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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 28, 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
 
2019
 
2018
 
Balance Sheet Location
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts - gains
 
Other current assets
 
$
1,435

 
$
88

 
Other current liabilities
 
$
50

 
$
103

Commodity contracts - losses
 
Other current assets
 
(12
)
 
(1
)
 
Other current liabilities
 
(159
)
 
(1,382
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives (1)
 
 
 
$
1,423

 
$
87

 
 
 
$
(109
)
 
$
(1,279
)
(1) Does not include the impact of cash collateral provided to counterparties.
Schedule of fair value hedges
The following table summarizes the effects of derivative instruments on the Consolidated Statements of Income:

(In thousands)
 
Location
 
2019
 
2018
Fair value hedges:
 
 
 
 
 
 
Gain on commodity contracts (qualifying)
 
Cost of goods sold
 
$
—

 
$
391

Gain (loss) on hedged item - inventory
 
Cost of goods sold
 
—

 
(385
)
 
 
 
 
 
 
 
Undesignated derivatives:
 
 
 
 
 
 
Gain on commodity contracts (nonqualifying)
 
Cost of goods sold
 
$
2,443

 
$
4,227
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 28, 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
 
$
1,161

 
Cost of goods sold
 
$
(486
)
Other
 
15

 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
1,176

 
Total
 
$
(486
)

 
 
Year Ended December 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
 
$
(793
)
 
Cost of goods sold
 
$
(371
)
Other
 
(9
)
 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
(802
)
 
Total
 
$
(371
)