XML 45 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6

Derivative Financial Instruments (Tables)

4 Months Ended

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

X

- 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

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfPriceRiskDerivativesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration