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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of Fair Value of Derivative Instruments | Fair value of derivative instruments as of September 30, 2023 and December 31, 2022 was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 30, | ​ | December 31,
Derivatives designated as hedging instruments: |  | Balance Sheet location | ​ | 2023 | ​ | 2022
Commodity forward contracts | ​ | Prepaid expenses and other current assets | ​ | $ | 655 | ​ | $ | —
Commodity forward contracts | ​ | Other accrued expenses | ​ | ​ | (2,208) | ​ | ​ | (3,854)
Foreign currency forward contracts |  | Prepaid expenses and other current assets | ​ | ​ | — |  | ​ | 83
Cross currency swap contracts |  | Prepaid expenses and other current assets | ​ | ​ | 6,237 |  | ​ | 5,385
Cross currency swap contracts |  | Other accrued expenses | ​ | ​ | — |  | ​ | (210)
​ | ​ | ​ | ​ | $ | 4,684 | ​ | $ | 1,404
Schedule of Gains (Losses) on Derivatives Recognized on Statements of Earnings | Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Thirteen weeks ended | ​ | Thirty-nine weeks ended
Derivatives designated as | ​ | Statements of | ​ | September 30, | ​ | September 24, | ​ | September 30, | ​ | September 24,
hedging instruments: | ​ | Operations location | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
Commodity forward contracts | ​ | Product cost of sales | ​ | $ | (997) | ​ | $ | (1,545) | ​ | $ | (6,060) | ​ | $ | (1,047)
Foreign currency forward contracts | ​ | Other income (expenses) | ​ | ​ | — |  | ​ | (94) | ​ | ​ | 177 |  | ​ | (177)
Interest rate hedge amortization | ​ | Interest expense | ​ | ​ | (16) |  | ​ | (16) | ​ | ​ | (48) |  | ​ | (48)
Cross currency swap contracts | ​ | Interest expense | ​ | ​ | 476 |  | ​ | 793 | ​ | ​ | 1,371 |  | ​ | 2,300
​ | ​ | ​ | ​ | $ | (537) | ​ | $ | (862) | ​ | $ | (4,560) | ​ | $ | 1,028
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 | ​ | $ | 20,906 | ​ | 25,000 short tons |  | October 2023 to April 2024
Natural gas | ​ | ​ | 5,364 | ​ | 1,170,475 MMBtu | ​ | October 2023 to October 2025
Diesel fuel | ​ | ​ | 658 | ​ | 1,512,000 gallons | ​ | October 2023 to June 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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