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Derivative Financial Instruments (Tables) | 12 Months Ended
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Jan. 03, 2015
Net Fair Value of Commodity Price Risk | As of January 3, 2015, the company’s commodity hedge portfolio contained derivatives with a fair value of $(16.3) 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 |  |  | (10.9 | ) |  |  | (2.0 | ) |  |  | — |  |  |  | (12.9 | )
Other long-term |  |  | (2.0 | ) |  |  | (1.4 | ) |  |  | — |  |  |  | (3.4 | )
Net Fair Value |  | $ | (12.9 | ) |  | $ | (3.4 | ) |  | $ | — |  |  | $ | (16.3 | )
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 | )
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 |
| January 3, 2015 |  |  | December 28, 2013 |  |  | January 3, 2015 |  |  | 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 |  |  | $ | 12,898 |  |  |  | Other current liabilities |  |  | $ | 10,626 |
Commodity contracts |  |  | Other long term assets |  |  |  | — |  |  |  | Other long term assets |  |  |  | — |  |  |  | Other long term liabilities |  |  |  | 3,355 |  |  |  | Other long term liabilities |  |  |  | 1,094 |
Total |  |  |  |  |  |  | $— |  |  |  |  |  |  | $ | 162 |  |  |  |  |  |  | $ | 16,253 |  |  |  |  |  |  | $ | 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 had the following derivative instruments for deferred gains and (losses) on closed contracts and the effective portion for changes in fair value recorded in 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 Derivatives (Effective Portion)(Net of tax) |
| Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |
Interest rate contracts |  | $ | 157 |  |  | $ | (205 | ) |  | $ | (1,221 | )
Commodity contracts |  |  | (3,358 | ) |  |  | (24,252 | ) |  |  | (325 | )
Total |  | $ | (3,201 | ) |  | $ | (24,457 | ) |  | $ | (1,546 | )
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 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |  |
Interest rate contracts |  | $ | — |  |  | $ | 502 |  |  | $ | 1,732 |  |  | Interest expense (income)
Commodity contracts |  |  | — |  |  |  | — |  |  |  | — |  |  | Selling, distribution and
Commodity contracts |  |  | 3,209 |  |  |  | 16,639 |  |  |  | 10,622 |  |  | administrative expenses Production costs(1)
Total |  | $ | 3,209 |  |  | $ | 17,141 |  |  | $ | 12,354 |  |  |
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 January 3, 2015:
|  | Commodity Price Risk Derivatives |  |  | Interest Rate Risk Derivatives |  |  | Totals |
Closed contracts |  | $ | 0.3 |  |  | $ | 1.1 |  |  | $ | 1.4 |
Expiring in 2015 |  |  | 8.5 |  |  |  | — |  |  |  | 8.5 |
Expiring in 2016 and beyond |  |  | 1.5 |  |  |  | — |  |  |  | 1.5 |
Total |  | $ | 10.3 |  |  | $ | 1.1 |  |  | $ | 11.4 |
Financial Contracts Hedging Commodity and Interest Rate Risks | As of January 3, 2015, 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 |  | $ | 96.3 |
Soybean oil contracts |  |  | 32.1 |
Natural gas contracts |  |  | 14.6 |
Total |  | $ | 143.0 |

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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. + 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
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- 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
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- 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
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- 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
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- 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
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