Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

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.

		Second Quarter					First Half
(in thousands)	Classification of Gain (Loss)	2019			2018		2019			2018
Commodity hedges	Cost of sales	$	(4,874	)	$	249	$	(969	)	$	(2,516	)
Commodity hedges	Selling, delivery and administrative expenses		(66	)		48		2,649			(154	)
Total gain (loss)		$	(4,940	)	$	297	$	1,680		$	(2,670	)

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	June 30, 2019		December 30, 2018
Liabilities:
Commodity hedges at fair market value	Other accrued liabilities	$	7,522	$	10,305
Commodity hedges at fair market value	Other liabilities		1,103		-
Total liabilities		$	8,625	$	10,305

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)	June 30, 2019		December 30, 2018
Gross derivative assets	$	17,328	$	28,305
Gross derivative liabilities		25,953		38,610

Summary of Outstanding Commodity Derivative Agreements

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

(in thousands)	June 30, 2019		December 30, 2018
Notional amount of outstanding commodity derivative agreements	$	167,630	$	168,388
Latest maturity date of outstanding commodity derivative agreements	December 2020		December 2019