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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 24, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments | Fair value of derivative instruments at September 24, 2022 and December 25, 2021 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 24, | ​ | December 25,
Derivatives designated as hedging instruments: |  | Balance sheet location | ​ | 2022 | ​ | 2021
Commodity forward contracts | ​ | Accrued expenses | ​ | $ | (5,938) | ​ | $ | (5,802)
Foreign currency forward contracts |  | Prepaid expenses and other assets | ​ | ​ | 10 |  | ​ | 149
Foreign currency forward contracts |  | Accrued expenses | ​ | ​ | (946) |  | ​ | (118)
Cross currency swap contracts |  | Prepaid expenses and other assets | ​ | ​ | 15,664 |  | ​ | 1,764
Cross currency swap contracts |  | Accrued expenses | ​ | ​ | (100) |  | ​ | —
​ | ​ | ​ | ​ | $ | 8,690 | ​ | $ | (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 thirty-nine weeks ended September 24, 2022 and September 25, 2021 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Thirteen weeks ended | ​ | Thirty-nine weeks ended
​ | ​ | Statements of earnings | ​ | September 24, | ​ | September 25, | ​ | September 24, | ​ | September 25,
​ | ​ | location | ​ | 2022 |  | 2021 |  | 2022 |  | 2021
Commodity forward contracts | ​ | Product cost of sales | ​ | $ | (1,545) | ​ | $ | 9,870 | ​ | $ | (1,047) | ​ | $ | 10,140
Foreign currency forward contracts | ​ | Other income | ​ | ​ | (94) |  | ​ | 187 | ​ | ​ | (177) |  | ​ | 123
Interest rate hedge amortization | ​ | Interest expense | ​ | ​ | (16) |  | ​ | (16) | ​ | ​ | (48) |  | ​ | (48)
Cross currency swap contracts | ​ | Interest expense | ​ | ​ | 793 |  | ​ | 691 | ​ | ​ | 2,300 |  | ​ | 2,060
​ | ​ | ​ | ​ | $ | (862) | ​ | $ | 10,732 | ​ | $ | 1,028 | ​ | $ | 12,275
Schedule of notional amounts of outstanding derivative | Key terms of the remaining two CCS are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional | ​ | ​ | ​ | ​ | Swapped | ​ | Set Settlement
Currency | ​ | Amount | ​ | Termination Date | ​ | Interest Rate | ​ | Amount
Danish Krone | ​ | $ | 20,000 | ​ | ​ | April 1, 2024 |  | 2.68% | ​ | ​ | DKK 133,450
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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- 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
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