Derivatives (Tables)

9 Months Ended

Sep. 29, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of the Company’s derivative instruments under FASB authoritative guidance as of September 29, 2012 and December 31, 2011 (in thousands):

Derivatives Designated	Balance Sheet	Asset Derivatives Fair Value
as Hedges	Location	September 29, 2012		December 31, 2011
Corn options	Other current assets	$	13	$	—
Total asset derivatives designated as hedges		$	13	$	—
Derivatives not Designated as Hedges
Heating oil swaps and options	Other current assets	$	369	$	6
Total asset derivatives not designated as hedges		$	369	$	6
Total asset derivatives		$	382	$	6

Derivatives Designated	Balance Sheet	Liability Derivatives Fair Value
as Hedges	Location	September 29, 2012		December 31, 2011
Corn options	Accrued expenses	$	7	$	—
Natural gas swaps	Accrued expenses	—		669
Total liability derivatives designated as hedges		$	7	$	669
Derivatives not Designated as Hedges
Natural gas swaps	Accrued expenses	$	—	$	143
Heating oil swaps and options	Accrued expenses	—		24
Corn options	Accrued expenses	683		—
Total liability derivatives not designated as hedges		$	683	$	167
Total liability derivatives		$	690	$	836

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the three months ended September 29, 2012 and October 1, 2011 is as follows (in thousands):

Derivatives Designated as Cash Flow Hedges	Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (a)						Gain or (Loss) Reclassified From Accumulated OCI into Income (Effective Portion) (b)						Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	2012			2011			2012			2011			2012		2011
Interest rate swaps	$	—		$	—		$	—		$	(285	)	$	—	$	—
Corn options	—			—			—			—			1		—
Natural gas swaps	(123		)	(278		)	(259		)	(103		)	5		(1		)
Total	$	(123	)	$	(278	)	$	(259	)	$	(388	)	$	6	$	(1	)

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $0.1 million and approximately $0.3 million recorded net of taxes of approximately less than $0.1 million and $0.1 million as of September 29, 2012 and October 1, 2011, respectively.

(b) Gains and (losses) reclassified from accumulated OCI into income (effective portion) for interest rate swaps and natural gas swaps is included in interest expense and cost of sales, respectively, in the Company’s consolidated statements of operations.

(c) Gains and (losses) recognized in income on derivatives (ineffective portion) for interest rate swaps, corn options and natural gas swaps is included in other, net in the Company’s consolidated statements of operations.

The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the nine months ended September 29, 2012 and October 1, 2011 is as follows (in thousands):

Derivatives Designated as Cash Flow Hedges	Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (a)						Gain or (Loss) Reclassified From Accumulated OCI into Income (Effective Portion) (b)						Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	2012			2011			2012			2011			2012		2011
Interest rate swaps	$	—		$	—		$	(260	)	$	(907	)	$	—	$	—
Corn options	—			—			—			—			1		—
Natural gas swaps	(606		)	(509		)	(1,267		)	(148		)	8		(2		)
Total	$	(606	)	$	(509	)	$	(1,527	)	$	(1,055	)	$	9	$	(2	)

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $0.6 million and approximately $0.5 million recorded net of taxes of approximately $0.2 million and approximately $0.2 million as of September 29, 2012 and October 1, 2011, respectively.

(b) Gains and (losses) reclassified from accumulated OCI into income (effective portion) for interest rate swaps and natural gas swaps is included in interest expense and cost of sales, respectively, in the Company’s consolidated statements of operations.

(c) Gains and (losses) recognized in income on derivatives (ineffective portion) for interest rate swaps, corn options and natural gas swaps is included in other, net in the Company’s consolidated statements of operations.