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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Pre-Tax Changes in Fair Value | The following table summarizes pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the condensed consolidated statements of operations:
|  |  |  | First Quarter |  |
(in thousands) |  | Classification of Gain (Loss) |  | 2020 |  | 2019
Commodity hedges |  | Cost of sales |  | $ | (1,536) |  |  | $ | 3,905 |
Commodity hedges |  | Selling, delivery and administrative expenses |  | (2,329) |  |  | 2,715 |
Total gain (loss) |  |  |  | $ | (3,865) |  |  | $ | 6,620 |
Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments | The following table summarizes the fair values and classification in the condensed consolidated balance sheets of derivative instruments held by the Company:
(in thousands) |  | Balance Sheet Classification |  | March 29, 2020 |  | December 29, 2019
Assets: |  |  |  |  |  |
Commodity hedges at fair market value |  | Prepaid expenses and other current assets |  | $ | 240 |  |  |  | $ | 1,007 |
Total assets |  |  |  | $ | 240 |  |  |  | $ | 1,007 |
Liabilities: |  |  |  |  |  |
Commodity hedges at fair market value |  | Other accrued liabilities |  | $ | 4,272 |  |  |  | $ | 1,174 |
Total liabilities |  |  |  | $ | 4,272 |  |  | $ | 1,174 |
Summary of Gross Derivative Assets and Gross Derivative Liabilities in Condensed Consolidated Balance Sheets | The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the condensed consolidated balance sheets:
(in thousands) |  | March 29, 2020 |  | December 29, 2019
Gross derivative assets |  | $ | 284 |  |  | $ | 3,298 |
Gross derivative liabilities |  | 4,316 |  |  | 3,465 |
Summary of Outstanding Commodity Derivative Agreements | The following table summarizes the Company’s outstanding commodity derivative agreements:
(in thousands) |  | March 29, 2020 |  | December 29, 2019
Notional amount of outstanding commodity derivative agreements |  | $ | 146,498 |  |  | $ | 171,699 |
Latest maturity date of outstanding commodity derivative agreements |  | December 2020 |  | December 2020

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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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
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