Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 29, 2014 | |
Entity Registrant Name | 'TOOTSIE ROLL INDUSTRIES INC |
Entity Central Index Key | '0000098677 |
Document Type | '10-Q |
Document Period End Date | 29-Mar-14 |
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 | '2014 |
Document Fiscal Period Focus | 'Q1 |
Common Stock | ' |
Entity Common Stock, Shares Outstanding | 37,861,229 |
Class B Common Stock | ' |
Entity Common Stock, Shares Outstanding | 22,915,279 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (USD $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | ' |
Cash & cash equivalents | $51,179 | $88,283 | $50,887 |
Investments | 37,772 | 33,572 | 22,356 |
Trade accounts receivable, less allowances of $2,068, $2,042 & $2,187 | 45,292 | 40,721 | 37,708 |
Other receivables | 3,925 | 4,616 | 5,352 |
Inventories: | ' | ' | ' |
Finished goods & work-in-process | 50,354 | 37,012 | 42,205 |
Raw material & supplies | 29,913 | 24,844 | 34,770 |
Prepaid expenses | 5,962 | 5,581 | 3,413 |
Deferred income taxes | 2,955 | 5,482 | 4,951 |
Total current assets | 227,352 | 240,111 | 201,642 |
PROPERTY, PLANT & EQUIPMENT, at cost: | ' | ' | ' |
Land | 22,540 | 21,683 | 21,723 |
Buildings | 111,409 | 111,044 | 108,453 |
Machinery & equipment | 342,217 | 340,405 | 330,914 |
Construction in progress | 5,393 | 3,403 | 4,716 |
Property, plant and equipment, gross | 481,559 | 476,535 | 465,806 |
Less-accumulated depreciation | 284,724 | 279,619 | 266,979 |
Net property, plant and equipment | 196,835 | 196,916 | 198,827 |
OTHER ASSETS: | ' | ' | ' |
Goodwill | 73,237 | 73,237 | 73,237 |
Trademarks | 175,024 | 175,024 | 175,024 |
Investments | 163,865 | 148,532 | 159,394 |
Split dollar officer life insurance | 40,296 | 40,296 | 41,394 |
Prepaid expenses | 9,375 | 10,260 | ' |
Restricted cash | 1,805 | ' | ' |
Deferred income taxes | 4,121 | 4,033 | 6,151 |
Total other assets | 467,723 | 451,382 | 455,200 |
Total assets | 891,910 | 888,409 | 855,669 |
CURRENT LIABILITIES: | ' | ' | ' |
Accounts payable | 14,566 | 9,153 | 12,328 |
Bank loan | 226 | ' | ' |
Dividends payable | 115 | 4,742 | 103 |
Accrued liabilities | 45,038 | 45,580 | 43,322 |
Postretirement health care and life insurance benefits | 319 | 319 | 555 |
Income taxes payable | 3,783 | 327 | 4,846 |
Total current liabilities | 64,047 | 60,121 | 61,154 |
NONCURRENT LIABILITIES: | ' | ' | ' |
Deferred income taxes | 54,072 | 54,939 | 42,734 |
Bank loans | 1,011 | ' | ' |
Postretirement health care and life insurance benefits | 8,999 | 8,857 | 27,558 |
Industrial development bonds | 7,500 | 7,500 | 7,500 |
Liability for uncertain tax positions | 9,826 | 7,167 | 8,013 |
Deferred compensation and other liabilities | 70,238 | 69,520 | 58,940 |
Total noncurrent liabilities | 151,646 | 147,983 | 144,745 |
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | ' | ' | ' |
Capital in excess of par value | 615,922 | 572,669 | 590,762 |
Retained earnings | 25,694 | 73,109 | 35,598 |
Accumulated other comprehensive loss | -6,153 | -4,638 | -16,164 |
Treasury stock (at cost)- 78, 76 & 76 shares, respectively | -1,992 | -1,992 | -1,992 |
Total Tootsie Roll Industries, Inc. shareholders' equity | 675,677 | 680,305 | 649,770 |
Noncontrolling interests | 540 | ' | ' |
Total equity | 676,217 | 680,305 | 649,770 |
Total liabilities and shareholders' equity | 891,910 | 888,409 | 855,669 |
Common stock | ' | ' | ' |
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | ' | ' | ' |
Common stock, $.69-4/9 par value- 120,000 shares authorized; 37,861, 37,011 & 37,593, respectively, issued Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 22,915, 22,256 & 22,263, respectively, issued | 26,293 | 25,702 | 26,106 |
Class B common stock | ' | ' | ' |
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | ' | ' | ' |
Common stock, $.69-4/9 par value- 120,000 shares authorized; 37,861, 37,011 & 37,593, respectively, issued Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 22,915, 22,256 & 22,263, respectively, issued | $15,913 | $15,455 | $15,460 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | |||
Trade accounts receivable, allowances | $2,068 | $2,042 | $2,187 |
Treasury stock, shares | 78 | 76 | 76 |
Common stock | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.69 | $0.69 | $0.69 |
Common stock, shares authorized | 120,000 | 120,000 | 120,000 |
Common stock, shares issued | 37,861 | 37,011 | 37,593 |
Class B common stock | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.69 | $0.69 | $0.69 |
Common stock, shares authorized | 40,000 | 40,000 | 40,000 |
Common stock, shares issued | 22,915 | 22,256 | 22,263 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | ||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS | ' | ' | ||
Net product sales | $106,812 | $110,279 | ||
Rental and royalty revenue | 970 | 1,007 | ||
Total revenue | 107,782 | 111,286 | ||
Product cost of goods sold | 66,865 | 72,169 | ||
Rental and royalty cost | 258 | 250 | ||
Total costs | 67,123 | 72,419 | ||
Product gross margin | 39,947 | 38,110 | ||
Rental and royalty gross margin | 712 | 757 | ||
Total gross margin | 40,659 | 38,867 | ||
