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This excerpt taken from the HRL 10-Q filed Mar 6, 2009. Fair Value Hedge:
The Company utilizes futures to minimize the price risk
assumed when forward priced contracts are offered to the Company’s commodity
suppliers. The intent of the program is
to make the forward priced commodities cost nearly the same as cash market
purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the Consolidated Statement of Financial Position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings.
As of January 25, 2009, the fair value of the Company’s open futures contracts included on the Consolidated Statement of Financial Position was $19,713. Gains on closed futures contracts in the amount of $19,769, before tax, were recognized in earnings during the three months ended January 25, 2009, compared to gains of $4,450, before tax, in the same period of fiscal 2008. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.
These excerpts taken from the HRL 10-K filed Dec 23, 2008. Fair Value Hedge: The company utilizes futures to minimize the price risk assumed when
forward priced contracts are offered to the company’s commodity suppliers. The
intent of the program is to make the forward priced commodities cost nearly the
same as cash market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the company measures the effectiveness of the hedges on a regular basis. The company recorded a gain of $2.6 million, a gain of $2.2 million, and a charge of $2.0 million to earnings in fiscal years 2008, 2007, and 2006, respectively, related to ineffective positions. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transaction affects earnings.
As of October 26, 2008, the fair value of the company’s futures contracts included on the statement of financial position was $43.3 million, compared to $4.1 million as of October 28, 2007. Losses on closed futures contracts in the amount of $7.1 million, $11.4 million, and $0.5 million, before tax, were recognized in earnings during fiscal years 2008, 2007, and 2006, respectively. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.
54
Fair Value Hedge: The company utilizes futures to minimize the price risk assumed when forward priced contracts are offered to the company’s commodity suppliers. The intent of the program is to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery.
The
As
54
This excerpt taken from the HRL 10-Q filed Sep 5, 2008. Fair Value Hedge:
The Company utilizes futures to minimize the price risk
assumed when forward priced contracts are offered to the Company’s commodity
suppliers. The intent of the program is
to make the forward priced commodities cost nearly the same as cash market
purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings.
As of July 27, 2008, the fair value of the Company’s futures contracts included on the statement of financial position was $(10,882). Losses on closed futures contracts in the amount of $12,001 and $13,831, before tax, were recognized in earnings during the three and nine months ended July 27, 2008, respectively, compared to losses of $919 and $14,224, before tax, in the same periods of fiscal 2007. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.
This excerpt taken from the HRL 10-Q filed Jun 6, 2008. Fair Value Hedge:
The Company utilizes futures to minimize the price risk
assumed when forward priced contracts are offered to the Company’s commodity
suppliers. The intent of the program is
to make the forward priced commodities cost nearly the same as cash market
purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings.
As of April 27, 2008, the fair value of the Company’s futures contracts included on the statement of financial position was $(24,733). Losses on closed futures contracts in the amount of $6,280 and $1,830, before tax, were recognized in earnings during the three and six months ended April 27, 2008, compared to losses of $5,353 and $13,304, before tax, in the same periods of fiscal 2007. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.
13
This excerpt taken from the HRL 10-Q filed Mar 7, 2008. Fair Value Hedge:
The Company utilizes
futures to minimize the price risk assumed when forward priced contracts are
offered to the Company’s commodity suppliers.
The intent of the program is to make the forward priced commodities cost
nearly the same as cash market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through costs of products sold in the period or periods in which the hedged transaction affects earnings.
As of January 28, 2007, the fair value of the Company’s futures contracts included on the statement of financial position was $(15,286). Gains on closed futures contracts in the amount of $4,450, before tax, were recognized in earnings during the first quarter of 2008, compared to losses of $7,951, before tax, in the first quarter of fiscal 2007. There were no gains or losses recognized in earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.
12
This excerpt taken from the HRL 10-K filed Dec 27, 2007. Fair Value Hedge: The company utilizes futures to minimize the price risk assumed when forward priced
contracts are offered to the
company’s commodity suppliers. The intent of the program is to make the forward priced commodities cost
nearly the same as cash market
purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the company measures the effectiveness of the hedges on a regular basis. The company recorded a gain of $2.2 million, a charge of $2.0 million, and an immaterial gain to earnings in fiscal years 2007, 2006, and 2005, respectively, related to ineffective positions. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transaction affects earnings.
As of October 28, 2007, the fair value of the company’s open futures contracts included on the statement of financial position was $4.1 million, compared to $(15.2) million as of October 29, 2006. Losses on closed futures contracts in the amount of $11.4 million and $0.5 million, and gains of $4.2 million, before tax, were recognized in earnings in fiscal years 2007, 2006, and 2005, respectively. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge.
