Tootsie Roll Industries (TR) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Entity Registrant Name	TOOTSIE ROLL INDUSTRIES INC
Entity Central Index Key	98677
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Common Stock
Entity Common Stock, Shares Outstanding	38,257,206
Class B Common Stock
Entity Common Stock, Shares Outstanding	23,570,596

CONSOLIDATED_STATEMENTS_OF_Fin

CONSOLIDATED STATEMENTS OF Financial Position (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash & cash equivalents	$85,430	$100,108	$51,179
Investments	52,530	39,450	37,772
Trade accounts receivable, less allowances of $1,976,$1,968 and $2,068	41,511	43,253	45,292
Other receivables	3,965	3,577	3,925
Inventories:
Finished goods & work-in-process	52,591	44,549	50,354
Raw material & supplies	28,262	25,830	29,913
Prepaid expenses	6,198	6,060	5,962
Deferred income taxes	7,094	1,794	2,955
Total current assets	277,581	264,621	227,352
PROPERTY, PLANT & EQUIPMENT, at cost:
Land	22,251	22,360	22,540
Buildings	113,199	113,279	111,409
Machinery & equipment	350,497	350,929	342,217
Construction in progress	3,645	1,641	5,393
Property, plant and equipment, gross	489,592	488,209	481,559
Less-accumulated depreciation	302,877	298,128	284,724
Net property, plant and equipment	186,715	190,081	196,835
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	156,053	163,579	163,865
Split dollar officer life insurance	33,632	33,632	40,296
Prepaid expenses	5,889	6,927	9,375
Restricted cash	1,225	1,589	1,805
Deferred income taxes	1,575	1,696	4,121
Total other assets	446,635	455,684	467,723
Total assets	910,931	910,386	891,910
CURRENT LIABILITIES:
Accounts payable	14,432	11,641	14,566
Bank loan	179	124	226
Dividends payable	130	4,814	115
Accrued liabilities	43,551	46,482	45,038
Postretirement health care and life insurance benefits	328	328	319
Income taxes payable	2,807	1,070	3,783
Deferred compensation	14,284
Total current liabilities	75,711	64,459	64,047
NONCURRENT LIABILITIES:
Deferred income taxes	51,844	47,356	54,072
Bank loans	484	694	1,011
Postretirement health care and life insurance benefits	12,154	11,983	8,999
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	8,453	8,584	9,826
Deferred compensation and other liabilities	66,678	78,674	70,238
Total noncurrent liabilities	147,113	154,791	151,646
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	650,724	599,186	615,922
Retained earnings	11,922	64,927	25,694
Accumulated other comprehensive loss	-15,758	-13,098	-6,153
Treasury stock (at cost)-80, 78 & 78 shares, respectively	-1,992	-1,992	-1,992
Total Tootsie Roll Industries, Inc. shareholders' equity	687,831	690,809	675,677
Noncontrolling interests	276	327	540
Total equity	688,107	691,136	676,217
Total liabilities and shareholders' equity	910,931	910,386	891,910
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,257, 37,285 & 37,861, respectively, issued; Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 23,571, 22,887 & 22,915, respectively, issued	26,567	25,892	26,293
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 38,257, 37,285 & 37,861, respectively, issued; Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 23,571, 22,887 & 22,915, respectively, issued	$16,368	$15,894	$15,913

CONSOLIDATED_STATEMENTS_OF_Fin1

CONSOLIDATED STATEMENTS OF Financial Position (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 29, 2014
In Thousands, except Share data, unless otherwise specified
Trade accounts receivable, allowances	$1,976	$1,968	$2,068
Treasury stock, shares	80,000	78,000	78,000
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	38,257,000	37,285,000	37,861,000
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	23,571,000	22,887,000	22,915,000