Selling, marketing and administrative expenses | 25,631 | 27,967 | ||
Earnings from operations | 15,028 | 10,900 | ||
Other income, net | 1,666 | 2,591 | ||
Earnings before income taxes | 16,694 | 13,491 | ||
Provision for income taxes | 7,337 | 4,422 | ||
Net earnings | 9,357 | 9,069 | ||
Less: Net loss attributable to noncontrolling interests | 224 | ' | ||
Net earnings attributable to Tootsie Roll Industries, Inc. | 9,581 | 9,069 | ||
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) | $0.16 | $0.15 | ||
Dividends per share (in dollars per share) | $0.08 | [1] | $0.08 | [1] |
Average number of shares outstanding (in shares) | 60,814 | 61,667 | ||
Retained earnings at beginning of period | 73,109 | 80,210 | ||
Net earnings attributable to Tootsie Roll Industries, Inc. | 9,581 | 9,069 | ||
Cash dividends | -4,715 | -4,653 | ||
Stock dividends | -52,281 | -49,028 | ||
Retained earnings at end of period | $25,694 | $35,598 | ||
[1] | Does not include 3% stock dividend to shareholders of record on 3/4/14 and 3/5/13. |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical) | 0 Months Ended | |
Apr. 04, 2014 | Apr. 05, 2013 | |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS | ' | ' |
Stock dividends (as a percent) | 3.00% | 3.00% |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS | ' | ' |
Net earnings | $9,357 | $9,069 |
Other comprehensive income (loss), before tax: | ' | ' |
Foreign currency translation adjustments | -1,318 | 1,122 |
Pension and postretirement reclassification adjustment: | ' | ' |
Less: reclassification adjustment for (gains) losses to net income | -451 | ' |
Unrealized gains (losses) on postretirement and pension benefits | -451 | ' |
Investments: | ' | ' |
Unrealized gains (losses) for the period on investments | -216 | -770 |
Unrealized gains (losses) on investments | -216 | -770 |
Derivatives: | ' | ' |
Unrealized gains (losses) for the period on derivatives | -833 | -930 |
Less: reclassification adjustment for (gains) losses to net income | 437 | 355 |
Unrealized gains (losses) on derivatives | -396 | -575 |
Total other comprehensive income (loss), before tax | -2,381 | -223 |
Income tax benefit (expense) related to items of other comprehensive income | 866 | 506 |
Total comprehensive earnings | 7,842 | 9,352 |
Comprehensive earnings attributable to noncontrolling interests | 224 | ' |
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc. | $8,066 | $9,352 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $9,357 | $9,069 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 5,124 | 4,901 |
Loss on step acquisition | 529 | ' |
Loss from equity method investment | ' | 282 |
Amortization of marketable security premiums | 829 | 632 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -3,088 | 4,644 |
Other receivables | 563 | -399 |
Inventories | -16,663 | -14,370 |
Prepaid expenses and other assets | 534 | 26,299 |
Accounts payable and accrued liabilities | 1,544 | 1,467 |
Income taxes payable and deferred | 3,787 | -1,001 |
Postretirement health care and life insurance benefits | -309 | 732 |
Deferred compensation and other liabilities | 441 | 633 |
Other | -15 | 542 |
Net cash from operating activities | 2,633 | 33,431 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Net cash acquired in step acquisition | 161 | ' |
Restricted cash | 179 | ' |
Capital expenditures | -2,138 | -2,241 |
Net sales (purchases) of trading securities | 80 | -1,945 |
Purchase of available for sale securities | -25,034 | -47,335 |
Sale and maturity of available for sale securities | 4,410 | 14,409 |
Net cash used in investing activities | -22,342 | -37,112 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Shares purchased and retired | -7,864 | -4,641 |
Dividends paid in cash | -9,458 | -4,653 |
Repayment of bank loans | -73 | ' |
Net cash used in financing activities | -17,395 | -9,294 |
Decrease in cash and cash equivalents | -37,104 | -12,975 |
Cash and cash equivalents at beginning of year | 88,283 | 63,862 |
Cash and cash equivalents at end of quarter | 51,179 | 50,887 |
Supplemental cash flow information: | ' | ' |
Income taxes paid, net | 1,419 | 5,990 |
Interest paid | 30 | 13 |
Stock dividend issued | $52,165 | $48,925 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 29, 2014 | |
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. (the Company) and in the opinion of management all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim period have been reflected. 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 2013 Annual Report on Form 10-K. | |
Results of operations for the period ended March 29, 2014 are not necessarily indicative of results to be expected for the year to end December 31, 2014 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. | |
The results of the Company’s two 50% owned Spanish companies are consolidated and a noncontrolling interest has been recorded. (See Note 10.) | |
Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“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 adoption of this guidance did not have a significant impact on the condensed 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 adoption of this guidance did not have a significant impact on the condensed consolidated financial statements. | |
In April 2014, the FASB issued updated guidance on the reporting and disclosures of discontinued operations. The new guidance requires that the disposal of a component of an entity be reported as discontinued operations only if the action represents a strategic shift that will have a major effect on an entity’s operations and financial results, and would require expanded disclosures. This guidance will be effective beginning in the first quarter 2015. We do not expect the adoption of this guidance to have a significant impact on the condensed consolidated financial statements. | |
Average_Shares_Outstanding
Average Shares Outstanding | 3 Months Ended |
Mar. 29, 2014 | |
Average Shares Outstanding | ' |
Average Shares Outstanding | ' |
Note 2 — Average Shares Outstanding | |
The average number of shares outstanding for year to date ended March 29, 2014 reflect stock purchases of 257 shares for $7,864 and a 3% stock dividend distributed on April 4, 2014. The average number of shares outstanding for year to date ended March 30, 2013 reflect stock purchases of 163 shares for $4,641 and a 3% stock dividend distributed on April 5, 2013. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2014 | |
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 2010 through 2013. With few exceptions, the Company is no longer subject to examination by tax authorities for the year 2009 and prior. The consolidated effective tax rates were 43.9% and 32.8% in first quarter 2014 and 2013, respectively. The higher effective income tax rate in first quarter 2014 reflects a reversal of deferred tax assets of $2,350 as discussed in Note 10 relating to the step acquisition of the Spanish companies. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
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 March 29, 2014, December 31, 2013 and March 30, 2013, the Company held certain financial assets and liabilities 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. 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 March 29, 2014, December 31, 2013 and March 30, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | ||||||||||||||
Estimated Fair Value March 29, 2014 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 51,179 | $ | 51,179 | $ | — | $ | — | ||||||
Available for sale securities | 138,225 | — | 138,225 | — | ||||||||||
Foreign currency forward contracts | (1,613 | ) | — | (1,613 | ) | — | ||||||||
Commodity futures contracts | 388 | 388 | — | — | ||||||||||
Trading securities | 63,412 | 63,412 | — | — | ||||||||||
Total assets measured at fair value | $ | 251,591 | $ | 114,979 | $ | 136,612 | $ | — | ||||||
Estimated Fair Value December 31, 2013 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 88,283 | $ | 88,283 | $ | — | $ | — | ||||||
Available for sale securities | 118,647 | — | 118,647 | — | ||||||||||
Foreign currency forward contracts | (684 | ) | — | (684 | ) | — | ||||||||
Commodity futures contracts, net | (130 | ) | (130 | ) | — | — | ||||||||
Trading securities | 63,215 | 63,215 | — | — | ||||||||||
Total assets measured at fair value | $ | 269,331 | $ | 151,368 | $ | 117,963 | $ | — | ||||||
Estimated Fair Value March 30, 2013 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 50,887 | $ | 50,887 | $ | — | $ | — | ||||||
Auction rate security | 8,808 | — | — | 8,808 | ||||||||||
Available for sale securities excluding the auction rate security | 116,771 | — | 116,771 | — | ||||||||||
Foreign currency forward contracts | (247 | ) | — | (247 | ) | — | ||||||||
Commodity futures contracts | (449 | ) | (449 | ) | — | — | ||||||||
Trading securities | 54,377 | 54,377 | — | — | ||||||||||
Total assets measured at fair value | $ | 230,147 | $ | 104,815 | $ | 116,524 | $ | 8,808 | ||||||
During the fourth quarter 2013, the Company sold its investment in Jefferson County Alabama Sewer Revenue Refunding Warrants for $10,840. This was an auction rate security (ARS) originally purchased for $13,550 in 2008 with an insurance-backed AAA rating. The Company recorded an other-than-temporary pre-tax impairment of $5,140 in 2008 on this ARS investment which resulted in a carrying value of $8,410 at that time. Since recording the initial impairment in 2008, the Company carried this ARS investment at its estimated fair value utilizing a valuation model with Level 3 inputs, as defined by guidance, and resulting changes in the market value since the original impairment charge in 2008 were recorded as changes to accumulated other comprehensive income (loss) each year. The fair value of this instrument at March 30, 2013 was $8,808, with an unrealized loss in other comprehensive earnings of $677 recorded during the first quarter 2013. | ||||||||||||||
The fair value of the Company’s industrial revenue development bonds at March 29, 2014, December 31, 2013 and March 30, 2013 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 | 3 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Note 5 — Derivative Instruments and Hedging Activities | |||||||||||
