Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Apr. 02, 2016

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	April 2, 2016			December 26, 2015		Balance Sheet Location	April 2, 2016			December 26, 2015
Hedging instrument:
Commodity contracts - gains	Other current assets	$	654		$	60	Other current liabilities	$	122		$	238
Commodity contracts - losses	Other current assets		(82	)		—	Other current liabilities		(979	)		(1,864	)
Foreign currency contracts - gains	Other current assets		88			—	Other current liabilities		—			34
Foreign currency contracts - losses	Other current assets		—			—	Other current liabilities		—			(75	)
Interest rate swap	Other assets		—			—	Other liabilities		(2,319	)		(1,692	)
Total derivatives (1)		$	660		$	60		$	(3,176	)	$	(3,359	)
(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 in our Condensed Consolidated Statements of Income:

		Three Months Ended
(In thousands)	Location	April 2, 2016				March 28, 2015
Fair value hedges:
(Loss) gain on commodity contracts (qualifying)	Cost of goods sold		$	(50	)		$	213
Gain (loss) on hedged item - Inventory	Cost of goods sold			62				(247	)
Undesignated derivatives:
Gain on commodity contracts (nonqualifying)	Cost of goods sold		$	494			$	234

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 April 2, 2016
(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	$	873		Cost of goods sold	$	68
Foreign currency contracts		66		Depreciation expense		—
Interest rate swap		(470	)	Interest expense		69
Other		(12	)	Other		—
Total	$	457		Total	$	137

	Three Months Ended March 28, 2015
(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	$	274		Cost of goods sold	$	571
Foreign currency contracts		(55	)	Depreciation expense		—
Interest rate swap		(1,032	)	Interest expense		68
Other		(24	)	Other		—
Total	$	(837	)	Total	$	639