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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities |
Derivative Instruments and Hedging Activities | Note 6 — Derivative Instruments and Hedging Activities ​ From time to time, the Company uses derivative instruments, including foreign currency forward contracts and commodity futures contracts, to manage its exposures to foreign exchange and commodity prices. Commodity futures contracts are intended and effective as hedges of market price risks associated with the anticipated purchase of certain raw materials (primarily sugar). Foreign currency forward contracts are intended and effective as hedges of the Company’s exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of products manufactured in Canada and sold in the United States, and periodic equipment purchases from foreign suppliers denominated in a foreign currency. The Company does not engage in trading or other speculative use of derivative instruments. ​ The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses hedge accounting for its foreign currency and commodity derivative instruments as discussed above. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. ​ Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Approximately $1,293, and $261 of this accumulated comprehensive gain (loss) is expected to be reclassified to earnings in 2024, and 2025, respectively. Approximately $(45) and $(96) reported in accumulated other comprehensive gain (loss) for foreign currency derivatives are expected to be reclassified to other income, net in 2023 and 2024, respectively. ​ The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at September 30, 2023, December 31, 2022 and September 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Notional |  |  |  |
​ | ​ | Amounts | ​ | Assets | ​ | Liabilities
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | 10,498 | ​ | $ | 1 | ​ | $ | (142)
Commodity derivatives | ​ | ​ | 19,063 | ​ | ​ | 1,554 | ​ | ​ | -
Total derivatives | ​ | ​ | ​ | ​ | $ | 1,555 | ​ | $ | (142)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Notional |  |  |  |
​ | ​ | Amounts | ​ | Assets | ​ | Liabilities
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | 7,264 | ​ | $ | - | ​ | $ | (282)
Commodity derivatives | ​ | ​ | 189 | ​ |  | 10 | ​ |  | -
Total derivatives | ​ | ​ | ​ | ​ | $ | 10 | ​ | $ | (282)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022
​ | ​ | Notional |  |  |  |
​ | ​ | Amounts | ​ | Assets | ​ | Liabilities
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | 6,782 | ​ | $ | 26 | ​ | $ | (392)
Commodity derivatives | ​ | ​ | 1,009 | ​ | ​ | 1 | ​ | ​ | (32)
Total derivatives | ​ | ​ | ​ | ​ | $ | 27 | ​ | $ | (424)
​ The effects of derivative instruments on the Company’s Condensed Consolidated Statements of Earnings and Retained Earnings and the Condensed Consolidated Statements of Comprehensive Earnings for periods ended September 30, 2023 and September 30, 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Quarter Ended September 30, 2023
​ | ​ |  |  |  |  | Gain (Loss)
​ | ​ | ​ | ​ | Gain (Loss) | ​ | on Amount Excluded
​ | ​ | Gain (Loss) | ​ | Reclassified from | ​ | from Effectiveness
​ | ​ | Recognized | ​ | Accumulated OCI | ​ | Testing Recognized
​ | ​ | in OCI | ​ | into Earnings | ​ | in Earnings
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | (276) | ​ | $ | (27) | ​ | $ | -
Commodity derivatives | ​ | ​ | 2,354 | ​ | ​ | (6) | ​ | ​ | -
Total | ​ | $ | 2,078 | ​ | $ | (33) | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Quarter Ended September 30, 2022
​ | ​ |  |  |  |  | Gain (Loss)
​ | ​ | ​ | ​ | Gain (Loss) | ​ | on Amount Excluded
​ | ​ | Gain (Loss) | ​ | Reclassified from | ​ | from Effectiveness
​ | ​ | Recognized | ​ | Accumulated OCI | ​ | Testing Recognized
​ | ​ | in OCI | ​ | into Earnings | ​ | in Earnings
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | (483) | ​ | $ | 48 | ​ | $ | -
Commodity derivatives | ​ | ​ | (59) | ​ | ​ | 73 | ​ | ​ | -
Total | ​ | $ | (542) | ​ | $ | 121 | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Year to Date Ended September 30, 2023
​ | ​ |  |  |  |  | Gain (Loss)
​ | ​ | ​ | ​ | Gain (Loss) | ​ | on Amount Excluded
​ | ​ | Gain (Loss) | ​ | Reclassified from | ​ | from Effectiveness
​ | ​ | Recognized | ​ | Accumulated OCI | ​ | Testing Recognized
​ | ​ | in OCI | ​ | into Earnings | ​ | in Earnings
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | (23) | ​ | $ | (163) | ​ | $ | -
Commodity derivatives | ​ | ​ | 1,631 | ​ | ​ | 87 | ​ | ​ | -
Total | ​ | $ | 1,608 | ​ | $ | (76) | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Year to Date Ended September 30, 2022
​ | ​ |  |  |  |  | Gain (Loss)
​ | ​ | ​ | ​ | Gain (Loss) | ​ | on Amount Excluded
​ | ​ | Gain (Loss) | ​ | Reclassified from | ​ | from Effectiveness
​ | ​ | Recognized | ​ | Accumulated OCI | ​ | Testing Recognized
​ | ​ | in OCI | ​ | into Earnings | ​ | in Earnings
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | (556) | ​ | $ | 236 | ​ | $ | -
Commodity derivatives | ​ | ​ | 6 | ​ | ​ | 162 | ​ | ​ | -
Total | ​ | $ | (550) | ​ | $ | 398 | ​ | $ | -
​

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- 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
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