CONSOLIDATED_STATEMENTS_OF_Ear

CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015		Mar. 29, 2014
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings
Net product sales	$105,477		$106,812
Rental and royalty revenue	844		970
Total revenue	106,321		107,782
Product cost of goods sold	67,145		66,865
Rental and royalty cost	228		258
Total costs	67,373		67,123
Product gross margin	38,332		39,947
Rental and royalty gross margin	616		712
Total gross margin	38,948		40,659
Selling, marketing and administrative expenses	25,984		25,631
Earnings from operations	12,964		15,028
Other income, net	473		1,666
Earnings before income taxes	13,437		16,694
Provision for income taxes	4,334		7,337
Net earnings	9,103		9,357
Less: Net loss attributable to noncontrolling interests	51		224
Net earnings attributable to Tootsie Roll Industries, Inc.	9,154		9,581
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)	$0.15		$0.15
Dividends per share (in dollars per share)	$0.08	[1]	$0.08	[1]
Average number of shares outstanding (in shares)	61,831		62,610
Retained earnings at beginning of period	64,927		73,109
Net earnings attributable to Tootsie Roll Industries, Inc.	9,154		9,581
Cash dividends	-4,800		-4,715
Stock dividends	-57,359		-52,281
Retained earnings at end of period	$11,922		$25,694
[1]	Does not include 3% stock dividend to shareholders of record on 4/10/15 and 4/4/14.

CONSOLIDATED_STATEMENTS_OF_Ear1

CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings (Parenthetical)	3 Months Ended
	Mar. 31, 2015	Mar. 29, 2014
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings
Stock dividends (as a percent)	3.00%	3.00%

CONSOLIDATED_STATEMENTS_OF_Com

CONSOLIDATED STATEMENTS OF Comprehensive Earnings (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014
CONSOLIDATED STATEMENTS OF Comprehensive Earnings
Net earnings	$9,103	$9,357
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	-1,159	-1,318
Pension and postretirement reclassification adjustment:
Less: reclassification adjustment for (gains) losses to net earnings	-363	-451
Unrealized gains (losses) on postretirement and pension benefits	-363	-451
Investments:
Unrealized gains (losses) for the period on investments	371	-216
Unrealized gains (losses) on investments	371	-216
Derivatives:
Unrealized gains (losses) for the period on derivatives	-3,037	-833
Less: reclassification adjustment for (gains) losses to net earnings	675	437
Unrealized gains (losses) on derivatives	-2,362	-396
Total other comprehensive income (loss), before tax	-3,513	-2,381
Income tax benefit (expense) related to items of other comprehensive income	853	866
Total comprehensive earnings	6,443	7,842
Comprehensive earnings attributable to noncontrolling interests	51	224
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$6,494	$8,066

CONSOLIDATED_STATEMENTS_OF_Cas

CONSOLIDATED STATEMENTS OF Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$9,103	$9,357
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	5,050	5,124
Loss on step acquisition		529
Amortization of marketable security premiums	791	829
Changes in operating assets and liabilities:
Accounts receivable	1,450	-3,088
Other receivables	-404	563
Inventories	-10,847	-16,663
Prepaid expenses and other assets	888	534
Accounts payable and accrued liabilities	-968	1,544
Income taxes payable and deferred	2,041	3,787
Postretirement health care and life insurance benefits	-192	-309
Deferred compensation and other liabilities	109	441
Net cash from operating activities	7,021	2,648
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash acquired in step acquisition		161
Restricted cash	175	179
Capital expenditures	-2,418	-2,138
Net sales (purchases) of trading securities	-2,072	80
Purchase of available for sale securities	-9,107	-25,034
Sale and maturity of available for sale securities	6,622	4,410
Net cash used in investing activities	-6,800	-22,342
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	-4,544	-7,864
Dividends paid in cash	-9,613	-9,458
Repayment of bank loans	-52	-73
Net cash used in financing activities	-14,209	-17,395
Effect of exchange rate changes on cash	-690	-15
Increase (decrease) in cash and cash equivalents	-14,678	-37,104
Cash and cash equivalents at beginning of year	100,108	88,283
Cash and cash equivalents at end of quarter	85,430	51,179
Supplemental cash flow information:
Income taxes paid, net	2,410	1,419
Interest paid	11	30
Stock dividend issued	$57,230	$52,165

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES:	3 Months Ended
	Mar. 31, 2015
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 2014 Annual Report on Form 10-K.
	Results of operations for first quarter 2015 are not necessarily indicative of results to be expected for the year to end December 31, 2015 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest sales quarter due to pre-Halloween sales.
	The results of the Company’s two less than wholly owned Spanish companies are consolidated and a noncontrolling interest has been recorded. (See Note 10.)
	Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it may have on the condensed consolidated financial statements.
	In August 2014, the FASB issued ASU 2014-15 which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. This guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We do not expect the adoption of this guidance to have a significant impact on our condensed consolidated financial statements.

