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Financial Instruments and Derivatives (Tables) | 3 Months Ended
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Mar. 29, 2020
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 29, 2020 |  |  |  | December 31, 2019 |  |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion |  | $ | 1,187,904 |  |  | $ | 1,294,469 |  |  | $ | 1,193,135 |  |  | $ | 1,351,397 |
Net positions of foreign contracts | The net positions of these contracts at March 29, 2020 were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 11,703,686 |
Mexican peso | purchase |  | 250,095 |
Polish zloty | purchase | 66,513 |
Czech koruna | purchase | 30,328 |
Canadian dollar | purchase |  | 15,566 |
British pound | purchase | 4,834 |
Turkish lira | purchase |  | 2,411 |
Swedish krona | sell |  | (2,898) |
Euro | sell | (21,170) |
Russian ruble | sell |  | (142,632) |
Net positions of other derivatives contracts | The net positions of these contracts at March 29, 2020, were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 12,808,000 |
Mexican peso | purchase | 460,090 |
Canadian dollar | purchase | 6,199 |
Indonesian rupiah | sell | (29,085) |
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 29, 2020 and December 31, 2019:
Description |  | Balance Sheet Location |  | March 29, 2020 |  | December 31, 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Accrued expenses and other |  | $ | (2,900) |  |  | $ | (1,625) |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 366 |  |  | $ | 1,236 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (3,976) |  |  | $ | (178) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 124 |  |  | $ | 88 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (269) |  |  | $ | (34) |
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 29, 2020 and March 31, 2019:
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 29, 2020 |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (4,978) |  |  | Net sales |  | $ | (1,138) |  |  |  |  |
|  |  |  | Cost of sales |  | $ | 827 |  |  |  |  |
Commodity Contracts |  | $ | (2,355) |  |  | Cost of sales |  | $ | (1,079) |  |  |  |  |
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 |  |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Three months ended March 29, 2020 |  |  |  |
Foreign Exchange Contracts |  | $ | — |  |  | Cost of sales
|  | $ | (4,917) |  |  | Selling, general and administrative
Three months ended March 31, 2019 |  |  |  |
Foreign Exchange Contracts |  | $ | — |  |  | Cost of sales
|  | $ | (1,465) |  |  | Selling, general and administrative
|  | Three months ended March 29, 2020 |  |  | Three months ended March 31, 2019 |
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 |  | $ | (1,138) |  | $ | (252) |  |  | $ | 317 |  | $ | 147 |
Gain or (loss) on cash flow hedging relationships: |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income |  | $ | (1,138) |  | $ | 827 |  |  | $ | 317 |  | $ | (288) |
Commodity contracts: |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income |  | $ | — |  | $ | (1,079) |  |  | $ | — |  | $ | 435 |

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