v3.26.1
Derivative Financial Instruments (Tables)
4 Months Ended
Apr. 25, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Net Fair Value of Commodity Price Risk and Interest Rate Risk he company’s commodity derivatives are Level 1 assets and liabilities as of April 25, 2026 and January 3, 2026.
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 25, 2026

 

 

January 3, 2026

 

 

April 25, 2026

 

 

January 3, 2026

 

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

 

$

4,173

 

 

Other
current
assets

 

$

46

 

 

Other
accrued
liabilities

 

$

587

 

 

Other
accrued
liabilities

 

$

546

 

Commodity contracts

 

Other
assets

 

 

37

 

 

Other
assets

 

 

 

 

Other
long-term
liabilities

 

 

 

 

Other
long-term
liabilities

 

 

 

Total

 

 

 

$

4,210

 

 

 

 

$

46

 

 

 

 

$

587

 

 

 

 

$

546

 

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 25, 2026

 

 

April 19, 2025

 

 

into Income (Effective Portion)(2)

 

April 25, 2026

 

 

April 19, 2025

 

Interest rate contracts

 

$

 

 

$

3,160

 

 

Interest expense

 

$

211

 

 

$

169

 

Commodity contracts

 

 

2,716

 

 

 

(4,246

)

 

Production costs(3)

 

 

(326

)

 

 

320

 

Total

 

$

2,716

 

 

$

(1,086

)

 

 

 

$

(115

)

 

$

489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
Amounts in parentheses, if any, 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 25, 2026, 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

 

$

(263

)

 

$

4,246

 

 

$

3,983

 

Expiring in 2026

 

 

2,688

 

 

 

 

 

 

2,688

 

Expiring in 2027

 

 

28

 

 

 

 

 

 

28

 

Total

 

$

2,453

 

 

$

4,246

 

 

$

6,699

 

Financial Contracts Hedging Commodity Risk

As of April 25, 2026, the company had the following outstanding financial contracts that were entered to hedge commodity risk (amounts in thousands):

 

 

 

Notional
Amount

 

Wheat contracts

 

$

7,687

 

Soybean oil contracts

 

 

7,941

 

Natural gas contracts

 

 

1,419

 

Corn contracts

 

 

1,544

 

Total

 

$

18,591