Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Entity Registrant Name | TOOTSIE ROLL INDUSTRIES INC |
Entity Central Index Key | 98,677 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
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 | 2,015 |
Document Fiscal Period Focus | Q3 |
Common Stock | |
Entity Common Stock, Shares Outstanding | 37,687,773 |
Class B Common Stock | |
Entity Common Stock, Shares Outstanding | 23,554,967 |
CONSOLIDATED STATEMENTS OF Fina
CONSOLIDATED STATEMENTS OF Financial Position - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 27, 2014 |
CURRENT ASSETS: | |||
Cash & cash equivalents | $ 70,726 | $ 100,108 | $ 45,142 |
Restricted cash | 1,273 | ||
Investments | 53,422 | 39,450 | 36,062 |
Trade accounts receivable, less allowances of $3,349, $1,968 & $3,391 | 98,088 | 43,253 | 102,325 |
Other receivables | 4,549 | 3,577 | 2,732 |
Inventories: | |||
Finished goods & work-in-process | 45,929 | 44,549 | 47,854 |
Raw material & supplies | 31,644 | 25,830 | 31,187 |
Prepaid expenses | 5,401 | 6,060 | 5,307 |
Deferred income taxes | 6,776 | 1,794 | 3,161 |
Total current assets | 317,808 | 264,621 | 273,770 |
PROPERTY, PLANT & EQUIPMENT, at cost: | |||
Land | 22,214 | 22,360 | 22,453 |
Buildings | 113,091 | 113,279 | 111,351 |
Machinery & equipment | 348,988 | 350,929 | 340,381 |
Construction in progress | 14,162 | 1,641 | 10,750 |
Property, plant and equipment, gross | 498,455 | 488,209 | 484,935 |
Less-accumulated depreciation | 310,887 | 298,128 | 293,642 |
Net property, plant and equipment | 187,568 | 190,081 | 191,293 |
OTHER ASSETS: | |||
Goodwill | 73,237 | 73,237 | 73,237 |
Trademarks | 175,024 | 175,024 | 175,024 |
Investments | 152,491 | 163,579 | 160,175 |
Split dollar officer life insurance | 26,042 | 33,632 | 40,296 |
Prepaid expenses | 3,722 | 6,927 | 7,201 |
Restricted cash | 1,589 | 1,664 | |
Deferred income taxes | 1,505 | 1,696 | 3,858 |
Total other assets | 432,021 | 455,684 | 461,455 |
Total assets | 937,397 | 910,386 | 926,518 |
CURRENT LIABILITIES: | |||
Accounts payable | 16,592 | 11,641 | 15,572 |
Bank loan | 253 | 124 | 285 |
Dividends payable | 5,512 | 4,814 | 4,835 |
Accrued liabilities | 53,119 | 46,482 | 52,590 |
Postretirement health care and life insurance benefits | 328 | 328 | 111 |
Income taxes payable | 10,737 | 1,070 | 5,090 |
Liability for uncertain tax positions | 1,001 | ||
Deferred compensation | 13,514 | ||
Total current liabilities | 101,056 | 64,459 | 78,483 |
NONCURRENT LIABILITIES: | |||
Deferred income taxes | 51,608 | 47,356 | 53,569 |
Bank loans | 430 | 694 | 796 |
Postretirement health care and life insurance benefits | 12,475 | 11,983 | 9,519 |
Industrial development bonds | 7,500 | 7,500 | 7,500 |
Liability for uncertain tax positions | 6,109 | 8,584 | 9,474 |
Deferred compensation and other liabilities | 64,701 | 78,674 | 75,751 |
Total noncurrent liabilities | 142,823 | 154,791 | 156,609 |
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | |||
Capital in excess of par value | 632,667 | 599,186 | 607,216 |
Retained earnings | 38,123 | 64,927 | 51,709 |
Accumulated other comprehensive loss | (18,217) | (13,098) | (7,905) |
Treasury stock (at cost)-80, 78 & 78 shares, respectively | (1,992) | (1,992) | (1,992) |
Total Tootsie Roll Industries, Inc. shareholders' equity | 693,111 | 690,809 | 691,013 |
Noncontrolling interests | 407 | 327 | 413 |
Total equity | 693,518 | 691,136 | 691,426 |
Total liabilities and shareholders' equity | 937,397 | 910,386 | 926,518 |
Common Stock | |||
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | |||
Common stock, $.69-4/9 par value- 120,000 shares authorized; 37,688, 37,285 & 37,561, respectively, issued; Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 23,555, 22,887 & 22,897, respectively, issued | 26,172 | 25,892 | 26,084 |
Class B Common Stock | |||
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY: | |||
Common stock, $.69-4/9 par value- 120,000 shares authorized; 37,688, 37,285 & 37,561, respectively, issued; Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 23,555, 22,887 & 22,897, respectively, issued | $ 16,358 | $ 15,894 | $ 15,901 |
CONSOLIDATED STATEMENTS OF Fin3
CONSOLIDATED STATEMENTS OF Financial Position (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 27, 2014 |
Trade accounts receivable, allowances | $ 3,349 | $ 1,968 | $ 3,391 |
Treasury stock, shares | 80,000 | 78,000 | 78,000 |
Common Stock | |||
Common stock, par value (in dollars per share) | $ 0.6944 | $ 0.6944 | $ 0.6944 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 37,688,000 | 37,285,000 | 37,561,000 |
Class B Common Stock | |||
