Foreign Currency Translation:  Assets and liabilities denom- inated in foreign currency are translated at the current  exchange rate as of the statement of financial position date,  and amounts in the statement of operations are translated at  the average monthly exchange rate. Translation adjustments  resulting from fluctuations in exchange rates are recorded  as a component of accumulated other comprehensive loss in  shareholders’ investment. Based on the qualitative assessment conducted in fiscal 2014,  performance of the quantitative test was not required for any  of the Company’s indefinite-lived intangible assets. No mate- rial impairment charges were recorded for indefinite-lived  intangible assets for fiscal years 2014, 2013, or 2012. Impairment of Long-lived Assets:  The Company reviews  long-lived assets and definite-lived intangible assets for  impairment annually, or more frequently when events or  changes in circumstances indicate that the carrying amount  of an asset may not be recoverable. If impairment indicators  are present and the estimated future undiscounted cash flows  are less than the carrying value of the assets and any related  goodwill, the carrying value is reduced to the estimated fair  value. No material write-downs were recorded in fiscal years  2014, 2013, or 2012. When calculating foreign currency translation, the Company  deemed its foreign investments to be permanent in nature  and has not provided for taxes on currency translation adjust- ments arising from converting the investment in a foreign  currency to U.S. dollars. Derivatives and Hedging Activity:  The Company uses com- modity and currency positions to manage its exposure to price  fluctuations in those markets. The contracts are recorded at  fair value on the Consolidated Statements of Financial Position  within other current assets or accounts payable. Additional  information on hedging activities is presented in Note M. Equity Method Investments:  The Company has a number of  investments in joint ventures where its voting interests are in  excess of 20 percent but not greater than 50 percent and for  which there are no other indicators of control. The Company  accounts for such investments under the equity method of  accounting, and its underlying share of each investee’s equity is  reported in the Consolidated Statements of Financial Position  as part of investments in and receivables from affiliates. Employee Benefit Plans:  The Company has elected to use the  corridor approach to recognize expenses related to its defined  benefit pension and post-retirement benefit plans. Under the  corridor approach, actuarial gains or losses resulting from  experience different from that assumed and from changes in  assumptions are deferred and amortized over future periods.  For the defined benefit pension plans, the unrecognized gains  and losses are amortized when the net gain or loss exceeds  10.0% of the greater of the projected benefit obligation and  the fair value of plan assets at the beginning of the year. For  the post-retirement plan, the unrecognized gains and losses  are amortized when the net gain or loss exceeds 10.0% of the  accumulated benefit obligation at the beginning of the year.  For plans with active employees, net gains or losses in excess  of the corridor are amortized over the average remaining  service period of participating employees expected to receive  benefits under those plans. For plans with only retiree partic- ipants, net gains or losses in excess of the corridor are amor- tized over the average remaining life of the retirees receiving  benefits under those plans. The Company regularly monitors and evaluates the fair  value of our equity investments. If events and circumstances  indicate that a decline in the fair value of these assets has  occurred and is other than temporary, the Company will  record a charge in equity in earnings of affiliates in the  Consolidated Statements of Operations. The Company’s equity  investments do not have a readily determinable fair value  as none of them are publicly traded. The fair values of the  Company’s private equity investments are determined by dis- counting the estimated future cash flows of each entity. These  cash flow estimates include assumptions on growth rates and  future currency exchange rates (Level 3). The Company did not  record an impairment charge on any of its equity investments  in fiscal years 2014, 2013, or 2012. See additional discussion regarding the Company’s equity  method investments in Note G. Contingent Liabilities:  The Company may be subject to inves- tigations, legal proceedings, or claims related to the on-going  operation of its business, including claims both by and against  the Company. Such proceedings typically involve claims related  to product liability, contract disputes, wage and hour laws,  employment practices, or other actions brought by employees,  consumers, competitors, or suppliers. The Company estab- lishes accruals for its potential exposure, as appropriate, for  claims against the Company when losses become probable  and reasonably estimable. Where the Company is able to  reasonably estimate a range of potential losses, the Company  records the amount within that range that constitutes the  Company’s best estimate. The Company also discloses the  nature of and range of loss for claims against the Company  when losses are reasonably possible and material. 40