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Financial Instruments (Tables) | 6 Months Ended
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Jul. 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 |  | July 1, 2023 |  | December 31, 2022 |  | Balance Sheet Location |  | July 1, 2023 |  | December 31, 2022
Commodity contracts - gains |  | Other current assets |  | $ | 74 |  |  | $ | 3,746 |  |  | Other current liabilities |  | $ | 305 |  |  | $ | — |
Commodity contracts - losses |  | Other current assets |  | (9) |  |  | (1,483) |  |  | Other current liabilities |  | (814) |  |  | — |
Total derivatives (1) |  |  |  | $ | 65 |  |  | $ | 2,263 |  |  |  |  | $ | (509) |  |  | $ | — |
(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 |  | For the Six Months Ended
(In thousands) |  | Location |  | July 1, 2023 |  | June 25, 2022 |  | July 1, 2023 |  | June 25, 2022
Undesignated derivatives: |  |  |  |  |  |  |  |  |  |
Gain (loss) on commodity contracts (nonqualifying) |  | Cost of goods sold |  | 427 |  |  | 12,457 |  |  | (2,057) |  |  | 15,882 |
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 July 1, 2023
(In thousands) |  | (Loss) 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 |  | $ | (1,961) |  |  | Cost of goods sold |  | $ | (742) |
Other |  | 24 |  |  | Other |  | — |
Total |  | $ | (1,937) |  |  | Total |  | $ | (742) |
Amounts recognized in and reclassified from AOCI (continued):
|  | For the Quarter Ended June 25, 2022
(In thousands) |  | (Loss) 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 |  | $ | (11,107) |  |  | Cost of goods sold |  | $ | (792) |
Other |  | 13 |  |  | Other |  | — |
Total |  | $ | (11,094) |  |  | Total |  | $ | (792) |
|  | For the Six Months Ended July 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 |  | $ | 1,008 |  |  | Cost of goods sold |  | $ | (2,731) |
Other |  | (2) |  |  | Other |  | — |
Total |  | $ | 1,006 |  |  | Total |  | $ | (2,731) |
|  | For the Six Months Ended June 25, 2022
(In thousands) |  | (Loss) 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 |  | $ | (7,326) |  |  | Cost of goods sold |  | $ | (2,514) |
Other |  | 45 |  |  | Other |  | — |
Total |  | $ | (7,281) |  |  | Total |  | $ | (2,514) |

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