XML 47 R32.htm IDEA: XBRL DOCUMENT v3.24.3
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Classification of Derivative Assets and Liabilities within the Consolidated Balance Sheets
The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023:
September 29, 2024December 31, 2023
Assets (1)Liabilities (1)Assets (1)Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts$2,521 $— $1,219 $1,670 
Derivatives not designated as hedging instruments:
Commodities futures and options (2)2,759 2,907 66 679 
Deferred compensation derivatives1,265 — 2,343 — 
Foreign exchange contracts783 — 1,123 — 
4,807 2,907 3,532 679 
Total$7,328 $2,907 $4,751 $2,349 

(1)Derivative assets are classified on our Consolidated Balance Sheets within prepaid expenses and other as well as other non-current assets. Derivative liabilities are classified on our Consolidated Balance Sheets within accrued liabilities and other long-term liabilities.
(2)As of September 29, 2024, amounts reflected on a net basis in assets were assets of $31,902 and liabilities of $32,667, which are associated with cash transfers receivable or payable on commodities futures contracts reflecting the change in quoted market prices on the last trading day for the period. The comparable amounts reflected on a net basis in liabilities at December 31, 2023 were assets of $29,881 and liabilities of $30,493. At September 29, 2024 and December 31, 2023, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income
The effect of derivative instruments on the Consolidated Statements of Income for the three months ended September 29, 2024 and October 1, 2023 was as follows:
Non-designated HedgesCash Flow Hedges
Gains (losses) recognized in income (a)Gains (losses) recognized in other comprehensive income (“OCI”)Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)
202420232024202320242023
Commodities futures and options
$32,270 $17,103 $— $— $— $— 
Foreign exchange contracts 621 (583)1,779 2,945 1,714 (1,924)
Interest rate swap agreements
— — — — (2,274)(2,274)
Deferred compensation derivatives
1,265 (1,103)— — — — 
Total
$34,156 $15,417 $1,779 $2,945 $(560)$(4,198)
The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 29, 2024 and October 1, 2023 was as follows:
Non-designated HedgesCash Flow Hedges
Gains (losses) recognized in income (a)Gains (losses) recognized in other comprehensive income (“OCI”)Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)
202420232024202320242023
Commodities futures and options
$191,734 $52 $— $— $— $— 
Foreign exchange contracts 465 359 5,636 (3,711)2,664 (196)
Interest rate swap agreements
— — — 3,173 (6,874)(13,255)
Deferred compensation derivatives
4,312 1,776 — — — — 
Total
$196,511 $2,187 $5,636 $(538)$(4,210)$(13,451)

(a)Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses.
(b)Gains (losses) reclassified from AOCI into income for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.