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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Instruments | Fair value of derivative instruments at April 1, 2023 and December 31, 2022 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | April 1, | ​ | December 31,
Derivatives designated as hedging instruments: |  | Balance sheet location | ​ | 2023 | ​ | 2022
Commodity forward contracts | ​ | Other accrued expenses | ​ | $ | (1,971) | ​ | $ | (3,854)
Foreign currency forward contracts |  | Prepaid expenses and other assets | ​ | ​ | 142 |  | ​ | 83
Cross currency swap contracts |  | Prepaid expenses and other assets | ​ | ​ | 4,747 |  | ​ | 5,385
Cross currency swap contracts |  | Other accrued expenses | ​ | ​ | (125) |  | ​ | (210)
​ | ​ | ​ | ​ | $ | 2,793 | ​ | $ | 1,404
​
Schedule of 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 April 1, 2023 and March 26, 2022 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Thirteen weeks ended
​ | ​ | ​ | ​ | April 1, | ​ | March 26,
Derivatives designated as hedging instruments: | ​ | Statement of earnings location | ​ | 2023 |  | 2022
Commodity forward contracts | ​ | Product cost of sales | ​ | $ | (3,985) | ​ | $ | 2,043
Foreign currency forward contracts | ​ | Other income | ​ | ​ | 97 |  | ​ | 151
Interest rate hedge amortization | ​ | Interest expense | ​ | ​ | (16) |  | ​ | (16)
Cross currency swap contracts | ​ | Interest expense | ​ | ​ | 446 |  | ​ | 774
​ | ​ | ​ | ​ | $ | (3,458) | ​ | $ | 2,952
​
Schedule of notional amounts of outstanding derivative | Key terms of the Euro CCS are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional | ​ | ​ | ​ | Swapped | ​ | Set Settlement
Currency | ​ | Amount | ​ | Termination Date | ​ | Interest Rate | ​ | Amount
Euro | ​ | $ | 80,000 | ​ | April 1, 2024 |  | 2.825% | ​ | € | 71,550

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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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 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
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