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Derivative Financial Instruments (Tables) | 12 Months Ended
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Jan. 02, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk | As of January 2, 2016, the company’s commodity hedge portfolio contained derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | 11,926 |  |  | $ | 2,941 |  |  | $ | — |  |  | $ | 14,867 |
Other long-term |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 20 |
Total |  |  | 11,946 |  |  |  | 2,941 |  |  |  | — |  |  |  | 14,887 |
Net Fair Value |  | $ | 11,946 |  |  | $ | 2,941 |  |  | $ | — |  |  | $ | 14,887 |
As of January 3, 2015, the company’s commodity hedge portfolio contained derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | 10,873 |  |  | $ | 2,025 |  |  | $ | — |  |  | $ | 12,898 |
Other long-term |  |  | 2,057 |  |  |  | 1,298 |  |  |  | — |  |  |  | 3,355 |
Net Fair Value |  | $ | 12,930 |  |  | $ | 3,323 |  |  | $ | — |  |  | $ | 16,253 |
Derivative Instruments Recorded 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):
|  | Derivative Liabilities |
|  | January 2, 2016 |  |  | January 3, 2015 |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Other current liabilities |  | $ | 14,867 |  |  | Other current liabilities |  | $ | 12,898 |
Commodity contracts |  | Other long-term liabilities |  |  | 20 |  |  | Other long-term liabilities |  |  | 3,355 |
Total |  |  |  | $ | 14,887 |  |  |  |  | $ | 16,253 |
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 (no amounts were excluded from the effectiveness test), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax):
|  | Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)(Net of tax) |
Derivatives in Cash Flow Hedging Relationships |  | Fiscal 2015 |  |  | Fiscal 2014 |  |  | Fiscal 2013 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | (205 | )
Commodity contracts |  |  | (4,195 | ) |  |  | (3,358 | ) |  |  | (24,252 | )
Total |  | $ | (4,195 | ) |  | $ | (3,358 | ) |  | $ | (24,457 | )
|  | 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
Derivatives in Cash Flow Hedging Relationships |  | Fiscal 2015 |  |  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | (Effective Portion)
Interest rate contracts |  | $ | 154 |  |  | $ | 157 |  |  | $ | 502 |  |  | Interest expense (income)
Commodity contracts |  |  | 5,259 |  |  |  | 3,209 |  |  |  | 16,639 |  |  | Production costs (1)
Total |  | $ | 5,413 |  |  | $ | 3,366 |  |  | $ | 17,141 |  |  |
1. | Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).
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 thousands and net of tax) at January 2, 2016:
|  | Commodity Price Risk Derivatives |  |  | Interest Rate Risk Derivatives |  |  | Totals |
Closed contracts |  | $ | 69 |  |  | $ | 965 |  |  | $ | 1,034 |
Expiring in 2016 |  |  | 9,143 |  |  |  | — |  |  |  | 9,143 |
Expiring in 2017 and beyond |  |  | 13 |  |  |  | — |  |  |  | 13 |
Total |  | $ | 9,225 |  |  | $ | 965 |  |  | $ | 10,190 |
Financial Contracts Hedging Commodity and Interest Rate Risks | As of January 2, 2016, the company had entered into the following financial contracts to hedge commodity and interest rate risks:
Derivatives in Cash Flow Hedging Relationships |  | Notional amount |
|  | (Thousands) |
Wheat contracts |  | $ | 175,898 |
Soybean oil contracts |  |  | 20,729 |
Natural gas contracts |  |  | 9,421 |
Total |  | $ | 206,048 |

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