v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 29, 2025
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 June 29, 2025 and December 31, 2024:
June 29, 2025December 31, 2024
Assets (1)Liabilities (1)Assets (1)Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts$2,010 $4,231 $8,598 $3,280 
Derivatives not designated as hedging instruments:
Commodities futures and options (2)13,322 1,404 514,623 14,321 
Deferred compensation derivatives2,876 — 460 — 
Foreign exchange contracts2,647 94 164 4,800 
18,845 1,498 515,247 19,121 
Total$20,855 $5,729 $523,845 $22,401 

(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 June 29, 2025, amounts reflected on a net basis in assets were assets of $59,784 and liabilities of $46,461, 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, 2024 were assets of $533,115 and liabilities of $32,998. At June 29, 2025 and December 31, 2024, 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 June 29, 2025 and June 30, 2024 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)
202520242025202420252024
Commodities futures and options
$(31,545)$(38,300)$— $— $— $— 
Foreign exchange contracts 4,432 111 (6,305)2,522 (246)505 
Interest rate swap agreements
— — — — (2,274)(2,301)
Deferred compensation derivatives
2,876 776 — — — — 
Total
$(24,237)$(37,413)$(6,305)$2,522 $(2,520)$(1,796)
The effect of derivative instruments on the Consolidated Statements of Income for the six months ended June 29, 2025 and June 30, 2024 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)
202520242025202420252024
Commodities futures and options
$(85,402)$159,464 $— $— $— $— 
Foreign exchange contracts 8,382 (156)(6,430)3,857 1,109 950 
Interest rate swap agreements
— — — — (4,575)(4,600)
Deferred compensation derivatives
4,763 3,047 — — — — 
Total
$(72,257)$162,355 $(6,430)$3,857 $(3,466)$(3,650)

(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.