XML 48 R39.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Derivative Financial Instruments (Tables) | 4 Months Ended
--- | ---
Apr. 20, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk | As of April 20, 2024, 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 |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Other long-term |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (1,675 | ) |  |  | — |  |  |  | — |  |  |  | (1,675 | )
Other long-term |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | (26 | )
Total |  |  | (1,701 | ) |  |  | — |  |  |  | — |  |  |  | (1,701 | )
Net Fair Value |  | $ | (1,685 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,685 | )
As of December 30, 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 |  | $ | 55 |  |  | $ | — |  |  | $ | — |  |  | $ | 55 |
Other long-term |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 55 |  |  |  | — |  |  |  | — |  |  |  | 55 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (1,918 | ) |  |  | — |  |  |  | — |  |  |  | (1,918 | )
Other long-term |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (2 | )
Total |  |  | (1,920 | ) |  |  | — |  |  |  | — |  |  |  | (1,920 | )
Net Fair Value |  | $ | (1,865 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,865 | )
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 |
|  | April 20, 2024 |  |  | December 30, 2023 |  |  | April 20, 2024 |  |  | December 30, 2023 |
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 |  | $ | 16 |  |  | Other current assets |  | $ | 55 |  |  | Other accrued liabilities |  | $ | 1,675 |  |  | Other accrued liabilities |  | $ | 1,918 |
Commodity contracts |  | Other assets |  |  | — |  |  | Other assets |  |  | — |  |  | Other long-term liabilities |  |  | 26 |  |  | Other long-term liabilities |  |  | 2 |
Total |  |  |  | $ | 16 |  |  |  |  | $ | 55 |  |  |  |  | $ | 1,701 |  |  |  |  | $ | 1,920 |
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 Sixteen Weeks Ended |  |  | Reclassified from AOCI |  | For the Sixteen Weeks Ended |
Hedge Relationships(1) |  | April 20, 2024 |  |  | April 22, 2023 |  |  | into Income (Effective Portion)(2) |  | April 20, 2024 |  |  | April 22, 2023 |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | 115 |  |  | $ | 115 |
Commodity contracts |  |  | (566 | ) |  |  | (3,044 | ) |  | Production costs(3) |  |  | (665 | ) |  |  | (1,055 | )
Total |  | $ | (566 | ) |  | $ | (3,044 | ) |  |  |  | $ | (550 | ) |  | $ | (940 | )
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 April 20, 2024, 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 |  | $ | 10 |  |  | $ | 2,202 |  |  | $ | 2,212 |
Expiring in 2024 |  |  | (1,235 | ) |  |  | — |  |  |  | (1,235 | )
Expiring in 2025 |  |  | (30 | ) |  |  | — |  |  |  | (30 | )
Total |  | $ | (1,255 | ) |  | $ | 2,202 |  |  | $ | 947 |
Financial Contracts Hedging Commodity Risk | As of April 20, 2024, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):
|  | Notional Amount |
Wheat contracts |  | $ | 10,565 |
Soybean oil contracts |  |  | 11,412 |
Natural gas contracts |  |  | 1,693 |
Corn contracts |  |  | 398 |
Total |  | $ | 24,068 |

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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfPriceRiskDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration