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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 28, 2013

Net Fair Value of Commodity Price Risk

As of December 28, 2013, the company’s commodity hedge portfolio contained derivatives with a fair value of $(11.5) 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		$	—			$	0.2			$	—			$	0.2
Total			—				0.2				—				0.2
Liabilities:
Other current			(10.4	)			(0.2	)			—				(10.6	)
Other long-term			(0.7	)			(0.4	)			—				(1.1	)
Total			(11.1	)			(0.6	)			—				(11.7	)
Net Fair Value		$	(11.1	)		$	(0.4	)		$	—			$	(11.5	)

As of December 29, 2012, the company’s commodity hedge portfolio contained derivatives with a fair value of $(3.2) 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			(2.5	)			(0.5	)			—				(3.0	)
Other long-term			(0.1	)			(0.1	)			—				(0.2	)
Total			(2.6	)			(0.6	)			—				(3.2	)
Net Fair Value		$	(2.6	)		$	(0.6	)		$	—			$	(3.2	)

Net Fair Value of Interest Rate Swaps

As of December 29, 2012, the fair value of the interest rate swaps was $(0.9) 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		$	—			$	(0.9	)		$	—			$	(0.9	)
Total			—				(0.9	)			—				(0.9	)
Net Fair Value		$	—			$	(0.9	)		$	—			$	(0.9	)

Derivative Instruments Located on Consolidated Balance Sheet

The company had the following derivative instruments recorded on the Consolidated Balance Sheet, all of which are utilized for the risk management purposes detailed above (amounts in thousands):

Derivatives Designated as Hedging Instruments		Derivative Assets																Derivative Liabilities
		December 28, 2013								December 29, 2012								December 28, 2013								December 29, 2012
		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				162				Other current assets				—				Other current liabilities				10,625				Other current liabilities				3,047
Commodity contracts			Other long term assets				—				Other long term assets				9				Other long term liabilities				1,095				Other long term liabilities				146
Total							$162							$	9							$	11,720							$	4,060

Derivative Instruments for Deferred Gains and (Losses) on Closed Contracts and Effective Portion for Changes in Fair Value Recorded in Accumulated Other Comprehensive Income

The company had the following derivative instruments for deferred gains and (losses) on closed contracts and the effective portion for changes in fair value recorded in accumulated other comprehensive income (“AOCI”), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax):

Derivatives in Cash Flow Hedging Relationships		Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)(Net of tax)
		Fiscal 2013				Fiscal 2012				Fiscal 2011
Interest rate contracts		$	(205	)		$	(1,221	)		$	(547	)
Commodity contracts			(24,252	)			(325	)			(17,304	)
Total		$	(24,457	)		$	(1,546	)		$	(17,851	)

Derivatives in Cash Flow Hedging Relationships		Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax)												Location of (Gain) or Loss Reclassified from AOCI into Income (Effective Portion)
		Fiscal 2013				Fiscal 2012				Fiscal 2011
Interest rate contracts		$	502			$	1,732			$	2,431			Interest expense (income) Selling, distribution and administrative expenses Production costs(1)
Commodity contracts			—				—				—
Commodity contracts			16,639				10,622				(23,393	)
Total		$	17,141			$	12,354			$	(20,962	)

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 loss (income) related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next three years are as follows (amounts in millions and net of tax) at December 28, 2013:

		Commodity Price Risk Derivatives				Interest Rate Risk Derivatives				Totals
Closed contracts		$	3.0			$	1.3			$	4.3
Expiring in 2014			6.6				—				6.6
Expiring in 2015			0.4				—				0.4
Expiring in 2016 and beyond			0.1				—				0.1
Total		$	10.1			$	1.3			$	11.4

Financial Contracts Hedging Commodity and Interest Rate Risks

As of December 28, 2013, the company had entered into the following financial contracts to hedge commodity and interest rate risks:

Derivatives in Cash Flow Hedging Relationships		Notional amount
		(Millions)
Wheat contracts		$	105.8
Soybean oil contracts			19.1
Natural gas contracts			17.9
Total		$	142.8

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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.

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