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 March 29, 2014, December 31, 2013 and March 30, 2013: | |||||||||||
March 29, 2014 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 44,665 | $ | — | $ | (1,613 | ) | ||||
Commodity futures contracts | 5,154 | 382 | — | ||||||||
Total derivatives designated as hedging instruments | 382 | (1,613 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 195 | 6 | — | ||||||||
Total derivatives not designated as hedging instruments | 6 | — | |||||||||
Total derivatives | $ | 388 | $ | (1,613 | ) | ||||||
December 31, 2013 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 34,244 | $ | — | $ | (684 | ) | ||||
Commodity futures contracts | 5,601 | 41 | (191 | ) | |||||||
Total derivatives designated as hedging instruments | 41 | (875 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 321 | 20 | — | ||||||||
Total derivatives not designated as hedging instruments | 20 | — | |||||||||
Total derivatives | $ | 61 | $ | (875 | ) | ||||||
March 30, 2013 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 14,449 | $ | — | $ | (247 | ) | ||||
Commodity futures contracts | 6,454 | 4 | (507 | ) | |||||||
Total derivatives designated as hedging instruments | 4 | (754 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 481 | 54 | — | ||||||||
Total derivatives not designated as hedging instruments | 54 | — | |||||||||
Total derivatives | $ | 58 | $ | (754 | ) | ||||||
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 March 29, 2014 and March 30, 2013 are as follows: | |||||||||||
For Quarter Ended March 29, 2014 | |||||||||||
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 | $ | (1,191 | ) | $ | (262 | ) | $ | — | |||
Commodity futures contracts | 358 | (175 | ) | — | |||||||
Commodity option contracts | — | — | — | ||||||||
Total | $ | (833 | ) | $ | (437 | ) | $ | — | |||
For Quarter Ended March 30, 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 | $ | (282 | ) | $ | (35 | ) | $ | — | |||
Commodity futures contracts | (648 | ) | (320 | ) | — | ||||||
Total | $ | (930 | ) | $ | (355 | ) | $ | — | |||
During the quarters ended March 29, 2014 and March 30, 2013, the Company recognized earnings (loss) of $(6) and $(8), respectively, related to mark-to-market accounting for certain commodity option and future contracts. |
Pension_Plans
Pension Plans | 3 Months Ended |
Mar. 29, 2014 | |
Pension Plans | ' |
Pension Plans | ' |
Note 6 — Pension Plans | |
During 2012 and 2013, the Company received notices 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 Pension Protection Act (PPA), and that a plan of rehabilitation was adopted by the Trustees of the Plan (Trustees) in fourth quarter 2012. The Rehabilitation Plan adopted 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 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. The Company does not have any updated information as to its withdrawal liability. 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 Company’s existing labor contract with its BC&T local union commits the Company’s participation in this Plan through third quarter 2017. Pension expense, including surcharges as discussed above, for the BC&T Plan for first quarter 2014 and 2013 was $579 and $459, respectively. 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 and Discussion and Analysis included in the Company’s 2013 Form 10-K and annual report. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Earnings (Loss) | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | |||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | |||||||||||||||||||
Note 7 — Accumulated Other Comprehensive Earnings (Loss) | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss), net of tax, consists of the following components: | ||||||||||||||||||||
Foreign | Investments (b) | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives (d) | and Pension | Other | ||||||||||||||||
Translation (a) | Derivatives (c) | Benefits (e) | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | (13,527 | ) | $ | 54 | $ | (436 | ) | $ | (96 | ) | $ | 9,367 | $ | (4,638 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | (837 | ) | (138 | ) | (760 | ) | 229 | — | (1,506 | ) | ||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 167 | (f) | 112 | (g) | (288 | ) | (9 | ) | ||||||||||
Net Q1 other comprehensive earnings (loss) net of tax | (837 | ) | (138 | ) | (593 | ) | 341 | (288 | ) | (1,515 | ) | |||||||||
Balance at March 29, 2014 | (14,364 | ) | (84 | ) | (1,029 | ) | 245 | 9,079 | (6,153 | ) | ||||||||||
(a) Included a tax benefit of $481 as of March 29, 2014. | ||||||||||||||||||||
(b) Included a tax benefit of $78 as of March 29, 2014. | ||||||||||||||||||||
(c) Included a tax benefit of $336 as of March 29, 2014. | ||||||||||||||||||||
(d) Included a tax expense of $ 192 as of March 29, 2014. | ||||||||||||||||||||
(e) Included a tax benefit of $163 as of March 29, 2014. | ||||||||||||||||||||
(f) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(g) Commodity derivatives are reclassified to cost of goods sold. | ||||||||||||||||||||
