Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 27, 2014

Derivative Instruments and Hedging Activities [Abstract]

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

The following table summarizes the location and fair value of the derivative instruments and disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis:

	Asset Derivatives							Liability Derivatives
		Fair Value							Fair Value
(In thousands)	Balance Sheet Location	Sept. 27, 2014			Dec. 28, 2013			Balance Sheet Location	Sept. 27, 2014			Dec. 28, 2013
Hedging instrument:
Commodity contracts - gains	Other current assets	$	526		$	448		Other current liabilities	$	10		$	340
Commodity contracts - losses	Other current assets		(76	)		(10	)	Other current liabilities		(115	)		(2,107	)
Foreign currency contracts	Other current assets		—			836		Other current liabilities		(68	)		—
Interest rate swap	Other assets		8			1,324		Other liabilities		—			—
Total derivatives (1)		$	458		$	2,598			$	(173	)	$	(1,767	)
(1) Does not include the impact of cash collateral received from or provided to counterparties.

Schedule of fair value hedges

The following tables summarize the effects of derivative instruments on our Condensed Consolidated Statements of Income:

		Three Months Ended						Nine Months Ended
(In thousands)	Location	Sept. 27, 2014			Sept. 28, 2013			Sept. 27, 2014			Sept. 28, 2013
Fair value hedges:
Gain (loss) on commodity contracts (qualifying)	Cost of goods sold	$	1,100		$	(846	)	$	7,371		$	4,344
(Loss) gain on hedged item - Inventory	Cost of goods sold		(922	)		1,042			(6,702	)		(3,770	)

		Three Months Ended				Nine Months Ended
(In thousands)	Location	Sept. 27, 2014		Sept. 28, 2013		Sept. 27, 2014		Sept. 28, 2013
Undesignated derivatives:
Gain on commodity contracts (nonqualifying)	Cost of goods sold	$	—	$	—	$	1,466	$	—

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

The following tables summarize amounts recognized in and reclassified from AOCI during the period:

	Three Months Ended September 27, 2014
(In thousands)	(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	(202	)	Cost of goods sold	$	(174	)
Foreign currency contracts		(181	)	Property, plant, and   equipment, net		(46	)
Interest rate swap		430		Interest expense		—

	Three Months Ended September 28, 2013
(In thousands)	Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	474		Cost of goods sold	$	788
Foreign currency contracts		372		Property, plant, and  equipment, net		—
Interest rate swap		(747	)	Interest expense		—

	Nine Months Ended September 27, 2014
(In thousands)	(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	(634	)	Cost of goods sold	$	285
Foreign currency contracts		(184	)	Property, plant, and  equipment, net		(283	)
Interest rate swap		(837	)	Interest expense		—

	Nine Months Ended September 28, 2013
(In thousands)	(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	(3,056	)	Cost of goods sold	$	3,309
Foreign currency contracts		352		Property, plant, and  equipment, net		—
Interest rate swap		649		Interest expense		—