into Earnings | in Earnings | |||||||||
Foreign currency forward contracts | $ | 222 | $ | 428 | $ | — | |||||
Commodity futures contracts | (307 | ) | (152 | ) | — | ||||||
Commodity option contracts | (35 | ) | (35 | ) | — | ||||||
Total | $ | (120 | ) | $ | 241 | $ | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | |||||||||||||||||||
Schedule of components of accumulated other comprehensive earnings (loss) | ' | |||||||||||||||||||
Foreign | Investments | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives | and Pension | Other | ||||||||||||||||
Translation | Derivatives | Benefits | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | (13,406 | ) | $ | 908 | $ | — | $ | (111 | ) | $ | (3,838 | ) | $ | (16,447 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | 1,122 | (770 | ) | (282 | ) | (648 | ) | — | (578 | ) | ||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 35 | (a) | 320 | (b) | — | 355 | ||||||||||||
Net Q1 other comprehensive earnings (loss) before tax | 1,122 | (770 | ) | (247 | ) | (328 | ) | — | (223 | ) | ||||||||||
Income tax benefit (expense) | 19 | 279 | 89 | 119 | — | 506 | ||||||||||||||
Balance at March 30, 2013 | (12,265 | ) | 417 | (158 | ) | (320 | ) | (3,838 | ) | (16,164 | ) | |||||||||
Other comprehensive earnings (loss) before reclassifications | (1,223 | ) | 589 | (585 | ) | (217 | ) | — | (1,436 | ) | ||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 73 | (a) | 473 | (b) | — | 546 | ||||||||||||
Net Q2 other comprehensive earnings (loss) before tax | (1,223 | ) | 589 | (512 | ) | 256 | — | (890 | ) | |||||||||||
Income tax benefit (expense) | (8 | ) | (213 | ) | 186 | (93 | ) | — | (128 | ) | ||||||||||
Balance at June 29, 2013 | (13,496 | ) | 793 | (484 | ) | (157 | ) | (3,838 | ) | (17,182 | ) | |||||||||
Other comprehensive earnings (loss) before reclassifications | (144 | ) | 400 | 626 | 142 | — | 1,024 | |||||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 162 | (a) | 153 | (b) | — | 315 | ||||||||||||
Net Q3 other comprehensive earnings (loss) before tax | (144 | ) | 400 | 788 | 295 | — | 1,339 | |||||||||||||
Income tax benefit (expense) | (23 | ) | (145 | ) | (285 | ) | (107 | ) | — | (560 | ) | |||||||||
Balance at September 28, 2013 | $ | (13,663 | ) | $ | 1,048 | $ | 19 | $ | 31 | $ | (3,838 | ) | $ | (16,403 | ) | |||||
(a) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(b) Commodity derivatives are reclassified to cost of goods sold. | ||||||||||||||||||||
Foreign | Investments | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives | and Pension | Other | ||||||||||||||||
Translation | Derivatives | Benefits | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (14,686 | ) | $ | (351 | ) | $ | 129 | $ | 128 | $ | (5,173 | ) | $ | (19,953 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | 1,851 | (546 | ) | 252 | 254 | — | 1,811 | |||||||||||||
Reclassifications from accumulated other comprehensive earnings (loss) | — | — | (149 | )(a) | (18 | )(b) | — | (167 | ) | |||||||||||
Net Q1 other comprehensive earnings (loss) before tax | 1,851 | (546 | ) | 103 | 236 | — | 1,644 | |||||||||||||
Income tax benefit (expense) | (45 | ) | 194 | (37 | ) | (84 | ) | — | 28 | |||||||||||
Balance at March 31, 2012 | (12,880 | ) | (703 | ) | 195 | 280 | (5,173 | ) | (18,281 | ) | ||||||||||
Other comprehensive earnings (loss) before reclassifications | (1,510 | ) | 514 | (124 | ) | (575 | ) | — | (1,695 | ) | ||||||||||
Reclassifications from accumulated other comprehensive earnings (loss) | — | — | (115 | )(a) | — | — | (115 | ) | ||||||||||||
Net Q2 other comprehensive earnings (loss) before tax | (1,510 | ) | 514 | (239 | ) | (575 | ) | — | (1,810 | ) | ||||||||||
Income tax benefit (expense) | 71 | (186 | ) | 88 | 208 | — | 181 | |||||||||||||
Balance at June 30, 2012 | (14,319 | ) | (375 | ) | 44 | (87 | ) | (5,173 | ) | (19,910 | ) | |||||||||
Other comprehensive earnings (loss) before reclassifications | 1,303 | 869 | 94 | (21 | ) | — | 2,245 | |||||||||||||
Reclassifications from accumulated other comprehensive earnings (loss) | — | — | (164 | )(a) | 205 | (b) | — | 41 | ||||||||||||
Net Q3 other comprehensive earnings (loss) before tax | 1,303 | 869 | (70 | ) | 184 | — | 2,286 | |||||||||||||
Income tax benefit (expense) | (23 | ) | (315 | ) | 25 | (65 | ) | — | (378 | ) | ||||||||||
Balance at September 29, 2012 | $ | (13,039 | ) | $ | 179 | $ | (1 | ) | $ | 32 | $ | (5,173 | ) | $ | (18,002 | ) | ||||
(a) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(b) Commodity derivatives are reclassified to cost of goods sold. |
Average_Shares_Outstanding_Det
Average Shares Outstanding (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 05, 2013 | Apr. 05, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Average Shares Outstanding | ' | ' | ' | ' | ' | ' |
