HASBRO INC | 2013 | FY | 3

(2) Other Comprehensive Earnings (Loss)
Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings. The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the three years ended December 29, 2013.

 
 
2013
  
2012
  
2011
 
 
 
  
  
 
Other comprehensive earnings (loss), tax effect:
 
  
  
 
Tax benefit (expense) on cash flow hedging activities
 
$
(511
)
  
(384
)
  
1,395
 
Tax benefit (expense) on unrecognized pension and postretirement amounts
  
(25,193
)
  
18,714
   
8,757
 
Reclassifications to earnings, tax effect:
            
   Tax (benefit) expense on cash flow hedging activities
  
946
   
1,378
   
402
 
   Tax (benefit) expense on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations
  
(4,275
)
  
(2,498
)
  
(1,973
)
 
            
Total tax effect on other comprehensive earnings
 
$
(29,033
)
  
17,210
   
8,581
 



In 2013, 2012 and 2011, net losses on cash flow hedging activities reclassified to earnings, net of tax, included losses of $168, $90 and $100, respectively, as a result of hedge ineffectiveness.

At December 29, 2013, the Company had remaining net deferred losses on hedging instruments, net of tax, of $7,313 in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2013 or forecasted to be purchased during 2014 and 2015, intercompany expenses expected to be paid or received during 2014 and 2015, cash receipts for sales made at the end of 2013 or forecasted to be made in 2014 and interest expenses expected to be paid on an expected issuance of long-term debt in 2014.  These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales, royalties or expenses.  Of the net deferred losses included in AOCE at December 29, 2013, the Company expects approximately $6,500 to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.

Changes in the components of accumulated other comprehensive earnings (loss), net of tax are as follows:

 
 
Pension and Postretirement Amounts
  
Gains (Losses) on Derivative Instruments
  
Foreign Currency Translation Adjustments
  
Total Accumulated Other Comprehensive Earnings (Loss)
 
2013
 
  
  
  
 
Balance at December 30, 2012
 
$
(120,422
)
  
(1,008
)
  
49,123
   
(72,307
)
Current period other comprehensive earnings (loss)
  
47,081
   
(3,075
)
  
(11,104
)
  
32,902
 
Reclassifications from AOCE to earnings
  
8,500
   
(3,230
)
  
-
   
5,270
 
Balance at December 29, 2013
 
$
(64,841
)
  
(7,313
)
  
38,019
   
(34,135
)
 
                
2012
                
Balance at December 25, 2011
 
$
(86,822
)
  
10,081
   
40,798
   
(35,943
)
Current period other comprehensive earnings (loss)
  
(38,335
)
  
(3,704
)
  
8,325
   
(33,714
)
Reclassifications from AOCE to earnings
  
4,735
   
(7,385
)
  
-
   
(2,650
)
Balance at December 30, 2012
 
$
(120,422
)
  
(1,008
)
  
49,123
   
(72,307
)
 
                
2011
                
Balance at December 26, 2010
 
$
(69,925
)
  
15,432
   
62,642
   
8,149
 
Current period other comprehensive earnings (loss)
  
(20,237
)
  
(8,689
)
  
(21,844
)
  
(50,770
)
Reclassifications from AOCE to earnings
  
3,340
   
3,338
   
-
   
6,678
 
Balance at December 25, 2011
 
$
(86,822
)
  
10,081
   
40,798
   
(35,943
)

See notes 14 and 16 for additional discussion on reclassifications from AOCE to earnings.
 

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