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DERIVATIVES FINANCIAL INSTRUMENTS Derivatives Financial Instruments (Tables)
 12 Months Ended
Jan. 03, 2016
Derivative [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
All derivative contracts are recorded in prepaid expenses and other current assets or accrued expenses and other current liabilities within the consolidated balance sheets, as appropriate.
The following table presents the fair values of our open derivative financial instruments on a gross basis:
 
 
Assets
 
Liabilities
 
 
January 3,
2016
December 28,
2014
 
January 3,
2016
December 28,
2014
 
 
(in millions)
 
(in millions)
Derivatives using the "hedge accounting" method:
 
 
 
 
 
 
Grain contracts
 
$
1.1

$
4.8

 
$
32.3

$
24.8

Livestock contracts
 
11.3

60.7

 
—

—

Interest rate swaps
 
—

—

 
0.2

0.1

Foreign exchange contracts
 
—

—

 
1.2

0.2

Total
 
12.4

65.5

 
33.7

25.1

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

 
 
 

 
Grain contracts
 
4.2

1.1

 
1.0

8.5

Livestock contracts
 
8.3

5.9

 
0.8

8.6

Energy contracts
 
—

—

 
15.7

10.1

Foreign exchange contracts
 
0.4

0.7

 
0.3

0.1

Total
 
12.9

7.7

 
17.8

27.3

Total fair value of derivative instruments
 
$
25.3

$
73.2

 
$
51.5

$
52.4

 
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 balance sheets and the related effects of cash collateral under netting arrangements that provide a legal right of offset of assets and liabilities:
 
 
January 3, 2016
 
 
Gross Amount of Derivative Assets/ Liabilities
 
Netting of Derivative Assets/Liabilities
 
Net Derivative Assets/Liabilities
 
Netting of Derivative Assets/Liabilities and Cash Collateral
 
Net Amount Presented in the Consolidated Balance Sheet
 
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
 
Commodities
 
$
24.9

 
$
(14.1
)
 
$
10.8

 
$
16.1

 
$
26.9

Foreign exchange contracts
 
0.4

 
(0.4
)
 
—

 
—

 
—

Total
 
$
25.3

 
$
(14.5
)
 
$
10.8

 
$
16.1

 
$
26.9

Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodities
 
49.8

 
(14.1
)
 
35.7

 
(26.9
)
 
8.8

Interest rate swaps
 
0.2

 
—

 
0.2

 
—

 
0.2

Foreign exchange contracts
 
1.5

 
(0.4
)
 
1.1

 
—

 
1.1

Total
 
$
51.5

 
$
(14.5
)
 
$
37.0

 
$
(26.9
)
 
$
10.1

 
 
December 28, 2014
 
 
Gross Amount of Derivative Assets/ Liabilities
 
Netting of Derivative Assets/Liabilities
 
Net Derivative Assets/Liabilities
 
Netting of Derivative Assets/Liabilities and Cash Collateral
 
Net Amount Presented in the Consolidated Balance Sheet
 
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
 
Commodities
 
$
72.5

 
$
(14.6
)
 
$
57.9

 
$
(12.3
)
 
$
45.6

Foreign exchange contracts
 
0.7

 
(0.3
)
 
0.4

 
—

 
0.4

Total
 
$
73.2

 
$
(14.9
)
 
$
58.3

 
$
(12.3
)
 
$
46.0

Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodities
 
52.0

 
(14.6
)
 
37.4

 
(32.3
)
 
5.1

Interest rate swaps
 
0.1

 
—

 
0.1

 
—

 
0.1

Foreign exchange contracts
 
0.3

 
(0.3
)
 
—

 
—

 
—

Total
 
$
52.4

 
$
(14.9
)
 
$
37.5

 
$
(32.3
)
 
$
5.2
Cash Flow Hedging [Member]  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During 2015, the range of notional volumes associated with open derivative instruments designated in cash flow hedging relationships was as follows:
 
 
Minimum
 
Maximum
 
Metric
Commodities:
 
 
 
 
 
 
Corn
 
56,855,000

 
81,685,000

 
 Bushels
Soybean meal
 
433,800

 
730,300

 
 Tons
Lean hogs
 
—

 
1,006,440,000

 
 Pounds
Interest rate
 
17,360,681

 
19,493,720

 
 U.S. Dollars
Foreign currency (1)
 
16,252,933

 
53,993,260

 
 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 tables present the effects on our consolidated financial statements of pre-tax gains and losses on derivative instruments designated in cash flow hedging relationships for the periods indicated:
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion)
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings (Effective Portion)
 
Gain (Loss) Recognized in Earnings on Derivative (Ineffective Portion)
 
 
Successor
Successor
 
Successor
 
 
Twelve Months Ended
 
 
 
Twelve Months Ended
 
 
 
Twelve Months Ended
 
 
 
 
January 3, 2016
 
December 28, 2014
 
September 27 - December 29, 2013
 
January 3, 2016
 
December 28, 2014
 
September 27 - December 29, 2013
 
January 3, 2016
 
December 28, 2014
 
September 27 - December 29, 2013
 
 
(in millions)
(in millions)
(in millions)
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grain contracts
 
$
(73.8
)
 
$
(28.9
)
 
$
(8.9
)
 
$
(71.1
)
 
$
1.7

 
$
(0.9
)
 
$
(5.1
)
 
$
(3.8
)
 
$
(3.7
)
Lean hog contracts
 
186.1

 
(137.0
)
 