Stock purchases (in shares) | ' | ' | 28 | 287 | 384 | 593 |
Purchase of common shares | ' | ' | $861 | $7,287 | $11,429 | $14,363 |
Stock dividends (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Income Taxes | ' | ' | ' | ' |
Consolidated effective tax rates (as a percent) | 28.80% | 32.50% | 28.70% | 30.30% |
U.S. statutory rate (as a percent) | ' | ' | 35.00% | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value measured on a recurring basis, USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
Estimated Fair Value | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Cash and cash equivalents | $32,734 | $63,862 | $37,124 |
Auction rate security | 10,162 | 9,485 | 8,130 |
Available-for-sale securities excluding the auction rate security | 123,391 | 84,568 | 84,437 |
Trading securities | 58,968 | 49,378 | 48,382 |
Total assets measured at fair value | 225,381 | 207,181 | 178,221 |
Estimated Fair Value | Foreign currency forward contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | 29 | ' | ' |
Estimated Fair Value | Commodity futures contracts, net | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | 97 | -112 | 48 |
Estimated Fair Value | Commodity option contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | ' | ' | 100 |
Level 1 | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Cash and cash equivalents | 32,734 | 63,862 | 37,124 |
Trading securities | 58,968 | 49,378 | 48,382 |
Total assets measured at fair value | 91,799 | 113,128 | 85,654 |
Level 1 | Commodity futures contracts, net | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | 97 | -112 | 48 |
Level 1 | Commodity option contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | ' | ' | 100 |
Level 2 | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Available-for-sale securities excluding the auction rate security | 123,391 | 84,568 | 84,437 |
Total assets measured at fair value | 123,420 | 84,568 | 84,437 |
Level 2 | Foreign currency forward contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | 29 | ' | ' |
Level 3 | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Auction rate security | 10,162 | 9,485 | 8,130 |
Total assets measured at fair value | $10,162 | $9,485 | $8,130 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Auction rate security, USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Estimated Fair Value | ' |
Available for Sale: | ' |
Auction rate securities | $10,162 |
Original cost | ' |
Available for Sale: | ' |
Auction rate securities | $13,550 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Auction rate securities) | 3 Months Ended | 9 Months Ended | |
Jun. 29, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
Discounted cash flow | Discounted cash flow | ||
Minimum | Maximum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ' | ' | ' |
Discount rate (as a percent) | ' | 65.20% | 73.00% |
Replacement securities that will be issued by the investee on bankruptcy as a percentage of face value of original bonds and warrants | 80.00% | ' | ' |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | Cost Basis | Cost Basis | Estimated Fair Value | Estimated Fair Value | Auction rate security | Auction rate security | |||
Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | ||||
Level 3 reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | $9,485 | $7,453 |
Unrealized gain in other comprehensive earnings | ' | ' | ' | ' | ' | ' | ' | 677 | 677 |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | 10,162 | 8,130 |
Industrial revenue development bonds, carrying amount, approximates fair value | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | $7,500 | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
Derivative contracts | ' | ' | ' |
Assets | $192 | $189 | $153 |
Liabilities | -66 | -301 | -5 |
Derivatives designated as hedging instruments: | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Assets | 143 | 127 | 53 |
Liabilities | -66 | -301 | -5 |
Derivatives designated as hedging instruments: | Foreign currency forward contracts | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Notional Amounts | 30,181 | ' | ' |
Assets | 29 | ' | ' |
Derivatives designated as hedging instruments: | Commodity futures contracts, net | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Notional Amounts | 4,376 | 7,868 | 2,252 |
Assets | 114 | 127 | 53 |
Liabilities | -66 | -301 | -5 |
Derivatives not designated as hedging instruments: | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Assets | 49 | 62 | 100 |
Derivatives not designated as hedging instruments: | Commodity futures contracts, net | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Notional Amounts | 871 | 627 | 841 |
Assets | $49 | $62 | $100 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | $768 | $73 | ($964) | ($120) |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 26,043 | 22,923 | 43,481 | 39,208 |
