XML 44 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
--- | ---
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | (16) DERIVATIVE FINANCIAL INSTRUMENTS The Company manages interest rate risk, commodity price risk, and foreign currency risk related to foreign currency denominated transactions and investments in foreign subsidiaries. Depending on the circumstances, the Company may manage these risks by utilizing derivative financial instruments. Some derivative financial instruments are marked to market and recorded in the Company’s Consolidated Statements of Earnings, while others may be accounted for as fair value, cash flow, or net investment hedges. Derivative financial instruments have credit and market risk. The Company manages these risks of derivative instruments by monitoring limits as to the types and degree of risk that can be taken and by entering into transactions with counterparties who are recognized, stable multinational banks. Any gains or losses from net investment hedge activities remain in AOCI until either the sale or substantially complete liquidation of the related subsidiaries. The fair value of derivative instruments as of December 30, 2023 and December 31, 2022 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 30, | ​ | December 31,
Derivatives designated as hedging instruments: |  | Balance Sheets location | ​ | 2023 | ​ | 2022
Commodity contracts | ​ | Prepaid expenses and other current assets | ​ | $ | 2,520 | ​ | $ | —
Commodity contracts | ​ | Other accrued expenses | ​ | ​ | (1,586) | ​ | ​ | (3,854)
Foreign currency forward contracts |  | Prepaid expenses and other current assets | ​ | ​ | — |  | ​ | 83
Cross currency swap contracts |  | Prepaid expenses and other current assets | ​ | ​ | 1,938 |  | ​ | 5,385
Cross currency swap contracts |  | Other accrued expenses | ​ | ​ | (12) |  | ​ | (210)
​ | ​ | ​ | ​ | $ | 2,860 | ​ | $ | 1,404
​ Gains (losses) on derivatives recognized in the Consolidated Statements of Earnings for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Fiscal Year Ended
Derivatives designated as | ​ | Statements of | ​ | December 30, | ​ | December 31, | ​ | December 25,
hedging instruments: | ​ | Earnings location | ​ | 2023 | ​ | 2022 | ​ | 2021
Commodity contracts | ​ | Product cost of sales | ​ | $ | (7,057) | ​ | $ | (5,212) | ​ | $ | 25,821
Foreign currency forward contracts | ​ | Other income (expenses) | ​ | ​ | 177 |  | ​ | (45) |  | ​ | (40)
Interest rate hedge amortization | ​ | Interest expense | ​ | ​ | (64) |  | ​ | (64) |  | ​ | (64)
Cross currency swap contracts | ​ | Other income (expenses) | ​ | ​ | — |  | ​ | 4,827 |  | ​ | —
Cross currency swap contracts | ​ | Interest expense | ​ | ​ | 1,813 |  | ​ | 2,875 |  | ​ | 2,780
​ | ​ | ​ | ​ | $ | (5,131) | ​ | $ | 2,381 | ​ | $ | 28,497
​ Cash Flow Hedges The Company enters into commodity forward, swap, and option contracts that qualify as cash flow hedges of the variability in cash flows attributable to future purchases. The gain (loss) realized upon settlement for each will be recorded in “Product cost of sales” in the Consolidated Statements of Earnings in the period consumed. Notional amounts, purchase quantities, and maturity dates of these contracts as of December 30, 2023 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional | ​ | Total | ​ | ​
Commodity Type | ​ | Amount | ​ | Purchase Quantity | ​ | Maturity Dates
Hot rolled steel coil | ​ | $ | 7,844 | ​ | 8,500 short tons |  | December 2023 to April 2024
Natural gas | ​ | ​ | 4,272 | ​ | 960,475 MMBtu | ​ | January 2024 to October 2025
Diesel fuel | ​ | ​ | 542 | ​ | 1,890,000 gallons | ​ | January 2024 to September 2024
Net Investment Hedges In fiscal 2019, the Company entered into two fixed-for-fixed cross currency swaps ("CCS"), swapping U.S. dollar principal and interest payments on a portion of its 5.00% senior unsecured notes due in fiscal 2044 for Danish krone (“DKK”) and Euro denominated payments. The CCS were entered into in order to mitigate foreign currency risk on the Company’s Euro and DKK investments and to reduce interest expense. Interest is exchanged twice per year on April 1 and October 1. The Company designated the initial full notional amount of the two CCS ($130,000) as a hedge of the net investment in certain Danish and European subsidiaries under the spot method, with all changes in the fair value of the CCS that are included in the assessment of effectiveness (changes due to spot foreign exchange rates) recorded as cumulative foreign currency translation within AOCI. Net interest receipts will be recorded as a reduction of interest expense over the life of the CCS. In the third and fourth quarters of fiscal 2022, the Company settled the DKK CCS and received proceeds of $3,532. Due to the sale of the offshore wind energy structures business in the fourth quarter of fiscal 2022, the Company reclassified the cumulative net investment hedge gain of $4,827 ($3,620 after-tax) from AOCI to “Other income (expenses)” in the Consolidated Statements of Earnings. 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
​

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 The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration