v3.26.1
Fair Value Measurement
 6 Months Ended
Jul. 04, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements 
FASB authoritative guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.  The following table presents the Company’s financial instruments that are measured at fair value on a recurring and nonrecurring basis as of July 4, 2026 and are categorized using the fair value hierarchy under FASB authoritative guidance.  The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value.
 
Fair Value Measurements at July 4, 2026 Using
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant
Unobservable
Inputs
(In thousands of dollars)Total(Level 1)(Level 2)(Level 3)
Assets
Derivative assets$25,806 $— $25,806 $— 
Total Assets$25,806 $— $25,806 $— 
Liabilities
Derivative liabilities$2,941 $— $2,941 $— 
Total Liabilities$2,941 $— $2,941 $— 

Fair Value Measurements at January 3, 2026 Using
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant
Unobservable
Inputs
(In thousands of dollars)Total(Level 1)(Level 2)(Level 3)
Assets
Derivative assets$23,590 $— $23,590 $— 
Total Assets$23,590 $— $23,590 $— 
Liabilities
Derivative liabilities$2,631 $— $2,631 $— 
Total Liabilities$2,631 $— $2,631 $— 

Derivative assets and liabilities consist primarily of the Company’s corn option and futures contracts, foreign currency forward and option contracts, interest rate swap contracts which represent the difference between observable market rates of commonly quoted intervals for similar assets and liabilities in active markets and the fixed swap rate considering the instruments term, notional amount and credit risk. See Note 16 (Derivatives) to the Company’s Consolidated Financial Statements included herein for discussion on the Company’s derivatives.

Fair value of financial instruments that are not carried at fair value are as follows:

Fair Value Measurements at July 4, 2026 Using
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant
Unobservable
Inputs
(In thousands of dollars)Total(Level 1)(Level 2)(Level 3)
Liabilities
6% Senior notes$1,005,500 $— $1,005,500 $— 
5.25% Senior notes498,650 — 498,650 — 
4.5% Senior notes858,558 — 858,558 — 
Term Loan A886,545 — 886,545 — 
Revolver debt606,605 — 606,605 — 
Total Liabilities$3,855,858 $— $3,855,858 $— 
Fair Value Measurements at January 3, 2026 Using
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant
Unobservable
Inputs
(In thousands of dollars)Total(Level 1)(Level 2)(Level 3)
Liabilities
6% Senior notes$1,015,100 $— $1,015,100 $— 
5.25% Senior notes499,000 — 499,000 — 
4.5% Senior notes890,063 — 890,063 — 
Term Loan A891,023 — 891,023 — 
Revolver debt592,133 — 592,133 — 
Total Liabilities$3,887,319 $— $3,887,319 $— 

The fair value of the senior notes, term loan A and revolver debt is based on market quotation from third-party banks. The carrying amount of the Company’s other debt is not deemed to be significantly different from the fair value and all other instruments have been recorded at fair value.

The carrying amount of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments and as such has been excluded from the table above.