Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 01, 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 condensed statements of operations.

		Third Quarter					First Three Quarters
(in thousands)	Classification of Gain	2017		2016			2017		2016
Commodity hedges	Cost of sales	$	2,042	$	401		$	2,066	$	2,695
Commodity hedges	Selling, delivery and administrative expenses		1,359		(13	)		475		1,503
Total gain		$	3,401	$	388		$	2,541	$	4,198

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

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

(in thousands)	Balance Sheet Classification	October 1, 2017		January 1, 2017
Assets:
Commodity hedges at fair market value	Prepaid expenses and other current assets	$	3,153	$	1,289
Commodity hedges at fair market value	Other assets		679		-
Total assets		$	3,832	$	1,289
Liabilities:
Commodity hedges at fair market value	Other accrued liabilities	$	2	$	-
Total liabilities		$	2	$	-

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

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

(in thousands)	October 1, 2017		January 1, 2017
Gross derivative assets	$	4,166	$	1,297
Gross derivative liabilities		336		8

Summary of Outstanding Commodity Derivative Agreements

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

(in thousands)	October 1, 2017		January 1, 2017
Notional amount of outstanding commodity derivative agreements	$	77,752	$	13,146
Latest maturity date of outstanding commodity derivative agreements	December 2018		December 2017