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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

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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.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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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 notional amounts of outstanding derivative positions.

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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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