Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 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	2015		2014			Balance Sheet Location	2015			2014
Hedging instrument:
Commodity contracts - gains	Other current assets	$	60	$	99		Other current liabilities	$	238		$	15
Commodity contracts - losses	Other current assets		—		(4	)	Other current liabilities		(1,864	)		(832	)
Foreign currency contracts - gains	Other current assets		—		—		Other current liabilities		34			—
Foreign currency contracts - losses	Other current assets		—		—		Other current liabilities		(75	)		(81	)
Interest rate swap	Other assets		—		—		Other liabilities		(1,692	)		(927	)
Total derivatives (1)		$	60	$	95			$	(3,359	)	$	(1,825	)
(1) Does not include the impact of cash collateral provided to counterparties.

Schedule of fair value hedges

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

(In thousands)	Location	2015				2014
Fair value hedges:
Gain on commodity contracts (qualifying)	Cost of goods sold		$	3,374			$	6,783
Loss on hedged item - Inventory	Cost of goods sold			(3,665	)			(5,958	)

Undesignated derivatives:
Gain on commodity contracts (nonqualifying)	Cost of goods sold	$	3,474	$	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:

	Year Ended December 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	$	(3,817	)	Cost of goods sold	$	3,310
Foreign currency contracts		(39	)	Depreciation expense		—
Interest rate swap		(727	)	Interest expense		238
Other		(21	)	Other		—

	Year Ended December 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	$	(1,088	)	Cost of goods sold	$	267
Foreign currency contracts		(275	)	Depreciation expense		—
Interest rate swap		(1,435	)	Interest expense		—
Other		32		Other		—