Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 29, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Net Fair Value of Commodity Price Risk

As of December 29, 2018, 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	$	501		$	—	$	—	$	501
Other long-term assets		—			—		—		—
Total	$	501		$	—	$	—	$	501
Liabilities:
Other current liabilities	$	(7,732	)	$	—	$	—	$	(7,732	)
Other long-term liabilities		(1,203	)		—		—		(1,203	)
Total	$	(8,935	)	$	—	$	—	$	(8,935	)
Net Fair Value	$	(8,434	)	$	—	$	—	$	(8,434	)

As of December 30, 2017, 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	$	259		$	—	$	—	$	259
Other long-term assets		32			—		—		32
Total	$	291		$	—	$	—	$	291
Liabilities:
Other current liabilities	$	(10,247	)	$	—	$	—	$	(10,247	)
Other long-term liabilities		(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 will be reclassified to interest expense as interest payments are made on the related notes.

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 29, 2018			December 30, 2017
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Other current assets	$	501	Other current assets	$	259
Commodity contracts	Other long-term assets		—	Other long-term assets		32
Total		$	501		$	291

	Derivative Liabilities
	December 29, 2018			December 30, 2017
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Other current liabilities	$	7,732	Other current liabilities	$	10,247
Commodity contracts	Other long-term liabilities		1,203	Other long-term liabilities		639
Total		$	8,935		$	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) Recognized in OCI on Derivatives (Effective Portion) (Net of tax)
Derivatives in Cash Flow Hedging Relationships	Fiscal 2018		Fiscal 2017			Fiscal 2016
Interest rate contracts	$	—	$	—		$	666
Commodity contracts		2,978		(6,789	)		5,064
Total	$	2,978	$	(6,789	)	$	5,730

	Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax)						Location of (Gain) or Loss Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships	Fiscal 2018		Fiscal 2017		Fiscal 2016		(Effective Portion)
Interest rate contracts	$	107	$	88	$	135	Interest expense (income)
Commodity contracts		972		1,279		3,264	Production costs (1)
Total	$	1,079	$	1,367	$	3,399

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 in accumulated other comprehensive loss (income) related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next three years are as follows (amounts in thousands and net of tax) at December 29, 2018:

	Commodity Price Risk Derivatives			Interest Rate Risk Derivatives			Totals
Closed contracts	$	(2,153	)	$	(15	)	$	(2,168	)
Expiring in 2019		5,405			—			5,405
Expiring in 2020		782			—			782
Expiring in 2021		112			—			112
Expiring in 2022		6			—			6
Total	$	4,152		$	(15	)	$	4,137

Financial Contracts Hedging Commodity Risks

As of December 29, 2018, 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	$	122,946
Soybean oil contracts		20,372
Corn contracts		10,570
Natural gas contracts		16,996
Total	$	170,884