Financial Instruments (Tables)

6 Months Ended

Jul. 01, 2023

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	July 1, 2023		December 31, 2022		Balance Sheet Location	July 1, 2023		December 31, 2022
Commodity contracts - gains	Other current assets	$	74	$	3,746	Other current liabilities	$	305	$	—
Commodity contracts - losses	Other current assets	(9)		(1,483)		Other current liabilities	(814)		—
Total derivatives (1)		$	65	$	2,263		$	(509)	$	—

(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	July 1, 2023	June 25, 2022	July 1, 2023	June 25, 2022
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	427	12,457	(2,057)	15,882

Schedule 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 July 1, 2023
(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	$	(1,961)	Cost of goods sold	$	(742)
Other	24		Other	—
Total	$	(1,937)	Total	$	(742)

Amounts recognized in and reclassified from AOCI (continued):

	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)

	For the Six Months Ended July 1, 2023
(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	$	1,008	Cost of goods sold	$	(2,731)
Other	(2)		Other	—
Total	$	1,006	Total	$	(2,731)

	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)