Financial Instruments (Tables)

9 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Designated as Cash Flow Hedges Reflected in the Financial Statements

The following table summarizes the location and fair value of the derivative instruments and disaggregates the net derivative assets and liabilities into gross components on a contract-by-contract basis:

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(In thousands)	Balance Sheet Location	September 28, 2024		December 30, 2023		Balance Sheet Location	September 28, 2024		December 30, 2023
Commodity contracts - gains	Other current assets	$	1,431	$	589	Other current liabilities	$	—	$	16
Commodity contracts - losses	Other current assets	—		(281)		Other current liabilities	(128)		(383)
Total derivatives (1)		$	1,431	$	308		$	(128)	$	(367)

(1) Does not include the impact of cash collateral provided to counterparties.

Schedule of Fair Value Hedges

The following tables summarize the effects of derivative instruments on the Company’s Condensed Consolidated Statements of Income:

		For the Quarter Ended				For the Nine Months Ended
(In thousands)	Location	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Undesignated derivatives:
Gain (loss) on commodity contracts (nonqualifying)	Cost of goods sold	$	4,052	$	1,102	$	(2,606)	$	(955)

Schedule of Activities Related to Derivative Instruments Classified as Cash Flow Hedges

The following tables summarize amounts recognized in and reclassified from AOCI during the period:

	For the Quarter Ended September 28, 2024
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	929	Cost of goods sold	$	531
Other	—		Other	—
Total	$	929	Total	$	531

Amounts recognized in and reclassified from AOCI (continued):

	For the Quarter Ended September 30, 2023
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Loss Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	132	Cost of goods sold	$	183
Other	9		Other	—
Total	$	141	Total	$	183

	For the Nine Months Ended September 28, 2024
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Gain Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	2,058	Cost of goods sold	$	(1,039)
Other	22		Other	—
Total	$	2,080	Total	$	(1,039)

	For the Nine Months Ended September 30, 2023
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Gain Reclassified from AOCI (Effective Portion), Net of Tax
Cash flow hedges:
Commodity contracts	$	1,140	Cost of goods sold	$	(2,548)
Other	7		Other	—
Total	$	1,147	Total	$	(2,548)