Financial Instruments (Tables)

3 Months Ended

Mar. 27, 2021

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 27, 2021		December 26, 2020		Balance Sheet Location	March 27, 2021		December 26, 2020
Commodity contracts - gains	Other current assets	$	1,965	$	1,213	Other current liabilities	$	—	$	68
Commodity contracts - losses	Other current assets	(55)		(8)		Other current liabilities	(14,667)		(5,863)
Total derivatives (1)		$	1,910	$	1,205		$	(14,667)	$	(5,795)

(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 27, 2021	March 28, 2020
Undesignated derivatives:
Loss on commodity contracts (nonqualifying)	Cost of goods sold	(8,530)	(9,476)

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 27, 2021
(In thousands)	Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	1,491	Cost of goods sold	$	(996)
Other	(3)		Other	1
Total	$	1,488	Total	$	(995)

	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