Derivatives (Tables)

12 Months Ended

Dec. 30, 2023

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 consolidated balance sheets at December 30, 2023, and December 31, 2022, as follows (in thousands):

	Derivative Assets			Derivative (Liabilities)
	December 30, 2023			December 30, 2023
Derivatives designated as hedging
instruments under Subtopic 815-20:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments:
Aluminum forward contracts	Other current assets	$	257	Accrued liabilities	$	—
MTP contracts	Other current assets		—	Accrued liabilities		—
Aluminum forward contracts	Other assets		—	Other liabilities		—
MTP contracts	Other assets		—	Other liabilities		—
Total derivative instruments	Total derivative assets	$	257	Total derivative liabilities	$	—
	Derivative Assets			Derivative (Liabilities)
	December 31, 2022			December 31, 2022
Derivatives designated as hedging
instruments under Subtopic 815-20:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivative instruments:
Aluminum forward contracts	Other current assets	$	—	Accrued liabilities	$	—
MTP contracts	Other current assets		300	Accrued liabilities		—
Aluminum forward contracts	Other assets		—	Other liabilities		—
MTP contracts	Other assets		—	Other liabilities		—
Total derivative instruments	Total derivative assets	$	300	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 consolidated financial statements for the three years ended December 30, 2023 (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
	Year Ended		Year Ended
	January 1, 2022		January 1, 2022
Aluminum contracts	$14,012	Cost of sales	$12,373
MTP contracts	$10,443	Cost of sales	$6,265
	December 31, 2022		December 31, 2022
Aluminum contracts	($7,732)	Cost of sales	($2,903)
MTP contracts	$42	Cost of sales	$4,341
	December 30, 2023		December 30, 2023
Aluminum contracts	($361)	Cost of sales	($618)
MTP contracts	($94)	Cost of sales	$206

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