XML 50 R31.htm IDEA: XBRL DOCUMENT
v2.4.0.8

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
--- | ---
Oct. 04, 2014
Net Fair Value of Commodity Price Risk | As of October 4, 2014, the company’s hedge portfolio contained commodity derivatives with a net fair value of $(27.1) 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 |  | $ | (21.8 | ) |  | $ | (0.6 | ) |  | $ | — |  |  | $ | (22.4 | )
Other long-term |  |  | (4.2 | ) |  |  | (0.5 | ) |  |  | — |  |  |  | (4.7 | )
Total |  |  | (26.0 | ) |  |  | (1.1 | ) |  |  | — |  |  |  | (27.1 | )
Net Fair Value |  | $ | (26.0 | ) |  | $ | (1.1 | ) |  | $ | — |  |  | $ | (27.1 | )
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The company has the following derivative instruments located on the Condensed Consolidated Balance Sheet, which are utilized for the risk management purposes detailed above (amounts in thousands):
|  | Derivative Assets |  |  | Derivative Liabilities |
Derivatives designated as hedging instruments |  | October 4, 2014 |  |  | December 28, 2013 |  |  | October 4, 2014 |  |  | December 28, 2013 |
| Balance Sheet location |  | Fair Value |  |  | Balance Sheet location |  | Fair Value |  |  | Balance Sheet location |  | Fair Value |  |  | Balance Sheet location |  | Fair Value |
Commodity contracts |  | Other current assets |  |  | — |  |  | Other current assets |  |  | 162 |  |  | Other current liabilities |  |  | 22,380 |  |  | Other current liabilities |  |  | 10,625 |
Commodity contracts |  | Other long term assets |  |  | — |  |  | Other long term assets |  |  | — |  |  | Other long term liabilities |  |  | 4,676 |  |  | Other long term liabilities |  |  | 1,095 |
Total |  |  |  | $ | — |  |  |  |  | $ | 162 |  |  |  |  | $ | 27,056 |  |  |  |  | $ | 11,720 |
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 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(2) |  | 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)(2) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) For the twelve weeks ended |
| October 4, 2014 |  |  | October 5, 2013 |  |  |  | October 4, 2014 |  |  | October 5, 2013 |
Interest rate contracts |  | $ | 36 |  |  | $ | 26 |  |  | Interest (expense) income |  | $ | — |  |  | $ | (13 | )
Commodity contracts |  |  | (9,128 | ) |  |  | (1,611 | ) |  | Production costs(1) |  |  | 1,181 |  |  |  | (5,893 | )
Total |  | $ | (9,092 | ) |  | $ | (1,585 | ) |  |  |  | $ | 1,181 |  |  | $ | (5,906 | )
Derivatives in Cash Flow Hedge Relationships(2) |  | 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)(2) |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) For the forty weeks ended |
| October 4, 2014 |  |  | October 5, 2013 |  |  |  | October 4, 2014 |  |  | October 5, 2013 |
Interest rate contracts |  | $ | 119 |  |  | $ | (241 | ) |  | Interest (expense) income |  | $ | — |  |  | $ | (502 | )
Commodity contracts |  |  | (10,027 | ) |  |  | (16,883 | ) |  | Production costs(1) |  |  | (2,249 | ) |  |  | (13,298 | )
Total |  | $ | (9,908 | ) |  | $ | (17,124 | ) |  |  |  | $ | (2,249 | ) |  | $ | (13,800 | )
1. | Included in materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).
2. | Amounts in parentheses indicate debits to determine net income.
Accumulated Other Comprehensive Loss (Income) 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 October 4, 2014:
|  | Commodity price risk derivatives |  |  | Interest rate risk derivatives |  |  | Totals |
Closed contracts |  | $ | 1.3 |  |  | $ | 1.2 |  |  | $ | 2.5 |
Expiring in 2014 |  |  | (0.3 | ) |  |  | — |  |  |  | (0.3 | )
Expiring in 2015 |  |  | 16.1 |  |  |  | — |  |  |  | 16.1 |
Expiring in 2016 |  |  | 0.8 |  |  |  | — |  |  |  | 0.8 |
Total |  | $ | 17.9 |  |  | $ | 1.2 |  |  | $ | 19.1 |
Financial Contracts Hedging Commodity and Interest Rate Risks | As of October 4, 2014, the company had the following outstanding financial contracts that were entered to hedge commodity and interest rate risk (amounts in millions):
|  | Notional amount |
Wheat contracts |  | $ | 127.8 |
Soybean oil contracts |  |  | 35.4 |
Natural gas contracts |  |  | 15.8 |
Total |  | $ | 179.0 |

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=35706170&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=35706170&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 Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
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=35706170&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=35706170&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfPriceRiskDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration