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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 28, 2014
Derivative Instruments and Hedging Activities [Abstract] |
Derivative instruments designated as cash flow hedges reflected in the financial statements | We present our derivative assets and liabilities in our Condensed Consolidated Balance Sheets on a net basis by counterparty. The following table summarizes the location and fair value of the derivative instruments and disaggregates our 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 28, 2014 |  |  | Dec. 28, 2013 |  | Balance Sheet Location |  | June 28, 2014 |  |  | Dec. 28, 2013 |
Hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts - gains | Other current assets |  | $ | 513 |  |  | $ | 448 |  | Other current liabilities |  | $ | — |  |  | $ | 340 |
Commodity contracts - losses | Other current assets |  |  | (52 | ) |  |  | (10 | ) | Other current liabilities |  |  | (47 | ) |  |  | (2,107 | )
Foreign currency contracts | Other current assets |  |  | 319 |  |  |  | 836 |  | Other current liabilities |  |  | — |  |  |  | — |
Interest rate swap | Other assets |  |  | — |  |  |  | 1,324 |  | Other liabilities |  |  | (664 | ) |  |  | — |
Total derivatives (1) |  |  | $ | 780 |  |  | $ | 2,598 |  |  |  | $ | (711 | ) |  | $ | (1,767 | )
(1) Does not include the impact of cash collateral received from or provided to counterparties.
Schedule of fair value hedges | The following tables summarize the effects of derivative instruments on our Condensed Consolidated Statements of Income:
|  |  | Three Months Ended |  |  | Six Months Ended |
(In thousands) | Location |  | June 28, 2014 |  |  | June 29, 2013 |  |  | June 28, 2014 |  |  | June 29, 2013 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) gain on commodity contracts (qualifying) | Cost of goods sold |  | $ | (20 | ) |  | $ | 1,857 |  |  | $ | 6,271 |  |  | $ | 5,190 |
Gain (loss) on hedged item - Inventory | Cost of goods sold |  |  | 20 |  |  |  | (1,928 | ) |  |  | (5,780 | ) |  |  | (4,813 | )
|  |  | Three Months Ended |  |  | Six Months Ended |
(In thousands) | Location |  | June 28, 2014 |  |  | June 29, 2013 |  |  | June 28, 2014 |  |  | June 29, 2013 |
Undesignated derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) gain on commodity contracts (nonqualifying) | Cost of goods sold |  |  | (72 | ) |  |  | — |  |  |  | 1,466 |  |  |  | — |
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:
|  | Three Months Ended June 28, 2014 |  |
(In thousands) |  | Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax |  |  | Classification Gains (Losses) |  | Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 578 |  |  | Cost of goods sold |  | $ | 168 |  |
Foreign currency contracts |  |  | (25 | ) |  | Property, plant, and equipment, net |  |  | (63 | ) |
Interest rate swap |  |  | (1,022 | ) |  | Interest expense |  |  | — |  |
|  | Three Months Ended June 29, 2013 |  |
(In thousands) |  | Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax |  |  | Classification Gains (Losses) |  | Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (2,876 | ) |  | Cost of goods sold |  | $ | 2,596 |  |
Foreign currency contracts |  |  | (20 | ) |  | Property, plant, and equipment, net |  |  | — |  |
Interest rate swap |  |  | 2,395 |  |  | Interest expense |  |  | — |  |
|  | Six Months Ended June 28, 2014 |  |
(In thousands) |  | Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax |  |  | Classification Gains (Losses) |  | Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (432 | ) |  | Cost of goods sold |  | $ | 459 |  |
Foreign currency contracts |  |  | (3 | ) |  | Property, plant, and equipment, net |  |  | (237 | ) |
Interest rate swap |  |  | (1,267 | ) |  | Interest expense |  |  | — |  |
|  | Six Months Ended June 29, 2013 |  |
