Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 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	2017			2016			Balance Sheet Location	2017			2016
Commodity contracts - gains	Other current assets	$	1,014		$	1,013		Other current liabilities	$	55		$	564
Commodity contracts - losses	Other current assets	(5		)	(148		)	Other current liabilities	(3,210		)	(920		)
Interest rate swap	Other current assets	—			—			Other current liabilities	—			(787		)
Total derivatives (1)		$	1,009		$	865			$	(3,155	)	$	(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 Consolidated Statements of Income:

(In thousands)	Location	2017			2016
Fair value hedges:
Loss on commodity contracts (qualifying)	Cost of goods sold	$	(724	)	$	(420	)
Gain on hedged item - inventory	Cost of goods sold	625			382
Undesignated derivatives:
(Loss) gain on commodity contracts (nonqualifying)	Cost of goods sold	$	(6,078	)	$	4,068

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 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	$	(574	)	Cost of goods sold	$	990
Interest rate swap	—			Interest expense	546
Other	185			Other	—
Total	$	(389	)	Total	$	1,536

Derivative instruments and hedging activities (continued):

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