Common stock, par value (in dollars per share) | $ 0.6944 | $ 0.6944 | $ 0.6944 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 23,555,000 | 22,887,000 | 22,897,000 |
CONSOLIDATED STATEMENTS OF Earn
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 27, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | ||
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings | |||||
Net product sales | $ 183,806 | $ 191,093 | $ 396,811 | $ 401,966 | |
Rental and royalty revenue | 819 | 921 | 2,571 | 2,760 | |
Total revenue | 184,625 | 192,014 | 399,382 | 404,726 | |
Product cost of goods sold | 117,046 | 123,164 | 252,924 | 256,211 | |
Rental and royalty cost | 213 | 251 | 671 | 732 | |
Total costs | 117,259 | 123,415 | 253,595 | 256,943 | |
Product gross margin | 66,760 | 67,929 | 143,887 | 145,755 | |
Rental and royalty gross margin | 606 | 670 | 1,900 | 2,028 | |
Total gross margin | 67,366 | 68,599 | 145,787 | 147,783 | |
Selling, marketing and administrative expenses | 26,338 | 31,840 | 78,161 | 85,767 | |
Earnings from operations | 41,028 | 36,759 | 67,626 | 62,016 | |
Other income (loss), net | (2,879) | 166 | (1,085) | 4,865 | |
Earnings before income taxes | 38,149 | 36,925 | 66,541 | 66,881 | |
Provision for income taxes | 12,008 | 10,316 | 20,077 | 21,958 | |
Net earnings | 26,141 | 26,609 | 46,464 | 44,923 | |
Less: Net (earnings) loss attributable to noncontrolling interests | 30 | 59 | (80) | 352 | |
Net earnings attributable to Tootsie Roll Industries, Inc. | $ 26,171 | $ 26,668 | $ 46,384 | $ 45,275 | |
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) | $ 0.43 | $ 0.43 | $ 0.75 | $ 0.72 | |
Dividends per share (in dollars per share) | $ 0.09 | $ 0.08 | $ 0.26 | $ 0.24 | |
Average number of shares outstanding (in shares) | 61,357 | 62,321 | 61,593 | 62,465 | |
Retained earnings at beginning of period | $ 17,454 | $ 29,870 | $ 64,927 | $ 73,109 | |
Net earnings attributable to Tootsie Roll Industries, Inc. | 26,171 | 26,668 | 46,384 | 45,275 | |
Cash dividends | (5,502) | (4,829) | (15,829) | (14,394) | |
Stock dividends | [1] | (57,359) | (52,281) | ||
Retained earnings at end of period | $ 38,123 | $ 51,709 | $ 38,123 | $ 51,709 | |
[1] | Does not include 3% stock dividend to shareholders of record on 4/10/15 and 4/4/14. |
CONSOLIDATED STATEMENTS OF Ear5
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings (Parenthetical) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 27, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | |
CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings | ||||
Stock dividends (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% |
CONSOLIDATED STATEMENTS OF Comp
CONSOLIDATED STATEMENTS OF Comprehensive Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 27, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | |
CONSOLIDATED STATEMENTS OF Comprehensive Earnings | ||||
Net earnings | $ 26,141 | $ 26,609 | $ 46,464 | $ 44,923 |
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation adjustments | (1,995) | (1,004) | (3,706) | (2,184) |
Pension and postretirement reclassification adjustment: | ||||
Less: reclassification adjustment for (gains) losses to net earnings | (362) | (451) | (1,088) | (1,353) |
Unrealized gains (losses) on postretirement and pension benefits | (362) | (451) | (1,088) | (1,353) |
Investments: | ||||
Unrealized gains (losses) for the period on investments | 108 | (286) | 108 | (317) |
Unrealized gains (losses) on investments | 108 | (286) | 108 | (317) |
Derivatives: | ||||
Unrealized gains (losses) for the period on derivatives | (2,022) | (2,254) | (4,537) | (1,699) |
Less: reclassification adjustment for (gains) losses to net earnings | 1,628 | 408 | 3,302 | 918 |
Unrealized gains (losses) on derivatives | (394) | (1,846) | (1,235) | (781) |
Total other comprehensive income (loss), before tax | (2,643) | (3,587) | (5,921) | (4,635) |
Income tax benefit (expense) related to items of other comprehensive income | 235 | 934 | 802 | 1,368 |
Total comprehensive earnings | 23,733 | 23,956 | 41,345 | 41,656 |
Comprehensive earnings attributable to noncontrolling interests | 30 | 59 | (80) | 352 |
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc. | $ 23,763 | $ 24,015 | $ 41,265 | $ 42,008 |
CONSOLIDATED STATEMENTS OF Cash
CONSOLIDATED STATEMENTS OF Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 27, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 46,464 | $ 44,923 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 15,112 | 15,568 |
Loss on step acquisition | 529 | |
Amortization of marketable security premiums | 2,349 | 2,498 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (55,672) | (60,434) |
