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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 30, 2024
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of Fair Value of Derivative Instruments

The fair value of derivative instruments as of March 30, 2024 and December 30, 2023 was as follows:

Condensed Consolidated

March 30,

December 30,

Derivatives designated as hedging instruments:

    

Balance Sheets location

2024

2023

Commodity contracts

Prepaid expenses and other current assets

$

432

$

2,520

Commodity contracts

Other accrued expenses

(1,123)

(1,586)

Cross currency swap contracts

 

Prepaid expenses and other current assets

129

 

1,938

Cross currency swap contracts

 

Other accrued expenses

(945)

 

(12)

$

(1,507)

$

2,860

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 weeks ended March 30, 2024 and April 1, 2023 were as follows:

    

Thirteen weeks ended

Condensed Consolidated

March 30,

April 1,

Derivatives designated as hedging instruments:

Statements of Earnings location

2024

    

2023

Commodity contracts

Product cost of sales

$

956

$

(3,985)

Foreign currency forward contracts

Other income (expenses)

 

97

Interest rate hedge amortization

Interest expense

(16)

 

(16)

Cross currency swap contracts

Interest expense

380

 

446

$

1,320

$

(3,458)

Cash Flow Hedging  
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of notional amounts of outstanding derivative

    

Notional

Total

Commodity Type

Amount

Purchase Quantity

Maturity Dates

Hot rolled steel coil

$

10,183

12,000 short tons

 

April 2024 to August 2024

Natural gas

3,196

738,475 MMBtu

April 2024 to March 2026

Diesel fuel

453

1,890,000 gallons

April 2024 to December 2024

Net Investment Hedging  
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of notional amounts of outstanding derivative

Key terms of the CCS net investment hedges as of March 30, 2024 were as follows:

    

Notional

Swapped

Set Settlement

Currency

Amount

Termination Date

Interest Rate

Amount

Euro

$

80,000

April 1, 2029

 

3.461%

74,509