DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Oct. 10, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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