Commodity Derivative Instruments (Tables)

3 Months Ended

Mar. 29, 2024

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)	2024		2023
Cost of sales	$	(1,156)	$	(395)
Selling, delivery and administrative expenses	(43)		(2,690)
Total loss	$	(1,199)	$	(3,085)

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)	March 29, 2024		December 31, 2023
Prepaid expenses and other current assets	$	2,548	$	3,747
Total assets	$	2,548	$	3,747

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)	March 29, 2024		December 31, 2023
Gross commodity derivative instrument assets	$	2,548	$	3,747
Gross commodity derivative instrument liabilities	—		—

Summary of Outstanding Commodity Derivative Instruments

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

(in thousands)	March 29, 2024		December 31, 2023
Notional amount of outstanding commodity derivative instruments	$	52,923	$	50,187
Latest maturity date of outstanding commodity derivative instruments	December 2024		December 2024