This excerpt taken from the HRL 10-Q filed Sep 7, 2007. Fair Value Hedge: The Company utilizes futures to minimize
the price risk assumed when forward priced contracts are offered to the Company’s
commodity suppliers. The intent of the
program is to make the forward priced commodities cost nearly the same as cash
market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings. As of July 29, 2007, the fair value of the Company’s futures contracts included on the statement of financial position was $(1,667). Losses on closed futures contracts in the amount of $919 and $14,224, before tax, were recognized in earnings during the three and nine months ended July 29, 2007, compared to losses on closed futures contracts of $(665) and gains of $1,620, before tax, in the same periods of fiscal 2006. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge. 13 NOTE J This excerpt taken from the HRL 10-Q filed Jun 8, 2007. Fair Value Hedge: The Company utilizes futures to minimize
the price risk assumed when forward priced contracts are offered to the Company’s
commodity suppliers. The intent of the
program is to make the forward priced commodities cost nearly the same as cash
market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings. As of April 29, 2007, the fair value of the Company’s futures contracts included on the statement of financial position was $(5,159). Losses on closed futures contracts in the amount of $5,353 and $13,304, before tax, were recognized in earnings during the three and six months ended April 29, 2007, compared to gains of $892 and $2,285, before tax, in the same periods of fiscal 2006. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge. 13 This excerpt taken from the HRL 10-Q filed Mar 9, 2007. Fair Value Hedge: The Company utilizes futures to minimize
the price risk assumed when forward priced contracts are offered to the Company’s
commodity suppliers. The intent of the
program is to make the forward priced commodities cost nearly the same as cash
market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through costs of products sold in the period or periods in which the hedged transactions affect earnings. As of January 28, 2007, the fair value of the Company’s futures contracts included on the statement of financial position was $(18,934). Losses on closed futures contracts in the amount of $7,951, before tax, were recognized in earnings during the first quarter of 2007, compared to gains of $1,393, before tax, in the first quarter of fiscal 2006. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge. This excerpt taken from the HRL 10-K filed Jan 12, 2007. Fair
Value Hedge: The
company utilizes futures to minimize the price risk assumed when forward priced
contracts are offered to the company’s commodity suppliers. The intent of the
program is to make the forward priced commodities cost nearly the same as cash
market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the company measures the effectiveness of the hedges on a regular basis. The company has determined its hedge programs to be highly effective. In 2006, the company recorded a charge of $2.0 million to earnings related to ineffective positions. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transaction affects earnings. As of October 29, 2006, the fair value of the company’s open futures contracts included on the statement of financial position was $(15.2) million. Losses on closed futures contracts in the amount of $0.5 million, before tax, were recognized in earnings during the fiscal year. There were no gains or losses recognized into earnings as a result of a hedged firm commitment no longer qualifying as a fair value hedge. This excerpt taken from the HRL 10-Q filed Sep 8, 2006. Fair Value Hedge: The Company utilizes futures to minimize
the price risk assumed when forward priced contracts are offered to the Company’s
commodity suppliers. The intent of the
program is to make the forward priced commodities cost nearly the same as cash
market purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. The Company has determined its hedge programs to be highly effective. In the third quarter of fiscal 2005 and 2006, the Company recorded an immaterial amount of ineffectiveness to earnings. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through costs of products sold in the period or periods in which the hedged transactions affect earnings. As of July 30, 2006, the fair value of the Company’s open futures contracts included on the statement of financial position was $(761). Gains/(losses) on closed futures contracts in the amount of $(665) and $1,620, before tax, were recognized in earnings during the three and nine months ended July 30, 2006, respectively, compared to gains of $910 and $2,339 in the same periods of fiscal 2005. This excerpt taken from the HRL 10-Q filed Mar 10, 2006. Fair Value Hedge:
The Company utilizes futures to minimize the price risk
assumed when forward priced contracts are offered to the Company’s commodity
suppliers. The intent of the program is
to make the forward priced commodities cost nearly the same as cash market
purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges on a regular basis. The Company has determined its hedge programs to be highly effective. In the first quarter of fiscal 2005 and 2006, the Company recorded an immaterial amount of ineffectiveness to earnings. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively. Gains or losses related to these fair value hedges are recognized through costs of products sold in the period or periods in which the hedged transactions affect earnings.
As of January 29, 2006, the fair value of the Company’s open futures contracts included on the statement of financial position was $577. Gains on closed futures contracts in the amount of $1,393, before tax, were recognized in earnings during the first quarter of 2006, compared to losses of $1,953, before tax, in the first quarter of fiscal 2005.
12
This excerpt taken from the HRL 10-K filed Jan 13, 2006. Fair Value Hedge:
The company utilizes
futures to minimize the price risk assumed when forward priced contracts are
offered to the company’s commodity suppliers. The intent of the program is to
make the forward priced commodities cost nearly the same as cash market
purchases at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the company measures the effectiveness of the hedges on a regular basis. The company has determined its hedge programs to be highly effective. In 2005, the company recorded an immaterial amount of ineffectiveness to earnings.
52
Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the statement of financial position as a current asset and liability, respectively.
As of October 30, 2005, the fair value of the company’s open futures contracts included on the statement of financial position was $1.5 million. Gains on closed futures contracts in the amount of $4.2 million, before tax, were recognized in earnings during the fiscal year.
This excerpt taken from the HRL 10-K filed Jan 13, 2005. Fair Value Hedge: The
company utilizes hog futures to minimize the price risk assumed when forward
priced contracts are offered to the company’s hog producers. The intent of the
program is to make the forward priced hogs cost nearly the same as cash market hogs
at the date of delivery.
The futures contracts are designated and accounted for as fair value hedges, and the company measures the effectiveness of the hedges on a regular basis. The company has determined its hedge program to be highly effective. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the consolidated statement of financial position as a current asset and liability, respectively.
As of October 30, 2004, the fair value of the company’s open futures contracts included on the consolidated statement of financial position was $(0.7 million). Losses on closed futures contracts in the amount of $0.7 million, before tax, were recognized in earnings during the fiscal year.
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