Derivative Financial Instruments (Tables)

4 Months Ended

Apr. 19, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk and Interest Rate Risk

As of April 19, 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	$	1,674		$	—	$	—	$	1,674
Other long-term		—			—		—		—
Total		1,674			—		—		1,674
Liabilities:
Other current		(608	)		—		—		(608	)
Other long-term		—			—		—		—
Total		(608	)		—		—		(608	)
Net Fair Value	$	1,066		$	—	$	—	$	1,066

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
	April 19, 2025			December 28, 2024			April 19, 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	$	1,674	Other current assets	$	723	Other accrued liabilities	$	608	Other accrued liabilities	$	1,290
Interest rate contracts	Other assets		—	Other assets		7,686	Other long-term liabilities		—	Other long-term liabilities		—
Total		$	1,674		$	8,409		$	608		$	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 Sixteen Weeks Ended						Reclassified from AOCI	For the Sixteen Weeks Ended
Hedge Relationships(1)	April 19, 2025			April 20, 2024			into Income (Effective Portion)(2)	April 19, 2025		April 20, 2024
Interest rate contracts	$	3,160		$	—		Interest expense	$	170	$	115
Commodity contracts		(4,246	)		(566	)	Production costs(3)		320		(665	)
Total	$	(1,086	)	$	(566	)		$	489	$	(550	)

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 19, 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	$	(219	)	$	4,932	$	4,713
Expiring in 2025		789			—		789
Expiring in 2026		10			—		10
Total	$	580		$	4,932	$	5,512

Financial Contracts Hedging Commodity Risk

As of April 19, 2025, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

	Notional Amount
Wheat contracts	$	5,427
Soybean oil contracts		7,342
Natural gas contracts		1,522
Corn contracts		1,347
Total	$	15,638