Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 29, 2014

Derivative Instruments and Hedging Activities [Abstract]

Derivative instruments designated as cash flow hedges and fair value hedges reflected in the financial statements

Derivative instruments designated as cash flow hedges under ASC 815 are reflected in the Condensed Consolidated Financial Statements as follows:

	March 29, 2014
(In thousands)	Location		Fair value
Commodity contracts	Other current assets:	Gain positions	$	46
		Loss positions		(6	)
	Other current liabilities:	Gain positions		277
		Loss positions		(981	)

	December 28, 2013
(In thousands)	Location		Fair value
Commodity contracts	Other current assets:	Gain positions	$	448
		Loss positions		(10	)

Summary of activities related to derivative instruments classified as cash flow hedges

The following tables summarize activities related to the Company’s commodity contract derivative instruments classified as cash flow hedges:

	Loss Recognized in Accumulated OCI (Effective Portion), Net of Tax
		For the Quarter Ended
(In thousands)		March 29, 2014			March 30, 2013
Commodity contracts		$	(1,010	)	$	(654	)

	Loss (Gain) Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax
		For the Quarter Ended
(In thousands)		March 29, 2014		March 30, 2013
Commodity contracts:
Cost of goods sold		$	291	$	(74	)

Schedule of fair value hedges

Derivative commodity instruments are reflected in the Condensed Consolidated Financial Statements as follows:

	March 29, 2014
(In thousands)	Location		Fair Value
Commodity contracts - Qualifying	Other current assets:	Gain positions	$	294

	December 28, 2013
(In thousands)	Location		Fair Value
Commodity contracts - Nonqualifying	Other current liabilities:	Gain positions	$	318
		Loss positions		(2,057	)
Commodity contracts - Qualifying	Other current liabilities:	Gain positions		22
		Loss positions		(50	)

The following tables summarize the gains (losses) on the Company’s inventory fair value hedges:

	Gains (Losses) on Fair Value Hedges for the Quarter Ended March 29, 2014
(In thousands)	Location	Amount
Gain on the derivatives designated and qualifying fair value hedges:
Commodity contracts	Cost of goods sold	$	6,291
Loss on the hedged item designated and qualifying fair value hedges:
Inventory	Cost of goods sold		(5,800	)

	Gains (Losses) on Fair Value Hedges for the Quarter Ended March 30, 2013
(In thousands)	Location	Amount
Gain on the derivatives designated and qualifying fair value hedges:
Commodity contracts	Cost of goods sold	$	3,333
Loss on the hedged item designated and qualifying fair value hedges:
Inventory	Cost of goods sold		(2,885	)

Schedule of foreign currency hedges

The following tables summarize activities related to the Company’s derivative instruments classified as foreign currency hedges in accordance with ASC 815:

	Gain Recognized in Accumulated OCI (Effective Portion), Net of Tax
		For the Quarter Ended
(In thousands)		March 29, 2014			March 30, 2013
Foreign currency contracts		$	22		$	—
	(Gain) Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax
		For the Quarter Ended
(In thousands)	Location	March 29, 2014			March 30, 2013
Foreign currency contracts	Property, plant, and equipment, net	$	(174	)	$	—

Cash flow hedge activity

The following table summarizes activities related to the interest rate swap agreement derivative instruments classified as a cash flow hedge:

	Loss Recognized in Accumulated OCI (Effective Portion), Net of Tax
		For the Quarter Ended
(In thousands)		March 29, 2014			March 30, 2013
Interest rate swap		$	(245	)	$	(999	)