Other receivables | (966) | 3,004 |
Inventories | (7,804) | (15,694) |
Prepaid expenses and other assets | 11,364 | 3,344 |
Accounts payable and accrued liabilities | 11,136 | 9,153 |
Income taxes payable and deferred | 8,365 | 4,982 |
Postretirement health care and life insurance benefits | (597) | (691) |
Deferred compensation and other liabilities | 509 | 2,609 |
Net cash from operating activities | 30,260 | 9,791 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash acquired in step acquisition | 161 | |
Restricted cash | 227 | 169 |
Capital expenditures | (12,421) | (7,315) |
Net sales (purchases) of trading securities | (1,058) | (3,062) |
Purchase of available for sale securities | (45,826) | (37,416) |
Sale and maturity of available for sale securities | 40,390 | 26,375 |
Net cash used in investing activities | (18,688) | (21,088) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares purchased and retired | (22,998) | (16,792) |
Dividends paid in cash | (15,269) | (14,415) |
Repayment of bank loans | (87) | (130) |
Net cash used in financing activities | (38,354) | (31,337) |
Effect of exchange rate changes on cash | (2,600) | (507) |
Decrease in cash and cash equivalents | (29,382) | (43,141) |
Cash and cash equivalents at beginning of year | 100,108 | 88,283 |
Cash and cash equivalents at end of quarter | 70,726 | 45,142 |
Supplemental cash flow information: | ||
Income taxes paid, net | 11,766 | 14,835 |
Interest paid | 15 | 33 |
Stock dividend issued | $ 57,220 | $ 52,165 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES: | 9 Months Ended |
Sep. 30, 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 the period ended September 30, 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 | 9 Months Ended |
Sep. 30, 2015 | |
Average Shares Outstanding | |
Average Shares Outstanding | Note 2 — Average Shares Outstanding The average number of shares outstanding for year to date ended September 30, 2015 reflect stock purchases of 728 shares for $22,998 and a 3% stock dividend distributed on April 10, 2015. The average number of shares outstanding for year to date ended September 27, 2014 reflect stock purchases of 575 shares for $16,792 and a 3% stock dividend distributed on April 4, 2014. |
INCOME TAXES_
INCOME TAXES: | 9 Months Ended |
Sep. 30, 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 2012 through 2014. With few exceptions, including audit examinations of the Company’s amended U.S. income tax returns for 2009 and 2010, and its 2011 and 2012 U.S. income tax returns, the Company is no longer subject to examination by tax authorities for the year 2011 and prior. The consolidated effective tax rates were 31.5% and 27.9% in third quarter 2015 and 2014, respectively, and 30.2% and 32.8% in nine months 2015 and 2014, respectively. The effective tax rate in third quarter 2014 benefited from a release of a valuation allowance relating to capital loss carry-forwards and the filing of federal amended income tax returns. The lower effective tax rates in nine months 2015 principally reflect a $1,066 release of an uncertain income tax liability and resulting income tax benefit due to a decision by a foreign court issued in second quarter 2015, and 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: | 9 Months Ended |
Sep. 30, 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 September 30, 2015, December 31, 2014 and September 27, 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. The Company’s available for sale and trading securities principally consist of corporate and municipal bonds that are publicly traded. The following table presents information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2015, December 31, 2014 and September 27, 2014 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value September 30, 2015 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ $ $ - $ - Available for sale securities - Foreign currency forward contracts - - Commodity futures contracts - - Trading securities - - Total assets measured at fair value $ $ $ $ - Estimated Fair Value December 31, 2014 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ $ $ - $ - Available for sale securities - Foreign currency forward contracts - - Commodity futures contracts, net - - Trading securities - - Total assets measured at fair value $ $ $ $ - Estimated Fair Value September 27, 2014 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ $ $ - $ - Available for sale securities - - Foreign currency forward contracts - - Commodity futures contracts - - Trading securities - - Total assets measured at fair value $ $ $ $ - The fair value of the Company’s industrial revenue development bonds at September 30, 2015, December 31, 2014 and September 27, 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 HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: | 9 Months Ended |