Foreign | Investments (b) | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives (d) | and Pension | Other | ||||||||||||||||
Translation (a) | Derivatives (c) | Benefits (e) | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | (13,406 | ) | $ | 908 | $ | — | $ | (111 | ) | $ | (3,838 | ) | $ | (16,447 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | 1,141 | (491 | ) | (180 | ) | (413 | ) | — | 57 | |||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 22 | (f) | 204 | (g) | — | 226 | ||||||||||||
Net Q1 other comprehensive earnings (loss) net of tax | 1,141 | (491 | ) | (158 | ) | (209 | ) | — | 283 | |||||||||||
Balance at March 30, 2013 | (12,265 | ) | 417 | (158 | ) | (320 | ) | (3,838 | ) | (16,164 | ) | |||||||||
(a) Included a tax benefit of $19 as of March 30, 2013. | ||||||||||||||||||||
(b) Included a tax benefit of $279 as of March 30, 2013. | ||||||||||||||||||||
(c) Included a tax benefit of $89 as of March 30, 2013. | ||||||||||||||||||||
(d) Included a tax benefit of $119 as of March 30, 2013. | ||||||||||||||||||||
(e) Included a tax expense of $0 as of March 30, 2013. | ||||||||||||||||||||
(f) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(g) Commodity derivatives are reclassified to cost of goods sold. | ||||||||||||||||||||
Restricted_Cash
Restricted Cash | 3 Months Ended |
Mar. 29, 2014 | |
Restricted Cash | ' |
Restricted Cash | ' |
Note 8 — Restricted Cash | |
Restricted cash comprises certain cash deposits of the Company’s 50% owned Spanish companies (see Note 10) with international banks that are pledged as collateral for letters of credit and bank borrowings. |
Bank_Loans
Bank Loans | 3 Months Ended |
Mar. 29, 2014 | |
Bank Loans | ' |
Bank Loans | ' |
Note 9 — Bank Loans | |
Long term bank loans comprise borrowings by the Company’s 50% owned Spanish companies (see Note 10) which are held in international banks. The average weighted interest rate in first quarter 2014 was of 3.2% and maturity dates range from 1 to 4 years. Short term bank loans also relate to the Company’s 50% owned Spanish companies. | |
Step_Acquisition
Step Acquisition | 3 Months Ended |
Mar. 29, 2014 | |
Step Acquisition | ' |
Step Acquisition | ' |
Note 10 - Step Acquisition | |
During first quarter 2014, the Company gained operating control of its two 50% owned Spanish companieswhen Company employee representatives assumed all positions on their boards of directors.This was considered a step acquisition, whereby the Company remeasured the previously held investment to fair value. As a result, the Company’s first quarter 2014 net earnings include a net loss of $529, including an income tax provision of $2,350 relating to deferred income taxes. In addition, the accompanying consolidated financial statements for first quarter 2014 include the Spanish companies’ results for this period, including net sales of $2,615, net loss from operations of $449, and a credit for the net loss attributable to the 50% noncontrolling interests of $224. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of financial assets and liabilities measured at fair value | ' | |||||||||||||
Estimated Fair Value March 29, 2014 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 51,179 | $ | 51,179 | $ | — | $ | — | ||||||
Available for sale securities | 138,225 | — | 138,225 | — | ||||||||||
Foreign currency forward contracts | (1,613 | ) | — | (1,613 | ) | — | ||||||||
Commodity futures contracts | 388 | 388 | — | — | ||||||||||
Trading securities | 63,412 | 63,412 | — | — | ||||||||||
Total assets measured at fair value | $ | 251,591 | $ | 114,979 | $ | 136,612 | $ | — | ||||||
Estimated Fair Value December 31, 2013 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 88,283 | $ | 88,283 | $ | — | $ | — | ||||||
Available for sale securities | 118,647 | — | 118,647 | — | ||||||||||
Foreign currency forward contracts | (684 | ) | — | (684 | ) | — | ||||||||
Commodity futures contracts, net | (130 | ) | (130 | ) | — | — | ||||||||
Trading securities | 63,215 | 63,215 | — | — | ||||||||||
Total assets measured at fair value | $ | 269,331 | $ | 151,368 | $ | 117,963 | $ | — | ||||||
Estimated Fair Value March 30, 2013 | ||||||||||||||
Total | Input Levels Used | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and cash equivalents | $ | 50,887 | $ | 50,887 | $ | — | $ | — | ||||||
Auction rate security | 8,808 | — | — | 8,808 | ||||||||||
Available for sale securities excluding the auction rate security | 116,771 | — | 116,771 | — | ||||||||||
Foreign currency forward contracts | (247 | ) | — | (247 | ) | — | ||||||||
Commodity futures contracts | (449 | ) | (449 | ) | — | — | ||||||||
Trading securities | 54,377 | 54,377 | — | — | ||||||||||
Total assets measured at fair value | $ | 230,147 | $ | 104,815 | $ | 116,524 | $ | 8,808 | ||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Summary of the Company's outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position | ' | ||||||||||
March 29, 2014 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 44,665 | $ | — | $ | (1,613 | ) | ||||
Commodity futures contracts | 5,154 | 382 | — | ||||||||