3.1

 
258.2

 
(218.7
)
 
3.0

 
7.3

 
(6.4
)
 
—

Interest rate swaps
 
(0.3
)
 
(0.1
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Foreign exchange contracts
 
(3.3
)
 
(0.3
)
 
3.5

 
(2.3
)
 
2.9

 
0.3

 
—

 
—

 
—

Total
 
$
108.7

 
$
(166.3
)
 
$
(2.3
)
 
$
184.8

 
$
(214.1
)
 
$
2.4

 
$
2.2

 
$
(10.2
)
 
$
(3.7
)
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion)
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings (Effective Portion)
 
 
Gain (Loss) Recognized in Earnings on Derivative (Ineffective Portion)
 
 
 
Predecessor
 
 
Predecessor
 
 
Predecessor
 
 
 
 
 
Twelve Months Ended
 
 
 
 
Twelve Months Ended
 
 
 
 
Twelve Months Ended
 
 
 
April 29 - September 26, 2013
 
April 28, 2013
 
 
April 29 - September 26, 2013
 
April 28, 2013
 
 
April 29 - September 26, 2013
 
April 28, 2013
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grain contracts
 
 
$
3.1

 
$
39.1

 
 
$
23.6

 
$
108.4

 
 
$
1.3

 
$
—

Lean hog contracts
 
 
(29.3
)
 
13.6

 
 
5.9

 
54.9

 
 
(0.8
)
 
0.4

Interest rate swaps
 
 
—

 
—

 
 
—

 
—

 
 
—

 
—

Foreign exchange contracts
 
 
(0.4
)
 
0.4

 
 
(0.3
)
 
2.1

 
 
—

 
—

Total
 
 
$
(26.6
)
 
$
53.1

 
 
$
29.2

 
$
165.4

 
 
$
0.5

 
$
0.4

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 [Member]  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During 2015, the range of notional volumes associated with open derivative instruments designated in fair value hedging relationships was as follows:
 
 
Minimum
 
Maximum
 
Metric
Commodities:
 
 
 
 
 
 
Corn
 
1,825,000

 
11,285,000

 
 Bushels
Soybean meal
 
—

 
22,600

 
Tons
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The following tables present the effects on our consolidated 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:
 
 
Gain (Loss) Recognized in Earnings on Derivative
 
 
Successor
 
Predecessor
 
 
Twelve Months Ended
 
 
 
 
 
Twelve Months Ended
 
 
January 3, 2016

December 28, 2014

September 27 - December 29, 2013
 
April 29 - September 26, 2013
 
April 28, 2013
 
 
(in millions)
Commodity contracts (1)
 
$
6.8

 
$
2.4

 
$
—

 
$
0.5

 
$
(12.8
)
——————————————
(1)
Includes losses of $7.5 million in the twelve months ended April 28, 2013 representing differences between the spot and futures prices for fair value hedges of hog inventory, which are recorded directly into earnings as they occur. There were no fair value hedges of hog inventory during 2015, 2014, the three months ended December 29, 2013 nor the five months ended September 26, 2013 and, therefore, no differences between spot and futures prices were recognized in those periods.
 
 
Gain (Loss) Recognized in Earnings on Related Hedged Item
 
 
Successor
 
Predecessor
 
 
Twelve Months Ended
 
 
 
 
 
Twelve Months Ended
 
 
January 3, 2016

December 28, 2014

September 27 - December 29, 2013
 
April 29 - September 26, 2013
 
April 28, 2013
 
 
(in millions)
Commodity contracts
 
$
(6.5
)
 
$
(2.0
)
 
$
0.1

 
$
(0.5
)
 
$
5.0

 
We recognized gains of $2.5 million, $2.8 million and $4.1 million in 2015, 2014 and the five months ended September 26, 2013 and losses of $2.5 million in the twelve months ended April 28, 2013, respectively, on closed commodity derivative contracts as the underlying cash transactions affected earnings.
Not Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During 2015, 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
 
5,910,000

 
266,440,000

 
Pounds
Corn
 
3,960,000

 
24,320,000

 
Bushels
Soybean meal
 
2,700

 
25,400

 
Tons
Soybeans
 
50,000

 
3,125,000

 
Bushels
Wheat
 
60,000

 
3,805,000

 
Bushels
Natural gas
 
7,460,000

 
11,000,000

 
Million BTU
Heating oil
 
2,016,000

 
3,276,000

 
Gallons
Live cattle
 
—

 
15,360,000

 
Pounds
Diesel
 
3,948,000

 
7,112,000

 
Gallons
Crude oil
 
36,000

 
72,000

 
Barrels
Foreign currency (1)
 
4,694,853

 
56,532,851

 
 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 statements of income on derivative instruments using the “mark-to-market” method by type of derivative contract for the periods indicated:
 
 
Successor
 
Predecessor
 
 
Twelve Months Ended
 
 
 
 
 
Twelve Months Ended
 
 
January 3, 2016

December 28, 2014

September 27 - December 29, 2013
 
April 29 - September 26, 2013
 
April 28, 2013
 
 
(in millions)
Commodity contracts
 
$
8.9

 
$
2.4

 
$
(5.9
)
 
$
8.5

 
$
42.6

Foreign exchange contracts
 
(1.2
)
 
0.5

 
1.2

 
(0.2
)
 
3.7

Total
 
$
7.7

 
$
2.9

 
$
(4.7
)
 
$
8.3

 
$
46.3

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 the period presented. 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.