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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jul. 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
July 2,
 2016
 
December 26, 2015
 
Balance Sheet Location
July 2,
 2016
 
December 26, 2015
 
Hedging instrument:
 
    
 
    
  Commodity contracts - gains
Other current assets
 
$
1,761
  
$
60
 
Other current liabilities
 
$
24
  
$
238
 
  Commodity contracts - losses
Other current assets
  
(85
)
  
—
 
Other current liabilities
  
(522
)
  
(1,864
)
  Interest rate swap
Other assets
  
—
   
—
 
Other liabilities
  
(2,407
)
  
(1,692
)
Total derivatives (1)
 
 
$
1,676
  
$
60
 
 
 
$
(2,905
)
 
$
(3,318
)
 
 
        
 
        
(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
 
Six Months Ended
 
(In thousands)
Location
July 2, 2016
 
June 27, 2015
 
July 2, 2016
 
June 27, 2015
 
Fair value hedges:
 
        
  (Loss) gain on commodity contracts (qualifying)
Cost of goods sold
 
$
(332
)
 
$
1,256
  
$
(383
)
 
$
1,468
 
  Gain (loss) on hedged item - Inventory
Cost of goods sold
  
288
   
(1,403
)
  
350
   
(1,650
)
                  
Undesignated derivatives:
 
                
  Gain on commodity contracts (nonqualifying)
Cost of goods sold
  
1,326
   
1,046
   
1,820
   
1,279
 
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 July 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
 
$
2,464
 
Cost of goods sold
  
$
(1,359
)
Interest rate swap
  
(115
)
Interest expense
   
59
 
Other
  
(349
)
Other
   
—
 
Total
 
$
2,000
 
Total
  
$
(1,300
)

 
Three Months Ended June 27, 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
 
$
(1,159
)
Cost of goods sold
  
$
(81
)
Interest rate swap
  
267
 
Interest expense
   
63
 
Other
  
7
     
—
 
Total
 
$
(885
)
   
$
(18
)

 
Six Months Ended July 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
 
$
3,337
 
Cost of goods sold
  
$
(1,291
)
Interest rate swap
  
(585
)
Interest expense
   
128
 
Other
  
(295
)
Other
   
—
 
Total
 
$
2,457
    
$
(1,163
)
 
Derivative instrument information (continued):

 
Six Months Ended June 27, 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
 
$
(885
)
Cost of goods sold
 
$
490
 
Interest rate swap
  
(765
)
Interest expense
  
131
 
Other
  
(72
)
Other
  
—
 
Total
 
$
(1,722
)
  
$
621