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Derivative Financial Instruments (Tables)

9 Months Ended

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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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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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 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.

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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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