Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 05, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

As of October 5, 2019, 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	$	131		$	—	$	—	$	131
Other long-term		34			—		—		34
Total		165			—		—		165

Liabilities:
Other current		(14,048	)		—		—		(14,048	)
Other long-term		(1,583	)		—		—		(1,583	)
Total		(15,631	)		—		—		(15,631	)
Net Fair Value	$	(15,466	)	$	—	$	—	$	(15,466	)

As of December 29, 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	$	501		$	—	$	—	$	501
Other long-term		—			—		—		—
Total		501			—		—		501

Liabilities:
Other current		(7,732	)		—		—		(7,732	)
Other long-term		(1,203	)		—		—		(1,203	)
Total		(8,935	)		—		—		(8,935	)
Net Fair Value	$	(8,434	)	$	—	$	—	$	(8,434	)

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 5, 2019			December 29, 2018			October 5, 2019			December 29, 2018
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	$	131	Other current assets	$	501	Other accrued liabilities	$	14,048	Other accrued liabilities	$	7,732
Commodity contracts	Other assets		34	Other assets		—	Other long-term liabilities		1,583	Other long-term liabilities		1,203
Total		$	165		$	501		$	15,631		$	8,935

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 Twelve Weeks Ended					Reclassified from AOCI	For the Twelve Weeks Ended
Hedge Relationships(1)	October 5, 2019			October 6, 2018		into Income (Effective Portion)(2)	October 5, 2019			October 6, 2018
Interest rate contracts	$	—		$	—	Interest expense	$	25		$	25
Commodity contracts		(7,124	)		7,394	Production costs(3)		234			241
Total	$	(7,124	)	$	7,394		$	259		$	266

	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 Forty Weeks Ended					Reclassified from AOCI	For the Forty Weeks Ended
Hedge Relationships(1)	October 5, 2019			October 6, 2018		into Income (Effective Portion)(2)	October 5, 2019			October 6, 2018
Interest rate contracts	$	—		$	—	Interest expense	$	83		$	83
Commodity contracts		(4,577	)		9,055	Production costs(3)		(2,947	)		606
Total	$	(4,577	)	$	9,055		$	(2,864	)	$	689

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 October 5, 2019, 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	$	(114	)	$	97	$	(17	)
Expiring in 2019		(61	)		—		(61	)
Expiring in 2020		(11,058	)		—		(11,058	)
Expiring in 2021		(270	)		—		(270	)
Expiring in 2022		(170	)		—		(170	)
Total	$	(11,673	)	$	97	$	(11,576	)

Financial Contracts Hedging Commodity Risk

As of October 5, 2019, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

	Notional Amount
Wheat contracts	$	121,333
Soybean oil contracts		12,545
Natural gas contracts		13,073
Corn contracts		10,308
Total	$	157,259