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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
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
 
June 30,
2018
 
December 30,
2017
 
Balance Sheet Location
 
June 30,
2018
 
December 30,
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts - gains
 
Other current assets
 
$
8

 
$
1,014

 
Other current liabilities
 
$
148

 
$
55

Commodity contracts - losses
 
Other current assets
 
—

 
(5
)
 
Other current liabilities
 
(787
)
 
(3,210
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives (1)
 
 
 
$
8

 
$
1,009

 
 
 
$
(639
)
 
$
(3,155
)
(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 Six Months Ended
(In thousands)
 
Location
 
June 30, 2018
 
July 1, 2017
 
June 30, 2018
 
July 1, 2017
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
Gain on commodity contracts (qualifying)
 
Cost of goods sold
 
$
—

 
$
—

 
$
391

 
$
—

Loss on hedged item - inventory
 
Cost of goods sold
 
—

 
—

 
(385
)
 
—

 
 
 
 
 
 
 
 
 
 
 
Undesignated derivatives:
 
 
 
 
 
 
 
 
 
 
Gain (loss) on commodity contracts (nonqualifying)
 
Cost of goods sold
 
2,301

 
672

 
8,427

 
(423
)
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 June 30, 2018
(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
 
$
52

 
Cost of goods sold
 
$
17

Other
 
(34
)
 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
18

 
Total
 
$
17


 
 
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


 
 
For the Six Months Ended June 30, 2018
(In thousands)
 
Loss Recognized in AOCI (Effective Portion), Net of Tax
 
Classification Gains (Losses)
 
Gain Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
 
 
 
 
 
 
Commodity contracts
 
$
(743
)
 
Cost of goods sold
 
$
(275
)
Other
 
(9
)
 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
(752
)
 
Total
 
$
(275
)


 
 
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