Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 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	July 1, 2017			December 31, 2016			Balance Sheet Location	July 1, 2017			December 31, 2016
Commodity contracts - gains	Other current assets	$	372		$	1,013		Other current liabilities	$	—		$	564
Commodity contracts - losses	Other current assets	(118		)	(148		)	Other current liabilities	(457		)	(920		)
Interest rate swap	Other current assets	—			—			Other current liabilities	(99		)	(787		)
Total derivatives (1)		$	254		$	865			$	(556	)	$	(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					For the Six Months Ended
(In thousands)	Location	July 1, 2017		July 2, 2016			July 1, 2017			July 2, 2016
Fair value hedges:
Gain (loss) on commodity contracts (qualifying)	Cost of goods sold	$	—	$	(332	)	$	—		$	(383	)
Gain on hedged item - inventory	Cost of goods sold	—		288			—			350
Undesignated derivatives:
Gain on commodity contracts (nonqualifying)	Cost of goods sold	672		1,326			(423		)	1,820

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 July 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	$	(250	)	Cost of goods sold	$	324
Interest rate swap	—			Interest expense	149
Other	38			Other	—
Total	$	(212	)	Total	$	473

Derivative Instruments and Hedging Activities (continued):

	For the Quarter Ended July 2, 2016
(In thousands)	Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	(Gain) Loss 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	)

	For the Six Months Ended July 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	$	(813	)	Cost of goods sold	$	676
Interest rate swap	—			Interest expense	298
Other	156			Other	—
Total	$	(657	)	Total	$	974

	For the Six Months Ended July 2, 2016
( In thousands)	Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax			Classification Gains (Losses)	(Gain) Loss 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		Total	$	(1,163	)