Total derivatives designated as hedging instruments | 382 | (1,613 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 195 | 6 | — | ||||||||
Total derivatives not designated as hedging instruments | 6 | — | |||||||||
Total derivatives | $ | 388 | $ | (1,613 | ) | ||||||
December 31, 2013 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 34,244 | $ | — | $ | (684 | ) | ||||
Commodity futures contracts | 5,601 | 41 | (191 | ) | |||||||
Total derivatives designated as hedging instruments | 41 | (875 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 321 | 20 | — | ||||||||
Total derivatives not designated as hedging instruments | 20 | — | |||||||||
Total derivatives | $ | 61 | $ | (875 | ) | ||||||
March 30, 2013 | |||||||||||
Notional | |||||||||||
Amounts | Assets | Liabilities | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency forward contracts | $ | 14,449 | $ | — | $ | (247 | ) | ||||
Commodity futures contracts | 6,454 | 4 | (507 | ) | |||||||
Total derivatives designated as hedging instruments | 4 | (754 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Commodity futures contracts | 481 | 54 | — | ||||||||
Total derivatives not designated as hedging instruments | 54 | — | |||||||||
Total derivatives | $ | 58 | $ | (754 | ) | ||||||
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 March 29, 2014 | |||||||||||
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 | $ | (1,191 | ) | $ | (262 | ) | $ | — | |||
Commodity futures contracts | 358 | (175 | ) | — | |||||||
Commodity option contracts | — | — | — | ||||||||
Total | $ | (833 | ) | $ | (437 | ) | $ | — | |||
For Quarter Ended March 30, 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 | $ | (282 | ) | $ | (35 | ) | $ | — | |||
Commodity futures contracts | (648 | ) | (320 | ) | — | ||||||
Total | $ | (930 | ) | $ | (355 | ) | $ | — | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Loss) | ' | |||||||||||||||||||
Schedule of components of accumulated other comprehensive earnings (loss), net of tax | ' | |||||||||||||||||||
Foreign | Investments (b) | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives (d) | and Pension | Other | ||||||||||||||||
Translation (a) | Derivatives (c) | Benefits (e) | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | (13,527 | ) | $ | 54 | $ | (436 | ) | $ | (96 | ) | $ | 9,367 | $ | (4,638 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | (837 | ) | (138 | ) | (760 | ) | 229 | — | (1,506 | ) | ||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 167 | (f) | 112 | (g) | (288 | ) | (9 | ) | ||||||||||
Net Q1 other comprehensive earnings (loss) net of tax | (837 | ) | (138 | ) | (593 | ) | 341 | (288 | ) | (1,515 | ) | |||||||||
Balance at March 29, 2014 | (14,364 | ) | (84 | ) | (1,029 | ) | 245 | 9,079 | (6,153 | ) | ||||||||||
(a) Included a tax benefit of $481 as of March 29, 2014. | ||||||||||||||||||||
(b) Included a tax benefit of $78 as of March 29, 2014. | ||||||||||||||||||||
(c) Included a tax benefit of $336 as of March 29, 2014. | ||||||||||||||||||||
(d) Included a tax expense of $ 192 as of March 29, 2014. | ||||||||||||||||||||
(e) Included a tax benefit of $163 as of March 29, 2014. | ||||||||||||||||||||
(f) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(g) Commodity derivatives are reclassified to cost of goods sold. | ||||||||||||||||||||
Foreign | Investments (b) | Foreign | Commodity | Postretirement | Accumulated | |||||||||||||||
Currency | Currency | Derivatives (d) | and Pension | Other | ||||||||||||||||
Translation (a) | Derivatives (c) | Benefits (e) | Comprehensive | |||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | (13,406 | ) | $ | 908 | $ | — | $ | (111 | ) | $ | (3,838 | ) | $ | (16,447 | ) | ||||
Other comprehensive earnings (loss) before reclassifications | 1,141 | (491 | ) | (180 | ) | (413 | ) | — | 57 | |||||||||||
Reclassifications from accumulated other comprehensive loss | — | — | 22 | (f) | 204 | (g) | — | 226 | ||||||||||||
Net Q1 other comprehensive earnings (loss) net of tax | 1,141 | (491 | ) | (158 | ) | (209 | ) | — | 283 | |||||||||||
Balance at March 30, 2013 | (12,265 | ) | 417 | (158 | ) | (320 | ) | (3,838 | ) | (16,164 | ) | |||||||||
(a) Included a tax benefit of $19 as of March 30, 2013. | ||||||||||||||||||||
(b) Included a tax benefit of $279 as of March 30, 2013. | ||||||||||||||||||||
(c) Included a tax benefit of $89 as of March 30, 2013. | ||||||||||||||||||||
(d) Included a tax benefit of $119 as of March 30, 2013. | ||||||||||||||||||||
(e) Included a tax expense of $0 as of March 30, 2013. | ||||||||||||||||||||
(f) Foreign currency derivatives are reclassified to other income, net. | ||||||||||||||||||||
(g) Commodity derivatives are reclassified to cost of goods sold. |
Significant_Accounting_Policie1
Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 29, 2014 | |
item | |
Significant Accounting Policies | ' |
Number of Spanish companies consolidated in financial statements | 2 |
Ownership interest in Spanish companies (as a percent) | 50.00% |
Average_Shares_Outstanding_Det
