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Financial Instruments and Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Carrying amounts and fair values of financial instruments | The following table sets forth the carrying amounts and fair values of the Company’s significant financial instruments for which the carrying amount differs from the fair value.
|  | March 31, 2019 |  |  |  | December 31, 2018 |  |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion |  | $ | 1,189,415 |  | $ | 1,273,699 |  | $ | 1,189,717 |  | $ | 1,270,521
Net positions of foreign contracts | The net positions of these contracts at March 31, 2019 were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 12,928,059
Mexican peso | purchase | 341,547
Polish zloty | purchase | 50,222
Canadian dollar | purchase | 46,690
Czech koruna | purchase | 34,652
Turkish lira | purchase | 4,917
British pound | purchase | 1,133
Swedish krona | sell | (2,180)
Euro | sell | (13,542)
Russian ruble | sell | (83,981)
Net positions of other derivatives contracts | The net positions of these contracts at March 31, 2019, were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 9,199,944
Mexican peso | purchase | 420,776
Canadian dollar | purchase | 21,475
South African rand | sell | (8,261)
Location and fair values of derivative instruments | The following table sets forth the location and fair values of the Company’s derivative instruments at March 31, 2019 and December 31, 2018:
Description |  | Balance Sheet Location |  | March 31, 2019 |  | December 31, 2018
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 144 |  | $ | 282
Commodity Contracts |  | Other assets |  | $ | 95 |  | $ | —
Commodity Contracts |  | Accrued expenses and other |  | $ | (1,153) |  | $ | (1,843)
Commodity Contracts |  | Other liabilities |  | $ | — |  | $ | (10)
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 1,119 |  | $ | 770
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (1,021) |  | $ | (2,482)
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | — |  | $ | 727
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (164) |  | $ | (561)
Effect of derivative instruments on financial performance | The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three months ended March 31, 2019 and April 1, 2018:
Description |  | Amount of Gain or (Loss) Recognized in OCI on Derivatives |  | Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income |  |  |  |
Derivatives in Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |  |  |
Three months ended March 31, 2019 |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 1,930 |  | Net sales |  | $ | 317 |  |  |  |
|  |  |  | Cost of sales |  | $ | (288) |  |  |  |
Commodity Contracts |  | $ | 1,092 |  | Cost of sales |  | $ | 435 |  |  |  |
Three months ended April 1, 2018 |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 1,646 |  | Net sales |  | $ | 810 |  |  |  |
|  |  |  | Cost of sales |  | $ | (527) |  |  |  |
Commodity Contracts |  | $ | (171) |  | Cost of sales |  | $ | (58) |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Three months ended March 31, 2019 |  |  |  |
Foreign Exchange Contracts |  | $ | — |  | Cost of sales
|  | $ | (1,465) |  | Selling, general and administrative
Three months ended April 1, 2018 |  |  |  |
Foreign Exchange Contracts |  | $ | — |  | Cost of sales
|  | $ | 754 |  | Selling, general and administrative
Effect of derivative instruments on income and expense line items in consolidated statements of income and comprehensive income |
|  | Three months ended March 31, 2019 |  |  | Three months ended April 1, 2018 |
Description |  | Revenue | Cost of sales |  | Revenue | Cost of sales
Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income |  | $ | 317 | $ | 147 |  | $ | 810 | $ | (585)
The effects of cash flow hedging: |  |  |  |  |  |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income |  | $ | 317 | $ | (288) |  | $ | 810 | $ | (527)
Commodity contracts: |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income |  | $ | — | $ | 435 |  | $ | — | $ | (58)

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