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Financial Instruments and Derivatives (Tables)

3 Months Ended

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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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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