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Financial Instruments (Tables) | 3 Months Ended
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Apr. 01, 2023
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 |  | April 1, 2023 |  | December 31, 2022 |  | Balance Sheet Location |  | April 1, 2023 |  | December 31, 2022
Commodity contracts - gains |  | Other current assets |  | $ | 3,070 |  |  | $ | 3,746 |  |  | Other current liabilities |  | $ | 5 |  |  | $ | — |
Commodity contracts - losses |  | Other current assets |  | (68) |  |  | (1,483) |  |  | Other current liabilities |  | (30) |  |  | — |
Total derivatives (1) |  |  |  | $ | 3,002 |  |  | $ | 2,263 |  |  |  |  | $ | (25) |  |  | $ | — |
(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 |  |  |  |  |  | April 1, 2023 |  | March 26, 2022
Undesignated derivatives: |  |  |  |  |  |  |  |  |  |
(Loss) gain on commodity contracts (nonqualifying) |  | Cost of goods sold |  |  |  |  |  | (2,484) |  |  | 3,425 |
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 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) |
Amounts recognized in and reclassified from AOCI (continued):
|  | For the Quarter Ended March 26, 2022
(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 |  | $ | 3,781 |  |  | Cost of goods sold |  | $ | (1,722) |
Other |  | 32 |  |  | Other |  | — |
Total |  | $ | 3,813 |  |  | Total |  | $ | (1,722) |

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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