Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2017			December 31, 2016			Balance Sheet Location	September 30, 2017			December 31, 2016
Commodity contracts - gains	Other current assets	$	203		$	1,013		Other current liabilities	$	796		$	564
Commodity contracts - losses	Other current assets	(120		)	(148		)	Other current liabilities	(1,770		)	(920		)
Interest rate swap	Other current assets	—			—			Other current liabilities	(49		)	(787		)
Total derivatives (1)		$	83		$	865			$	(1,023	)	$	(1,143	)

⁽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 Company’s Condensed Consolidated Statements of Income:

		For the Quarter Ended						For the Nine Months Ended
(In thousands)	Location	September 30, 2017			October 1, 2016			September 30, 2017			October 1, 2016
Fair value hedges:
Gain (loss) on commodity contracts (qualifying)	Cost of goods sold	$	—		$	(37	)	$	—		$	(420	)
Gain on hedged item - inventory	Cost of goods sold	—			32			—			382
Undesignated derivatives:
(Loss) gain on commodity contracts (nonqualifying)	Cost of goods sold	(3,083		)	855			(3,506		)	2,676

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 September 30, 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	$	(541	)	Cost of goods sold	$	237
Interest rate swap	—			Interest expense	149
Other	23			Other	—
Total	$	(518	)	Total	$	386

Derivative Instruments and Hedging Activities (continued):

	For the Quarter Ended October 1, 2016
(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	$	(1,434	)	Cost of goods sold	$	814
Interest rate swap	457			Interest expense	58
Other	(32		)	Other	—
Total	$	(1,009	)	Total	$	872

	For the Nine Months Ended September 30, 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	$	(1,354	)	Cost of goods sold	$	913
Interest rate swap	—			Interest expense	447
Other	179			Other	—
Total	$	(1,175	)	Total	$	1,360

	For the Nine Months Ended October 1, 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	$	1,903		Cost of goods sold	$	(477	)
Interest rate swap	(128		)	Interest expense	186
Other	(329		)	Other	—
Total	$	1,446		Total	$	(291	)