XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.22.4

Derivative Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk | As of December 31, 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 |  | $ | 782 |  |  | $ | — |  |  | $ | — |  |  | $ | 782 |
Other long-term assets |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Total |  | $ | 784 |  |  | $ | — |  |  | $ | — |  |  | $ | 784 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (1,149 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,149 | )
Other long-term liabilities |  |  | (86 | ) |  |  | — |  |  |  | — |  |  |  | (86 | )
Total |  | $ | (1,235 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,235 | )
Net Fair Value |  | $ | (451 | ) |  | $ | — |  |  | $ | — |  |  | $ | (451 | )
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 |
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 31, 2022 |  |  | January 1, 2022 |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Other current assets |  | $ | 782 |  |  | Other current assets |  | $ | 3,955 |
Commodity contracts |  | Other long-term assets |  |  | 2 |  |  | Other long-term assets |  |  | — |
Total |  |  |  | $ | 784 |  |  |  |  | $ | 3,955 |
|  | Derivative Liabilities |
|  | December 31, 2022 |  |  | January 1, 2022 |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Commodity contracts |  | Other current liabilities |  | $ | 1,149 |  |  | Other current liabilities |  | $ | 220 |
Commodity contracts |  | Other long-term liabilities |  |  | 86 |  |  | Other long-term liabilities |  |  | — |
Total |  |  |  | $ | 1,235 |  |  |  |  | $ | 220 |
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 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |
Interest rate contracts |  | $ | — |  |  | $ | 2,926 |  |  | $ | — |
Commodity contracts |  |  | 790 |  |  |  | (8,274 | ) |  |  | 9,298 |
Total |  | $ | 790 |  |  | $ | (5,348 | ) |  | $ | 9,298 |
|  | 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 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |  |  | (Effective Portion)
Interest rate contracts |  | $ | 373 |  |  | $ | 95 |  |  | $ | (109 | ) |  | Interest income (expense)
Commodity contracts |  |  | 4,361 |  |  |  | 1,586 |  |  |  | (2,007 | ) |  | Production costs (1)
Total |  | $ | 4,734 |  |  | $ | 1,681 |  |  | $ | (2,116 | ) |  |
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 two years are as follows (amounts in thousands and net of tax) at December 31, 2022:
|  | Commodity Price Risk Derivatives |  |  | Interest Rate Risk Derivatives |  |  | Totals |
Closed contracts |  | $ | (252 | ) |  | $ | 2,689 |  |  | $ | 2,437 |
Expiring in 2023 |  |  | (275 | ) |  |  | — |  |  |  | (275 | )
Expiring in 2024 |  |  | (63 | ) |  |  | — |  |  |  | (63 | )
Total |  | $ | (590 | ) |  | $ | 2,689 |  |  | $ | 2,099 |
Financial Contracts Hedging Commodity Risks | As of December 31, 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 |  | $ | 23,651 |
Soybean oil contracts |  |  | 16,060 |
Natural gas contracts |  |  | 4,962 |
Corn contracts |  |  | 2,400 |
Total |  | $ | 47,073 |

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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfPriceRiskDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration