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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

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