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Derivative Financial Instruments (Tables) | 4 Months Ended
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Apr. 20, 2013
Net Fair Value of Commodity Price Risk | As of April 20, 2013, the company’s hedge portfolio contained commodity derivatives with a net fair value of $(6.8) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | — |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |
Other long-term |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |
Total |  |  | — |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (7.9 | ) |  |  | — |  |  |  | — |  |  |  | (7.9 | )
Other long-term |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | (7.9 | ) |  |  | — |  |  |  | — |  |  |  | (7.9 | )
Net Fair Value |  | $ | (7.9 | ) |  | $ | 1.1 |  |  | $ | — |  |  | $ | (6.8 | )
Net Fair Value of Interest Rate Swaps | As of April 20, 2013, the fair value of the interest rate swaps was $(0.3) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | — |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (0.3 | )
Total |  |  | — |  |  |  | (0.3 | ) |  |  | — |  |  |  | (0.3 | )
Net Fair Value |  | $ | — |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (0.3 | )
Derivative Instruments Located on Consolidated Balance Sheet | The company has the following derivative instruments located on the consolidated balance sheet, which are utilized for the risk management purposes detailed above (amounts in thousands):
|  | Derivative Assets |  |  | Derivative Liabilities |
|  | April 20, 2013 |  |  | December 29, 2012 |  |  | April 20, 2013 |  |  | December 29, 2012 |
Derivatives designated as hedging instruments |  | Balance Sheet location |  | Fair Value |  |  | Balance Sheet location |  | Fair Value |  |  | Balance Sheet location |  | Fair Value |  |  | Balance Sheet location |  | Fair Value |
Interest rate contracts |  | — |  | $ | — |  |  | — |  | $ | — |  |  | Other current liabilities |  | $ | 331 |  |  | Other current liabilities |  | $ | 867 |
Interest rate contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | Other long term liabilities |  |  | — |  |  | Other long term liabilities |  |  | — |
Commodity contracts |  | Other current assets |  |  | 1,015 |  |  | Other current assets |  |  | — |  |  | Other current liabilities |  |  | 7,886 |  |  | Other current liabilities |  |  | 3.047 |
Commodity contracts |  | Other long term assets |  |  | 64 |  |  | Other long term assets |  |  | 9 |  |  | Other long term liabilities |  |  | 39 |  |  | Other long term liabilities |  |  | 146 |
Total |  |  |  | $ | 1,079 |  |  |  |  | $ | 9 |  |  |  |  | $ | 8,256 |  |  |  |  | $ | 4,060 |
Effect of Derivative Instruments Designated as Cash-flow Hedges in Other Comprehensive Income (Loss) and Condensed Consolidated Income Statement | The following tables show the effect of the company’s derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (“OCI”) and the condensed consolidated income statement (amounts in thousands and net of tax):
Derivatives designated as hedging instruments |  | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)(Net of tax) |  |  | Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax) |
| For the sixteen weeks ended |  |  |  | For the sixteen weeks ended |
| April 20, 2013 |  |  | April 21, 2012 |  |  |  | April 20, 2013 |  |  | April 21, 2012 |
Interest rate contracts |  | $ | (296 | ) |  | $ | (1,548 | ) |  | Interest expense |  | $ | (334 | ) |  | $ | (590 | )
Commodity contracts |  |  | (8,325 | ) |  |  | (5,461 | ) |  | Production costs(1) |  |  | (673 | ) |  |  | (9,446 | )
Total |  | $ | (8,621 | ) |  | $ | (7,009 | ) |  |  |  | $ | (1,007 | ) |  | $ | (10,036 | )
(1) | Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).
Derivatives in Cash Flow Hedge Relationships |  | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |  | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) For the sixteen weeks ended |
|  | April 20, 2013 |  |  | April 21, 2012 |
Interest rate contracts |  | Selling, marketing and administrative expenses |  | $ | — |  |  | $ | (627 | )
Commodity contracts |  | Selling, marketing and administrative expenses |  |  | — |  |  |  | — |
Total |  |  |  | $ | — |  |  | $ | (627 | )
Accumulated Other Comprehensive Income (Loss) Related to Derivative Transactions | The balance in accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions that are closed or will expire in the next four years are as follows (amounts in millions and net of tax) at April 20, 2013:
|  | Commodity price risk derivatives |  |  | Interest rate risk derivatives |  |  | Totals |
Closed contracts |  | $ | 5.9 |  |  | $ | 1.3 |  |  | $ | 7.2 |
Expiring in 2013 |  |  | 4.2 |  |  |  | 0.2 |  |  |  | 4.4 |
Expiring in 2014 |  |  | — |  |  |  | — |  |  |  | — |
Expiring in 2015 |  |  | — |  |  |  | — |  |  |  | — |
Expiring in 2016 |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |
Total |  | $ | 10.2 |  |  | $ | 1.5 |  |  | $ | 11.7 |
Financial Contracts Hedging Commodity and Interest Rate Risk | As of April 20, 2013, the company had the following outstanding financial contracts that were entered to hedge commodity and interest rate risk:
Derivatives in Cash Flow Hedge Relationships |  | Notional amount (millions) |
Interest rate contracts |  | $ | 33.8 |
Wheat contracts |  |  | 133.8 |
Soybean oil contracts |  |  | 23.2 |
Natural gas contracts |  |  | 18.7 |
Total |  | $ | 209.5 |

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these 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=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 + Details
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- Definition Tabular disclosure of price risk derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these 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=7476318&loc=SL5624171-113959 + Details
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