Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 25, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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	2021		2020		Balance Sheet Location	2021		2020
Commodity contracts - gains	Other current assets	$	1,150	$	1,213	Other current liabilities	$	—	$	68
Commodity contracts - losses	Other current assets	(46)		(8)		Other current liabilities	(353)		(5,863)
Total derivatives (1)		$	1,104	$	1,205		$	(353)	$	(5,795)

(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	2021		2020
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	$	217	$	(8,893)

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 25, 2021
(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	$	2,389	Cost of goods sold	$	(2,542)
Other	(28)		Other	—
Total	$	2,361	Total	$	(2,542)

	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