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Derivative Financial Instruments (Tables) | 3 Months Ended
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Apr. 02, 2021
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 values of the Company’s commodity derivative instruments and the classification of such changes in the condensed consolidated statements of operations:
|  | First Quarter |  |
(in thousands) |  | 2021 |  | 2020 |  |  |  |
Cost of sales |  | $ | 288 |  |  | $ | (1,536) |  |  |  |  |
Selling, delivery and administrative expenses |  | 560 |  |  | (2,329) |  |  |  |  |
Total gain (loss) |  | $ | 848 |  |  | $ | (3,865) |  |  |  |  |
Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments | The following table summarizes the fair values of the Company’s commodity derivative instruments and the classification of such instruments in the condensed consolidated balance sheets:
(in thousands) |  | April 2, 2021 |  | December 31, 2020
Assets: |  |  |  |
Prepaid expenses and other current assets |  | $ | 3,321 |  |  | $ | 2,417 |
Other assets |  | — |  |  | 56 |
Total assets |  | $ | 3,321 |  |  | $ | 2,473 |
Summary of Gross Derivative Assets and Gross Commodity Derivative Assets and Liabilities in Condensed Consolidated Balance Sheets | The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the condensed consolidated balance sheets:
(in thousands) |  | April 2, 2021 |  | December 31, 2020
Gross commodity derivative instrument assets |  | $ | 4,383 |  |  | $ | 2,473 |
Gross commodity derivative instrument liabilities |  | 1,062 |  |  | — |
Summary of Outstanding Commodity Derivative Instruments | The following table summarizes the Company’s outstanding commodity derivative instruments:
(in thousands) |  | April 2, 2021 |  | December 31, 2020
Notional amount of outstanding commodity derivative instruments |  | $ | 30,888 |  |  | $ | 23,030 |
Latest maturity date of outstanding commodity derivative instruments |  | December 2021 |  | December 2021

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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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