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Derivatives and Hedging (Tables) | 12 Months Ended
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Oct. 30, 2016
Derivatives and hedging |
Schedule of fair values of derivative instruments |
|  | Fair Value(1)
| Location on Consolidated | October 30, | October 25,
(in thousands) | Statements of Financial Position | 2016 | 2015
Asset Derivatives: |  |  |
Derivatives Designated as Hedges: |  |  |
Commodity contracts | Other current assets | $ (194) | $ 305
Derivatives Not Designated as Hedges: |  |  |
Commodity contracts | Other current assets | 144 | 248
Total Asset Derivatives |  | $ (50) | $ 553
| (1) |  | Amounts represent the gross fair value of derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the derivative in the Consolidated Statement of Financial Position. See Note M for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position.
Schedule of gains or losses (before tax) related to derivative instruments |
| Gain/(Loss) Recognized |  | Gain/(Loss) Reclassified | Gain/(Loss) Recognized
| in AOCL |  | from AOCL into Earnings | in Earnings
| (Effective Portion)(1) |  | (Effective Portion)(1) | (Ineffective Portion)(2)(4)
| Fiscal Year Ended |  | Fiscal Year Ended | Fiscal Year Ended
| October 30, | October 25, | Location on Consolidated | October 30, | October 25, | October 30, | October 25,
Cash Flow Hedges: | 2016 | 2015 | Statements of Operations | 2016 | 2015 | 2016 | 2015
Commodity contracts | $ 6,852 | $ 3,409 | Cost of products sold | $ (1,310) | $ (12,369) | $ (14,591) | $ (6,127)
|  |  | Gain/(Loss) | Gain/(Loss)
|  |  | Recognized in Earnings | Recognized in Earnings
|  |  | (Effective Portion)(3) | (Ineffective Portion)(2)(5)
|  |  | Fiscal Year Ended | Fiscal Year Ended
|  |  | Location on Consolidated | October 30, | October 25, | October 30, | October 25,
Fair Value Hedges: |  |  | Statements of Operations | 2016 | 2015 | 2016 | 2015
Commodity contracts |  |  | Cost of products sold | $ 1,796 | $ (4,297) | $ 4,849 | $ 2,547
|  |  | Gain/(Loss) |
|  |  | Recognized in Earnings |
|  |  | Fiscal Year Ended |
Derivatives Not |  |  | Location on Consolidated | October 30, | October 25, |  |
Designated as Hedges: |  |  | Statements of Operations | 2016 | 2015 |  |
Commodity contracts |  |  | Cost of products sold | $ (796) | $ (269) |  |
| (1) |  | Amounts represent gains or losses in AOCL before tax. See Note J for the after tax impact of these gains or losses on net earnings.
| (2) |  | There were no gains or losses excluded from the assessment of hedge effectiveness during the fiscal year. Fiscal years 2016 and 2015 include the mark-to-market impact on certain corn futures contracts which resulted from a temporary suspension of hedge accounting due to market volatility.
| (3) |  | Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the fiscal year, which were offset by a corresponding gain on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.
| (4) |  | There were no gains or losses resulting from the discontinuance of cash flow hedges during the fiscal year.
| (5) |  | There were no gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge during the fiscal year.
Derivatives not designated as hedges |
Derivatives and hedging |
Schedule of outstanding commodity futures contracts |
| Volume
Commodity | October 30, 2016 | October 25, 2015
Corn | 4.0 million bushels | 2.6 million bushels
Soybean meal | 11,000 tons | 11,500 tons
Cash Flow Hedges |
Derivatives and hedging |
Schedule of outstanding commodity futures contracts |
| Volume
Commodity | October 30, 2016 | October 25, 2015
Corn | 22.4 million bushels | 20.1 million bushels
Fair Value Hedges |
Derivatives and hedging |
Schedule of outstanding commodity futures contracts |
| Volume
Commodity | October 30, 2016 | October 25, 2015
Corn | 3.6 million bushels | 5.3 million bushels
Lean hogs | 0.2 million cwt | 0.4 million cwt

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