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Financial Instruments and Derivatives (Tables)

3 Months Ended

Apr. 04, 2021

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. 

						April 4, 2021												December 31, 2020
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	1,251,512					$	1,430,423					$	1,244,440					$	1,538,132

Net positions of foreign contracts

The net positions of these contracts at April 4, 2021 were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			14,932,417
Mexican peso			purchase			305,027
Polish zloty			purchase			62,173
Canadian dollar			purchase			16,254
Euro			purchase			10,486
British pound			purchase			4,039
Turkish lira			purchase			1,835
New Zealand dollar			sell			(539)
Australian dollar			sell			(840)

Net positions of other derivatives contracts

The net currency positions of these contracts at April 4, 2021, were as follows (in thousands):

Currency			Action			Quantity
Indonesian rupiah			purchase			31,761,364
Colombian peso			purchase			22,472,400
Mexican peso			purchase			329,502
Canadian dollar			purchase			5,110

Location and fair values of derivative instruments

The following table sets forth the location and fair values of the Company’s derivative instruments at April 4, 2021 and December 31, 2020:

Description						Balance Sheet Location						April 4, 2021						December 31, 2020
Derivatives designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	1,526					$	867
Commodity Contracts						Other assets						$	226					$	—
Commodity Contracts						Accrued expenses and other						$	(573)					$	(1,512)
Commodity Contracts						Other liabilities						$	—					$	(2)
Foreign Exchange Contracts						Prepaid expenses						$	946					$	997
Foreign Exchange Contracts						Accrued expenses and other						$	(901)					$	(395)
Foreign Exchange Contracts						Other liabilities						$	(23)					$	—
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	523					$	484
Foreign Exchange Contracts						Prepaid expenses						$	281					$	140
Foreign Exchange Contracts						Accrued expenses and other						$	(34)					$	(25)

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 April 4, 2021 and March 29, 2020, excluding the gains on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income to the carrying value of the capitalized expenditures:

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 April 4, 2021
Foreign Exchange Contracts						$	(188)					Net sales						$	340
												Cost of sales						$	(228)
Commodity Contracts						$	1,754					Cost of sales						$	(71)
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)

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Three months ended April 4, 2021

Commodity Contracts

$

378

Cost of sales

Foreign Exchange Contracts

$

(625)

Selling, general and administrative

Three months ended March 29, 2020

Commodity Contracts

$

—

Cost of sales

Foreign Exchange Contracts

$

(4,917)

Selling, general and administrative

						Three months ended April 4, 2021									Three months ended March 29, 2020
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						$	340		$	(299)					$	(1,138)		$	(252)
The effects of cash flow hedging:
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						$	340		$	(228)					$	(1,138)		$	827
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income						$	—		$	(71)					$	—		$	(1,079)

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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.

+ References

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-Name Accounting Standards Codification
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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