Average_Shares_Outstanding

Average Shares Outstanding	3 Months Ended
	Mar. 31, 2015
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding
	The average number of shares outstanding for year to date ended March 31, 2015 reflect stock purchases of 143 shares for $4,544 and a 3% stock dividend distributed on April 10, 2015. 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.

INCOME_TAXES

INCOME TAXES:	3 Months Ended
	Mar. 31, 2015
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 2011  through 2013. With few exceptions, including an audit examination of the Companies amended U.S income tax returns for 2009 and 2010, the Company is no longer subject to examination by tax authorities for the year 2010 and prior. The consolidated effective tax rates were 32.3% and 43.9% in first quarter 2015 and 2014, respectively. The higher effective income tax rate in first quarter 2014 reflects the reversal of deferred tax assets of $2,350 in first quarter 2014 relating to the step acquisition of the Spanish companies as discussed in Note 10.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS:	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair Value Measurements	Note 4 — Fair Value Measurements
	Current accounting guidance defines fair value as the price that would be received on 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 31, 2015, December 31, 2014 and March 29, 2014, 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 March 31, 2015, December 31, 2014 and March 29, 2014, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:
		Estimated Fair Value March 31, 2015
		Total		Input Levels Used
		Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	85,430	$	85,430	$	-	$	-
	Available for sale securities		133,412		2,461		130,951		-
	Foreign currency forward contracts		-3,328		-		-3,328		-
	Commodity futures contracts		-1,709		-1,709		-		-
	Trading securities		75,171		75,171		-		-
	Total assets measured at fair value	$	288,976	$	161,353	$	127,623	$	-
		Estimated Fair Value December 31, 2014
			Total	Input Levels Used
			Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	100,108	$	100,108	$	-	$	-
	Available for sale securities		131,347		2,446		128,901		-
	Foreign currency forward contracts		-1,939		-		-1,939		-
	Commodity futures contracts, net		-737		-737		-		-
	Trading securities		71,682		71,682		-		-
	Total assets measured at fair value	$	300,461	$	173,499	$	126,962	$	-
		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	$	-
	The fair value of the Company’s industrial revenue development bonds at March 31, 2015, December 31, 2014 and March 29, 2014 were valued using Level 2 inputs which approximates the carrying value of $7,500 for the respective 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. 31, 2015
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. 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 31, 2015, December 31, 2014 and March 29, 2014:
		March 31, 2015
		Notional
		Amounts		Assets		Liabilities
	Derivatives designated as hedging instruments:
	Foreign currency forward contracts	$	23,443	$	-	$	-3,328
	Commodity futures contracts		15,966		31		-1,740
	Total derivatives designated as hedging instruments				31		-5,068
	Derivatives not designated as hedging instruments:
	Commodity futures contracts		-		-		-
	Total derivatives not designated as hedging instruments				-		-
	Total derivatives			$	31	$	-5,068
		December 31, 2014
		Notional
		Amounts		Assets		Liabilities
	Derivatives designated as hedging instruments:
	Foreign currency forward contracts	$	27,603	$	-	$	-1,939
	Commodity futures contracts		5,422		23		-760
	Total derivatives designated as hedging instruments				23		-2,699
	Derivatives not designated as hedging instruments:
	Commodity futures contracts				-		-
	Total derivatives not designated as hedging instruments				-		-
	Total derivatives			$	23	$	-2,699
		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
	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 31, 2015 and March 29, 2014 are as follows:
		For Quarter Ended March 31, 2015
						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	$	-1,903	$	-513	$	-
	Commodity futures contracts		-1,134		-162		-
	Total	$	-3,037	$	-675	$	-
		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		-
	Total	$	-833	$	-437	$	-
	During the quarters ended March 31, 2015 and March 29, 2014, the Company recognized losses of $0 and $6 respectively, related to mark-to-market accounting for certain commodity option and future contracts.

