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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Oct. 10, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk | As of October 10, 2015, the company’s hedge portfolio contained commodity derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | - |
Other long-term |  |  | 665 |  |  |  | — |  |  |  | — |  |  |  | 665 |
Total |  |  | 665 |  |  |  | — |  |  |  | — |  |  |  | 665 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (8,566 | ) |  |  | (2,769 | ) |  |  | — |  |  |  | (11,335 | )
Other long-term |  |  | (104 | ) |  |  | (291 | ) |  |  | — |  |  |  | (395 | )
Total |  |  | (8,670 | ) |  |  | (3,060 | ) |  |  | — |  |  |  | (11,730 | )
Net Fair Value |  | $ | (8,005 | ) |  | $ | (3,060 | ) |  | $ | — |  |  | $ | (11,065 | )
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 |
|  | October 10, 2015 |  |  | January 3, 2015 |  |  | October 10, 2015 |  |  | January 3, 2015 |
Derivatives Designated as Hedging Instruments |  | 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 |  | $ | — |  |  | Other current liabilities |  | $ | 11,335 |  |  | Other current liabilities |  | $ | 12,898 |
Commodity contracts |  | Other long term assets |  | $ | 665 |  |  | Other long term assets |  |  | — |  |  | Other long-term liabilities |  |  | 395 |  |  | Other long-term liabilities |  |  | 3,355 |
Total |  |  |  | $ | 665 |  |  |  |  | $ | — |  |  |  |  | $ | 11,730 |  |  |  |  | $ | 16,253 |
Effect of Derivative Instruments Designated as Cash-Flow Hedges in Other Comprehensive Income (Loss) ("OCI") and Condensed Consolidated Income Statement | 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):
|  | Recognized in OCI on Derivative |  |  |  |  | Reclassified from AOCI |
|  | (Effective Portion) |  |  | Location of Gain or (Loss) |  | into Income (Effective Portion) |
Derivatives in Cash Flow |  | For the Twelve Weeks Ended |  |  | Reclassified from AOCI |  | For the Twelve Weeks Ended |
Hedge Relationships (2) |  | October 10, 2015 |  |  | October 4, 2014 |  |  | into Income (Effective Portion)(2) |  | October 10, 2015 |  |  | October 4, 2014 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest (expense) income |  | $ | (35 | ) |  | $ | (35 | )
Commodity contracts |  |  | 2,652 |  |  |  | 9,128 |  |  | Production costs(1) |  |  | (1,061 | ) |  |  | 1,180 |
Total |  | $ | 2,652 |  |  | $ | 9,128 |  |  |  |  | $ | (1,096 | ) |  | $ | 1,145 |
|  | Amount of Gain or (Loss) |  |  |  |  | Amount of (Gain) or Loss |
|  | Recognized in OCI on Derivative |  |  |  |  | Reclassified from AOCI |
|  | (Effective Portion) |  |  | Location of Gain or (Loss) |  | into Income (Effective Portion) |
Derivatives in Cash Flow |  | For the Forty Weeks Ended |  |  | Reclassified from AOCI |  | For the Forty Weeks Ended |
Hedge Relationships (2) |  | October 10, 2015 |  |  | October 4, 2014 |  |  | into Income (Effective Portion)(2) |  | October 10, 2015 |  |  | October 4, 2014 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest (expense) income |  | $ | (117 | ) |  | $ | (117 | )
Commodity contracts |  |  | 1,262 |  |  |  | 10,028 |  |  | Production costs(1) |  |  | (3,817 | ) |  |  | (2,252 | )
Total |  | $ | 1,262 |  |  | $ | 10,028 |  |  |  |  | $ | (3,934 | ) |  | $ | (2,369 | )
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 following years are as follows (amounts in thousands and net of tax) at October 10, 2015:
|  | Commodity price risk derivatives |  |  | Interest rate risk derivatives |  |  | Totals |
Closed contracts |  | $ | 930 |  |  | $ | 1,000 |  |  | $ | 1,930 |
Expiring in 2015 |  |  | 335 |  |  |  | — |  |  |  | 335 |
Expiring in 2016 |  |  | 6,541 |  |  |  | — |  |  |  | 6,541 |
Expiring in 2017 |  |  | (70 | ) |  |  | — |  |  |  | (70 | )
Total |  | $ | 7,736 |  |  | $ | 1,000 |  |  | $ | 8,736 |
Financial Contracts Hedging Commodity and Interest Rate Risks | As of October 10, 2015, the company had the following outstanding financial contracts that were entered to hedge commodity and interest rate risk (amounts in thousands):
|  | Notional amount |
Wheat contracts |  | $ | 144,731 |
Soybean oil contracts |  |  | 20,247 |
Natural gas contracts |  |  | 9,435 |
Total |  | $ | 174,413 |

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