(In thousands) |  | Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax |  |  | Classification Gains (Losses) |  | Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (3,530 | ) |  | Cost of goods sold |  | $ | 2,521 |  |
Foreign currency contracts |  |  | (20 | ) |  | Property, plant, and equipment, net |  |  | — |  |
Interest rate swap |  |  | 1,396 |  |  | Interest expense |  |  | — |  |
Offsetting Assets |
|  | June 28, 2014 |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidating Balance Sheet |  |  |  |
(In thousands) |  | Gross Amounts Recognized in Assets |  |  | Gross Amounts Offset in the Condensed Consolidating Balance Sheet |  |  | Net Amounts of Assets Presented in the Condensed Consolidating Balance Sheet |  |  | Financial Instruments |  |  | Cash Collateral Provided |  |  | Net Amounts of Assets |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 513 |  |  | $ | (52 | ) |  | $ | 461 |  |  | $ | — |  |  | $ | 972 |  |  | $ | 1,433 |
Foreign currency contracts |  |  | 319 |  |  |  | — |  |  |  | 319 |  |  |  | — |  |  |  | — |  |  |  | 319 |
Interest rate swap |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 832 |  |  | $ | (52 | ) |  | $ | 780 |  |  | $ | — |  |  | $ | 972 |  |  | $ | 1,752 |
|  | December 28, 2013 |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidating Balance Sheet |  |  |  |
(In thousands) |  | Gross Amounts Recognized in Assets |  |  | Gross Amounts Offset in the Condensed Consolidating Balance Sheet |  |  | Net Amounts of Assets Presented in the Condensed Consolidating Balance Sheet |  |  | Financial Instruments |  |  | Cash Collateral Provided |  |  | Net Amounts of Assets |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 448 |  |  | $ | (10 | ) |  | $ | 438 |  |  | $ | — |  |  | $ | 2,051 |  |  | $ | 2,489 |
Foreign currency contracts |  |  | 836 |  |  |  | — |  |  |  | 836 |  |  |  | — |  |  |  | — |  |  |  | 836 |
Interest rate swap |  |  | 1,324 |  |  |  | — |  |  |  | 1,324 |  |  |  | — |  |  |  | — |  |  |  | 1,324 |
Total |  | $ | 2,608 |  |  | $ | (10 | ) |  | $ | 2,598 |  |  | $ | — |  |  | $ | 2,051 |  |  | $ | 4,649 |
Offsetting Liabilities |
|  | June 28, 2014 |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidating Balance Sheet |  |  |  |
(In thousands) |  | Gross Amounts Recognized in Liabilities |  |  | Gross Amounts Offset in the Condensed Consolidating Balance Sheet |  |  | Net Amounts of Liabilities Presented in the Condensed Consolidating Balance Sheet |  |  | Financial Instruments |  |  | Cash Collateral Provided |  |  | Net Amounts of Liabilities |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (47 | ) |  | $ | — |  |  | $ | (47 | ) |  | $ | — |  |  | $ | — |  |  | $ | (47 | )
Foreign currency contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate swap |  |  | (664 | ) |  |  | — |  |  |  | (664 | ) |  |  | — |  |  |  | — |  |  |  | (664 | )
Total |  | $ | (711 | ) |  | $ | — |  |  | $ | (711 | ) |  | $ | — |  |  | $ | — |  |  | $ | (711 | )
|  | December 28,2013 |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidating Balance Sheet |  |  |  |
(In thousands) |  | Gross Amounts Recognized in Liabilities |  |  | Gross Amounts Offset in the Condensed Consolidating Balance Sheet |  |  | Net Amounts of Liabilities Presented in the Condensed Consolidating Balance Sheet |  |  | Financial Instruments |  |  | Cash Collateral Provided |  |  | Net Amounts of Liabilities |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (2,107 | ) |  | $ | 340 |  |  | $ | (1,767 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,767 | )
Foreign currency contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate swap |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | (2,107 | ) |  | $ | 340 |  |  | $ | (1,767 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,767 | )

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