XML 111 R49.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivatives (Tables)
12 Months Ended
Jan. 03, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
All of these transactions are currently not designated for hedge accounting. (in thousands):

Functional Currency
 
Contract Currency
Type
Amount
 
Type
Amount
Brazilian real
11,721

 
Euro
3,650

Brazilian real
18,877

 
U.S. Dollar
7,400

Euro
289,385

 
U.S. Dollar
359,631

Euro
8,348

 
Polish zloty
35,000

Euro
3,429

 
Japanese yen
488,926

Euro
31,600

 
Chinese renminbi
242,054

Euro
21,146

 
Australian dollar
31,350

Euro
1,842

 
British pound
1,448

Polish zloty
11,544

 
Euro
2,741

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the fair value of the Company’s derivative instruments as of January 3, 2015 and December 28, 2013 (in thousands):

    
Derivatives Designated
 
Balance Sheet
 
Asset Derivatives Fair Value
as Hedges
 
Location
 
January 3, 2015
 
December 28, 2013
Natural gas swaps
 
Other current assets
 
$

 
$
120

Corn options
 
Other current assets
 
247

 
2,349

 
 
 
 
 
 
 
Total derivatives designated as hedges
 
 
 
$
247

 
$
2,469

 
 
 
 
 
 
 
Derivatives not
Designated as
Hedges
 
 
 
 
 
 
Foreign currency contracts
 
Other current assets
 
$
11,559

 
$
27,516

Corn options and futures
 
Other current assets
 
69

 

Heating oil swaps
 
Other current assets
 
353

 
43

 
 
 
 
 
 
 
Total derivatives not designated as hedges
 
 
 
$
11,981

 
$
27,559

 
 
 
 
 
 
 
Total asset derivatives
 
 
 
$
12,228

 
$
30,028


    
Derivatives Designated
 
Balance Sheet
 
Liability Derivatives Fair Value
as Hedges
 
Location
 
January 3, 2015
 
December 28, 2013
Corn options
 
Accrued expenses
 
$

 
$
1

 
 
 
 
 
 
 
Total derivatives designated as hedges
 
 
 
$

 
$
1

 
 
 
 
 
 
 
Derivatives not
Designated as
Hedges
 
 
 
 

 
 

Foreign currency contracts
 
Accrued Expenses
 
$
2,019

 
$

Corn options and futures
 
Accrued Expenses
 
3

 

Heating oil swaps
 
Accrued Expenses
 
993

 
2

 
 
 
 
 
 
 
Total derivatives not designated as hedges
 
 
 
$
3,015

 
$
2

 
 
 
 
 
Total liability derivatives
 
 
 
$
3,015

 
$
3

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The effect of the Company's derivative instruments on the consolidated financial statements for the fiscal years ended January 3, 2015 and December 28, 2013 are as follows (in thousands):

    
 
 
 
Derivatives
Designated as
Cash Flow Hedges
 
 
Gain or (Loss)
Recognized in OCI
on Derivatives
(Effective Portion) (a)
 
 
Gain or (Loss)
Reclassified From
Accumulated OCI
into Income
(Effective Portion) (b)
 
Gain or (Loss)
Recognized in Income
On Derivatives
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing) (c)
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Corn options
$
1,812

 
$
7,350

 
$
3,868

 
$
5,486

 
$
92

 
$
274

Natural gas swaps
11

 
248

 
196

 
41

 
(1
)
 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
1,823

 
$
7,598

 
$
4,064

 
$
5,527

 
$
91

 
$
270


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive gain of approximately $1.8 million and approximately $7.6 million recorded net of taxes of approximately $0.7 million and approximately $2.9 million for the year ended January 3, 2015 and December 28, 2013, respectively.

(b)
Gains and (losses) reclassified from accumulated OCI into income (effective portion) for interest rate swaps and natural gas swaps is included in interest expense and cost of sales, respectively, in the Company’s consolidated statements of operations.

(c)
Gains and (losses) recognized in income on derivatives (ineffective portion) for interest rate swaps and natural gas swaps is included in other income/(expense), net in the Company’s consolidated statements of operations.