Derivatives (Tables)

3 Months Ended

Mar. 30, 2013

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 March 30, 2013 and December 29, 2012 (in thousands):

Derivatives Designated	Balance Sheet	Asset Derivatives Fair Value
as Hedges	Location	March 30, 2013		December 29, 2012
Corn options	Other current assets	$	2,404	$	490
Natural gas swaps	Other current assets	129		11
Total asset derivatives designated as hedges		$	2,533	$	501
Derivatives Not Designated as Hedges
Heating oil swaps and options	Other current assets	$	74	$	104
Corn futures	Other current assets	498		117
Total asset derivatives not designated as hedges		$	572	$	221
Total asset derivatives		$	3,105	$	722

Derivatives Designated	Balance Sheet	Liability Derivatives Fair Value
as Hedges	Location	March 30, 2013		December 29, 2012
Natural gas swaps	Accrued expenses	$	—	$	21
Total liability derivatives designated as hedges		$	—	$	21
Derivatives Not Designated as Hedges
Heating oil swaps and options	Accrued expenses	$	11	$	4
Corn options	Accrued expenses	—		119
Total liability derivatives not designated as hedges		$	11	$	123
Total liability derivatives		$	11	$	144

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 March 30, 2013 and March 31, 2012 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)
	2013		2012			2013			2012			2013			2012
Interest rate swaps	$	—	$	—		$	—		$	(232	)	$	—		$	—
Corn options	1,591		—			42			—			254			—
Natural gas swaps	184		(700		)	(57		)	(713		)	(1		)	3
Total	$	1,775	$	(700	)	$	(15	)	$	(945	)	$	253		$	3

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $1.8 million and approximately $0.7 million recorded net of taxes of approximately $0.7 million and $0.3 million as of March 30, 2013 and March 31, 2012, respectively.

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