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noteS to conSolidated Financial StatementS
The J. M. Smucker Company
The following table sets forth the fair value of derivative instruments recognized in the Consolidated Balance Sheets.
April 30, 2013 Other Current Assets Other Current Liabilities April 30, 2012 Other Current Assets Other Current Liabilities
Derivatives designated as hedging instruments: Commodity contracts Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Commodity contracts Foreign currency exchange contracts Total derivatives not designated as hedging instruments Total derivative instruments
$2.1 $2.1 $3.6 0.7 $4.3 $6.4
$2.0 $2.0 $2.3 0.2 $2.5 $4.5
$ 6.6 $ 6.6 $ 3.1 0.4 $ 3.5 $10.1
$19.5 $19.5 $ 3.6 1.0 $ 4.6 $24.1
We have elected to not offset fair value amounts recognized for commodity derivative instruments and the cash margin accounts executed with the same counterparty. We maintained cash margin accounts of $5.5 and $32.5 at April 30, 2013 and 2012, respectively, that are included in other current assets in the Consolidated Balance Sheets. The following table presents information on pre-tax commodity contract net gains and losses recognized on derivatives designated as cash flow hedges.
Year Ended April 30, 2013 2012
Losses recognized in other comprehensive income (loss) (effective portion) (Losses) gains reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) Change in accumulated other comprehensive loss Losses recognized in cost of products sold (ineffective portion)
$(27.5) (39.6) $ 12.1 $ (0.9)
$(31.8) 1.9 $(33.7) $ (0.9)
Included as a component of accumulated other comprehensive loss at April 30, 2013 and 2012, were deferred pre-tax net losses of $12.2 and $24.3, respectively, related to commodity contracts. The related tax impact recognized in accumulated other comprehensive loss was a benefit of $4.4 and $8.8 at April 30, 2013 and 2012, respectively. The entire amount of the deferred net loss included in accumulated other comprehensive loss at April 30, 2013, is expected to be recognized in earnings within one year as the related commodity is sold.
2013 Annual Report
67
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