Pension_PLANS

Pension PLANS:	3 Months Ended
	Mar. 31, 2015
Pension Plans
Pension Plans	Note 6 — Pension Plans
	Beginning in 2012, the Company received notices from the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BC&T) Pension Plan (Plan), a multi-employer defined benefit pension plan for certain Company union employees. The notices indicated that the Plan’s actuary certified the Plan to be in “critical status”, the “Red Zone”, as defined by the Pension Protection Act (PPA) and the Pension Benefit Guaranty Corporation (PBGC), and that a plan of rehabilitation was adopted by the trustees of the Plan in fourth quarter 2012. The rehabilitation plan, which continues, requires that employer contributions include 5% compounded annual surcharge increases 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. Under the plan of rehabilitation, the Plan is projected to emerge from critical status sometime beyond a 30 year projection period. In the event that a plan does not have the financial resources to ultimately pay benefits at a level specified by law, then it must apply to the PBGC for government financial assistance. The Trustees have advised that neither the PPA nor regulatory guidance currently defines the rehabilitation standards for a plan that is not designed to emerge from critical status within the prescribed 10-year rehabilitation period. Recently enacted legislation (Multiemployer Pension Reform Act of 2014) may also affect the future of this Plan.
	The Company was previously 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 was recently advised by the Plan that its withdrawal liability would have been $56,400 if it had withdrawn from the Plan during 2014. The increase from 2012 to 2014 principally reflects changes in key actuarial assumptions, principally the effects of a lower interest rates proscribed by PBGC which were partially used to determine the present value of vested benefits, and a change to a more conservative mortality table. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than the above discussed amounts, could be payable to the Plan.
	Pension expense, including surcharges as discussed above, for the BC&T Plan for first quarter 2015 and 2014 was $552 and $579, respectively. The aforementioned includes surcharge increases of $96 and $72 in first quarter 2015 and 2014, respectively, related to contribution increases under the plan of rehabilitation.
	Subsequent to the end of first quarter 2015, the Company received new notices that the Plan is in “critical and declining status”, as defined by the PPA and PBGC, for the plan year beginning January 1, 2015, and that the Plan is projected to have an accumulated funding deficiency for the 2017 through 2024 plan years. The recent notices advised that the Plan’s actuarially determined asset values would fund 65.11%,  66.41% and 66.86% of its liabilities as of its January 1, 2014, 2013, and 2012 plan valuation dates, respectively. The aforementioned funding percentages are based on actuarially determined asset valuations which differ from the market values of the Plan’s assets on these dates. Based on the market values of the Plan’s investments, its funded percentages were 60.2% and 55.3% as of January 1, 2014 and 2013, respectively. The notice also indicates that as of the January 1, 2014 valuation date, 20.8% of plan participants were active participants working for a participating employer, 51.4% were retired and receiving benefits, and 27.8% were retired or separated from service and entitled to future benefits.
	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 or the effects of any modifications to the current rehabilitation plan 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 and Results of Operations incorporated into the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).

Accumulated_Other_COMPREHENSIV

Accumulated Other COMPREHENSIVE EARNINGS (LOSS):	3 Months Ended
	Mar. 31, 2015
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:
												Accumulated
		Foreign				Foreign				Postretirement		Other
		Currency				Currency		Commodity		and Pension		Comprehensive
		Translation		Investments		Derivatives		Derivatives		Benefits		Earnings (Loss)
	Balance at December 31, 2014	$	-17,499	$	-332	$	-1,236	$	-470	$	6,439	$	-13,098
	Other comprehensive earnings (loss) before reclassifications		-1,159		237		-1,214		-722		-		-2,858
	Reclassifications from accumulated other comprehensive loss		-		-		327		103		-232		198
	Other comprehensive earnings (loss) net of tax		-1,159		237		-887		-619		-232		-2,660
	Balance at March 31, 2015	$	-18,658	$	-95	$	-2,123	$	-1,089	$	6,207	$	-15,758
												Accumulated
		Foreign				Foreign				Postretirement		Other
		Currency				Currency		Commodity		and Pension		Comprehensive
		Translation		Investments		Derivatives		Derivatives		Benefits		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		112		-288		-9
	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
	The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following:
	Details about Accumulated Other	Quarter Ended
	Comprehensive Income Components	March 31, 2015		March 29, 2014		Location of (Gain) Loss Recognized in Earnings
	Foreign currency derivatives	$	513	$	262	Other income, net
	Commodity derivatives		162		175	Product cost of goods sold
	Postretirement and pension benefits		-185		-230	Selling, marketing and administrative expenses
	Postretirement and pension benefits		-178		-221	Product cost of goods sold
	Total before tax		312		-14
	Tax (expense) benefit		-114		5
	Net of tax	$	198	$	-9

Restricted_Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2015
Restricted Cash
Restricted Cash
	Note 8 — Restricted Cash
	Restricted cash comprises certain cash deposits of the Company’s less than wholly 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. 31, 2015
Bank Loans
Bank Loans	Note 9 — Bank Loans
	Long term bank loans comprise borrowings by the Company’s less than wholly owned Spanish companies (see Note 10) which are held by international banks. The average weighted interest rate in first quarter 2015 and first quarter 2014 was 0.5  % and 3.2%, respectively and maturity dates range from 1 to 4 years for both periods. Short term bank loans also relate to the Company’s less than wholly owned Spanish companies.

