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Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 04, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk and Interest Rate Risk

As of October 4, 2025, 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		$	100			$	—			$	—			$	100
Other long-term			11				—				—				11
Total			111				—				—				111

Liabilities:
Other current			(421	)			—				—				(421	)
Other long-term			(10	)			—				—				(10	)
Total			(431	)			—				—				(431	)
Net Fair Value		$	(320	)		$	—			$	—			$	(320	)

As of December 28, 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		$	723			$	—			$	—			$	723
Other long-term			—				—				—				—
Total			723				—				—				723

Liabilities:
Other current			(1,290	)			—				—				(1,290	)
Other long-term			—				—				—				—
Total			(1,290	)			—				—				(1,290	)
Net Fair Value		$	(567	)		$	—			$	—			$	(567	)

As of December 28, 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			7,686				—				—				7,686
Total			7,686				—				—				7,686

Liabilities:
Other current			—				—				—				—
Other long-term			—				—				—				—
Total			—				—				—				—
Net Fair Value		$	7,686			$	—			$	—			$	7,686

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 4, 2025						December 28, 2024						October 4, 2025						December 28, 2024
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		$	100			Other current assets		$	723			Other accrued liabilities		$	421			Other accrued liabilities		$	1,290
Commodity and interest contracts		Other assets			11			Other assets			7,686			Other long-term liabilities			10			Other long-term liabilities			—
Total				$	111					$	8,409					$	431					$	1,290

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 4, 2025				October 5, 2024				into Income (Effective Portion)(2)		October 4, 2025				October 5, 2024
Interest rate contracts		$	—			$	492			Interest expense		$	158			$	86
Commodity contracts			(1,065	)			731			Production costs(3)			(164	)			(214	)
Total		$	(1,065	)		$	1,223					$	(6	)		$	(128	)


		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 4, 2025				October 5, 2024				into Income (Effective Portion)(2)		October 4, 2025				October 5, 2024
Interest rate contracts		$	3,160			$	470			Interest expense		$	486			$	287
Commodity contracts			(5,994	)			631			Production costs(3)			198				(986	)
Total		$	(2,834	)		$	1,101					$	684			$	(699	)

1.

Amounts in parentheses, if any, 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 4, 2025, 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		$	(807	)		$	4,616			$	3,809
Expiring in 2025			(79	)			—				(79	)
Expiring in 2026			(161	)			—				(161	)
Total		$	(1,047	)		$	4,616			$	3,569

Financial Contracts Hedging Commodity Risk

As of October 4, 2025, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):


		Notional Amount
Wheat contracts		$	5,700
Soybean oil contracts			11,343
Natural gas contracts			3,287
Corn contracts			1,390
Total		$	21,720