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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 30, 2024
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of Fair Value of Derivative Instruments | The fair value of derivative instruments as of March 30, 2024 and December 30, 2023 was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Condensed Consolidated | ​ | March 30, | ​ | December 30,
Derivatives designated as hedging instruments: |  | Balance Sheets location | ​ | 2024 | ​ | 2023
Commodity contracts | ​ | Prepaid expenses and other current assets | ​ | $ | 432 | ​ | $ | 2,520
Commodity contracts | ​ | Other accrued expenses | ​ | ​ | (1,123) | ​ | ​ | (1,586)
Cross currency swap contracts |  | Prepaid expenses and other current assets | ​ | ​ | 129 |  | ​ | 1,938
Cross currency swap contracts |  | Other accrued expenses | ​ | ​ | (945) |  | ​ | (12)
​ | ​ | ​ | ​ | $ | (1,507) | ​ | $ | 2,860
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 March 30, 2024 and April 1, 2023 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Thirteen weeks ended
​ | ​ | Condensed Consolidated | ​ | March 30, | ​ | April 1,
Derivatives designated as hedging instruments: | ​ | Statements of Earnings location | ​ | 2024 |  | 2023
Commodity contracts | ​ | Product cost of sales | ​ | $ | 956 | ​ | $ | (3,985)
Foreign currency forward contracts | ​ | Other income (expenses) | ​ | ​ | — |  | ​ | 97
Interest rate hedge amortization | ​ | Interest expense | ​ | ​ | (16) |  | ​ | (16)
Cross currency swap contracts | ​ | Interest expense | ​ | ​ | 380 |  | ​ | 446
​ | ​ | ​ | ​ | $ | 1,320 | ​ | $ | (3,458)
Cash Flow Hedging |
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of notional amounts of outstanding derivative | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional | ​ | Total | ​ | ​
Commodity Type | ​ | Amount | ​ | Purchase Quantity | ​ | Maturity Dates
Hot rolled steel coil | ​ | $ | 10,183 | ​ | 12,000 short tons |  | April 2024 to August 2024
Natural gas | ​ | ​ | 3,196 | ​ | 738,475 MMBtu | ​ | April 2024 to March 2026
Diesel fuel | ​ | ​ | 453 | ​ | 1,890,000 gallons | ​ | April 2024 to December 2024
Net Investment Hedging |
DERIVATIVE FINANCIAL INSTRUMENTS |
Schedule of notional amounts of outstanding derivative | Key terms of the CCS net investment hedges as of March 30, 2024 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional | ​ | ​ | ​ | Swapped | ​ | Set Settlement
Currency | ​ | Amount | ​ | Termination Date | ​ | Interest Rate | ​ | Amount
Euro | ​ | $ | 80,000 | ​ | April 1, 2029 |  | 3.461% | ​ | € | 74,509

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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