XML 51 R39.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Derivative Financial Instruments (Tables) | 9 Months Ended
--- | ---
Oct. 06, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk | As of October 6, 2018, the company’s hedge portfolio contained commodity derivatives, which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | 3,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,872 |
Other long-term |  |  | 617 |  |  |  | — |  |  |  | — |  |  |  | 617 |
Total |  |  | 4,489 |  |  |  | — |  |  |  | — |  |  |  | 4,489 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (1,180 | ) |  |  | — |  |  |  | — |  |  |  | (1,180 | )
Other long-term |  |  | (616 | ) |  |  | — |  |  |  | — |  |  |  | (616 | )
Total |  |  | (1,796 | ) |  |  | — |  |  |  | — |  |  |  | (1,796 | )
Net Fair Value |  | $ | 2,693 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,693 |
As of December 30, 2017, the company’s hedge portfolio contained commodity derivatives, which are recorded in the following accounts with fair values measured as indicated (amounts in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  | $ | 259 |  |  | $ | — |  |  | $ | — |  |  | $ | 259 |
Other long-term |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 32 |
Total |  |  | 291 |  |  |  | — |  |  |  | — |  |  |  | 291 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (10,247 | ) |  |  | — |  |  |  | — |  |  |  | (10,247 | )
Other long-term |  |  | (639 | ) |  |  | — |  |  |  | — |  |  |  | (639 | )
Total |  |  | (10,886 | ) |  |  | — |  |  |  | — |  |  |  | (10,886 | )
Net Fair Value |  | $ | (10,595 | ) |  | $ | — |  |  | $ | — |  |  | $ | (10,595 | )
Derivative Held for Hedging the Risk of Changes in Forecasted Interest Payments on Issuance of Long-term Debt | The following table outlines the company’s derivatives, which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (amounts in thousands, before tax, and an asset is a positive value and a liability is a negative value):
Terminated |  | Description |  | Aggregate Notional Amount |  |  | Fair Value When Terminated |  |  | Fair Value Deferred in AOCI(1) |  |  | Ineffective Portion at Termination |
April/2012 |  | Treasury lock |  | $ | 500,000 |  |  | $ | (3,137 | ) |  | $ | 2,510 |  |  | $ | 627 |
September/2016 |  | Treasury lock |  | $ | 200,000 |  |  | $ | 1,298 |  |  | $ | (1,298 | ) |  | $ | — |
September/2016 |  | Treasury lock |  | $ | 150,000 |  |  | $ | (323 | ) |  | $ | 215 |  |  | $ | 108 |
(1) | The amount reported in AOCI is reclassified to interest expense as interest payments are made on the related notes through the maturity date.
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The company has the following derivative instruments located on the Condensed Consolidated Balance Sheets, which are utilized for the risk management purposes detailed above (amounts in thousands):
|  | Derivative Assets |  |  | Derivative Liabilities |
|  | October 6, 2018 |  |  | December 30, 2017 |  |  | October 6, 2018 |  |  | December 30, 2017 |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Other current assets |  | $ | 3,872 |  |  | Other current assets |  | $ | 259 |  |  | Other accrued liabilities |  | $ | 1,180 |  |  | Other accrued liabilities |  | $ | 10,247 |
Commodity contracts |  | Other assets |  |  | 617 |  |  | Other assets |  |  | 32 |  |  | Other long-term liabilities |  |  | 616 |  |  | Other long-term liabilities |  |  | 639 |
Total |  |  |  | $ | 4,489 |  |  |  |  | $ | 291 |  |  |  |  | $ | 1,796 |  |  |  |  | $ | 10,886 |
Effect of Derivative Instruments for Deferred Gains And (Losses) on Closed Contracts and Effective Portion in Fair Value on AOCI, Utilized for Risk Management Purposes (Detail) | The company had the following derivative instruments for deferred gains and (losses) on closed contracts and the effective portion for changes in fair value recorded in AOCI (no amounts were excluded from the effectiveness test), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax):
|  | Amount of Gain or (Loss) |  |  |  |  | Amount of (Gain) or Loss |
|  | Recognized in AOCI on Derivatives |  |  |  |  | Reclassified from AOCI |
|  | (Effective Portion) |  |  | Location of (Gain) or Loss |  | into Income (Effective Portion) |
Derivatives in Cash Flow |  | For the Twelve Weeks Ended |  |  | Reclassified from AOCI |  | For the Twelve Weeks Ended |
Hedge Relationships(1) |  | October 6, 2018 |  |  | October 7, 2017 |  |  | into Income (Effective Portion)(2) |  | October 6, 2018 |  |  | October 7, 2017 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | 25 |  |  | $ | 21 |
Commodity contracts |  |  | 7,394 |  |  |  | (9,652 | ) |  | Production costs(3) |  |  | 241 |  |  |  | 351 |
Total |  | $ | 7,394 |  |  | $ | (9,652 | ) |  |  |  | $ | 266 |  |  | $ | 372 |
|  | Amount of Gain or (Loss) |  |  |  |  | Amount of (Gain) or Loss |
|  | Recognized in AOCI on Derivatives |  |  |  |  | Reclassified from AOCI |
|  | (Effective Portion) |  |  | Location of (Gain) or Loss |  | into Income (Effective Portion) |
Derivatives in Cash Flow |  | For the Forty Weeks Ended |  |  | Reclassified from AOCI |  | For the Forty Weeks Ended |
Hedge Relationships(1) |  | October 6, 2018 |  |  | October 7, 2017 |  |  | into Income (Effective Portion)(2) |  | October 6, 2018 |  |  | October 7, 2017 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | 83 |  |  | $ | 68 |
Commodity contracts |  |  | 9,055 |  |  |  | (5,932 | ) |  | Production costs(3) |  |  | 606 |  |  |  | 1,098 |
Total |  | $ | 9,055 |  |  | $ | (5,932 | ) |  |  |  | $ | 689 |  |  | $ | 1,166 |
1. | Amounts in parentheses indicate debits to determine net income (loss).
2. | Amounts in parentheses, if any, indicate credits to determine net income (loss).
3. | Included in materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).
AOCI Related to Derivative Transactions | At October 6, 2018, the balance in AOCI related to commodity price risk and interest rate risk derivative transactions that closed or will expire over the following years are as follows (amounts in thousands and net of tax) (amounts in parenthesis indicate a debit balance):
|  | Commodity Price Risk Derivatives |  |  | Interest Rate Risk Derivatives |  |  | Totals |
Closed contracts |  | $ | (453 | ) |  | $ | (9 | ) |  | $ | (462 | )
Expiring in 2018 |  |  | 29 |  |  |  | — |  |  |  | 29 |
Expiring in 2019 |  |  | 2,073 |  |  |  | — |  |  |  | 2,073 |
Expiring in 2020 |  |  | 32 |  |  |  | — |  |  |  | 32 |
Expiring in 2021 |  |  | (120 | ) |  |  | — |  |  |  | (120 | )
Total |  | $ | 1,561 |  |  | $ | (9 | ) |  | $ | 1,552 |
Financial Contracts Hedging Commodity Risk | As of October 6, 2018, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):
|  | Notional Amount |
Wheat contracts |  | $ | 139,152 |
Soybean oil contracts |  |  | 22,825 |
Natural gas contracts |  |  | 14,146 |
Corn contracts |  |  | 16,097 |
Total |  | $ | 192,220 |

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

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of price risk derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfPriceRiskDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration