Derivative Financial Instruments (Tables)

3 Months Ended

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