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Financial Instruments (Tables) | 9 Months Ended
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Sep. 28, 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 |  | September 28, 2024 |  | December 30, 2023 |  | Balance Sheet Location |  | September 28, 2024 |  | December 30, 2023
Commodity contracts - gains |  | Other current assets |  | $ | 1,431 |  |  | $ | 589 |  |  | Other current liabilities |  | $ | — |  |  | $ | 16 |
Commodity contracts - losses |  | Other current assets |  | — |  |  | (281) |  |  | Other current liabilities |  | (128) |  |  | (383) |
Total derivatives (1) |  |  |  | $ | 1,431 |  |  | $ | 308 |  |  |  |  | $ | (128) |  |  | $ | (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 |  | For the Nine Months Ended
(In thousands) |  | Location |  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Undesignated derivatives: |  |  |  |  |  |  |  |  |  |
Gain (loss) on commodity contracts (nonqualifying) |  | Cost of goods sold |  | $ | 4,052 |  |  | $ | 1,102 |  |  | $ | (2,606) |  |  | $ | (955) |
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 September 28, 2024
(In thousands) |  | Gain 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 |  | $ | 929 |  |  | Cost of goods sold |  | $ | 531 |
Other |  | — |  |  | Other |  | — |
Total |  | $ | 929 |  |  | Total |  | $ | 531 |
Amounts recognized in and reclassified from AOCI (continued):
|  | For the Quarter Ended September 30, 2023
(In thousands) |  | Gain 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 |  | $ | 132 |  |  | Cost of goods sold |  | $ | 183 |
Other |  | 9 |  |  | Other |  | — |
Total |  | $ | 141 |  |  | Total |  | $ | 183 |
|  | For the Nine Months Ended September 28, 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 |  | $ | 2,058 |  |  | Cost of goods sold |  | $ | (1,039) |
Other |  | 22 |  |  | Other |  | — |
Total |  | $ | 2,080 |  |  | Total |  | $ | (1,039) |
|  | For the Nine Months Ended September 30, 2023
(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 |  | $ | 1,140 |  |  | Cost of goods sold |  | $ | (2,548) |
Other |  | 7 |  |  | Other |  | — |
Total |  | $ | 1,147 |  |  | Total |  | $ | (2,548) |

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