Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 02, 2016

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 value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated statements of operations.

		Third Quarter						First Three Quarters
(in thousands)	Classification of Gain (Loss)	2016			2015			2016		2015
Commodity hedges	Cost of sales	$	401		$	(1,438	)	$	2,695	$	(2,118	)
Commodity hedges	Selling, delivery and administrative expenses		(13	)		(692	)		1,503		(118	)
Total		$	388		$	(2,130	)	$	4,198	$	(2,236	)

Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments

The following table summarizes the fair values and classification in the consolidated balance sheets of derivative instruments held by the Company:

(in thousands)	Balance Sheet Classification	October 2, 2016		January 3, 2016		September 27, 2015
Assets:
Commodity hedges at fair market value	Prepaid expenses and other current assets	$	455	$	-	$	-
Commodity hedges at fair market value	Other assets		303		3		39
Total assets		$	758	$	3	$	39
Liabilities:
Commodity hedges at fair market value	Other accrued liabilities	$	-	$	3,442	$	1,918
Commodity hedges at fair market value	Other liabilities		-		-		357
Total liabilities		$	-	$	3,442	$	2,275

Summary of Gross Derivative Assets and Gross Derivative Liabilities in Consolidated Balance Sheets

The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the consolidated balance sheets

(in thousands)	October 2, 2016		January 3, 2016		September 27, 2015
Gross derivative assets	$	1,096	$	222	$	779
Gross derivative liabilities		338		3,661		3,015

Summary of Outstanding Commodity Derivative Agreements

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

(in thousands)	October 2, 2016		January 3, 2016		September 27, 2015
Notional amount of outstanding commodity derivative agreements	$	26,207	$	64,884	$	75,907
Latest maturity date of outstanding commodity derivative agreements	December 2017		December 2017		December 2016