Derivative Financial Instruments
Our derivatives designated as hedging instruments have consisted primarily of foreign currency forward contracts to hedge certain foreign currency-denominated intercompany management fees. We also use foreign currency forward contracts that are not designated as hedges primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts payable and intercompany loans. At December 28, 2013 and December 29, 2012, we had no derivatives that are designated as hedging instruments.
The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows:
|
| | | | | | | | | | | | | | | |
| Notional Amounts(1) | | Fair Value |
| December 28, 2013 | | December 29, 2012 | | December 28, 2013 | | December 29, 2012 |
Derivatives not receiving hedge accounting treatment recorded in: | | | | | | | |
Other current assets | | | | | | | |
Foreign exchange contracts | $ | 334,519 |
| | $ | 817,172 |
| | $ | 2,942 |
| | $ | 2,897 |
|
Accrued expenses | | | | | | | |
Foreign exchange contracts | 1,486,407 |
| | 607,836 |
| | (8,887 | ) | | (3,776 | ) |
Total | $ | 1,820,926 |
| | $ | 1,425,008 |
| | $ | (5,945 | ) | | $ | (879 | ) |
(1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts.
|
| | | | | | | | |
| Fiscal Year Ended |
| 2013 | | 2012 | | 2011 |
Net gain (loss) recognized in earnings | (11,657 | ) | | (35,181 | ) | | 1,799 |
|
