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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments | Fair value of derivative instruments at December 29, 2018 and December 30, 2017 are as follows:
Derivatives designated as hedging instruments: | Balance sheet location |  | December 29, 2018 |  | December 30, 2017
Commodity forward contracts | Prepaid expenses and other assets |  | $ | (285 | ) |  | $ | — |
Foreign currency forward contracts | Prepaid expenses and other assets |  | 8,357 |  |  | — |
Foreign currency forward contracts | Accrued expenses |  | — |  |  | (826 | )
Cross currency swap contracts | Prepaid expenses and other assets |  | 1,075 |  |  | — |
|  |  | $ | 9,147 |  |  | $ | (826 | )
Gains (losses) on derivatives recognized on statements of earnings | Gains (losses) on derivatives recognized in the consolidated statements of earnings for the years ended December 29, 2018, December 30, 2017, and December 31, 2016 are as follows:
Derivatives designated as hedging instruments: | Statements of earnings location |  | 2018 |  | 2017 |  | 2016
Commodity forward contracts | Product cost of sales |  | $ | 1,021 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts | Loss from divestiture of grinding media business |  | (1,215 | ) |  | — |  |  | — |
Foreign currency forward contracts | Other income (expense) |  | 782 |  |  | — |  |  | — |
Interest rate contracts | Interest expense |  | (423 | ) |  | (74 | ) |  | (74 | )
Cross currency swap contracts | Interest expense |  | 828 |  |  | — |  |  | — |
|  |  | $ | 993 |  |  | $ | (74 | ) |  | $ | (74 | )
Schedule of notional amounts of outstanding derivative | Key terms of the three CCS are as follows:
Currency | Notional Amount | Termination Date | Swapped Interest Rate | Set Settlement Amount
Danish Kroner, DKK | $ | 60,000 |  | October 1, 2023 | 2.52% | DKK 386,118
Euro | $ | 25,000 |  | October 1, 2020 | 2.14% | €21,580
Euro | $ | 10,000 |  | October 1, 2021 | 2.29% | €8,631

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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