DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of Fair Value of Derivative Instruments

Fair value of derivative instruments as of September 30, 2023 and December 31, 2022 was as follows:

		September 30,		December 31,
Derivatives designated as hedging instruments:	Balance Sheet location	2023		2022
Commodity forward contracts	Prepaid expenses and other current assets	$	655	$	—
Commodity forward contracts	Other accrued expenses		(2,208)		(3,854)
Foreign currency forward contracts	Prepaid expenses and other current assets		—		83
Cross currency swap contracts	Prepaid expenses and other current assets		6,237		5,385
Cross currency swap contracts	Other accrued expenses		—		(210)
		$	4,684	$	1,404

Schedule of Gains (Losses) on Derivatives Recognized on Statements of Earnings

Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows:

		Thirteen weeks ended				Thirty-nine weeks ended
Derivatives designated as	Statements of	September 30,		September 24,		September 30,		September 24,
hedging instruments:	Operations location	2023		2022		2023		2022
Commodity forward contracts	Product cost of sales	$	(997)	$	(1,545)	$	(6,060)	$	(1,047)
Foreign currency forward contracts	Other income (expenses)		—		(94)		177		(177)
Interest rate hedge amortization	Interest expense		(16)		(16)		(48)		(48)
Cross currency swap contracts	Interest expense		476		793		1,371		2,300
		$	(537)	$	(862)	$	(4,560)	$	1,028

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	$	20,906	25,000 short tons	October 2023 to April 2024
Natural gas		5,364	1,170,475 MMBtu	October 2023 to October 2025
Diesel fuel		658	1,512,000 gallons	October 2023 to June 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