DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jul. 01, 2023

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of Fair Value of Derivative Instruments

Fair value of derivative instruments as of July 1, 2023 and December 31, 2022 was as follows:

		July 1,		December 31,
Derivatives designated as hedging instruments:	Balance Sheet location	2023		2022
Commodity forward contracts	Prepaid expenses and other current assets	$	93	$	—
Commodity forward contracts	Other accrued expenses		(2,311)		(3,854)
Foreign currency forward contracts	Prepaid expenses and other current assets		—		83
Cross currency swap contracts	Prepaid expenses and other current assets		2,974		5,385
Cross currency swap contracts	Other accrued expenses		(319)		(210)
		$	437	$	1,404

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 and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:

		Thirteen weeks ended				Twenty-six weeks ended
Derivatives designated as		July 1,		June 25,		July 1,		June 25,
hedging instruments:	Statement of Earnings location	2023		2022		2023		2022
Commodity forward contracts	Product cost of sales	$	(1,078)	$	(1,545)	$	(5,063)	$	498
Foreign currency forward contracts	Other income (expenses)		80		(234)		177		(85)
Interest rate hedge amortization	Interest expense		(16)		(16)		(32)		(32)
Cross currency swap contracts	Interest expense		449		733		895		1,507
		$	(565)	$	(1,062)	$	(4,023)	$	1,888

Cash Flow Hedging

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of notional amounts of outstanding derivative

	Notional		Total	Maturity
Commodity Type	Amount		Purchase Quantity	Dates
Steel hot rolled coil	$	23,224	27,000 short tons	July 2023 to March 2024
Natural gas		5,391	1,154,000 MMBtu	July 2023 to May 2025
Diesel fuel		755	1,890,000 gallons	July 2023 to March 2024

Net Investment Hedging

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of notional amounts of outstanding derivative

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