Step_Acquisition

Step Acquisition	3 Months Ended
	Mar. 31, 2015
Step Acquisition
Step Acquisition	Note 10 — Step Acquisition
	During first quarter 2014, the Company gained operating control of its two 50% owned Spanish companies when 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 in first quarter 2014. As a result, the Company’s first quarter 2014 net earnings include a net loss of $529, including an additional income tax provision of $2,350 relating to deferred income taxes. During 2014, the Company further increased its control and ownership to 83% by subscribing to additional common shares of these Spanish subsidiaries for approximately $1,400 ($1,200 was paid in 2014, and the balance will be paid in 2015). The accompanying consolidated financial statements for the year ended December 31, 2014 and first quarter ended March 31, 2015 include these Spanish companies and related minority interests. These Spanish subsidiaries are not material to the Company’s consolidated financial statements.

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS: (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value
		Estimated Fair Value March 31, 2015
		Total		Input Levels Used
		Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	85,430	$	85,430	$	-	$	-
	Available for sale securities		133,412		2,461		130,951		-
	Foreign currency forward contracts		-3,328		-		-3,328		-
	Commodity futures contracts		-1,709		-1,709		-		-
	Trading securities		75,171		75,171		-		-
	Total assets measured at fair value	$	288,976	$	161,353	$	127,623	$	-
		Estimated Fair Value December 31, 2014
			Total	Input Levels Used
			Fair Value		Level 1		Level 2		Level 3
	Cash and cash equivalents	$	100,108	$	100,108	$	-	$	-
	Available for sale securities		131,347		2,446		128,901		-
	Foreign currency forward contracts		-1,939		-		-1,939		-
	Commodity futures contracts, net		-737		-737		-		-
	Trading securities		71,682		71,682		-		-
	Total assets measured at fair value	$	300,461	$	173,499	$	126,962	$	-
		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	$	-

DERIVATIVE_INSTRUMENTS_AND_HED1

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Tables)	3 Months Ended
	Mar. 31, 2015
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 31, 2015
		Notional
		Amounts		Assets		Liabilities
	Derivatives designated as hedging instruments:
	Foreign currency forward contracts	$	23,443	$	-	$	-3,328
	Commodity futures contracts		15,966		31		-1,740
	Total derivatives designated as hedging instruments				31		-5,068
	Derivatives not designated as hedging instruments:
	Commodity futures contracts		-		-		-
	Total derivatives not designated as hedging instruments				-		-
	Total derivatives			$	31	$	-5,068
		December 31, 2014
		Notional
		Amounts		Assets		Liabilities
	Derivatives designated as hedging instruments:
	Foreign currency forward contracts	$	27,603	$	-	$	-1,939
	Commodity futures contracts		5,422		23		-760
	Total derivatives designated as hedging instruments				23		-2,699
	Derivatives not designated as hedging instruments:
	Commodity futures contracts				-		-
	Total derivatives not designated as hedging instruments				-		-
	Total derivatives			$	23	$	-2,699
		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
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 31, 2015
						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	$	-1,903	$	-513	$	-
	Commodity futures contracts		-1,134		-162		-
	Total	$	-3,037	$	-675	$	-
		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		-
	Total	$	-833	$	-437	$	-

