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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 24, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of derivative instruments

Fair value of derivative instruments at September 24, 2022 and December 25, 2021 are as follows:

September 24,

December 25,

Derivatives designated as hedging instruments:

    

Balance sheet location

2022

2021

Commodity forward contracts

Accrued expenses

$

(5,938)

$

(5,802)

Foreign currency forward contracts

 

Prepaid expenses and other assets

10

 

149

Foreign currency forward contracts

 

Accrued expenses

(946)

 

(118)

Cross currency swap contracts

 

Prepaid expenses and other assets

15,664

 

1,764

Cross currency swap contracts

 

Accrued expenses

(100)

 

$

8,690

$

(4,007)

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 thirty-nine weeks ended September 24, 2022 and September 25, 2021 are as follows:

    

Thirteen weeks ended

Thirty-nine weeks ended

Statements of earnings

September 24,

September 25,

September 24,

September 25,

location

2022

    

2021

    

2022

    

2021

Commodity forward contracts

Product cost of sales

$

(1,545)

$

9,870

$

(1,047)

$

10,140

Foreign currency forward contracts

Other income

(94)

 

187

(177)

 

123

Interest rate hedge amortization

Interest expense

(16)

 

(16)

(48)

 

(48)

Cross currency swap contracts

Interest expense

793

 

691

2,300

 

2,060

$

(862)

$

10,732

$

1,028

$

12,275

Schedule of notional amounts of outstanding derivative

Key terms of the remaining two CCS are as follows:

    

Notional 

Swapped 

Set Settlement 

Currency

Amount

Termination Date

Interest Rate

Amount

Danish Krone

$

20,000

April 1, 2024

 

2.68%

DKK 133,450

Euro

$

80,000

April 1, 2024

 

2.825%

€ 71,550