Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 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	2020		2019		Balance Sheet Location	2020		2019
Commodity contracts - gains	Other current assets	$	1,213	$	1,435	Other current liabilities	$	68	$	50
Commodity contracts - losses	Other current assets	(8)		(12)		Other current liabilities	(5,863)		(159)
Total derivatives (1)		$	1,205	$	1,423		$	(5,795)	$	(109)

(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	2020		2019
Undesignated derivatives:
(Loss) gain on commodity contracts (nonqualifying)	Cost of goods sold	$	(8,893)	$	2,443

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 26, 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	$	(4,579)	Cost of goods sold	$	5,091
Other	(4)		Other	—
Total	$	(4,583)	Total	$	5,091

	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)