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HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 29, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments | Fair value of derivative instruments at June 29, 2019 and December 29, 2018 are as follows:
Derivatives designated as hedging instruments: | Balance sheet location |  | June 29, 2019 |  | December 29, 2018
Commodity forward contracts | Prepaid expenses and other assets |  | $ | — |  |  | $ | (285 | )
Commodity forward contracts | Accrued expenses |  | (1,030 | ) |  | — |
Foreign currency forward contracts | Prepaid expenses and other assets |  | 1,372 |  |  | 8,357 |
Cross currency swap contracts | Prepaid expenses and other assets |  | 661 |  |  | 1,075 |
Cross currency swap contracts | Accrued expenses |  | (4,216 | ) |  | — |
|  |  | $ | (3,213 | ) |  | $ | 9,147 |
Gains (losses) on derivatives recognized on statements of earnings | Gains (losses) on derivatives recognized in the condensed consolidated statements of earnings for the thirteen and twenty-six weeks ended June 29, 2019 and June 30, 2018 are as follows:
|  |  | Thirteen Weeks Ended |  | Twenty-six weeks ended
| Statements of earnings location |  | June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
Commodity forward contracts | Product cost of sales |  | $ | (96 | ) |  | $ | — |  |  | $ | (96 | ) |  | $ | — |
Foreign currency forward contracts | Other income (expenses) |  | 152 |  |  | — |  |  | 704 |  |  | — |
Foreign currency forward contracts | Loss from divestiture of grinding media business |  | $ | — |  |  | (1,215 | ) |  | — |  |  | (1,215 | )
Interest rate hedges | Interest expense |  | (16 | ) |  | 25 |  |  | (32 | ) |  | 44 |
Cross currency swap contracts | Interest expense |  | 674 |  |  | — |  |  | 1,327 |  |  | — |
|  |  | $ | 714 |  |  | $ | (1,190 | ) |  | $ | 1,903 |  |  | $ | (1,171 | )
Schedule of notional amounts of outstanding derivative | Key terms of the two CCS are as follows:
Currency | Notional Amount | Termination Date | Swapped Interest Rate | Set Settlement Amount
Danish Krone, DKK | $ | 50,000 |  | April 1, 2024 | 2.68% | DKK 333,625
Euro | $ | 80,000 |  | April 1, 2024 | 2.825% | €71,550

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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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