XML 40 R25.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Fair Value Measurement | 12 Months Ended
--- | ---
Jan. 01, 2022
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT FASB authoritative guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements including guidance related to nonrecurring measurements of nonfinancial assets and liabilities. The following tables presents the Company's financial instruments that are measured at fair value on a recurring and nonrecurring basis as of January 1, 2022 and January 2, 2021 and are categorized using the fair value hierarchy under FASB authoritative guidance. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value.
|  | Fair Value Measurements at January 1, 2022 Using
|  | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
(In thousands of dollars) | Total | (Level 1) | (Level 2) | (Level 3)
Assets |  |  |  |
Derivative assets | $ | 5,031 |  | $ | — |  | $ | 5,031 |  | $ | — |
Total Assets | 5,031 |  | — |  | 5,031 |  | — |
Liabilities |  |  |  |
Derivative liabilities | 7,173 |  | — |  | 7,173 |  | — |
5.25% Senior Notes | 515,600 |  | — |  | 515,600 |  | — |
3.625% Senior Notes | 591,200 |  | — |  | 591,200 |  | — |
Term Loan B | 200,000 |  | — |  | 200,000 |  | — |
Revolver | 158,400 |  | — |  | 158,400 |  | — |
Total Liabilities | $ | 1,472,373 |  | $ | — |  | $ | 1,472,373 |  | $ | — |
|  | Fair Value Measurements at January 2, 2021 Using
|  | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
(In thousands of dollars) | Total | (Level 1) | (Level 2) | (Level 3)
Assets |  |  |  |
Derivative assets | $ | 17,358 |  | $ | — |  | $ | 17,358 |  | $ | — |
Total Assets | 17,358 |  | — |  | 17,358 |  | — |
Liabilities |  |  |  |
Derivative liabilities | 9,778 |  | — |  | 9,778 |  | — |
5.25% Senior Notes | 531,300 |  | — |  | 531,300 |  | — |
3.625% Senior Notes | 646,323 |  | — |  | 646,323 |  | — |
Term Loan B | 298,500 |  | — |  | 298,500 |  | — |
Revolver | 54,175 |  | — |  | 54,175 |  | — |
Total Liabilities | $ | 1,540,076 |  | $ | — |  | $ | 1,540,076 |  | $ | — |
Derivative assets and liabilities consist of the Company's corn option and future contracts, foreign currency forward and option contracts and soybean meal forward contracts which represent the difference between the observable market rates of commonly quoted intervals for similar assets and liabilities in active markets and the fixed swap rate considering the instrument’s term, notional amount and credit risk. See Note 16 Derivatives for discussion on the Company's derivatives. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments and as such have been excluded from the table above. The carrying amount for the Company's other debt is not deemed to be significantly different than the fair value and all other instruments have been recorded at fair value. The fair value of the senior notes, term loan B and revolver debt is based on market quotation from third-party banks.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration