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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 28, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

As of December 28, 2019, 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	$	3,191		$	—	$	—	$	3,191
Other long-term assets		589			—		—		589
Total	$	3,780		$	—	$	—	$	3,780
Liabilities:
Other current liabilities	$	(814	)	$	—	$	—	$	(814	)
Other long-term liabilities		(792	)		—		—		(792	)
Total	$	(1,606	)	$	—	$	—	$	(1,606	)
Net Fair Value	$	2,174		$	—	$	—	$	2,174

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	)

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 28, 2019			December 29, 2018
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Other current assets	$	3,191	Other current assets	$	501
Commodity contracts	Other long-term assets		589	Other long-term assets		—
Total		$	3,780		$	501

	Derivative Liabilities
	December 28, 2019			December 29, 2018
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Other current liabilities	$	814	Other current liabilities	$	7,732
Commodity contracts	Other long-term liabilities		792	Other long-term liabilities		1,203
Total		$	1,606		$	8,935

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 2019		Fiscal 2018		Fiscal 2017
Commodity contracts	$	8,457	$	2,978	$	(6,789	)
Total	$	8,457	$	2,978	$	(6,789	)

	Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)(Net of tax)									Location of Gain or (Loss) Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships	Fiscal 2019			Fiscal 2018			Fiscal 2017			(Effective Portion)
Interest rate contracts	$	(107	)	$	(107	)	$	(88	)	Interest (expense) income
Commodity contracts		2,771			(972	)		(1,279	)	Production costs (1)
Total	$	2,664		$	(1,079	)	$	(1,367	)

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 (credit or (debit) balance) in AOCI 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 28, 2019:

	Commodity Price Risk Derivatives			Interest Rate Risk Derivatives		Totals
Closed contracts	$	(91	)	$	122	$	31
Expiring in 2020		1,777			—		1,777
Expiring in 2021		116			—		116
Expiring in 2022		(266	)		—		(266	)
Total	$	1,536		$	122	$	1,658

Financial Contracts Hedging Commodity Risks

As of December 28, 2019, 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	$	108,308
Soybean oil contracts		9,361
Corn contracts		5,904
Natural gas contracts		12,089
Total	$	135,662