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DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of the Classification of Derivative Assets and Liabilities within the Consolidated Balance Sheets | The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023:
|  | September 29, 2024 |  | December 31, 2023
|  | Assets (1) |  | Liabilities (1) |  | Assets (1) |  | Liabilities (1)
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 2,521 |  |  | $ | — |  |  | $ | 1,219 |  |  | $ | 1,670 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodities futures and options (2) |  | 2,759 |  |  | 2,907 |  |  | 66 |  |  | 679 |
Deferred compensation derivatives |  | 1,265 |  |  | — |  |  | 2,343 |  |  | — |
Foreign exchange contracts |  | 783 |  |  | — |  |  | 1,123 |  |  | — |
|  | 4,807 |  |  | 2,907 |  |  | 3,532 |  |  | 679 |
Total |  | $ | 7,328 |  |  | $ | 2,907 |  |  | $ | 4,751 |  |  | $ | 2,349 |
(1)Derivative assets are classified on our Consolidated Balance Sheets within prepaid expenses and other as well as other non-current assets. Derivative liabilities are classified on our Consolidated Balance Sheets within accrued liabilities and other long-term liabilities. (2)As of September 29, 2024, amounts reflected on a net basis in assets were assets of $31,902 and liabilities of $32,667, which are associated with cash transfers receivable or payable on commodities futures contracts reflecting the change in quoted market prices on the last trading day for the period. The comparable amounts reflected on a net basis in liabilities at December 31, 2023 were assets of $29,881 and liabilities of $30,493. At September 29, 2024 and December 31, 2023, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income | The effect of derivative instruments on the Consolidated Statements of Income for the three months ended September 29, 2024 and October 1, 2023 was as follows:
|  | Non-designated Hedges |  | Cash Flow Hedges
|  | Gains (losses) recognized in income (a) |  | Gains (losses) recognized in other comprehensive income (“OCI”) |  | Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b) |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Commodities futures and options |  | $ | 32,270 |  |  | $ | 17,103 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Foreign exchange contracts |  | 621 |  |  | (583) |  |  | 1,779 |  |  | 2,945 |  |  | 1,714 |  |  | (1,924) |  |  |  |  |
Interest rate swap agreements |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,274) |  |  | (2,274) |  |  |  |  |
Deferred compensation derivatives |  | 1,265 |  |  | (1,103) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total |  | $ | 34,156 |  |  | $ | 15,417 |  |  | $ | 1,779 |  |  | $ | 2,945 |  |  | $ | (560) |  |  | $ | (4,198) |  |  |  |  |
The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 29, 2024 and October 1, 2023 was as follows:
|  | Non-designated Hedges |  | Cash Flow Hedges
|  | Gains (losses) recognized in income (a) |  | Gains (losses) recognized in other comprehensive income (“OCI”) |  | Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b) |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Commodities futures and options |  | $ | 191,734 |  |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Foreign exchange contracts |  | 465 |  |  | 359 |  |  | 5,636 |  |  | (3,711) |  |  | 2,664 |  |  | (196) |  |  |  |  |
Interest rate swap agreements |  | — |  |  | — |  |  | — |  |  | 3,173 |  |  | (6,874) |  |  | (13,255) |  |  |  |  |
Deferred compensation derivatives |  | 4,312 |  |  | 1,776 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total |  | $ | 196,511 |  |  | $ | 2,187 |  |  | $ | 5,636 |  |  | $ | (538) |  |  | $ | (4,210) |  |  | $ | (13,451) |  |  |  |  |
(a)Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses. (b)Gains (losses) reclassified from AOCI into income for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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