DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Oct. 08, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of October 8, 2016, 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	$	1,219		$	—		$	—	$	1,219
Other long-term		161			—			—		161
Total		1,380			—			—		1,380
Liabilities:
Other current		(8,412	)		(202	)		—		(8,614	)
Other long-term		(45	)		—			—		(45	)
Total		(8,457	)		(202	)		—		(8,659	)
Net Fair Value	$	(7,077	)	$	(202	)	$	—	$	(7,279	)

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	)

Derivative Held for Hedging the Risk of Changes in Forecasted Interest Payments on Issuance of Long-term Debt

The following table outlines the company’s derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (amounts in thousands, before tax, and an asset is a positive value and a liability is a negative value):

Terminated	Description	Aggregate Notional Amount		Fair Value When Terminated			Fair Value Deferred in AOCI(1)			Ineffective Portion at Termination
April/2012	Treasury lock	$	500,000	$	(3,137	)	$	2,510		$	627
September/2016	Treasury lock	$	200,000	$	1,298		$	(1,298	)	$	—
September/2016	Treasury lock	$	150,000	$	(323	)	$	215		$	108

(1) The amount reported in AOCI will be reclassified to interest expense as interest payments are made on the related notes

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 8, 2016			January 2, 2016			October 8, 2016			January 2, 2016
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	$	1,219	Other current assets	$	—	Other current liabilities	$	8,614	Other current liabilities	$	14,867
Commodity contracts	Other long term assets		161	Other long term assets		—	Other long-term liabilities		45	Other long-term liabilities		20
Total		$	1,380		$	—		$	8,659		$	14,887

Effect of Derivative Instruments for Deferred Gains And (Losses) on Closed Contracts and Effective Portion in Fair Value on AOCI, Utilized for Risk Management Purposes (Detail)

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)						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 Twelve Weeks Ended					Reclassified from AOCI	For the Twelve Weeks Ended
Hedge Relationships(1)	October 8, 2016		October 10, 2015			into Income (Effective Portion)(2)	October 8, 2016		October 10, 2015
Interest rate contracts	$	666	$	—		Interest expense (income)	$	38	$	35
Commodity contracts		2,767		(2,652	)	Production costs(3)		704		1,061
Total	$	3,433	$	(2,652	)		$	742	$	1,096
	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(1)	October 8, 2016		October 10, 2015			into Income (Effective Portion)(2)	October 8, 2016		October 10, 2015
Interest rate contracts	$	666	$	—		Interest expense (income)	$	121	$	117
Commodity contracts		1,830		(1,262	)	Production costs(3)		2,567		3,817
Total	$	2,496	$	(1,262	)		$	2,688	$	3,934

1. Amounts in parentheses indicate debits to determine net income.

2. Amounts in parentheses, if any, indicate credits to determine net income.

3. Included in materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). 

Accumulated Other Comprehensive Loss Related to Derivative Transactions

The balance in accumulated other comprehensive loss 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)(amounts in parenthesis indicate a debit balance) at October 8, 2016:

	Commodity price risk derivatives			Interest rate risk derivatives		Totals
Closed contracts	$	(643	)	$	113	$	(530	)
Expiring in 2016		(213	)		—		(213	)
Expiring in 2017		(4,263	)		—		(4,263	)
Total	$	(5,119	)	$	113	$	(5,006	)

Financial Contracts Hedging Commodity Risk

As of October 8, 2016, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

	Notional amount
Wheat contracts	$	52,649
Soybean oil contracts		4,718
Natural gas contracts		4,477
Total	$	61,844