Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 29, 2019

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:

		Fiscal Year
(in thousands)	Classification of Gain (Loss)	2019		2018			2017
Commodity hedges	Cost of sales	$	6,602	$	(10,376	)	$	2,815
Commodity hedges	Selling, delivery and administrative expenses		3,536		(4,349	)		315
Total gain (loss)		$	10,138	$	(14,725	)	$	3,130

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	December 29, 2019		December 30, 2018
Assets:
Commodity hedges at fair market value	Prepaid expenses and other current assets	$	1,007	$	-
Total assets		$	1,007	$	-
Liabilities:
Commodity hedges at fair market value	Other accrued liabilities	$	1,174	$	10,305
Total liabilities		$	1,174	$	10,305

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)	December 29, 2019		December 30, 2018
Gross derivative assets	$	3,298	$	28,305
Gross derivative liabilities		3,465		38,610

Summary of Outstanding Commodity Derivative Agreements

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

(in thousands)	December 29, 2019		December 30, 2018
Notional amount of outstanding commodity derivative agreements	$	171,699	$	168,388
Latest maturity date of outstanding commodity derivative agreements	December 2020		December 2019