Derivatives (Tables)

3 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Hedges

The fair values of our aluminum hedges and MTP contracts are classified in the accompanying condensed consolidated balance sheets at April 2, 2022 and January 1, 2022, as follows (in thousands):

	Derivative Assets			Derivative Liabilities
	April 2, 2022			April 2, 2022
Derivatives designated as hedging
instruments under Subtopic 815-20:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments:
Aluminum contracts	Other current assets	$	10,184	Accrued liabilities	$	(1,126	)
MTP contracts	Other current assets		4,383	Accrued liabilities		—
Aluminum contracts	Other assets		—	Other liabilities		—
MTP contracts	Other assets		—	Other liabilities		—
Total derivative instruments	Total derivative assets	$	14,567	Total derivative liabilities	$	(1,126	)
	Derivative Assets			Derivative Liabilities
	January 1, 2022			January 1, 2022
Derivatives designated as hedging
instruments under Subtopic 815-20:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments:
Aluminum contracts	Other current assets	$	4,829	Accrued liabilities	$	—
MTP contracts	Other current assets		4,599	Accrued liabilities		—
Aluminum contracts	Other assets		—	Other liabilities		—
MTP contracts	Other assets		—	Other liabilities		—
Total derivative instruments	Total derivative assets	$	9,428	Total derivative liabilities	$	—

Gains (Losses) on Derivative Financial Instruments

The following represents the gains (losses) on derivative financial instruments, and their classifications within the accompanying condensed consolidated financial statements, for the three months ended April 2, 2022 and April 3, 2021 (in thousands):

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives				Location of Gain or (Loss) Reclassified from Accumulated OCI(L) into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI(L) into Income
	Three Months Ended					Three Months Ended
	April 2,		April 3,			April 2,		April 3,
	2022		2021			2022		2021
Aluminum contracts	$	5,607	$	4,083	Cost of sales	$	1,378	$	1,388
MTP contracts	$	468	$	4,205	Cost of sales	$	684	$	387