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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 30, 2014
Schedule of Derivative Instruments [Table Text Block]
The following tables reconcile the gross amounts of derivative assets and liabilities to the net amounts presented in our consolidated condensed balance sheets, and the related effects of cash collateral under netting arrangements that provide a legal right of offset of assets and liabilities.
 
 
March 30, 2014
 
 
Gross Amount of Derivative Assets/ Liabilities
 
Netting of Derivative Assets/ Liabilities
 
Net Amount Presented in the Condensed Consolidated Balance Sheet
 
Cash Collateral Pledged(1)
 
Net Amount
 
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
 
Commodities
 
$
57.0

 
$
(55.0
)
 
$
2.0

 
$
—

 
$
2.0

Foreign exchange contracts
 
0.6

 
—

 
0.6

 
—

 
0.6

Total
 
$
57.6

 
$
(55.0
)
 
$
2.6

 
$
—

 
$
2.6

Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodities
 
$
311.8

 
$
(55.0
)
 
$
256.8

 
$
(244.4
)
 
$
12.4

Foreign exchange contracts
 
—

 
—

 
—

 
—

 
—

Total
 
$
311.8

 
$
(55.0
)
 
$
256.8

 
$
(244.4
)
 
$
12.4

 
 
December 29, 2013
 
 
Gross Amount of Derivative Assets/ Liabilities
 
Netting of Derivative Assets/ Liabilities
 
Net Amount Presented in the Condensed Consolidated Balance Sheet
 
Cash Collateral Pledged (1)
 
Net Amount
 
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
 
Commodities
 
$
12.5

 
$
(7.4
)
 
$
5.1

 
$
—

 
$
5.1

Foreign exchange contracts
 
1.2

 
—

 
1.2

 
—

 
1.2

Total
 
$
13.7

 
$
(7.4
)
 
$
6.3

 
$
—

 
$
6.3

Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodities
 
$
27.9

 
$
(7.4
)
 
$
20.5

 
$
(15.6
)
 
$
4.9

Foreign exchange contracts
 
0.2

 
—

 
0.2

 
—

 
0.2

Total
 
$
28.1

 
$
(7.4
)
 
$
20.7

 
$
(15.6
)
 
$
5.1

——————————————
(1)
Cash collateral pledged represents the cash on deposit with brokers and is included in prepaid expenses and other current assets on the consolidated balance sheets. Cash on deposit is the initial margin deposited with the broker plus the cash margin to cover gains and losses on our open positions. The cash collateral presented in the table is limited to amounts available to offset our open net derivative positions under master netting arrangements, and therefore does not reflect the Company's total amount received or pledged. For example, initial margin deposited with our brokers would not be included in the table to the extent it exceeds the net loss position on our open derivative instruments.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the fair values of our open derivative financial instruments on a gross basis.
 
 
Assets
 
Liabilities
 
 
March 30,
2014
 
December 29,
2013
 
March 30,
2014
 
December 29,
2013
 
 
(in millions)
 
(in millions)
Derivatives using the "hedge accounting" method:
 
 
 
 
 
 
 
 
Grain contracts
 
$
47.7

 
$
5.5

 
$
1.3

 
$
16.2

Livestock contracts
 
—

 
0.7

 
276.0

 
1.1

Foreign exchange contracts
 
0.4

 
0.6

 
—

 
—

Total
 
48.1

 
6.8

 
277.3

 
17.3

 
 
 
 
 
 
 
 
 
Derivatives using the "mark-to-market" method:
 
 

 
 

 
 

 
 

Grain contracts
 
2.5

 
0.6

 
4.2

 
1.1

Livestock contracts
 
3.2

 
2.8

 
30.4

 
9.5

Energy contracts
 
3.7

 
2.9

 
—

 
—

Foreign exchange contracts
 
0.2

 
0.6

 
—

 
0.2

Total
 
9.6

 
6.9

 
34.6

 
10.8

Total fair value of derivative instruments
 
$
57.7

 
$
13.7

 
$
311.9

 
$
28.1
Cash Flow Hedging
  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During the three months ended March 30, 2014, the range of notional volumes associated with open derivative instruments designated in cash flow hedging relationships was as follows:
 
 
Minimum
 
Maximum
 
Metric
Commodities:
 
 
 
 
 
 
Corn
 
42,575,000

 
87,375,000

 
Bushels
Soybean meal
 
346,500

 
775,500

 
Tons
Lean hogs
 
103,280,000

 
1,847,680,000

 
Pounds
Foreign currency (1)
 
