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Derivative Financial Instruments (Tables) | 9 Months Ended
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Oct. 05, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Net Fair Value of Commodity Price Risk and Interest Rate Risk | As of October 5, 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 |  | $ | 606 |  |  | $ | — |  |  | $ | — |  |  | $ | 606 |
Other long-term |  |  | 66 |  |  |  | — |  |  |  | — |  |  |  | 66 |
Total |  |  | 672 |  |  |  | — |  |  |  | — |  |  |  | 672 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | (38 | )
Other long-term |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | (38 | )
Net Fair Value |  | $ | 634 |  |  | $ | — |  |  | $ | — |  |  | $ | 634 |
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 | )
As of October 5, 2024, the company’s hedge portfolio contained interest 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other long-term |  |  | 633 |  |  |  | — |  |  |  | — |  |  |  | 633 |
Total |  |  | 633 |  |  |  | — |  |  |  | — |  |  |  | 633 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other current |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other long-term |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net Fair Value |  | $ | 633 |  |  | $ | — |  |  | $ | — |  |  | $ | 633 |
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 5, 2024 |  |  | December 30, 2023 |  |  | October 5, 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 |  | $ | 606 |  |  | Other current assets |  | $ | 55 |  |  | Other accrued liabilities |  | $ | 38 |  |  | Other accrued liabilities |  | $ | 1,918 |
Commodity contracts |  | Other assets |  |  | 699 |  |  | Other assets |  |  | — |  |  | Other long-term liabilities |  |  | — |  |  | Other long-term liabilities |  |  | 2 |
Total |  |  |  | $ | 1,305 |  |  |  |  | $ | 55 |  |  |  |  | $ | 38 |  |  |  |  | $ | 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 Twelve Weeks Ended |  |  | Reclassified from AOCI |  | For the Twelve Weeks Ended |
Hedge Relationships(1) |  | October 5, 2024 |  |  | October 7, 2023 |  |  | into Income (Effective Portion)(2) |  | October 5, 2024 |  |  | October 7, 2023 |
Interest rate contracts |  | $ | 492 |  |  | $ | — |  |  | Interest expense |  | $ | 86 |  |  | $ | 86 |
Commodity contracts |  |  | 731 |  |  |  | (1,579 | ) |  | Production costs(3) |  |  | (214 | ) |  |  | (383 | )
Total |  | $ | 1,223 |  |  | $ | (1,579 | ) |  |  |  | $ | (128 | ) |  | $ | (297 | )
|  | 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 5, 2024 |  |  | October 7, 2023 |  |  | into Income (Effective Portion)(2) |  | October 5, 2024 |  |  | October 7, 2023 |
Interest rate contracts |  | $ | 470 |  |  | $ | — |  |  | Interest expense |  | $ | 287 |  |  | $ | 287 |
Commodity contracts |  |  | 631 |  |  |  | (1,531 | ) |  | Production costs(3) |  |  | (986 | ) |  |  | (1,819 | )
Total |  | $ | 1,101 |  |  | $ | (1,531 | ) |  |  |  | $ | (699 | ) |  | $ | (1,532 | )
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 5, 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 |  | $ | (210 | ) |  | $ | 2,029 |  |  | $ | 1,819 |
Expiring in 2024 |  |  | (36 | ) |  |  | — |  |  |  | (36 | )
Expiring in 2025 |  |  | 510 |  |  |  | — |  |  |  | 510 |
Expiring in 2026 |  |  | — |  |  |  | 470 |  |  |  | 470 |
Total |  | $ | 264 |  |  | $ | 2,499 |  |  | $ | 2,763 |
Financial Contracts Hedging Commodity Risk | As of October 5, 2024, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):
|  | Notional Amount |
Wheat contracts |  | $ | 1,208 |
Soybean oil contracts |  |  | 9,024 |
Natural gas contracts |  |  | 1,831 |
Corn contracts |  |  | 403 |
Interest rate contracts |  |  | 125,000 |
Total |  | $ | 137,466 |

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