Commodity Derivative Instruments (Tables)

6 Months Ended

Jul. 01, 2022

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:

	Second Quarter				First Half
(in thousands)	2022		2021		2022		2021
Cost of sales	$	(13,663)	$	2,128	$	(6,169)	$	2,416
Selling, delivery and administrative expenses	998		505		7,223		1,065
Total gain (loss)	$	(12,665)	$	2,633	$	1,054	$	3,481

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)	July 1, 2022		December 31, 2021
Assets:
Prepaid expenses and other current assets	$	10,036	$	7,714
Total assets	$	10,036	$	7,714
Liabilities:
Other accrued liabilities	$	1,268	$	—
Total liabilities	$	1,268	$	—

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)	July 1, 2022		December 31, 2021
Gross commodity derivative instrument assets	$	10,493	$	9,200
Gross commodity derivative instrument liabilities	1,725		1,486

Summary of Outstanding Commodity Derivative Instruments

The following table summarizes the Company’s outstanding commodity derivative instruments:

(in thousands)	July 1, 2022		December 31, 2021
Notional amount of outstanding commodity derivative instruments	$	41,074	$	74,558
Latest maturity date of outstanding commodity derivative instruments	December 2022		December 2022