16,757,550

 
28,774,861

 
U.S. Dollars
——————————————
(1) 
Amounts represent the U.S. dollar equivalent of various foreign currency contracts.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The following table presents the effects on our consolidated condensed financial statements of pre-tax gains and losses on derivative instruments designated in cash flow hedging relationships for the periods indicated:
 
 
Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion)
 
Gains (Losses) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
Gains (Losses) Recognized in Earnings on Derivative (Ineffective Portion)
 
 
Successor
 
Predecessor
 
Successor
 
Predecessor
 
Successor
 
Predecessor
 
 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
 
March 30, 2014
 
March 31, 2013
 
March 30, 2014
 
March 31, 2013
 
March 30, 2014
 
March 31, 2013
 
 
(in millions)
 
(in millions)
 
(in millions)
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Grain contracts
 
$
58.3

 
$
(40.0
)
 
$
(1.4
)
 
$
46.2

 
$
2.4

 
$
(2.2
)
Lean hog contracts
 
(297.6
)
 
39.2

 
(25.7
)
 
5.1

 
(15.5
)
 
0.2

Foreign exchange contracts
 
0.3

 
0.6

 
3.0

 
1.4

 
—

 
—

Total
 
$
(239.0
)
 
$
(0.2
)
 
$
(24.1
)
 
$
52.7

 
$
(13.1
)
 
$
(2.0
)
 
For the periods presented, foreign exchange contracts were determined to be highly effective. We have excluded from the assessment of effectiveness differences between spot and forward rates, which we have determined to be immaterial.
Fair Value Hedging
  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During the three months ended March 30, 2014, the range of notional volumes associated with open derivative instruments designated in fair value hedging relationships was as follows:
 
 
Minimum
 
Maximum
 
Metric
Commodities:
 
 
 
 
 
 
Corn
 
450,000

 
5,910,000

 
 Bushels
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following table presents the effects on our consolidated condensed statements of income of gains and losses on derivative instruments designated in fair value hedging relationships and the related hedged items for the periods indicated:
 
 
Gains (Losses) Recognized in Earnings on Derivative
 
Gains (Losses) Recognized in Earnings on Related Hedged Item
 
 
Successor
 
Predecessor
 
Successor
 
Predecessor
 
 
Three Months Ended
 
Three Months Ended
 
 
March 30, 2014
 
March 31, 2013
 
March 30, 2014
 
March 31, 2013
 
 
(in millions)
 
(in millions)
Commodity contracts
 
$
(0.9
)
 
$
2.0

 
$
1.0

 
$
(2.1
)
 

We recognized gains of $0.1 million during the three months ended March 30, 2014 and losses of $(2.4) million during the three months ended March 31, 2013 on closed commodity derivative contracts as the underlying cash transactions affected earnings. 
Not Designated as Hedging Instrument
  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During the three months ended March 30, 2014, the range of notional volumes associated with open derivative instruments using the “mark-to-market” method was as follows:
 
 
Minimum
 
Maximum
 
Metric
Commodities:
 
 
 
 
 
 
Lean hogs
 
5,440,000

 
414,600,000

 
Pounds
Corn
 
490,000

 
5,190,000

 
Bushels
Soybean meal
 
—

 
3,800

 
Tons
Soybeans
 
75,000

 
1,125,000

 
Bushels
Natural gas
 
9,400,000

 
11,040,000

 
Million BTU
Diesel
 
504,000

 
1,008,000

 
Gallons
Foreign currency (1)
 
8,096,567

 
33,694,441

 
U.S. Dollars
——————————————
(1) 
Amounts represent the U.S. dollar equivalent of various foreign currency contracts.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The following table presents the amount of gains (losses) recognized in the consolidated condensed statements of income on derivative instruments using the “mark-to-market” method by type of derivative contract for the periods indicated: 
 
 
Successor
 
Predecessor
 
 
Three Months Ended
 
 
March 30, 2014
 
March 31, 2013
 
 
(in millions)
Commodity contracts (cost of sales)
 
$
1.8

 
$
3.1

Commodity contracts (sales)
 
5.4

 
0.2

Foreign exchange contracts
 
0.1

 
0.3

Total
 
$
7.3

 
$
3.6

 
The table above reflects gains and losses from both open and closed contracts including, among other things, gains and losses related to contracts designed to hedge price movements that occur entirely within a quarter. The table includes amounts for both realized and unrealized gains and losses. The table is not, therefore, a simple representation of unrealized gains and losses recognized in the income statement during any period presented.