Financial Instruments (Tables)

9 Months Ended

Sep. 25, 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	September 25, 2021		December 26, 2020		Balance Sheet Location	September 25, 2021		December 26, 2020
Commodity contracts - gains	Other current assets	$	671	$	1,213	Other current liabilities	$	27	$	68
Commodity contracts - losses	Other current assets	(559)		(8)		Other current liabilities	(43)		(5,863)
Total derivatives (1)		$	112	$	1,205		$	(16)	$	(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		For the Nine Months Ended
(In thousands)	Location	September 25, 2021	September 26, 2020	September 25, 2021	September 26, 2020
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	7,282	843	(3,141)	(3,596)

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 25, 2021
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	845	Cost of goods sold	$	1,265
Other	13		Other	(1)
Total	$	858	Total	$	1,264

Amounts recognized in and reclassified from AOCI (continued):

	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 Nine Months Ended September 25, 2021
(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	$	861	Cost of goods sold	$	(1,584)
Other	1		Other	—
Total	$	862	Total	$	(1,584)

	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