Reclassified from Accumulated OCI into Earnings | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -315 | -41 | -1,216 | 241 |
Foreign currency forward contracts | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | 626 | 94 | -241 | 222 |
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -162 | 164 | -270 | 428 |
Commodity futures contracts | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | 142 | -20 | -723 | -307 |
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -153 | -200 | -946 | -152 |
Commodity option contracts | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | ' | -1 | ' | -35 |
Commodity option contracts | Reclassified from Accumulated OCI into Earnings | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | ' | -5 | ' | -35 |
Commodity option and future contracts | ' | ' | ' | ' |
Effect of derivative instruments on earnings | ' | ' | ' | ' |
Recognized earnings (loss) related to mark-to-market accounting | $92 | $53 | $27 | $80 |
Pension_Plans_Details
Pension Plans (Details) (Multi-employer defined benefit pension plan, USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 02, 2012 | Jan. 02, 2011 | Jun. 30, 2012 | Sep. 28, 2013 | Dec. 31, 2012 |
Multi-employer defined benefit pension plan | ' | ' | ' | ' | ' |
Pension Plans | ' | ' | ' | ' | ' |
Percentage of funded status | 66.90% | 83.60% | ' | ' | ' |
Percentage of funded status of current market value of investment | 55.60% | 70.00% | ' | ' | ' |
Projection period beyond which plan is projected to emerge from critical status, under the Rehabilitant Plan | ' | ' | ' | ' | '30 years |
Percentage of compounded annual surcharge each year | ' | ' | ' | 5.00% | ' |
Percentage of interim surcharge | ' | ' | 5.00% | ' | ' |
Estimated liability upon withdrawal from plan in current year | ' | ' | ' | ' | $37,200 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Earnings (Loss) (Details) (USD $) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 29, 2012 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
Foreign Currency Translation | Foreign Currency Translation | Foreign Currency Translation | Foreign Currency Translation | Foreign Currency Translation | Foreign Currency Translation | Investments | Investments | Investments | Investments | Investments | Investments | Foreign Currency Derivatives | Foreign Currency Derivatives | Foreign Currency Derivatives | Foreign Currency Derivatives | Foreign Currency Derivatives | Foreign Currency Derivatives | Commodity Derivatives | Commodity Derivatives | Commodity Derivatives | Commodity Derivatives | Commodity Derivatives | Commodity Derivatives | Postretirement and Pension Benefits | Postretirement and Pension Benefits | Postretirement and Pension Benefits | Postretirement and Pension Benefits | Postretirement and Pension Benefits | Postretirement and Pension Benefits | Postretirement and Pension Benefits | |||||||
Accumulated other comprehensive earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ($17,182) | ($16,164) | ($16,447) | ($19,910) | ($18,281) | ($19,953) | ($13,496) | ($12,265) | ($13,406) | ($14,319) | ($12,880) | ($14,686) | $793 | $417 | $908 | ($375) | ($703) | ($351) | ($484) | ($158) | ' | $44 | $195 | $129 | ($157) | ($320) | ($111) | ($87) | $280 | $128 | ($5,173) | ($3,838) | ($3,838) | ($3,838) | ($3,838) | ($5,173) | ($5,173) |
Other comprehensive earnings (loss) before reclassifications | 1,024 | -1,436 | -578 | 2,245 | -1,695 | 1,811 | -144 | -1,223 | 1,122 | 1,303 | -1,510 | 1,851 | 400 | 589 | -770 | 869 | 514 | -546 | 626 | -585 | -282 | 94 | -124 | 252 | 142 | -217 | -648 | -21 | -575 | 254 | ' | ' | ' | ' | ' | ' | ' |
Reclassifications from accumulated other comprehensive loss | 315 | 546 | 355 | 41 | -115 | -167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162 | 73 | 35 | -164 | -115 | -149 | 153 | 473 | 320 | 205 | ' | -18 | ' | ' | ' | ' | ' | ' | ' |
Net other comprehensive earnings (loss) before tax | 1,339 | -890 | -223 | 2,286 | -1,810 | 1,644 | -144 | -1,223 | 1,122 | 1,303 | -1,510 | 1,851 | 400 | 589 | -770 | 869 | 514 | -546 | 788 | -512 | -247 | -70 | -239 | 103 | 295 | 256 | -328 | 184 | -575 | 236 | -5,173 | ' | ' | ' | ' | ' | ' |
Income tax benefit (expense) | -560 | -128 | 506 | -378 | 181 | 28 | -23 | -8 | 19 | -23 | 71 | -45 | -145 | -213 | 279 | -315 | -186 | 194 | -285 | 186 | 89 | 25 | 88 | -37 | -107 | -93 | 119 | -65 | 208 | -84 | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ($16,403) | ($17,182) | ($16,164) | ($18,002) | ($19,910) | ($18,281) | ($13,663) | ($13,496) | ($12,265) | ($13,039) | ($14,319) | ($12,880) | $1,048 | $793 | $417 | $179 | ($375) | ($703) | $19 | ($484) | ($158) | ($1) | $44 | $195 | $31 | ($157) | ($320) | $32 | ($87) | $280 | ($5,173) | ($3,838) | ($3,838) | ($3,838) | ($3,838) | ($5,173) | ($5,173) |