Derivative Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Recorded at Fair Value in Unaudited Condensed Consolidated Balance Sheets

At September 30, 2015 and December 31, 2014, our derivatives recorded at fair value in our unaudited Condensed Consolidated Balance Sheets consisted of the following:

	Derivative Assets				Derivative Liabilities
	September 30, 2015		December 31, 2014		September 30, 2015		December 31, 2014
	(In thousands)
Derivatives not Designated as Hedging Instruments
Commodities contracts — current(1)	$	455	$	2	$	5,272	$	4,392
Total derivatives	$	455	$	2	$	5,272	$	4,392

(1) Derivative assets and liabilities that have settlement dates equal to or less than 12 months from the respective balance sheet date are included in prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our unaudited Condensed Consolidated Balance Sheets.

Summary of Derivative Assets and Liabilities Measured at Fair Value on Recurring Basis

A summary of our derivative assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 is as follows (in thousands):

	Fair Value as of September 30, 2015		Level 1		Level 2		Level 3
Asset — Commodities contracts	$	455	$	—	$	455	$	—
Liability — Commodities contracts	5,272		—		5,272		—

A summary of our derivative assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 is as follows (in thousands):

	Fair Value as of December 31, 2014		Level 1		Level 2		Level 3
Asset — Commodities contracts	$	2	$	—	$	2	$	—
Liability — Commodities contracts	4,392		—		4,392		—

Carrying Value and Fair Value of Senior Notes and Subsidiary Senior Notes

The following table presents the carrying values and fair values of our senior and subsidiary senior notes at September 30, 2015 and December 31, 2014:

	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Dean Foods Company senior notes due 2023	$	700,000	$	711,375	$	—	$	—
Dean Foods Company senior notes due 2016	—		—		475,819		507,140
Subsidiary senior notes due 2017	136,619		147,680		134,913		151,230

Summary of SERP Assets Measured at Fair Value on Recurring Basis

The following table presents a summary of the SERP assets measured at fair value on a recurring basis as of September 30, 2015 (in thousands):

	Total		Level 1		Level 2		Level 3
Money market	$	39	$	—	$	39	$	—
Mutual funds	1,523		—		1,523		—

The following table presents a summary of the SERP assets measured at fair value on a recurring basis as of December 31, 2014 (in thousands):

	Total		Level 1		Level 2		Level 3
Money market	$	12	$	—	$	12	$	—
Mutual funds	1,929		—		1,929		—