Derivative Financial Instruments (Tables)

4 Months Ended

Apr. 21, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of April 21, 2018, 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	$	4,071		$	—	$	—	$	4,071
Other long-term		563			—		—		563
Total		4,634			—		—		4,634
Liabilities:
Other current		(689	)		—		—		(689	)
Other long-term		(384	)		—		—		(384	)
Total		(1,073	)		—		—		(1,073	)
Net Fair Value	$	3,561		$	—	$	—	$	3,561

As of December 30, 2017, 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	$	259		$	—	$	—	$	259
Other long-term		32			—		—		32
Total		291			—		—		291
Liabilities:
Other current		(10,247	)		—		—		(10,247	)
Other long-term		(639	)		—		—		(639	)
Total		(10,886	)		—		—		(10,886	)
Net Fair Value	$	(10,595	)	$	—	$	—	$	(10,595	)

Derivative Held for Hedging the Risk of Changes in Forecasted Interest Payments on Issuance of Long-term Debt

The following table outlines the company’s derivatives, which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (amounts in thousands, before tax, and an asset is a positive value and a liability is a negative value):

Terminated	Description	Aggregate Notional Amount		Fair Value When Terminated			Fair Value Deferred in AOCI(1)			Ineffective Portion at Termination
April/2012	Treasury lock	$	500,000	$	(3,137	)	$	2,510		$	627
September/2016	Treasury lock	$	200,000	$	1,298		$	(1,298	)	$	—
September/2016	Treasury lock	$	150,000	$	(323	)	$	215		$	108

(1) The amount reported in AOCI is reclassified to interest expense as interest payments are made on the related notes through the maturity date.

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 21, 2018			December 30, 2017			April 21, 2018			December 30, 2017
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	$	4,071	Other current assets	$	259	Other current accrued liabilities	$	689	Other current accrued liabilities	$	10,247
Commodity contracts	Other assets		563	Other assets		32	Other long-term liabilities		384	Other long-term liabilities		639
Total		$	4,634		$	291		$	1,073		$	10,886

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 21, 2018		April 22, 2017			into Income (Effective Portion)(2)	April 21, 2018		April 22, 2017
Interest rate contracts	$	—	$	—		Interest expense	$	33	$	27
Commodity contracts		10,470		(3,518	)	Production costs(3)		264		447
Total	$	10,470	$	(3,518	)		$	297	$	474

1. Amounts in parentheses indicate debits to determine net income (loss).

2. Amounts in parentheses, if any, indicate credits to determine net income (loss).

3. Included in materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). 

AOCI Related to Derivative Transactions

At April 21, 2018, 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	$	(29	)	$	(58	)	$	(87	)
Expiring in 2018		1,226			—			1,226
Expiring in 2019		1,505			—			1,505
Expiring in 2020		(69	)		—			(69	)
Total	$	2,633		$	(58	)	$	2,575

Financial Contracts Hedging Commodity Risk

As of April 21, 2018, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

	Notional Amount
Wheat contracts	$	94,608
Soybean oil contracts		26,321
Natural gas contracts		11,604
Corn contracts		14,363
Total	$	146,896