Financial Instruments (Tables)

6 Months Ended

Jun. 27, 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	June 27, 2020		December 28, 2019		Balance Sheet Location	June 27, 2020		December 28, 2019
Commodity contracts - gains	Other current assets	$	1,155	$	1,435	Other current liabilities	$	15	$	50
Commodity contracts - losses	Other current assets	—		(12)		Other current liabilities	(103)		(159)
Total derivatives (1)		$	1,155	$	1,423		$	(88)	$	(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		For the Six Months Ended
(In thousands)	Location	June 27, 2020	June 29, 2019	June 27, 2020	June 29, 2019
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	5,037	450	(4,439)	1,892

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 27, 2020
(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	$	(1,715)	Cost of goods sold	$	5,075
Other	37		Other	1
Total	$	(1,678)	Total	$	5,076

	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 Six Months Ended June 27, 2020
(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	$	(5,421)	Cost of goods sold	$	5,453
Other	8		Other	1
Total	$	(5,413)	Total	$	5,454

	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)