Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2023		December 31, 2022		Balance Sheet Location	September 30, 2023		December 31, 2022
Commodity contracts - gains	Other current assets	$	186	$	3,746	Other current liabilities	$	45	$	—
Commodity contracts - losses	Other current assets	(23)		(1,483)		Other current liabilities	(148)		—
Total derivatives (1)		$	163	$	2,263		$	(103)	$	—

(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 30, 2023	September 24, 2022	September 30, 2023	September 24, 2022
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	1,102	5,125	(955)	21,007

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 September 30, 2023
(In thousands)	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	$	132	Cost of goods sold	$	183
Other	9		Other	—
Total	$	141	Total	$	183

	For the Quarter Ended September 24, 2022
(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	$	(5,984)	Cost of goods sold	$	4,767
Other	38		Other	—
Total	$	(5,946)	Total	$	4,767

	For the Nine Months Ended September 30, 2023
(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	$	1,140	Cost of goods sold	$	(2,548)
Other	7		Other	—
Total	$	1,147	Total	$	(2,548)

	For the Nine Months Ended September 24, 2022
(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	$	(13,310)	Cost of goods sold	$	2,253
Other	83		Other	—
Total	$	(13,227)	Total	$	2,253