Derivative Financial Instruments (Tables)

12 Months Ended

Sep. 27, 2014

Derivative Financial Instruments

Summary of fair value of derivatives included on Consolidated Balance Sheets

The following table summarizes the fair value of the Company's derivatives included on the Consolidated Balance Sheets (in thousands) as of:

	September 27, 2014			September 28, 2013			Balance Sheet Classification
Derivatives designated as hedges:
Interest rate swaps	$	(3,371	)	$	(6,004	)	Other current liabilities
Coffee futures		3,437			—		Other current assets
Coffee futures		—			(3,809	)	Other current liabilities
Foreign currency forward contracts		—			(141	)	Other current liabilities
Foreign currency forward contracts		108			13		Other current assets
		174			(9,941	)
Derivatives not designated as hedges:
Cross currency swap		5,951			—		Other current assets
Cross currency swap		—			(1,253	)	Other current liabilities
		5,951			(1,253	)
Total	$	6,125		$	(11,194	)

Schedule of offsetting of financial assets and derivative assets

Offsetting of financial assets and derivative assets as of September 27, 2014 and September 28, 2013 is as follows (in thousands):

						Net amount of assets presented in the Consolidated Balance Sheet
			Gross amounts offset in the Consolidated Balance Sheet					Gross amounts not offset in the Consolidated Balance Sheet
	Gross amounts of recognized assets
								Financial instruments		Cash collateral received		Net amount
Derivative assets, as of September 27, 2014	$	9,830	$	(334	)	$	9,496	$	—	$	—	$	9,496
Derivative assets, as of September 28, 2013		13		—			13		—		—		13

Schedule of offsetting of financial liabilities and derivative liabilities

Offsetting of financial liabilities and derivative liabilities as of September 27, 2014 and September 28, 2013 is as follows (in thousands):

						Net amount of assets presented in the Consolidated Balance Sheet
			Gross amounts offset in the Consolidated Balance Sheet					Gross amounts not offset in the Consolidated Balance Sheet
	Gross amounts of recognized assets
								Financial instruments		Cash collateral received		Net amount
Derivative liabilities, as of September 27, 2014	$	3,705	$	(334	)	$	3,371	$	—	$	—	$	3,371
Derivative liabilities, as of September 28, 2013		11,207		—			11,207		—		—		11,207

Summary of outstanding coffee futures contracts

The following table summarizes the coffee futures contracts outstanding as of September 27, 2014 (in thousands, except for average contract price and "C" price):

Coffee Pounds		Average Contract Price		"C" Price		Maturity		Fair Value of Futures Contracts
	900	$	1.27	$	1.94		July 2015	$	602
	4,725	$	1.27	$	1.94		July 2015		3,169
	938	$	2.13	$	1.94		July 2015		(174	)
	937	$	2.12	$	1.95		September 2015		(160	)
	7,500							$	3,437

The following table summarizes the coffee futures contracts outstanding as of September 28, 2013 (in thousands, except for average contract price and "C" price):

Coffee Pounds		Average Contract Price		"C" Price		Maturity		Fair Value of Futures Contracts
	375	$	1.50	$	1.14		December 2013	$	(138	)
	5,887	$	1.39	$	1.17		March 2014		(1,308	)
	11,438	$	1.30	$	1.19		May 2014		(1,222	)
	10,875	$	1.32	$	1.21		July 2014		(1,141	)
	28,575							$	(3,809	)

Summary of gain (loss), gross of tax, on financial instruments that qualify for hedge accounting included in OCI

The following table summarizes the amount of gain (loss), gross of tax, arising during the period on financial instruments that qualify for hedge accounting included in OCI (in thousands):

	Fiscal 2014		Fiscal 2013			Fiscal 2012
Cash Flow Hedges:
Interest rate swaps	$	2,634	$	3,014		$	1,250
Coffee futures		17,824		(6,617	)		(2,484	)
Foreign currency forward contracts		183		(129	)		—
Total	$	20,641	$	(3,732	)	$	(1,234	)

Summary of gains (losses), gross of tax, reclassified from OCI to income

The following table summarizes the amount of gain (loss), gross of tax, reclassified from OCI to income (in thousands):

	Fiscal 2014			Fiscal 2013			Fiscal 2012			Location of Gain or (Loss) Reclassified from OCI into Income
Coffee futures		(6,387	)		(1,482	)		(1,359	)	Cost of sales
Foreign currency forward contracts		74			—			—		Cost of sales
Foreign currency forward contracts		(2	)		(2	)		—		(Loss) gain on foreign currency, net
Total	$	(6,315	)	$	(1,484	)	$	(1,359	)

Summary of the amount of gain (loss), gross of tax, on fair value hedges and related hedged items

The following table summarizes the amount of gain (loss), gross of tax, on fair value hedges and related hedged items (in thousands):

	Fiscal 2014		Fiscal 2013			Fiscal 2012			Location of gain (loss) recognized in income on derivative
Foreign currency forward contracts
Net loss on hedging derivatives	$	—	$	(10	)	$	(48	)	(Loss) gain on foreign currency, net
Net gain on hedged items	$	—	$	10		$	48		(Loss) gain on foreign currency, net

Schedule of net gains on financial instruments not designated as hedges for accounting purposes

Net gains (losses) on financial instruments not designated as hedges for accounting purposes are as follows (in thousands):

	Fiscal 2014		Fiscal 2013		Fiscal 2012			Location of net gain (loss) in Consolidated Statements of Operations
Net gain (loss) on cross currency swap	$	8,307	$	5,513	$	(4,918	)	Gain (loss) on financial instruments, net
Net gain on coffee futures		7,005		—		—		Cost of sales
Net loss on interest rate cap		—		—		(34	)	Gain (loss) on financial instruments, net
Net gain on coffee futures		—		—		7		Gain (loss) on financial instruments, net
Total	$	15,312	$	5,513	$	(4,945	)