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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 26, 2015
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 the 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. 26, 2015
  
Dec. 27, 2014
 
Balance Sheet Location
 
Sept. 26, 2015
  
Dec. 27, 2014
 
Hedging instrument:
 
 
  
 
 
 
  
 
  Commodity contracts - gains
Other current assets
 
$
511
  
$
99
 
Other current liabilities
 
$
61
  
$
15
 
  Commodity contracts - losses
Other current assets
  
—
   
(4
)
Other current liabilities
  
(1,912
)
  
(832
)
  Foreign currency contracts
Other current assets
  
—
   
—
 
Other current liabilities
  
(23
)
  
(81
)
  Interest rate swap
Other assets
  
—
   
—
 
Other liabilities
  
(2,817
)
  
(927
)
Total derivatives (1)
 
 
$
511
  
$
95
 
 
 
$
(4,691
)
 
$
(1,825
)
 
 
        
 
        
(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. 26, 2015
 
Sept. 27, 2014
 
Sept. 26, 2015
 
Sept. 27, 2014
 
Fair value hedges:
 
 
 
 
 
  Gain on commodity contracts (qualifying)
Cost of goods sold
 
$
1,831
  
$
1,100
  
$
3,300
  
$
7,371
 
  Loss on hedged item - Inventory
Cost of goods sold
  
(1,943
)
  
(922
)
  
(3,593
)
  
(6,702
)

 
  
Three Months Ended
 
Nine Months Ended
 
(In thousands)
Location
Sept. 26, 2015
 
Sept. 27, 2014
 
Sept. 26, 2015
 
Sept. 27, 2014
 
Undesignated derivatives:
 
 
  
  
  
 
  Gain on commodity contracts (nonqualifying)
Cost of goods sold
 
$
1,143
  
$
—
  
$
2,422
  
$
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 26, 2015 
 
(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
 
$
(2,046
)
Cost of goods sold
 
$
1,708
 
Foreign currency contracts
  
(7
)
Depreciation expense
  
—
 
Interest rate swap
  
(632
)
Interest expense
  
58
 
 
 
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
)
Depreciation expense
  
(46
)
Interest rate swap
  
430
 
Interest expense
  
—
 

 
 
 
 
 
 
Nine Months Ended September 26, 2015
 		 
(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
$
(2,931
)
Cost of goods sold
 
$
2,198
 
Foreign currency contracts
 
(59
)
Depreciation expense
  
—
 
Interest rate swap
 
(1,397
)
Interest expense
  
189
 
Other
 
(16
)
Other
    

  
 
 
 
 
 
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
)
Depreciation expense
  
(283
 )
Interest rate swap
  
(837
)
Interest expense
  
—
 
Other
  
3
 
Other