Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

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	March 30, 2024		December 30, 2023		Balance Sheet Location	March 30, 2024		December 30, 2023
Commodity contracts - gains	Other current assets	$	588	$	589	Other current liabilities	$	53	$	16
Commodity contracts - losses	Other current assets	(6)		(281)		Other current liabilities	(2,423)		(383)
Total derivatives (1)		$	582	$	308		$	(2,370)	$	(367)

(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 30, 2024	April 1, 2023
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	488	(2,484)

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 March 30, 2024
(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	$	667	Cost of goods sold	$	(373)
Other	33		Other	—
Total	$	700	Total	$	(373)

	For the Quarter Ended April 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	$	2,969	Cost of goods sold	$	(1,989)
Other	(26)		Other	—
Total	$	2,943	Total	$	(1,989)