Derivative Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Recorded at Fair Value in Unaudited Condensed Consolidated Balance Sheets

At March 31, 2017 and December 31, 2016, our derivatives recorded at fair value in our unaudited Condensed Consolidated Balance Sheets consisted of the following:

	Derivative Assets				Derivative Liabilities
	March 31, 2017		December 31, 2016		March 31, 2017		December 31, 2016
	(In thousands)
Commodities contracts — current(1)	$	320	$	2,416	$	2,266	$	12
Total derivatives	$	320	$	2,416	$	2,266	$	12

(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 March 31, 2017 is as follows (in thousands):

	Fair Value as of March 31, 2017		Level 1		Level 2		Level 3
Asset — Commodities contracts	$	320	$	—	$	320	$	—
Liability — Commodities contracts	2,266		—		2,266		—

A summary of our derivative assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 is as follows (in thousands):

	Fair Value as of December 31, 2016		Level 1		Level 2		Level 3
Asset — Commodities contracts	$	2,416	$	—	$	2,416	$	—
Liability — Commodities contracts	12		—		12		—

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

The following table presents the outstanding principal amounts and fair values of the 2023 Notes and subsidiary senior notes at March 31, 2017 and December 31, 2016:

	March 31, 2017				December 31, 2016
	Amount Outstanding		Fair Value		Amount Outstanding		Fair Value
	(In thousands)
Dean Foods Company senior notes due 2023	$	700,000	$	731,500	$	700,000	$	736,750
Subsidiary senior notes due 2017	142,000		144,840		142,000		146,615

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 March 31, 2017 (in thousands):

	Total		Level 1		Level 2		Level 3
Money market	$	26	$	—	$	26	$	—
Mutual funds	1,711		—		1,711		—

The following table presents a summary of the SERP assets measured at fair value on a recurring basis as of December 31, 2016 (in thousands):

	Total		Level 1		Level 2		Level 3
Money market	$	27	$	—	$	27	$	—
Mutual funds	1,673		—		1,673		—