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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 29, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk | As of December 29, 2018, the company’s commodity hedge portfolio contained 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 assets |  | $ | 501 |  |  | $ | — |  |  | $ | — |  |  | $ | 501 |
Other long-term assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 501 |  |  | $ | — |  |  | $ | — |  |  | $ | 501 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (7,732 | ) |  | $ | — |  |  | $ | — |  |  | $ | (7,732 | )
Other long-term liabilities |  |  | (1,203 | ) |  |  | — |  |  |  | — |  |  |  | (1,203 | )
Total |  | $ | (8,935 | ) |  | $ | — |  |  | $ | — |  |  | $ | (8,935 | )
Net Fair Value |  | $ | (8,434 | ) |  | $ | — |  |  | $ | — |  |  | $ | (8,434 | )
As of December 30, 2017, the company’s commodity hedge portfolio contained 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 assets |  | $ | 259 |  |  | $ | — |  |  | $ | — |  |  | $ | 259 |
Other long-term assets |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 32 |
Total |  | $ | 291 |  |  | $ | — |  |  | $ | — |  |  | $ | 291 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (10,247 | ) |  | $ | — |  |  | $ | — |  |  | $ | (10,247 | )
Other long-term liabilities |  |  | (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 will be reclassified to interest expense as interest payments are made on the related notes.
Derivative Instruments Recorded on Consolidated Balance Sheet | The company had the following derivative instruments recorded on the Consolidated Balance Sheets, all of which are utilized for the risk management purposes detailed above (amounts in thousands):
|  | Derivative Assets |
|  | December 29, 2018 |  |  | December 30, 2017 |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Other current assets |  | $ | 501 |  |  | Other current assets |  | $ | 259 |
Commodity contracts |  | Other long-term assets |  |  | — |  |  | Other long-term assets |  |  | 32 |
Total |  |  |  | $ | 501 |  |  |  |  | $ | 291 |
|  | Derivative Liabilities |
|  | December 29, 2018 |  |  | December 30, 2017 |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Other current liabilities |  | $ | 7,732 |  |  | Other current liabilities |  | $ | 10,247 |
Commodity contracts |  | Other long-term liabilities |  |  | 1,203 |  |  | Other long-term liabilities |  |  | 639 |
Total |  |  |  | $ | 8,935 |  |  |  |  | $ | 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) Recognized in OCI on Derivatives (Effective Portion) (Net of tax) |
Derivatives in Cash Flow Hedging Relationships |  | Fiscal 2018 |  |  | Fiscal 2017 |  |  | Fiscal 2016 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | $ | 666 |
Commodity contracts |  |  | 2,978 |  |  |  | (6,789 | ) |  |  | 5,064 |
Total |  | $ | 2,978 |  |  | $ | (6,789 | ) |  | $ | 5,730 |
|  | Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax) |  |  | Location of (Gain) or Loss Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships |  | Fiscal 2018 |  |  | Fiscal 2017 |  |  | Fiscal 2016 |  |  | (Effective Portion)
Interest rate contracts |  | $ | 107 |  |  | $ | 88 |  |  | $ | 135 |  |  | Interest expense (income)
Commodity contracts |  |  | 972 |  |  |  | 1,279 |  |  |  | 3,264 |  |  | Production costs (1)
Total |  | $ | 1,079 |  |  | $ | 1,367 |  |  | $ | 3,399 |  |  |
1. | Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately).
Accumulated Other Comprehensive Loss (Income) Related to Derivative Transactions | The balance in accumulated other comprehensive loss (income) related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next three years are as follows (amounts in thousands and net of tax) at December 29, 2018:
|  | Commodity Price Risk Derivatives |  |  | Interest Rate Risk Derivatives |  |  | Totals |
Closed contracts |  | $ | (2,153 | ) |  | $ | (15 | ) |  | $ | (2,168 | )
Expiring in 2019 |  |  | 5,405 |  |  |  | — |  |  |  | 5,405 |
Expiring in 2020 |  |  | 782 |  |  |  | — |  |  |  | 782 |
Expiring in 2021 |  |  | 112 |  |  |  | — |  |  |  | 112 |
Expiring in 2022 |  |  | 6 |  |  |  | — |  |  |  | 6 |
Total |  | $ | 4,152 |  |  | $ | (15 | ) |  | $ | 4,137 |
Financial Contracts Hedging Commodity Risks | As of December 29, 2018, the company had entered into the following financial contracts to hedge commodity risks (amounts in thousands):
Derivatives in Cash Flow Hedging Relationships |  | Notional amount |
Wheat contracts |  | $ | 122,946 |
Soybean oil contracts |  |  | 20,372 |
Corn contracts |  |  | 10,570 |
Natural gas contracts |  |  | 16,996 |
Total |  | $ | 170,884 |

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- 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
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