Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of December 31, 2022, the company’s commodity hedge portfolio contained 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 assets	$	782		$	—	$	—	$	782
Other long-term assets		2			—		—		2
Total	$	784		$	—	$	—	$	784
Liabilities:
Other current liabilities	$	(1,149	)	$	—	$	—	$	(1,149	)
Other long-term liabilities		(86	)		—		—		(86	)
Total	$	(1,235	)	$	—	$	—	$	(1,235	)
Net Fair Value	$	(451	)	$	—	$	—	$	(451	)

As of January 1, 2022, the company’s commodity hedge portfolio contained 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 assets	$	3,955		$	—	$	—	$	3,955
Other long-term assets		—			—		—		—
Total	$	3,955		$	—	$	—	$	3,955
Liabilities:
Other current liabilities	$	(220	)	$	—	$	—	$	(220	)
Other long-term liabilities		—			—		—		—
Total		(220	)		—		—		(220	)
Net Fair Value	$	3,735		$	—	$	—	$	3,735

Derivative Instruments Recorded on Consolidated Balance Sheet

The company had the following derivative instruments recorded on the Consolidated Balance Sheets, all of which are utilized for the risk management purposes detailed above (amounts in thousands):

	Derivative Assets
	December 31, 2022			January 1, 2022
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Other current assets	$	782	Other current assets	$	3,955
Commodity contracts	Other long-term assets		2	Other long-term assets		—
Total		$	784		$	3,955

	Derivative Liabilities
	December 31, 2022			January 1, 2022
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Other current liabilities	$	1,149	Other current liabilities	$	220
Commodity contracts	Other long-term liabilities		86	Other long-term liabilities		—
Total		$	1,235		$	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) Recognized in OCI on Derivatives (Effective Portion) (Net of tax)
Derivatives in Cash Flow Hedging Relationships	Fiscal 2022		Fiscal 2021			Fiscal 2020
Interest rate contracts	$	—	$	2,926		$	—
Commodity contracts		790		(8,274	)		9,298
Total	$	790	$	(5,348	)	$	9,298

	Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)(Net of tax)							Location of Gain or (Loss) Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships	Fiscal 2022		Fiscal 2021		Fiscal 2020			(Effective Portion)
Interest rate contracts	$	373	$	95	$	(109	)	Interest income (expense)
Commodity contracts		4,361		1,586		(2,007	)	Production costs (1)
Total	$	4,734	$	1,681	$	(2,116	)

1.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

The balance (credit or (debit) balance) in AOCI related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next two years are as follows (amounts in thousands and net of tax) at December 31, 2022:

	Commodity Price Risk Derivatives			Interest Rate Risk Derivatives		Totals
Closed contracts	$	(252	)	$	2,689	$	2,437
Expiring in 2023		(275	)		—		(275	)
Expiring in 2024		(63	)		—		(63	)
Total	$	(590	)	$	2,689	$	2,099

Financial Contracts Hedging Commodity Risks

As of December 31, 2022, the company had entered into the following financial contracts to hedge commodity risks (amounts in thousands):

Derivatives in Cash Flow Hedging Relationships	Notional amount
Wheat contracts	$	23,651
Soybean oil contracts		16,060
Natural gas contracts		4,962
Corn contracts		2,400
Total	$	47,073