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Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 05, 2013

Net Fair Value of Commodity Price Risk

As of October 5, 2013, the company’s hedge portfolio contained commodity derivatives with a net fair value of $(4.4) 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 long-term		$	0.1			$	—			$	—			$	0.1
Total		$	0.1			$	—			$	—			$	0.1

		Level 1				Level 2				Level 3				Total
Liabilities:
Other current		$	(2.6	)		$	(0.9	)		$	—			$	(3.5	)
Other long-term			(0.3	)			(0.7	)			—				(1.0	)
Total			(2.9	)			(1.6	)			—				(4.5	)
Net Fair Value		$	(2.8	)		$	(1.6	)		$	—			$	(4.4	)

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
		October 5, 2013						December 29, 2012						October 5, 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		$	—			Other current liabilities		$	867
Interest rate contracts		—			—			—			—			Other long term liabilities			—			Other long term liabilities			—
Commodity contracts		Other current assets			—			Other current assets			—			Other current liabilities			3,463			Other current liabilities			3,047
Commodity contracts		Other long term assets			58			Other long term assets			9			Other long term liabilities			917			Other long term liabilities			146
Total				$	58					$	9					$	4,380					$	4,060

Derivative Instruments Located on the Condensed Consolidated Statements of Income

The company has the following derivative instruments located on the condensed consolidated statements of income, utilized for risk management purposes (amounts in thousands and net of tax):

Derivatives in Cash Flow Hedge Relationships		Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) For the twelve weeks ended								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) For the twelve weeks ended
		October 5, 2013				October 6, 2012						October 5, 2013				October 6, 2012
Interest rate contracts		$	26			$	(23	)		Interest (expense) income		$	(13	)		$	(378	)
Commodity contracts			(1,611	)			62			Production costs(1)			(5,893	)			(2,299	)
Total		$	(1,585	)		$	39					$	(5,906	)		$	(2,677	)
Derivatives in Cash Flow Hedge Relationships		Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) For the forty weeks ended								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) For the forty weeks ended
		October 5, 2013				October 6, 2012						October 5, 2013				October 6, 2012
Interest rate contracts		$	(241	)		$	(1,606	)		Interest (expense) income		$	(502	)		$	(1,379	)
Commodity contracts			(16,883	)			4,594			Production costs(1)			(13,298	)			(15,358	)
Total		$	(17,124	)		$	2,988					$	(13,800	)		$	(16,737	)

1. Included in materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).

Accumulated Other Comprehensive Income (Loss) Related to Derivative Transactions

The balance in accumulated other comprehensive income (loss) related to commodity price risk derivative transactions that are closed or will expire over the next five years are as follows (amounts in millions and net of tax) at October 5, 2013:

		Commodity price risk derivatives
Closed contracts		$	(3.3	)
Expiring in 2013			(0.1	)
Expiring in 2014			(2.2	)
Expiring in 2015			(0.3	)
Expiring in 2016			(0.1	)
Total		$	(6.0	)

Financial Contracts Hedging Commodity Risk

As of October 5, 2013, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in millions):

		Notional amount
Wheat contracts		$	110.2
Soybean oil contracts			23.9
Natural gas contracts			16.2
Total		$	150.3

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.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

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-Section 50

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+ References

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