Sep. 30, 2015 | |
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. The Company does not engage in trading or other speculative use of derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses either hedge accounting or mark-to-market accounting for its derivative instruments. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Substantially all amounts reported in accumulated other comprehensive loss for foreign currency derivatives are expected to be reclassified to other income, net. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at September 30, 2015, December 31, 2014 and September 27, 2014: September 30, 2015 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ $ - $ Commodity futures contracts Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity futures contracts - - - Total derivatives not designated as hedging instruments - - Total derivatives $ $ December 31, 2014 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ $ - $ Commodity futures contracts Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity futures contracts - - Total derivatives not designated as hedging instruments - - Total derivatives $ $ September 27, 2014 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ $ $ Commodity futures contracts - Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity futures contracts - - - Total derivatives not designated as hedging instruments - - Total derivatives $ $ The effects of derivative instruments on the Company’s Condensed Consolidated Statements of Earnings and Retained Earnings and the Condensed Consolidated Statements of Comprehensive Earnings for periods ended September 30, 2015 and September 27, 2014 are as follows: For Quarter Ended September 30, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - For Quarter Ended September 27, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - For Year to Date Ended September 30, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - For Year to Date Ended September 27, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - During the quarters and years to date ended September 30, 2015 and September 27, 2014, the Company recognized losses of $0 and $0 , and $0 and $20 respectively, related to mark-to-market accounting for certain commodity option and future contracts. |
Pension PLANS_
Pension PLANS: | 9 Months Ended |
Sep. 30, 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 nine months 2015 and 2014 was $2,013 and $2,028 , respectively. The aforementioned includes surcharge of $349 and $268 in nine months 2015 and 2014, respectively, related to contribution increases under the plan of rehabilitation. During second 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’s existing labor contract with the local BC&T commits the Company’s participation in this Plan through third quarter 2017. 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 or cash flows in one or more future periods. See also the Company’s Condensed Consolidated Financial Statements and related notes and Management’s Discussion and Analysis of Financial Condition 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 COMPREHENSIVE
Accumulated Other COMPREHENSIVE EARNINGS (LOSS): | 9 Months Ended |
Sep. 30, 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 $ $ $ $ $ $ Other comprehensive earnings (loss) before reclassifications - Reclassifications from accumulated other comprehensive loss - - Other comprehensive earnings (loss) net of tax Balance at September 30, 2015 $ $ $ $ $ $ Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2013 $ $ $ $ $ $ Other comprehensive earnings (loss) before reclassifications - Reclassifications from accumulated other comprehensive loss - - Other comprehensive earnings (loss) net of tax Balance at September 27, 2014 $ $ $ $ $ $ The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Details about Accumulated Other Quarter Ended Year to Date Ended Comprehensive Income Components September 30, 2015 September 27, 2014 September 30, 2015 September 27, 2014 Location of (Gain) Loss Recognized in Earnings Foreign currency derivatives $ $ $ $ Other income, net Commodity derivatives Product cost of goods sold Postretirement and pension benefits Selling, marketing and administrative expenses Postretirement and pension benefits Product cost of goods sold Total before tax Tax (expense) benefit Net of tax $ $ $ $ |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 at September 30, 2015 and September 27, 2014 was 2.5 % and 2.7% , 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 | 9 Months Ended |
Sep. 30, 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 was paid in 2015). The consolidated financial statements for the year ended December 31, 2014 and nine months ended September 30, 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_ (Table
FAIR VALUE MEASUREMENTS: (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Schedule of financial assets and liabilities measured at fair value | Estimated Fair Value September 30, 2015 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ $ $ - $ - Available for sale securities - Foreign currency forward contracts - - Commodity futures contracts - - Trading securities - - Total assets measured at fair value $ $ $ $ - Estimated Fair Value December 31, 2014 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ $ $ - $ - Available for sale securities - Foreign currency forward contracts - - Commodity futures contracts, net - - Trading securities - - Total assets measured at fair value $ $ $ $ - Estimated Fair Value September 27, 2014 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ $ $ - $ - Available for sale securities - - Foreign currency forward contracts - - Commodity futures contracts - - Trading securities - - Total assets measured at fair value $ $ $ $ - |
DERIVATIVE INSTRUMENTS AND HE19
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Tables) | 9 Months Ended |
Sep. 30, 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 | September 30, 2015 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ $ - $ Commodity futures contracts Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity futures contracts - - - Total derivatives not designated as hedging instruments - - Total derivatives $ $ December 31, 2014 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ $ - $ Commodity futures contracts Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity futures contracts - - Total derivatives not designated as hedging instruments - - Total derivatives $ $ September 27, 2014 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ $ $ Commodity futures contracts - Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity futures contracts - - - Total derivatives not designated as hedging instruments - - Total derivatives $ $ |
Effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings | For Quarter Ended September 30, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - For Quarter Ended September 27, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - For Year to Date Ended September 30, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - For Year to Date Ended September 27, 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 $ $ $ - Commodity futures contracts - Total $ $ $ - |
Accumulated Other COMPREHENSI20
Accumulated Other COMPREHENSIVE EARNINGS (LOSS): (Tables) | 9 Months Ended |
Sep. 30, 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 $ $ $ $ $ $ Other comprehensive earnings (loss) before reclassifications - Reclassifications from accumulated other comprehensive loss - - Other comprehensive earnings (loss) net of tax Balance at September 30, 2015 $ $ $ $ $ $ Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at December 31, 2013 $ $ $ $ $ $ Other comprehensive earnings (loss) before reclassifications - Reclassifications from accumulated other comprehensive loss - - Other comprehensive earnings (loss) net of tax Balance at September 27, 2014 $ $ $ $ $ $ |
Amount reclassified from accumulated other comprehensive income | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Details about Accumulated Other Quarter Ended Year to Date Ended Comprehensive Income Components September 30, 2015 September 27, 2014 September 30, 2015 September 27, 2014 Location of (Gain) Loss Recognized in Earnings Foreign currency derivatives $ $ $ $ Other income, net Commodity derivatives Product cost of goods sold Postretirement and pension benefits Selling, marketing and administrative expenses Postretirement and pension benefits Product cost of goods sold Total before tax Tax (expense) benefit Net of tax $ $ $ $ |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES: (Details) | 9 Months Ended |
Sep. 30, 2015company | |
Significant Accounting Policies | |
Number of Spanish companies consolidated in financial statements | 2 |
Average Shares Outstanding (Det
Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 27, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | |
Average Shares Outstanding | ||||
