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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jul. 01, 2012
Derivative Financial Instruments [Abstract] |
Summary of net gains and losses | The following table summarizes Q2 2012 and Q2 2011 net gains and losses on the Company’s fuel and aluminum derivative financial instruments and the classification, either as cost of sales or selling, delivery and administrative (“S,D&A”) expenses, of such net gains and losses in the consolidated statements of operations:
|  |  |  | Second Quarter |
In Thousands |  | Classification of Gain (Loss) |  | 2012 |  |  | 2011 |
Fuel hedges – contract premium and contract settlement |  | S,D&A expenses |  | $ | 0 |  |  | $ | (105 | )
Fuel hedges – mark-to-market adjustment |  | S,D&A expenses |  |  | 0 |  |  |  | (25 | )
Aluminum hedges – contract premium and contract settlement |  | Cost of sales |  |  | 0 |  |  |  | 783 |
Aluminum hedges – mark-to-market adjustment |  | Cost of sales |  |  | 0 |  |  |  | (1,708 | )
Total Net Gain (Loss) |  |  |  | $ | 0 |  |  | $ | (1,055 | )
The following table summarizes YTD 2012 and YTD 2011 net gains and losses on the Company’s fuel and aluminum derivative financial instruments and the classification, either as cost of sales or selling, delivery and administrative (“S,D&A”) expenses, of such net gains and losses in the consolidated statements of operations:
|  |  |  | First Half |
In Thousands |  | Classification of Gain (Loss) |  | 2012 |  |  | 2011 |
Fuel hedges – contract premium and contract settlement |  | S,D&A expenses |  | $ | 0 |  |  | $ | 66 |
Fuel hedges – mark-to-market adjustment |  | S,D&A expenses |  |  | 0 |  |  |  | (171 | )
Aluminum hedges – contract premium and contract settlement |  | Cost of sales |  |  | 0 |  |  |  | 1,304 |
Aluminum hedges – mark-to-market adjustment |  | Cost of sales |  |  | 0 |  |  |  | (2,216 | )
Total Net Gain (Loss) |  |  |  | $ | 0 |  |  | $ | (1,017 | )
Summary of fair values and classification in the consolidated balance sheets of derivative instruments | The following table summarizes the fair values and classification in the consolidated balance sheets of derivative instruments held by the Company as of July 1, 2012, January 1, 2012 and July 3, 2011:
|  | Balance Sheet |  | July 1, |  |  | Jan. 1, |  |  | July 3, |
In Thousands |  | Classification |  | 2012 |  |  | 2012 |  |  | 2011 |
Unamortized cost of fuel hedging agreements |  | Prepaid expenses and other current assets |  | $ | 0 |  |  | $ | 0 |  |  | $ | 526 |
Aluminum hedges at fair market value |  | Prepaid expenses and other current assets |  |  | 0 |  |  |  | 0 |  |  |  | 4,450 |
Unamortized cost of aluminum hedging agreements |  | Prepaid expenses and other current assets |  |  | 0 |  |  |  | 0 |  |  |  | 1,316 |
Total |  |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6,292 |

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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