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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 26, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments | Fair value of derivative instruments at March 26, 2022 and December 25, 2021 are as follows:
Derivatives designated as hedging instruments: | Balance sheet location |  | March 26, 2022 |  | December 25, 2021 |  |
Commodity forward contracts | Accrued expenses |  | $ | (52) |  |  | $ | (5,802) |  |  |
Foreign currency forward contracts | Prepaid expenses and other assets |  | 236 |  |  | 149 |  |  |
Foreign currency forward contracts | Accrued expenses |  | — |  |  | (118) |  |  |
Cross currency swap contracts | Prepaid expenses and other assets |  | 17,449 |  |  | 1,764 |  |  |
|  |  | $ | 17,633 |  |  | $ | (4,007) |  |  |
Gains (losses) on derivatives recognized on statements of earnings | Gains (losses) on derivatives recognized in the condensed consolidated statements of earnings for the thirteen weeks ended March 26, 2022 and March 27, 2021 are as follows:
|  |  | Thirteen weeks ended |  |  |  |
| Statements of earnings location |  | March 26, 2022 |  | March 27, 2021 |  |  |  |  |  |
Commodity forward contracts | Product cost of sales |  | $ | 2,043 |  |  | $ | — |  |  |  |  |  |  |
Foreign currency forward contracts | Other income |  | 151 |  |  | (218) |  |  |  |  |  |  |
Foreign currency forward contracts | Product sales |  | — |  |  | — |  |  |  |  |  |  |
Interest rate hedge amortization | Interest expense |  | (16) |  |  | (16) |  |  |  |  |  |  |
Cross currency swap contracts | Interest expense |  | 774 |  |  | 711 |  |  |  |  |  |  |
|  |  | $ | 2,952 |  |  | $ | 477 |  |  |  |  |  |  |
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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 + Details
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