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Financial Instruments (Tables) | 3 Months Ended
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Mar. 30, 2024
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 |  | March 30, 2024 |  | December 30, 2023 |  | Balance Sheet Location |  | March 30, 2024 |  | December 30, 2023
Commodity contracts - gains |  | Other current assets |  | $ | 588 |  |  | $ | 589 |  |  | Other current liabilities |  | $ | 53 |  |  | $ | 16 |
Commodity contracts - losses |  | Other current assets |  | (6) |  |  | (281) |  |  | Other current liabilities |  | (2,423) |  |  | (383) |
Total derivatives (1) |  |  |  | $ | 582 |  |  | $ | 308 |  |  |  |  | $ | (2,370) |  |  | $ | (367) |
(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 |  |  |  |  |  | March 30, 2024 |  | April 1, 2023
Undesignated derivatives: |  |  |  |  |  |  |  |  |  |
Gain (loss) on commodity contracts (nonqualifying) |  | Cost of goods sold |  |  |  |  |  | 488 |  |  | (2,484) |
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 March 30, 2024
(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 |  | $ | 667 |  |  | Cost of goods sold |  | $ | (373) |
Other |  | 33 |  |  | Other |  | — |
Total |  | $ | 700 |  |  | Total |  | $ | (373) |
|  | 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) |

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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