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Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 07, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of October 7, 2023, 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		$	302			$	—			$	—			$	302
Other long-term			109				—				—				109
Total			411				—				—				411
Liabilities:
Other current			(744	)			—				—				(744	)
Other long-term			(1	)			—				—				(1	)
Total			(745	)			—				—				(745	)
Net Fair Value		$	(334	)		$	—			$	—			$	(334	)

As of December 31, 2022, 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		$	782			$	—			$	—			$	782
Other long-term			2				—				—				2
Total			784				—				—				784
Liabilities:
Other current			(1,149	)			—				—				(1,149	)
Other long-term			(86	)			—				—				(86	)
Total			(1,235	)			—				—				(1,235	)
Net Fair Value		$	(451	)		$	—			$	—			$	(451	)

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 7, 2023						December 31, 2022						October 7, 2023						December 31, 2022
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		$	302			Other current assets		$	782			Other accrued liabilities		$	744			Other accrued liabilities		$	1,149
Commodity contracts		Other assets			109			Other assets			2			Other long-term liabilities			1			Other long-term liabilities			86
Total				$	411					$	784					$	745					$	1,235

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 (Loss) or Gain										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 7, 2023				October 8, 2022				into Income (Effective Portion)(2)		October 7, 2023				October 8, 2022
Interest rate contracts		$	—			$	—			Interest expense		$	86			$	86
Commodity contracts			(1,579	)			7,851			Production costs(3)			(383	)			1,822
Total		$	(1,579	)		$	7,851					$	(297	)		$	1,908

		Amount of (Loss) or Gain										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 7, 2023				October 8, 2022				into Income (Effective Portion)(2)		October 7, 2023				October 8, 2022
Interest rate contracts		$	—			$	—			Interest expense		$	287			$	287
Commodity contracts			(1,531	)			2,654			Production costs(3)			(1,819	)			4,220
Total		$	(1,531	)		$	2,654					$	(1,532	)		$	4,507

1.Amounts in parentheses indicate debits to determine net income.

2.Amounts in parentheses, if any, indicate credits to determine net income.

3.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

At October 7, 2023, 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		$	(52	)		$	2,403			$	2,351
Expiring in 2023			(185	)			—				(185	)
Expiring in 2024			(66	)			—				(66	)
Total		$	(303	)		$	2,403			$	2,100

Financial Contracts Hedging Commodity Risk

As of October 7, 2023, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

		Notional Amount
Wheat contracts		$	4,792
Soybean oil contracts			17,417
Natural gas contracts			3,600
Corn contracts			520
Total		$	26,329

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