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Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2019
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 29,
2019
 
December 29,
2018
 
Balance Sheet Location
 
June 29,
2019
 
December 29,
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts - gains
 
Other current assets
 
$
208

 
$
88

 
Other current liabilities
 
$
69

 
$
103

Commodity contracts - losses
 
Other current assets
 
(69
)
 
(1
)
 
Other current liabilities
 
(159
)
 
(1,382
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives (1)
 
 
 
$
139

 
$
87

 
 
 
$
(90
)
 
$
(1,279
)
(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 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
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 on commodity contracts (nonqualifying)
 
Cost of goods sold
 
450

 
2,301

 
1,892

 
8,427
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 29, 2019
(In thousands)
 
(Loss) 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
 
$
(733
)
 
Cost of goods sold
 
$
(218
)
Other
 
22

 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
(711
)
 
Total
 
$
(218
)

Changes recognized in and reclassified from AOCI (continued):

 
 
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 Six Months Ended June 29, 2019
(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
 
$
619

 
Cost of goods sold
 
$
(297
)
Other
 
6

 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
625

 
Total
 
$
(297
)


 
 
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
)