Average Shares Outstanding (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 04, 2014 | Apr. 05, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Average Shares Outstanding | ' | ' | ' | ' |
Stock purchases (in shares) | ' | ' | 257 | 163 |
Purchase of common shares | ' | ' | $7,864 | $4,641 |
Stock dividends (as a percent) | 3.00% | 3.00% | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Taxes | ' | ' |
Consolidated effective tax rates (as a percent) | 43.90% | 32.80% |
Reversal of deferred tax assets | $2,350 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value measured on a recurring basis, USD $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | |||
Estimated Fair Value | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Cash and cash equivalents | $51,179 | $88,283 | $50,887 |
Auction rate security | ' | ' | 8,808 |
Available for sale securities, excluding the auction rate security | ' | ' | 116,771 |
Available for sale securities | 138,225 | 118,647 | ' |
Trading securities | 63,412 | 63,215 | 54,377 |
Total assets measured at fair value | 251,591 | 269,331 | 230,147 |
Estimated Fair Value | Foreign currency forward contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | -1,613 | -684 | -247 |
Estimated Fair Value | Commodity futures contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | 388 | -130 | -449 |
Level 1 | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Cash and cash equivalents | 51,179 | 88,283 | 50,887 |
Trading securities | 63,412 | 63,215 | 54,377 |
Total assets measured at fair value | 114,979 | 151,368 | 104,815 |
Level 1 | Commodity futures contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | 388 | -130 | -449 |
Level 2 | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Available for sale securities, excluding the auction rate security | ' | ' | 116,771 |
Available for sale securities | 138,225 | 118,647 | ' |
Total assets measured at fair value | 136,612 | 117,963 | 116,524 |
Level 2 | Foreign currency forward contracts | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Derivative instruments, net | -1,613 | -684 | -247 |
Level 3 | ' | ' | ' |
Fair value measurements | ' | ' | ' |
Auction rate security | ' | ' | 8,808 |
Total assets measured at fair value | ' | ' | $8,808 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2008 |
In Thousands, unless otherwise specified | Cost Basis | Cost Basis | Cost Basis | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Jefferson County Alabama Sewer Revenue Refunding Warrants | Jefferson County Alabama Sewer Revenue Refunding Warrants | Jefferson County Alabama Sewer Revenue Refunding Warrants | Jefferson County Alabama Sewer Revenue Refunding Warrants | |||
Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Auction rate security | Auction rate security | Auction rate security | AAA rating | ||||
Level 3 | Level 3 | Auction rate security | |||||||||||
Level 3 | |||||||||||||
Fair value on a recurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale value of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,840 | ' | ' | ' |
Purchase cost of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,550 |
Other-than-temporary pre-tax impairment on investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,140 | ' |
Carrying value of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,808 | ' | 8,410 |
Unrealized loss in other comprehensive earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 677 | ' | ' |
Industrial revenue development bonds, carrying amount, approximates fair value | $7,500 | $7,500 | $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 $) | Mar. 29, 2014 | Dec. 31, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | |||
Derivative contracts | ' | ' | ' |
Assets | $388 | $61 | $58 |
Liabilities | -1,613 | -875 | -754 |
Derivatives designated as hedging instruments: | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Assets | 382 | 41 | 4 |
Liabilities | -1,613 | -875 | -754 |
Derivatives designated as hedging instruments: | Foreign currency forward contracts | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Notional Amounts | 44,665 | 34,244 | 14,449 |
Liabilities | -1,613 | -684 | -247 |
Derivatives designated as hedging instruments: | Commodity futures contracts | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Notional Amounts | 5,154 | 5,601 | 6,454 |
Assets | 382 | 41 | 4 |
Liabilities | ' | -191 | -507 |
Derivatives not designated as hedging instruments: | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Assets | 6 | 20 | 54 |
Derivatives not designated as hedging instruments: | Commodity futures contracts | ' | ' | ' |
Derivative contracts | ' | ' | ' |
Notional Amounts | 195 | 321 | 481 |
Assets | $6 | $20 | $54 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Effect of derivative instruments on earnings | ' | ' |
Gain (Loss) Recognized in OCI | ($833) | ($930) |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 9,581 | 9,069 |
Reclassified from Accumulated OCI into Earnings | ' | ' |
Effect of derivative instruments on earnings | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -437 | -355 |
Foreign currency forward contracts | ' | ' |
