Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 29, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Pre-Tax Changes in Fair Value

The following table summarizes pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the condensed consolidated statements of operations:

		First Quarter
(in thousands)	Classification of Gain (Loss)	2020		2019
Commodity hedges	Cost of sales	$	(1,536)	$	3,905
Commodity hedges	Selling, delivery and administrative expenses	(2,329)		2,715
Total gain (loss)		$	(3,865)	$	6,620

Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments

The following table summarizes the fair values and classification in the condensed consolidated balance sheets of derivative instruments held by the Company:

(in thousands)	Balance Sheet Classification	March 29, 2020		December 29, 2019
Assets:
Commodity hedges at fair market value	Prepaid expenses and other current assets	$	240	$	1,007
Total assets		$	240	$	1,007
Liabilities:
Commodity hedges at fair market value	Other accrued liabilities	$	4,272	$	1,174
Total liabilities		$	4,272	$	1,174

Summary of Gross Derivative Assets and Gross Derivative Liabilities in Condensed Consolidated Balance Sheets

The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the condensed consolidated balance sheets:

(in thousands)	March 29, 2020		December 29, 2019
Gross derivative assets	$	284	$	3,298
Gross derivative liabilities	4,316		3,465

Summary of Outstanding Commodity Derivative Agreements

The following table summarizes the Company’s outstanding commodity derivative agreements:

(in thousands)	March 29, 2020		December 29, 2019
Notional amount of outstanding commodity derivative agreements	$	146,498	$	171,699
Latest maturity date of outstanding commodity derivative agreements	December 2020		December 2020