Financial Instruments (Tables)

9 Months Ended

Sep. 26, 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	September 26, 2020		December 28, 2019		Balance Sheet Location	September 26, 2020		December 28, 2019
Commodity contracts - gains	Other current assets	$	791	$	1,435	Other current liabilities	$	—	$	50
Commodity contracts - losses	Other current assets	(18)		(12)		Other current liabilities	—		(159)
Total derivatives (1)		$	773	$	1,423		$	—	$	(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 Nine Months Ended
(In thousands)	Location	September 26, 2020	September 28, 2019	September 26, 2020	September 28, 2019
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	843	(467)	(3,596)	1,425

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 26, 2020
(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	$	337	Cost of goods sold	$	(180)
Other	(6)		Other	—
Total	$	331	Total	$	(180)

	For the Quarter Ended September 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	$	130	Cost of goods sold	$	(332)
Other	8		Other	(1)
Total	$	138	Total	$	(333)

Changes recognized in and reclassified from AOCI (continued):

	For the Nine Months Ended September 26, 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	$	(5,084)	Cost of goods sold	$	5,273
Other	2		Other	1
Total	$	(5,082)	Total	$	5,274

	For the Nine Months Ended September 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	$	749	Cost of goods sold	$	(629)
Other	14		Other	(1)
Total	$	763	Total	$	(630)