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Derivatives and Hedging (Tables) | 12 Months Ended
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Oct. 29, 2017
Derivatives and hedging |
Schedule of fair values of derivative instruments |
|  | Fair Value(1)
(in thousands) | Location on Consolidated Statements of Financial Position | October 29, 2017 | October 30 2016
Asset derivatives |  |  |
Derivatives designated as hedges Commodity contracts | Other current assets | $ 326 | $ (194)
Derivatives not designated as hedges Commodity contracts | Other current assets | – | 144
Total asset derivatives |  | $ 326 | $ (50)
| (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 “Fair Value Measurements” 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 |
Cash Flow Hedges | Gain/(Loss) Recognized in AOCL (Effective Portion)(1) | Location on Consolidated Statements of Operations | Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion)(1) | Gain/(Loss) Recognized in Earnings (Ineffective Portion)(2)(4)
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended
October 29, 2017 | October 30, 2016 | October 29, 2017 | October 30, 2016 | October 29, 2017 | October 30, 2016
Commodity contracts | $ (1,393) | $ 6,852 | Cost of products sold | $ 5,994 | $ (1,310) | $ 156 | $ (14,591)
Fair Value Hedges | Location on Consolidated Statements of Operations | Gain/(Loss) Recognized in Earnings (Effective Portion)(3) | Gain/(Loss) Recognized in Earnings (Ineffective Portion)(2)(5)
Fiscal Year Ended | Fiscal Year Ended
October 29, 2017 | October 30, 2016 | October 29, 2017 | October 30, 2016
Commodity contracts | Cost of products sold | $ (327) | $ 1,796 | $ 267 | $ 4,849
Derivatives Not Designated as Hedges | Location on Consolidated Statements of Operations | Gain/(Loss) Recognized in Earnings
Fiscal Year Ended
October 29, 2017 | October 30, 2016
Commodity contracts | Cost of products sold | $ (408) | $ (796)
| (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 2016 includes 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 29, 2017 | October 30, 2016
Corn | – | 4.0 million bushels
Soybean meal | – | 11,000 tons
Cash Flow Hedges |
Derivatives and hedging |
Schedule of outstanding commodity futures contracts |
| Volume
Commodity | October 29, 2017 | October 30, 2016
Corn | 11.5 million bushels | 22.4 million bushels
Lean hogs | 0.3 million cwt | –
Fair Value Hedges |
Derivatives and hedging |
Schedule of outstanding commodity futures contracts |
| Volume
Commodity | October 29, 2017 | October 30, 2016
Corn | 4.1 million bushels | 3.6 million bushels
Lean hogs | 0.4 million cwt | 0.2 million cwt

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959 + Details
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