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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments | Fair value of derivative instruments at June 27, 2020 and December 28, 2019 are as follows:
Derivatives designated as hedging instruments: | Balance sheet location |  | June 27, 2020 |  | December 28, 2019 |  |
Foreign currency forward contracts | Prepaid expenses and other assets |  | $ | 425 |  |  | $ | 2,119 |  |  |
Cross currency swap contracts | Prepaid expenses and other assets |  | 6,843 |  |  | 1,128 |  |  |
|  |  | $ | 7,268 |  |  | $ | 3,247 |  |  |
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 27, 2020 and June 29, 2019 are as follows:
|  |  | Thirteen weeks ended |  |  |  | Twenty-six weeks ended |  |  |  |
| Statements of earnings location |  | June 27, 2020 |  | June 29, 2019 |  | June 27, 2020 |  | June 29, 2019 |  |
Commodity forward contracts | Product cost of sales |  | $ | — |  |  | $ | (96) |  |  | $ | — |  |  | $ | (96) |  |  |
Foreign currency forward contracts | Other income (expenses) |  | $ | (93) |  |  | $ | 152 |  |  | 30 |  |  | 704 |  |  |
Foreign currency forward contracts | Product sales |  | 99 |  |  | — |  |  | 152 |  |  | — |  |  |
Interest rate hedge amortization | Interest expense |  | (16) |  |  | (16) |  |  | (32) |  |  | (32) |  |  |
Cross currency swap contracts | Interest expense |  | 719 |  |  | 674 |  |  | 1,462 |  |  | 1,327 |  |  |
|  |  | $ | 709 |  |  | $ | 714 |  |  | $ | 1,612 |  |  | $ | 1,903 |  |  |
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=121590274&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=121590274&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=121590274&loc=SL5624171-113959 + Details
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