Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

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	)