Effect of derivative instruments on earnings | ' | ' |
Gain (Loss) Recognized in OCI | -1,191 | -282 |
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings | ' | ' |
Effect of derivative instruments on earnings | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -262 | -35 |
Commodity futures contracts | ' | ' |
Effect of derivative instruments on earnings | ' | ' |
Gain (Loss) Recognized in OCI | 358 | -648 |
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings | ' | ' |
Effect of derivative instruments on earnings | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -175 | -320 |
Commodity option and future contracts | ' | ' |
Effect of derivative instruments on earnings | ' | ' |
Recognized earnings (loss) related to mark-to-market accounting | ($6) | ($8) |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Jun. 30, 2012 | Mar. 29, 2014 |
Multi-employer defined benefit pension plan | Multi-employer defined benefit pension plan | |||
Pension Plans | ' | ' | ' | ' |
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 |
Pension plans | ' | ' | ' | ' |
Pension expense | $579 | $459 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Earnings (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Accumulated other comprehensive earnings (loss), net of tax | ' | ' |
Balance at the beginning of the period | ($4,638) | ($16,447) |
Other comprehensive earnings (loss) before reclassifications | -1,506 | -57 |
Reclassifications from accumulated other comprehensive loss | -9 | 226 |
Net other comprehensive earnings (loss) net of tax | -1,515 | 283 |
Balance at the end of the period | -6,153 | -16,164 |
Income tax expense benefit | -866 | -506 |
Foreign Currency Translation Adjustment | ' | ' |
Accumulated other comprehensive earnings (loss), net of tax | ' | ' |
Balance at the beginning of the period | -13,527 | -13,406 |
Other comprehensive earnings (loss) before reclassifications | -837 | 1,141 |
Net other comprehensive earnings (loss) net of tax | -837 | 1,141 |
Balance at the end of the period | -14,364 | -12,265 |
Income tax expense benefit | -481 | -19 |
Investments | ' | ' |
Accumulated other comprehensive earnings (loss), net of tax | ' | ' |
Balance at the beginning of the period | 54 | 908 |
Other comprehensive earnings (loss) before reclassifications | -138 | -491 |
Net other comprehensive earnings (loss) net of tax | -138 | -491 |
Balance at the end of the period | -84 | 417 |
Income tax expense benefit | -78 | -279 |
Foreign Currency Derivatives | ' | ' |
Accumulated other comprehensive earnings (loss), net of tax | ' | ' |
Balance at the beginning of the period | -436 | ' |
Other comprehensive earnings (loss) before reclassifications | -760 | -180 |
Reclassifications from accumulated other comprehensive loss | 167 | 22 |
Net other comprehensive earnings (loss) net of tax | -593 | -158 |
Balance at the end of the period | -1,029 | -158 |
Income tax expense benefit | -336 | -89 |
Commodity Derivatives | ' | ' |
Accumulated other comprehensive earnings (loss), net of tax | ' | ' |
Balance at the beginning of the period | -96 | -111 |
Other comprehensive earnings (loss) before reclassifications | 229 | -413 |
Reclassifications from accumulated other comprehensive loss | 112 | 204 |
Net other comprehensive earnings (loss) net of tax | 341 | -209 |
Balance at the end of the period | 245 | -320 |
Income tax expense benefit | 192 | -119 |
Postretirement and Pension Benefits | ' | ' |
Accumulated other comprehensive earnings (loss), net of tax | ' | ' |
Balance at the beginning of the period | 9,367 | -3,838 |
Reclassifications from accumulated other comprehensive loss | -288 | ' |
Net other comprehensive earnings (loss) net of tax | -288 | ' |
Balance at the end of the period | 9,079 | -3,838 |
Income tax expense benefit | ($163) | $0 |
Restricted_Cash_Details
Restricted Cash (Details) | Mar. 29, 2014 |
Restricted Cash | ' |
Ownership interest in Spanish companies (as a percent) | 50.00% |
Bank_Loans_Details
Bank Loans (Details) | 3 Months Ended |
Mar. 29, 2014 | |
Bank Loans | ' |
Ownership interest in Spanish companies (as a percent) | 50.00% |
Spanish companies | ' |
Bank Loans | ' |
Ownership interest in Spanish companies (as a percent) | 50.00% |
Average weighted interest rate (as a percent) | 3.20% |
Spanish companies | Minimum | ' |
Bank Loans | ' |
Maturity period | '1 year |
Spanish companies | Maximum | ' |
Bank Loans | ' |
Maturity period | '4 years |
Step_Acquisition_Details
Step Acquisition (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
item | |
Spanish companies | ' |
Number of Spanish companies | 2 |
Ownership interest in Spanish companies (as a percent) | 50.00% |
Net loss on step acquisition | $529 |
Spanish companies | ' |
Spanish companies | ' |
Number of Spanish companies | 2 |
Ownership interest in Spanish companies (as a percent) | 50.00% |
Net loss on step acquisition | 529 |
Deferred income taxes provision | 2,350 |
Net sales included in consolidated financial statements | 2,615 |
Net loss included in consolidated financial statements | 449 |
Noncontrolling interest (as a percent) | 50.00% |
Noncontrolling interests | $224 |