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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jul. 01, 2023
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of Fair Value of Derivative Instruments | Fair value of derivative instruments as of July 1, 2023 and December 31, 2022 was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | July 1, | ​ | December 31,
Derivatives designated as hedging instruments: |  | Balance Sheet location | ​ | 2023 | ​ | 2022
Commodity forward contracts | ​ | Prepaid expenses and other current assets | ​ | $ | 93 | ​ | $ | —
Commodity forward contracts | ​ | Other accrued expenses | ​ | ​ | (2,311) | ​ | ​ | (3,854)
Foreign currency forward contracts |  | Prepaid expenses and other current assets | ​ | ​ | — |  | ​ | 83
Cross currency swap contracts |  | Prepaid expenses and other current assets | ​ | ​ | 2,974 |  | ​ | 5,385
Cross currency swap contracts |  | Other accrued expenses | ​ | ​ | (319) |  | ​ | (210)
​ | ​ | ​ | ​ | $ | 437 | ​ | $ | 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 and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Thirteen weeks ended | ​ | Twenty-six weeks ended
Derivatives designated as | ​ | ​ | ​ | July 1, | ​ | June 25, | ​ | July 1, | ​ | June 25,
hedging instruments: | ​ | Statement of Earnings location | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity forward contracts | ​ | Product cost of sales | ​ | $ | (1,078) | ​ | $ | (1,545) | ​ | $ | (5,063) | ​ | $ | 498
Foreign currency forward contracts | ​ | Other income (expenses) | ​ | ​ | 80 |  | ​ | (234) | ​ | ​ | 177 |  | ​ | (85)
Interest rate hedge amortization | ​ | Interest expense | ​ | ​ | (16) |  | ​ | (16) | ​ | ​ | (32) |  | ​ | (32)
Cross currency swap contracts | ​ | Interest expense | ​ | ​ | 449 |  | ​ | 733 | ​ | ​ | 895 |  | ​ | 1,507
​ | ​ | ​ | ​ | $ | (565) | ​ | $ | (1,062) | ​ | $ | (4,023) | ​ | $ | 1,888
Cash Flow Hedging |
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of notional amounts of outstanding derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional | ​ | Total | ​ | Maturity
Commodity Type | ​ | Amount | ​ | Purchase Quantity | ​ | Dates
Steel hot rolled coil | ​ | $ | 23,224 | ​ | 27,000 short tons |  | July 2023 to March 2024
Natural gas | ​ | ​ | 5,391 | ​ | 1,154,000 MMBtu | ​ | July 2023 to May 2025
Diesel fuel | ​ | ​ | 755 | ​ | 1,890,000 gallons | ​ | July 2023 to March 2024
Net Investment Hedging |
DERIVATIVE FINANCIAL INSTRUMENTS |
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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