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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of derivative instruments
Fair value of derivative instruments at December 28, 2019 and December 29, 2018 are as follows:
Derivatives designated as hedging instruments:
Balance sheet location
 
December 28, 2019
 
December 29, 2018
Commodity forward contracts
Prepaid expenses and other assets
 
$
—

 
$
(285
)
Foreign currency forward contracts
Prepaid expenses and other assets
 
2,119

 
8,357

Cross currency swap contracts
Prepaid expenses and other assets
 
1,128

 
1,075

 
 
 
$
3,247

 
$
9,147
Gains (losses) on derivatives recognized on statements of earnings
Gains (losses) on derivatives recognized in the consolidated statements of earnings for the years ended December 28, 2019, December 29, 2018, and December 30, 2017 are as follows:
Derivatives designated as hedging instruments:
Statements of earnings location
 
2019
 
2018
 
2017
Commodity forward contracts
Product cost of sales
 
$
(2,130
)
 
$
1,021

 
$
—

Foreign currency forward contracts
Loss from divestiture of grinding media business
 
—

 
(1,215
)
 
—

Foreign currency forward contracts
Other income (expense)
 
950

 
782

 
—

Interest rate contracts
Interest expense
 
(64
)
 
(423
)
 
(74
)
Cross currency swap contracts
Interest expense
 
2,823

 
828

 
—

 
 
 
$
1,579

 
$
993

 
$
(74
)
Schedule of notional amounts of outstanding derivative
Key terms of the two CCS are as follows:
Currency
Notional Amount
Termination Date
Swapped Interest Rate
Net Settlement Amount
Danish Krone (DKK)
$
50,000

April 1, 2024
2.68%
DKK 333,625
Euro
$
80,000

April 1, 2024
2.825%
€71,550