Financial Instruments (Tables)

6 Months Ended

Jun. 25, 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	June 25, 2022		December 25, 2021		Balance Sheet Location	June 25, 2022		December 25, 2021
Commodity contracts - gains	Other current assets	$	4,214	$	1,150	Other current liabilities	$	—	$	—
Commodity contracts - losses	Other current assets	—		(46)		Other current liabilities	(12,864)		(353)
Total derivatives (1)		$	4,214	$	1,104		$	(12,864)	$	(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		For the Six Months Ended
(In thousands)	Location	June 25, 2022	June 26, 2021	June 25, 2022	June 26, 2021
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	12,457	(1,893)	15,882	(10,423)

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 June 25, 2022
(In thousands)	(Loss) 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	$	(11,107)	Cost of goods sold	$	(792)
Other	13		Other	—
Total	$	(11,094)	Total	$	(792)

Amounts recognized in and reclassified from AOCI (continued):

	For the Quarter Ended June 26, 2021
(In thousands)	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	$	(1,475)	Cost of goods sold	$	(1,853)
Other	(9)		Other	—
Total	$	(1,484)	Total	$	(1,853)

	For the Six Months Ended June 25, 2022
(In thousands)	(Loss) 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	$	(7,326)	Cost of goods sold	$	(2,514)
Other	45		Other	—
Total	$	(7,281)	Total	$	(2,514)

	For the Six Months Ended June 26, 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	$	16	Cost of goods sold	$	(2,849)
Other	(12)		Other	1
Total	$	4	Total	$	(2,848)