Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 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	2016			2015		Balance Sheet Location	2016			2015
Hedging instrument:
Commodity contracts - gains	Other current assets	$	1,013		$	60	Other current liabilities	$	564		$	238
Commodity contracts - losses	Other current assets		(148	)		—	Other current liabilities		(920	)		(1,864	)
Interest rate swap	Other current assets		—				Other current liabilities		(787	)		—
Interest rate swap	Other assets		—			—	Other liabilities		—			(1,692	)
Total derivatives (1)		$	865		$	60		$	(1,143	)	$	(3,318	)
(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	2016			2015
Fair value hedges:
(Loss) gain on commodity contracts (qualifying)	Cost of goods sold	$	(420	)		$	3,374
Gain (loss) on hedged item - Inventory	Cost of goods sold		382				(3,665	)

Undesignated derivatives:
Gain on commodity contracts (nonqualifying)	Cost of goods sold	$	4,068	$	3,474

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 31, 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	$	308		Cost of goods sold	$	1,078
Interest rate swap		305		Interest expense		231
Other		(213	)	Other		—
Total	$	400		Total	$	1,309

	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
Interest rate swap		(727	)	Interest expense		238
Other		(60	)	Other		—
Total	$	(4,604	)	Total	$	3,548