Accumulated_Other_COMPREHENSIV1

Accumulated Other COMPREHENSIVE EARNINGS (LOSS): (Tables)	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Earnings (Loss)
Schedule of accumulated other comprehensive earnings (loss):
												Accumulated
		Foreign				Foreign				Postretirement		Other
		Currency				Currency		Commodity		and Pension		Comprehensive
		Translation		Investments		Derivatives		Derivatives		Benefits		Earnings (Loss)
	Balance at December 31, 2014	$	-17,499	$	-332	$	-1,236	$	-470	$	6,439	$	-13,098
	Other comprehensive earnings (loss) before reclassifications		-1,159		237		-1,214		-722		-		-2,858
	Reclassifications from accumulated other comprehensive loss		-		-		327		103		-232		198
	Other comprehensive earnings (loss) net of tax		-1,159		237		-887		-619		-232		-2,660
	Balance at March 31, 2015	$	-18,658	$	-95	$	-2,123	$	-1,089	$	6,207	$	-15,758
												Accumulated
		Foreign				Foreign				Postretirement		Other
		Currency				Currency		Commodity		and Pension		Comprehensive
		Translation		Investments		Derivatives		Derivatives		Benefits		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		112		-288		-9
	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
Amount reclassified from accumulated other comprehensive income
	Details about Accumulated Other	Quarter Ended
	Comprehensive Income Components	March 31, 2015		March 29, 2014		Location of (Gain) Loss Recognized in Earnings
	Foreign currency derivatives	$	513	$	262	Other income, net
	Commodity derivatives		162		175	Product cost of goods sold
	Postretirement and pension benefits		-185		-230	Selling, marketing and administrative expenses
	Postretirement and pension benefits		-178		-221	Product cost of goods sold
	Total before tax		312		-14
	Tax (expense) benefit		-114		5
	Net of tax	$	198	$	-9

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES: (Details)	3 Months Ended
	Mar. 31, 2015
	company
Significant Accounting Policies
Number of Spanish companies consolidated in financial statements	2

Average_Shares_Outstanding_Det

Average Shares Outstanding (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014
Average Shares Outstanding
Stock purchases (in shares)	143	257
Purchase of common shares	$4,544	$7,864
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. 31, 2015	Mar. 29, 2014
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)	32.30%	43.90%
Reversal of deferred tax assets		$2,350

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS: (Details) (Fair value measured on a recurring basis, USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Estimated Fair Value
Fair value measurements
Cash and cash equivalents	$85,430	$100,108	$51,179
Available for sale securities	133,412	131,347	138,225
Trading securities	75,171	71,682	63,412
Total assets measured at fair value	288,976	300,461	251,591
Estimated Fair Value | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	-3,328	-1,939	-1,613
Estimated Fair Value | Commodity futures contracts
Fair value measurements
Derivative instruments, net	-1,709	-737	388
Level 1
Fair value measurements
Cash and cash equivalents	85,430	100,108	51,179
Available for sale securities	2,461	2,446
Trading securities	75,171	71,682	63,412
Total assets measured at fair value	161,353	173,499	114,979
Level 1 | Commodity futures contracts
Fair value measurements
Derivative instruments, net	-1,709	-737	388
Level 2
Fair value measurements
Available for sale securities	130,951	128,901	138,225
Total assets measured at fair value	127,623	126,962	136,612
Level 2 | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	($3,328)	($1,939)	($1,613)

FAIR_VALUE_MEASUREMENTS_Recurr

FAIR VALUE MEASUREMENTS: Recurring Basis (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	$7,500	$7,500	$7,500
Cost Basis | Level 2
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	7,500	7,500	7,500
Estimated Fair Value | Level 2
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	$7,500	$7,500	$7,500

DERIVATIVE_INSTRUMENTS_AND_HED2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 29, 2014
In Thousands, unless otherwise specified
Derivative contracts
Assets	$31	$23	$388
Liabilities	-5,068	-2,699	-1,613
Derivatives designated as hedging instruments:
Derivative contracts
Assets	31	23	382
Liabilities	-5,068	-2,699	-1,613
Derivatives designated as hedging instruments: | Foreign currency forward contracts
Derivative contracts
Notional Amounts	23,443	27,603	44,665
Liabilities	-3,328	-1,939	-1,613
Derivatives designated as hedging instruments: | Commodity futures contracts
Derivative contracts
Notional Amounts	15,966	5,422	5,154
Assets	31	23	382
Liabilities	-1,740	-760
Derivatives not designated as hedging instruments:
Derivative contracts
Assets			6
Derivatives not designated as hedging instruments: | Commodity futures contracts
Derivative contracts
Notional Amounts			195
Assets			$6

DERIVATIVE_INSTRUMENTS_AND_HED3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: OCI (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	($3,037)	($833)
Gain (Loss) Reclassified from Accumulated OCI into Earnings	9,154	9,581
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	-675	-437
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	-1,903	-1,191
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	-513	-262
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	-1,134	358
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	-162	-175
Commodity option and future contracts
Effect of derivative instruments on earnings
Recognized loss related to mark-to-market accounting for commodity contracts	$0	$6

