Derivatives (Tables)

9 Months Ended

Oct. 01, 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 October 1, 2022 and January 1, 2022, as follows (in thousands):

	Derivative Assets			Derivative Liabilities
	October 1, 2022			October 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	$	—	Accrued liabilities	$	(4,001	)
MTP contracts	Other current assets		598	Accrued liabilities		—
Aluminum contracts	Other assets		—	Other liabilities		—
MTP contracts	Other assets		—	Other liabilities		—
Total derivative instruments	Total derivative assets	$	598	Total derivative liabilities	$	(4,001	)
	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 and nine months ended October 1, 2022 and October 2, 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
	October 1,			October 2,			October 1,			October 2,
	2022			2021			2022			2021
Aluminum contracts	$	(2,012	)	$	4,194	Cost of sales	$	(3,185	)	$	4,271
MTP contracts	$	(621	)	$	2,355	Cost of sales	$	769		$	2,425
	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
	Nine Months Ended						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2022			2021			2022			2021
Aluminum contracts	$	(9,427	)	$	13,385	Cost of sales	$	(597	)	$	8,423
MTP contracts	$	(60	)	$	10,525	Cost of sales	$	3,941		$	4,181

We classify cash flows related to derivative instruments as operating activities in the condensed consolidated statements of cash flows.