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Financial Instruments (Tables)
 9 Months Ended
Sep. 29, 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
 
September 29,
2018
 
December 30,
2017
 
Balance Sheet Location
 
September 29,
2018
 
December 30,
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts - gains
 
Other current assets
 
$
207

 
$
1,014

 
Other current liabilities
 
$
880

 
$
55

Commodity contracts - losses
 
Other current assets
 
(127
)
 
(5
)
 
Other current liabilities
 
(1,831
)
 
(3,210
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives (1)
 
 
 
$
80

 
$
1,009

 
 
 
$
(951
)
 
$
(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 Nine Months Ended
(In thousands)
 
Location
 
September 29, 2018
 
September 30, 2017
 
September 29, 2018
 
September 30, 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:
 
 
 
 
 
 
 
 
 
 
(Loss) gain on commodity contracts (nonqualifying)
 
Cost of goods sold
 
(2,848
)
 
(3,083
)
 
5,579

 
(3,506
)
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 29, 2018
(In thousands)
 
Gain 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
 
$
305

 
Cost of goods sold
 
$
(180
)
Other
 
6

 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
311

 
Total
 
$
(180
)
Changes recognized in and reclassified from AOCI (continued):

 
 
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


 
 
For the Nine Months Ended September 29, 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
 
$
(438
)
 
Cost of goods sold
 
$
(455
)
Other
 
(3
)
 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
(441
)
 
Total
 
$
(455
)


 
 
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