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Derivative Financial Instruments (Tables)

12 Months Ended

Jan. 01, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of January 1, 2022, 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		$	3,955			$	—			$	—			$	3,955
Other long-term assets			—				—				—				—
Total		$	3,955			$	—			$	—			$	3,955
Liabilities:
Other current liabilities		$	(220	)		$	—			$	—			$	(220	)
Other long-term liabilities			—				—				—				—
Total		$	(220	)		$	—			$	—			$	(220	)
Net Fair Value		$	3,735			$	—			$	—			$	3,735

As of January 2, 2021, 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		$	16,684			$	—			$	—			$	16,684
Other long-term assets			731				—				—				731
Total		$	17,415			$	—			$	—			$	17,415
Liabilities:
Other current liabilities		$	(5	)		$	—			$	—			$	(5	)
Other long-term liabilities			(83	)			—				—				(83	)
Total			(88	)			—				—				(88	)
Net Fair Value		$	17,327			$	—			$	—			$	17,327

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
		January 1, 2022						January 2, 2021
Derivatives Designated as Hedging Instruments		Balance Sheet Location		Fair Value				Balance Sheet Location		Fair Value
Commodity contracts		Other current assets		$	3,955			Other current assets		$	16,684
Commodity contracts		Other long-term assets			—			Other long-term assets			731
Total				$	3,955					$	17,415

		Derivative Liabilities
		January 1, 2022						January 2, 2021
Derivatives Designated as Hedging Instruments		Balance Sheet Location		Fair Value				Balance Sheet Location		Fair Value
Commodity contracts		Other current liabilities		$	220			Other current liabilities		$	5
Commodity contracts		Other long-term liabilities			—			Other long-term liabilities			83
Total				$	220					$	88

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 2021				Fiscal 2020				Fiscal 2019
Interest rate contracts		$	2,926			$	—			$	—
Commodity contracts		$	(8,274	)		$	9,298			$	8,457
Total		$	(5,348	)		$	9,298			$	8,457

		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 2021				Fiscal 2020				Fiscal 2019				(Effective Portion)
Interest rate contracts		$	95			$	(109	)		$	(107	)		Interest income (expense)
Commodity contracts			1,586				(2,007	)			2,771			Production costs (1)
Total		$	1,681			$	(2,116	)		$	2,664

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 January 1, 2022:

		Commodity Price Risk Derivatives				Interest Rate Risk Derivatives				Totals
Closed contracts		$	179			$	3,063			$	3,242
Expiring in 2022			2,801				—				2,801
Total		$	2,980			$	3,063			$	6,043

Financial Contracts Hedging Commodity Risks

As of January 1, 2022, 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		$	32,731
Soybean oil contracts			7,088
Natural gas contracts			3,663
Corn contracts			342
Total		$	43,824

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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.

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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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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.

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-SubTopic 10
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