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Derivative Financial Instruments (Tables)

12 Months Ended

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

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)

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

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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

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

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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

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