XML 46 R22.htm IDEA: XBRL DOCUMENT
v3.22.2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 25, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments | Fair value of derivative instruments at June 25, 2022 and December 25, 2021 are as follows:
Derivatives designated as hedging instruments: | Balance sheet location |  | June 25, 2022 |  | December 25, 2021 |  |
Commodity forward contracts | Accrued expenses |  | $ | (5,252) |  |  | $ | (5,802) |  |  |
Foreign currency forward contracts | Prepaid expenses and other assets |  | 64 |  |  | 149 |  |  |
Foreign currency forward contracts | Accrued expenses |  | — |  |  | (118) |  |  |
Cross currency swap contracts | Prepaid expenses and other assets |  | 8,724 |  |  | 1,764 |  |  |
Cross currency swap contracts | Accrued expenses |  | (104) |  |  | — |  |  |
|  |  | $ | 3,432 |  |  | $ | (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 and twenty-six weeks ended June 25, 2022 and June 26, 2021 are as follows:
|  |  | Thirteen weeks ended |  | Twenty-six weeks ended |  |
| Statements of earnings location |  | June 25, 2022 |  | June 26, 2021 |  | June 25, 2022 |  | June 26, 2021 |  |
Commodity forward contracts | Product cost of sales |  | $ | (1,545) |  |  | $ | 270 |  |  | $ | 498 |  |  | $ | 270 |  |  |
Foreign currency forward contracts | Other income |  | (234) |  |  | 154 |  |  | (85) |  |  | (64) |  |  |
Interest rate hedge amortization | Interest expense |  | (16) |  |  | (16) |  |  | (32) |  |  | (32) |  |  |
Cross currency swap contracts | Interest expense |  | 733 |  |  | 658 |  |  | 1,507 |  |  | 1,368 |  |  |
|  |  | $ | (1,062) |  |  | $ | 1,066 |  |  | $ | 1,888 |  |  | $ | 1,542 |  |  |
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

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration