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Derivative Gains and Losses:  Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the fiscal year ended October 26, 2014, and October 27, 2013, were as follows: 

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(1)  Amounts represent gains or losses in AOCL before tax. See Note B for the after tax impact of these gains or losses on net earnings. 

(2)  There were no gains or losses excluded from the assessment of hedge effectiveness during the fiscal year. Fiscal year 2013 includes the mark-to- market impact on certain Jennie-O Turkey Store corn futures contracts which resulted from a temporary suspension of hedge accounting due to market volatility. 

(3)  Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the fiscal year, which were offset by a corresponding gain on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open com- modity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. 

(4)  There were no gains or losses resulting from the discontinuance of cash flow hedges during the fiscal year. 

(5)  There were no gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge during the fiscal year. 

