Derivative Financial Instruments (Tables)

12 Months Ended

Jan. 02, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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