Derivative Financial Instruments (Tables)

4 Months Ended

Apr. 23, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of April 23, 2022, 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	$	17,756	$	—	$	—	$	17,756
Other long-term		—		—		—		—
Total		17,756		—		—		17,756
Liabilities:
Other current		—		—		—		—
Other long-term		—		—		—		—
Total		—		—		—		—
Net Fair Value	$	17,756	$	—	$	—	$	17,756

As of January 1, 2022, 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	$	3,955		$	—	$	—	$	3,955
Other long-term		—			—		—		—
Total		3,955			—		—		3,955
Liabilities:
Other current		(220	)		—		—		(220	)
Other long-term		—			—		—		—
Total		(220	)		—		—		(220	)
Net Fair Value	$	3,735		$	—	$	—	$	3,735

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 23, 2022			January 1, 2022			April 23, 2022			January 1, 2022
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	$	17,756	Other current assets	$	3,955	Other accrued liabilities	$	—	Other accrued liabilities	$	220
Commodity contracts	Other assets		—	Other assets		—	Other long-term liabilities		—	Other long-term liabilities		—
Total		$	17,756		$	3,955		$	—		$	220

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 Gain or (Loss)					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 23, 2022		April 24, 2021		into Income (Effective Portion)(2)	April 23, 2022		April 24, 2021
Interest rate contracts	$	—	$	2,926	Interest expense	$	115	$	(164	)
Commodity contracts		11,220		1,819	Production costs(3)		854		(56	)
Total	$	11,220	$	4,745		$	969	$	(220	)

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 23, 2022, 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	$	28	$	2,949	$	2,977
Expiring in 2022		12,994		—		12,994
Expiring in 2023		323		—		323
Total	$	13,345	$	2,949	$	16,294

Financial Contracts Hedging Commodity Risk

As of April 23, 2022, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

	Notional Amount
Wheat contracts	$	56,157
Soybean oil contracts		10,502
Natural gas contracts		2,443
Corn contracts		4,039
Total	$	73,141