XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.25.2

Derivative Instruments and Hedging Activities | 6 Months Ended
--- | ---
Jun. 30, 2025
Derivative Instruments and Hedging Activities |
Derivative Instruments and Hedging Activities | ​ Note 6 — Derivative Instruments and Hedging Activities ​ 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 used as hedges of market price risks associated with the anticipated purchases of certain raw materials (primarily sugar). Foreign currency forward contracts are used 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 long-term other assets. Derivative liabilities are recorded in accrued liabilities and long-term other liabilities. The Company uses hedge accounting for its foreign currency and commodity derivative instruments. 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. As of June 30, 2025, December 31, 2024 and June 30, 2024, all derivative instruments were accounted for using hedge accounting. ​ 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 $193, $507, and $(70) of this accumulated comprehensive loss (gain) is expected to be reclassified to earnings in 2025, 2026 and 2027, respectively. Approximately $62 and $177 of the foreign currency derivatives gain, reported in accumulated other comprehensive loss, is expected to be reclassified to other income, net in 2025 and 2026, respectively. ​ The following tables summarize the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at June 30, 2025, December 31, 2024 and June 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | Notional |  |  |  |
​ | ​ | Amounts | ​ | Assets | ​ | Liabilities
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | 13,106 | ​ | $ | 239 | ​ | $ | -
Commodity derivatives | ​ | ​ | 12,527 | ​ | ​ | 85 | ​ | ​ | (715)
Total derivatives | ​ | ​ | ​ | ​ | $ | 324 | ​ | $ | (715)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Notional |  |  |  |
​ | ​ | Amounts | ​ | Assets | ​ | Liabilities
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | 26,129 | ​ | $ | — | ​ | $ | (818)
Commodity derivatives | ​ | ​ | 20,959 | ​ |  | 39 | ​ |  | (2,205)
Total derivatives | ​ | ​ | ​ | ​ | $ | 39 | ​ | $ | (3,023)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ | ​ | Notional |  |  |  |
​ | ​ | Amounts | ​ | Assets | ​ | Liabilities
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency derivatives | ​ | $ | 5,168 | ​ | $ | - | ​ | $ | (43)
Commodity derivatives | ​ | ​ | 22,055 | ​ | ​ | 9 | ​ | ​ | (1,496)
Total derivatives | ​ | ​ | ​ | ​ | $ | 9 | ​ | $ | (1,539)
​ ​ 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 June 30, 2025 and June 30, 2024 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Quarter Ended June 30, 2025
​ | ​ |  |  |  |  | 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 | ​ | $ | 867 | ​ | $ | 8 | ​ | $ | —
Commodity derivatives | ​ | ​ | (1,236) | ​ | ​ | (829) | ​ | ​ | —
Total | ​ | $ | (369) | ​ | $ | (821) | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Quarter Ended June 30, 2024
​ | ​ |  |  |  |  | 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 | ​ | $ | (114) | ​ | $ | (100) | ​ | $ | —
Commodity derivatives | ​ | ​ | (1,606) | ​ | ​ | (678) | ​ | ​ | —
Total | ​ | $ | (1,720) | ​ | $ | (778) | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Year to Date Ended June 30, 2025
​ | ​ |  |  |  |  | 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 | ​ | $ | 828 | ​ | $ | (229) | ​ | $ | —
Commodity derivatives | ​ | ​ | (184) | ​ | ​ | (1,720) | ​ | ​ | —
Total | ​ | $ | 644 | ​ | $ | (1,949) | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Year to Date Ended June 30, 2024
​ | ​ |  |  |  |  | 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 | ​ | $ | (472) | ​ | $ | (126) | ​ | $ | —
Commodity derivatives | ​ | ​ | (48) | ​ | ​ | (1,087) | ​ | ​ | —
Total | ​ | $ | (520) | ​ | $ | (1,213) | ​ | $ | —
​

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