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Financial Instruments (Tables)
 3 Months Ended
Mar. 28, 2020
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
 
March 28,
2020
 
December 28,
2019
 
Balance Sheet Location
 
March 28,
2020
 
December 28,
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts - gains
 
Other current assets
 
$
276

 
$
1,435

 
Other current liabilities
 
$
16

 
$
50

Commodity contracts - losses
 
Other current assets
 
(237
)
 
(12
)
 
Other current liabilities
 
(12,558
)
 
(159
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives (1)
 
 
 
$
39

 
$
1,423

 
 
 
$
(12,542
)
 
$
(109
)
(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
(In thousands)
 
Location
 
March 28, 2020
 
March 30, 2019
 
 
 
 
 
 
 
Undesignated derivatives:
 
 
 
 
 
 
(Loss) gain on commodity contracts (nonqualifying)
 
Cost of goods sold
 
(9,476
)
 
1,442
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 March 28, 2020
(In thousands)
 
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
 
$
(3,706
)
 
Cost of goods sold
 
$
378

Other
 
(29
)
 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
(3,735
)
 
Total
 
$
378


Changes recognized in and reclassified from AOCI (continued):

 
 
For the Quarter Ended March 30, 2019
(In thousands)
 
Gain (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
 
$
1,352

 
Cost of goods sold
 
$
(79
)
Other
 
(16
)
 
Other
 
—

 
 
 
 
 
 
 
Total
 
$
1,336

 
Total
 
$
(79
)