Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2017

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.

		First Quarter
(in thousands)	Classification of Gain (Loss)	2017			2016
Commodity hedges	Cost of sales	$	698		$	842
Commodity hedges	Selling, delivery and administrative expenses		(371	)		198
Total gain (loss)		$	327		$	1,040

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	April 2, 2017		January 1, 2017
Assets:
Commodity hedges at fair market value	Prepaid expenses and other current assets	$	1,616	$	1,289
Total assets		$	1,616	$	1,289

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)	April 2, 2017		January 1, 2017
Gross derivative assets	$	1,621	$	1,297
Gross derivative liabilities		5		8

Summary of Outstanding Commodity Derivative Agreements

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

(in thousands)	April 2, 2017		January 1, 2017
Notional amount of outstanding commodity derivative agreements	$	11,731	$	13,146
Latest maturity date of outstanding commodity derivative agreements	December 2017		December 2017