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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 27, 2014
Derivative Instruments and Hedging Activities [Abstract] |
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 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 |  | Sept. 27, 2014 |  |  | Dec. 28, 2013 |  | Balance Sheet Location |  | Sept. 27, 2014 |  |  | Dec. 28, 2013 |
Hedging instrument: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts - gains | Other current assets |  | $ | 526 |  |  | $ | 448 |  | Other current liabilities |  | $ | 10 |  |  | $ | 340 |
Commodity contracts - losses | Other current assets |  |  | (76 | ) |  |  | (10 | ) | Other current liabilities |  |  | (115 | ) |  |  | (2,107 | )
Foreign currency contracts | Other current assets |  |  | — |  |  |  | 836 |  | Other current liabilities |  |  | (68 | ) |  |  | — |
Interest rate swap | Other assets |  |  | 8 |  |  |  | 1,324 |  | Other liabilities |  |  | — |  |  |  | — |
Total derivatives (1) |  |  | $ | 458 |  |  | $ | 2,598 |  |  |  | $ | (173 | ) |  | $ | (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 |  |  | Nine Months Ended |
(In thousands) | Location |  | Sept. 27, 2014 |  |  | Sept. 28, 2013 |  |  | Sept. 27, 2014 |  |  | Sept. 28, 2013 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on commodity contracts (qualifying) | Cost of goods sold |  | $ | 1,100 |  |  | $ | (846 | ) |  | $ | 7,371 |  |  | $ | 4,344 |
(Loss) gain on hedged item - Inventory | Cost of goods sold |  |  | (922 | ) |  |  | 1,042 |  |  |  | (6,702 | ) |  |  | (3,770 | )
|  |  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) | Location |  | Sept. 27, 2014 |  |  | Sept. 28, 2013 |  |  | Sept. 27, 2014 |  |  | Sept. 28, 2013 |
Undesignated derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on commodity contracts (nonqualifying) | Cost of goods sold |  | $ | — |  |  | $ | — |  |  | $ | 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 September 27, 2014
(In thousands) |  | (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax |  | Classification Gains (Losses) | (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges: |  |  |  |  |  |
Commodity contracts |  | $ | (202 | ) | Cost of goods sold | $ | (174 | )
Foreign currency contracts |  |  | (181 | ) | Property, plant, and equipment, net |  | (46 | )
Interest rate swap |  |  | 430 |  | Interest expense |  | — |
|  | Three Months Ended September 28, 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 |  | $ | 474 |  | Cost of goods sold | $ | 788 |
Foreign currency contracts |  |  | 372 |  | Property, plant, and equipment, net |  | — |
Interest rate swap |  |  | (747 | ) | Interest expense |  | — |
|  | Nine Months Ended September 27, 2014
(In thousands) |  | (Loss) Gain 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 |  | $ | (634 | ) | Cost of goods sold | $ | 285 |
Foreign currency contracts |  |  | (184 | ) | Property, plant, and equipment, net |  | (283 | )
Interest rate swap |  |  | (837 | ) | Interest expense |  | — |
|  | Nine Months Ended September 28, 2013 |
(In thousands) |  | (Loss) Gain 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 |  | $ | (3,056 | ) | Cost of goods sold | $ | 3,309 |
Foreign currency contracts |  |  | 352 |  | Property, plant, and equipment, net |  | — |
Interest rate swap |  |  | 649 |  | Interest expense |  | — |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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