Financial Instruments (Tables)

3 Months Ended

Mar. 26, 2022

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 26, 2022		December 25, 2021		Balance Sheet Location	March 26, 2022		December 25, 2021
Commodity contracts - gains	Other current assets	$	4,471	$	1,150	Other current liabilities	$	466	$	—
Commodity contracts - losses	Other current assets	(41)		(46)		Other current liabilities	(4,798)		(353)
Total derivatives (1)		$	4,430	$	1,104		$	(4,332)	$	(353)

(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 26, 2022	March 27, 2021
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	3,425	(8,530)

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 26, 2022
(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	$	3,781	Cost of goods sold	$	(1,722)
Other	32		Other	—
Total	$	3,813	Total	$	(1,722)

Amounts recognized in and reclassified from AOCI (continued):

	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)