Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Apr. 01, 2017

Derivative Instruments and Hedging Activities Disclosure [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	April 1, 2017		December 31, 2016			Balance Sheet Location	April 1, 2017			December 31, 2016
Hedging instrument:
Commodity contracts - gains	Other current assets	$	600	$	1,013		Other current liabilities	$	68		$	564
Commodity contracts - losses	Other current assets	—		(148		)	Other current liabilities	(197		)	(920		)
Interest rate swap	Other current assets	—		—			Other current liabilities	(295		)	(787		)
Total derivatives (1)		$	600	$	865			$	(424	)	$	(1,143	)

⁽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 the Company’s Condensed Consolidated Statements of Income:

		For the Quarter Ended
(In thousands)	Location	April 1, 2017			April 2, 2016
Fair value hedges:
Gain (loss) on commodity contracts (qualifying)	Cost of goods sold	$	—		$	213
Gain (loss) on hedged item - inventory	Cost of goods sold	—			(247		)
Undesignated derivatives:
(Loss) gain on qualifying contracts (nonqualifying)	Cost of goods sold	(1,095		)	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:

	For the Quarter Ended April 1, 2017
(In thousands)	(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	(563	)	Cost of goods sold	$	352
Interest rate swap	—			Interest expense	149
Other	118			Other	—
Total	$	(445	)	Total	$	501

	For the Quarter Ended April 2, 2016
(In thousands)	Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	873		Cost of goods sold	$	68
Interest rate swap	(470		)	Interest expense	69
Other	54			Other	—
Total	$	457		Total	$	137