Stock purchases (in shares) | 728 | 575 | ||
Purchase of common shares | $ 22,998 | $ 16,792 | ||
Stock dividends (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | |
Effective income tax rate differs from the statutory rate | |||||
Consolidated effective tax rates (as a percent) | 31.50% | 27.90% | 30.20% | 32.80% | |
Reversal of deferred tax assets | $ 2,350 | ||||
Reductions in tax positions relating to settlements with taxing authorities | $ 1,066 |
FAIR VALUE MEASUREMENTS_ (Detai
FAIR VALUE MEASUREMENTS: (Details) - Fair value measured on a recurring basis - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 27, 2014 |
Fair value measurements | |||
Cash and cash equivalents | $ 70,726 | $ 100,108 | $ 45,142 |
Available for sale securities | 134,542 | 131,347 | 126,870 |
Trading securities | 71,371 | 71,682 | 69,367 |
Total assets measured at fair value | 272,730 | 300,461 | 239,764 |
Foreign currency forward contracts | |||
Fair value measurements | |||
Derivative instruments, net | (2,977) | (1,939) | (1,238) |
Commodity futures contracts | |||
Fair value measurements | |||
Derivative instruments, net | (932) | (737) | (377) |
Level 1 | |||
Fair value measurements | |||
Cash and cash equivalents | 70,726 | 100,108 | 45,142 |
Available for sale securities | 2,453 | 2,446 | |
Trading securities | 71,371 | 71,682 | 69,367 |
Total assets measured at fair value | 143,618 | 173,499 | 114,132 |
Level 1 | Commodity futures contracts | |||
Fair value measurements | |||
Derivative instruments, net | (932) | (737) | (377) |
Level 2 | |||
Fair value measurements | |||
Available for sale securities | 132,089 | 128,901 | 126,870 |
Total assets measured at fair value | 129,112 | 126,962 | 125,632 |
Level 2 | Foreign currency forward contracts | |||
Fair value measurements | |||
Derivative instruments, net | $ (2,977) | $ (1,939) | $ (1,238) |
FAIR VALUE MEASUREMENTS_ Recurr
FAIR VALUE MEASUREMENTS: Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 27, 2014 |
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 HE26
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 27, 2014 |
Derivative contracts | |||
Assets | $ 49 | $ 23 | $ 20 |
Liabilities | (3,958) | (2,699) | (1,635) |
Derivatives designated as hedging instruments: | |||
Derivative contracts | |||
Assets | 49 | 23 | 20 |
Liabilities | (3,958) | (2,699) | (1,635) |
Derivatives designated as hedging instruments: | Foreign currency forward contracts | |||
Derivative contracts | |||
Notional Amounts | 22,500 | 27,603 | 33,291 |
Assets | 20 | ||
Liabilities | (2,977) | (1,939) | (1,258) |
Derivatives designated as hedging instruments: | Commodity futures contracts | |||
Derivative contracts | |||
Notional Amounts | 10,263 | 5,422 | 3,352 |
Assets | 49 | 23 | |
Liabilities | $ (981) | $ (760) | $ (377) |
DERIVATIVE INSTRUMENTS AND HE27
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 27, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | |
Effect of derivative instruments on earnings | ||||
Gain (Loss) Recognized in OCI | $ (2,022) | $ (2,254) | $ (4,537) | $ (1,699) |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 26,171 | 26,668 | 46,384 | 45,275 |
Reclassified from Accumulated OCI into Earnings | ||||
Effect of derivative instruments on earnings | ||||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (1,628) | (408) | (3,302) | (918) |
Foreign currency forward contracts | ||||
Effect of derivative instruments on earnings | ||||
Gain (Loss) Recognized in OCI | (1,195) | (1,492) | (2,772) | (1,178) |
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings | ||||
Effect of derivative instruments on earnings | ||||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (712) | (173) | (1,733) | (624) |
Commodity futures contracts | ||||
Effect of derivative instruments on earnings | ||||
Gain (Loss) Recognized in OCI | (827) | (762) | (1,765) | (521) |
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings | ||||
Effect of derivative instruments on earnings | ||||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (916) | (235) | (1,569) | (294) |
Commodity option and future contracts | ||||
Effect of derivative instruments on earnings | ||||
Recognized loss related to mark-to-market accounting for commodity contracts | $ 0 | $ 0 | $ 0 | $ 20 |
Pension PLANS_ (Details)
Pension PLANS: (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | $ 56,400 | $ 37,200 | ||||
Pension plans | ||||||
Pension expense | $ 2,013 | $ 2,028 | ||||
Increase in surcharge | $ 349 | $ 268 | ||||
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 Comprehensi29
