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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 25, 2021
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 |  | 2021 |  | 2020 |  | Balance Sheet Location |  | 2021 |  | 2020
Commodity contracts - gains |  | Other current assets |  | $ | 1,150 |  |  | $ | 1,213 |  |  | Other current liabilities |  | $ | — |  |  | $ | 68 |
Commodity contracts - losses |  | Other current assets |  | (46) |  |  | (8) |  |  | Other current liabilities |  | (353) |  |  | (5,863) |
Total derivatives (1) |  |  |  | $ | 1,104 |  |  | $ | 1,205 |  |  |  |  | $ | (353) |  |  | $ | (5,795) |
(1) Does not include the impact of cash collateral provided to counterparties.
Schedule of Fair Value Hedges | The following table summarizes the effects of derivative instruments on the Consolidated Statements of Income:
(In thousands) |  | Location |  | 2021 |  | 2020
Undesignated derivatives: |  |  |  |  |  |
Gain (loss) on commodity contracts (nonqualifying) |  | Cost of goods sold |  | $ | 217 |  |  | $ | (8,893) |
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:
|  | Year Ended December 25, 2021
(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 |  | $ | 2,389 |  |  | Cost of goods sold |  | $ | (2,542) |
Other |  | (28) |  |  | Other |  | — |
Total |  | $ | 2,361 |  |  | Total |  | $ | (2,542) |
|  | Year Ended December 26, 2020
(In thousands) |  | Loss 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 |  | $ | (4,579) |  |  | Cost of goods sold |  | $ | 5,091 |
Other |  | (4) |  |  | Other |  | — |
Total |  | $ | (4,583) |  |  | Total |  | $ | 5,091 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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