Pension_PLANS_Details

Pension PLANS: (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014
Actuarially Determined Valuation Technique [Member] | Scenario, Adjustment [Member]
Pension plans
Percentage of funded status			65.11%	66.41%	66.86%
Multi-employer defined benefit pension plan
Pension Plans
Percentage of annual compounded surcharge for rehabilitation within ten years	5.00%
Percentage of interim surcharge	5.00%
Projection period beyond which plan is projected to emerge from critical status, under the Rehabilitant Plan	30 years
Rehabilitation period	10 years
Estimated liability upon withdrawal from plan				37,200		$56,400
Pension plans
Pension expense	552	579
Increase in surcharge	$96	$72
Multi-employer defined benefit pension plan | Market Approach Valuation Technique [Member] | Scenario, Adjustment [Member]
Pension plans
Percentage of funded status			60.20%	55.30%
Multi-employer defined benefit pension plan | Active participants | Scenario, Adjustment [Member]
Pension plans
Percentage of participants			20.80%
Multi-employer defined benefit pension plan | Retired or separated from service and receiving benefits | Scenario, Adjustment [Member]
Pension plans
Percentage of participants			51.40%
Multi-employer defined benefit pension plan | Retired or separated from service and entitled to receive future benefits | Scenario, Adjustment [Member]
Pension plans
Percentage of participants			27.80%

Accumulated_Other_COMPREHENSIV2

Accumulated Other COMPREHENSIVE EARNINGS (LOSS): (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	($13,098)	($4,638)
Other comprehensive earnings (loss) before reclassifications	-2,858	-1,506
Reclassifications from accumulated other comprehensive loss	198	-9
Other comprehensive earnings (loss) net of tax	-2,660	-1,515
Balance at the end of the period	-15,758	-6,153
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other income, net	-473	-1,666
Product cost of goods sold	67,145	66,865
Selling, marketing and administrative expenses	25,984	25,631
Total before tax	-13,437	-16,694
Income tax expense benefit	-853	-866
Net earnings	-9,103	-9,357
Reclassified from Accumulated OCI into Earnings
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total before tax	312	-14
Income tax expense benefit	-114	5
Net earnings	198	-9
AOCI from Derivatives | Foreign currency forward contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-1,236	-436
Other comprehensive earnings (loss) before reclassifications	-1,214	-760
Reclassifications from accumulated other comprehensive loss	327	167
Other comprehensive earnings (loss) net of tax	-887	-593
Balance at the end of the period	-2,123	-1,029
AOCI from Derivatives | Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other income, net	513	262
AOCI from Derivatives | Commodity futures contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-470	-96
Other comprehensive earnings (loss) before reclassifications	-722	229
Reclassifications from accumulated other comprehensive loss	103	112
Other comprehensive earnings (loss) net of tax	-619	341
Balance at the end of the period	-1,089	245
AOCI from Derivatives | Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Product cost of goods sold	162	175
Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-332	54
Other comprehensive earnings (loss) before reclassifications	237	-138
Other comprehensive earnings (loss) net of tax	237	-138
Balance at the end of the period	-95	-84
Postretirement and Pension Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	6,439	9,367
Reclassifications from accumulated other comprehensive loss	-232	-288
Other comprehensive earnings (loss) net of tax	-232	-288
Balance at the end of the period	6,207	9,079
Postretirement and Pension Benefits | Reclassified from Accumulated OCI into Earnings
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Product cost of goods sold	-178	-221
Selling, marketing and administrative expenses	-185	-230
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at the beginning of the period	-17,499	-13,527
Other comprehensive earnings (loss) before reclassifications	-1,159	-837
Other comprehensive earnings (loss) net of tax	-1,159	-837
Balance at the end of the period	($18,658)	($14,364)

Bank_Loans_Details

Bank Loans (Details) (Spanish Companies)	3 Months Ended
	Mar. 31, 2015	Mar. 29, 2014
Bank Loans
Average weighted interest rate (as a percent)	0.50%	3.20%
Minimum
Bank Loans
Maturity period	1 year	1 year
Maximum
Bank Loans
Maturity period	4 years	4 years

Step_Acquisition_Details

Step Acquisition (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 29, 2014	Dec. 31, 2014
	company
Spanish companies
Number of Spanish companies	2
Provision for income taxes	$4,334	$7,337
Spanish companies
Spanish companies
Number of Spanish companies		2
Ownership interest in Spanish companies after step acquisition (as a percent)		50.00%	83.00%
Net loss related to acquired companies		529
Provision for income taxes		2,350
Amount of subscription for common shares			1,400
Payment for purchase of stock			$1,200