Accumulated Other Comprehensive Earnings (Loss): (Components AOCI) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 27, 2014 | |
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | $ 690,809 | |
Balance at the end of the period | 693,111 | $ 691,013 |
AOCI from Derivatives | Foreign currency forward contracts | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (1,236) | (436) |
Other comprehensive earnings (loss) before reclassifications | (1,769) | (752) |
Reclassifications from accumulated other comprehensive loss | 1,106 | 398 |
Other comprehensive earnings (loss) net of tax | (663) | (354) |
Balance at the end of the period | (1,899) | (790) |
AOCI from Derivatives | Commodity futures contracts | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (470) | (96) |
Other comprehensive earnings (loss) before reclassifications | (1,125) | (332) |
Reclassifications from accumulated other comprehensive loss | 1,000 | 188 |
Other comprehensive earnings (loss) net of tax | (125) | (144) |
Balance at the end of the period | (595) | (240) |
Investments | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (332) | 54 |
Other comprehensive earnings (loss) before reclassifications | 69 | (202) |
Other comprehensive earnings (loss) net of tax | 69 | (202) |
Balance at the end of the period | (263) | (148) |
Postretirement and Pension Benefits | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | 6,439 | 9,367 |
Reclassifications from accumulated other comprehensive loss | (694) | (864) |
Other comprehensive earnings (loss) net of tax | (694) | (864) |
Balance at the end of the period | 5,745 | 8,503 |
Foreign Currency Translation | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (17,499) | (13,527) |
Other comprehensive earnings (loss) before reclassifications | (3,706) | (1,703) |
Other comprehensive earnings (loss) net of tax | (3,706) | (1,703) |
Balance at the end of the period | (21,205) | (15,230) |
Accumulated Other Comprehensive Earnings ( Loss ) | ||
Accumulated other comprehensive earnings (loss), net of tax | ||
Balance at the beginning of the period | (13,098) | (4,638) |
Other comprehensive earnings (loss) before reclassifications | (6,531) | (2,989) |
Reclassifications from accumulated other comprehensive loss | 1,412 | (278) |
Other comprehensive earnings (loss) net of tax | (5,119) | (3,267) |
Balance at the end of the period | $ (18,217) | $ (7,905) |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Earnings (Loss) (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 27, 2014 | Sep. 30, 2015 | Sep. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other income, net | $ 2,879 | $ (166) | $ 1,085 | $ (4,865) |
Product cost of goods sold | 117,046 | 123,164 | 252,924 | 256,211 |
Selling, marketing and administrative expenses | 26,338 | 31,840 | 78,161 | 85,767 |
Tax (expense) benefit | 12,008 | 10,316 | 20,077 | 21,958 |
Net earnings | (26,141) | (26,609) | (46,464) | (44,923) |
Reclassified from Accumulated OCI into Earnings | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Total before tax | 1,266 | (43) | 2,214 | (435) |
Tax (expense) benefit | (458) | 15 | (802) | 157 |
Net earnings | 808 | (28) | 1,412 | (278) |
AOCI from Derivatives | Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other income, net | 712 | 173 | 1,733 | 624 |
AOCI from Derivatives | Commodity futures contracts | Reclassified from Accumulated OCI into Earnings | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Product cost of goods sold | 916 | 235 | 1,569 | 294 |
Postretirement and Pension Benefits | Reclassified from Accumulated OCI into Earnings | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Product cost of goods sold | (177) | (221) | (533) | (663) |
Selling, marketing and administrative expenses | $ (185) | $ (230) | $ (555) | $ (690) |
Bank Loans (Details)
Bank Loans (Details) - Spanish Companies | 9 Months Ended | |
Sep. 30, 2015 | Sep. 27, 2014 | |
Bank Loans | ||
Average weighted interest rate (as a percent) | 2.50% | 2.70% |
Minimum | ||
Bank Loans | ||
Maturity period | 1 year | 1 year |
Maximum | ||
Bank Loans | ||
Maturity period | 4 years | 4 years |
Step Acquisition (Details)
Step Acquisition (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 27, 2014USD ($) | Mar. 29, 2014USD ($)company | Sep. 30, 2015USD ($)company | Sep. 27, 2014USD ($) | Dec. 31, 2014USD ($) | |
Spanish companies | ||||||
Number of Spanish companies | company | 2 | |||||
Provision for income taxes | $ 12,008 | $ 10,316 | $ 20,077 | $ 21,958 | ||
Spanish companies | ||||||
Spanish companies | ||||||
Number of Spanish companies | company | 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 |