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Derivatives (Tables)
 6 Months Ended
Jun. 29, 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 June 29, 2013 and December 29, 2012 (in thousands):


Derivatives Designated
Balance Sheet
Asset Derivatives Fair Value
as Hedges
Location
June 29, 2013
December 29, 2012
Corn options
Other current assets
$
2,688

$
490

Natural gas swaps
Other current assets
—

11

 
 
 
 
Total asset derivatives designated as hedges
$
2,688

$
501

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Heating oil swaps and options
Other current assets
$
31

$
104

Corn futures
Other current assets
3

117

 
 
 
 
Total asset derivatives not designated as hedges
$
34

$
221

 
 
 
 
Total asset derivatives
 
$
2,722

$
722


Derivatives Designated
Balance Sheet
Liability Derivatives Fair Value
as Hedges
Location
June 29, 2013
December 29, 2012
Natural gas swaps
Accrued expenses
$
116

$
21

 
 
 
 
Total liability derivatives designated as hedges
$
116

$
21

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Natural gas swaps
Accrued expenses
$
28

$
—

Heating oil swaps and options
Accrued expenses
146

4

Corn options
Accrued expenses
—

119

 
 
 
 
Total liability derivatives not designated as hedges
$
174

$
123

 
 
 
 
Total liability derivatives
$
290

$
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 June 29, 2013 and June 30, 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
$
—

$
—

$
—

$
(28
)
$
—

$
—

Corn options
1,450

—

866

—

(288
)
—

Natural gas swaps
(97
)
217

244

(295
)
(7
)
—

 
 
 
 
 
 
 
Total
$
1,353

$
217

$
1,110

$
(323
)
$
(295
)
$
—


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $1.4 million and approximately $0.2 million recorded net of taxes of approximately $0.5 million and $0.1 million as of June 29, 2013 and June 30, 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.

The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the six months ended June 29, 2013 and June 30, 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
$
—

$
—

$
—

$
(260
)
$
—

$
—

Corn options
3,041

—

908

—

(34
)
—

Natural gas swaps
87

(483
)
187

(1,008
)
(8
)
3

 
 
 
 
 
 
 
Total
$
3,128

$
(483
)
$
1,095

$
(1,268
)
$
(42
)
$
3



(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $3.1 million and approximately $0.5 million recorded net of taxes of approximately $1.2 million and $0.2 million as of June 29, 2013 and June 30, 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.