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Financial Instruments and Derivatives (Tables)

6 Months Ended

Jul. 04, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying amounts and fair values of financial instruments

						July 4, 2021												December 31, 2020
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	1,194,063					$	1,508,920					$	1,244,440					$	1,538,132

Net positions of foreign contracts

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

Currency			Action			Quantity
Colombian peso			purchase			9,976,203
Mexican peso			purchase			194,460
Polish zloty			purchase			41,954
Czech koruna			purchase			27,864
Euro			purchase			11,433
Canadian dollar			purchase			6,968
British pound			purchase			3,295
Turkish lira			purchase			1,245

Net positions of other derivatives contracts

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

Currency			Action			Quantity
Indonesian rupiah			purchase			25,660,982
Colombian peso			purchase			24,649,532
Mexican peso			purchase			352,286
Canadian dollar			purchase			3,448

Location and fair values of derivative instruments

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

Description						Balance Sheet Location						July 4, 2021						December 31, 2020
Derivatives designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	3,478					$	867
Commodity Contracts						Other assets						$	1,903					$	—
Commodity Contracts						Accrued expenses and other						$	—					$	(1,512)
Commodity Contracts						Other liabilities						$	—					$	(2)
Foreign Exchange Contracts						Prepaid expenses						$	1,020					$	997
Foreign Exchange Contracts						Accrued expenses and other						$	(528)					$	(395)
Foreign Exchange Contracts						Other liabilities						$	(3)					$	—
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	—					$	484
Foreign Exchange Contracts						Prepaid expenses						$	241					$	140
Foreign Exchange Contracts						Accrued expenses and other						$	(69)					$	(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 July 4, 2021 and June 28, 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 July 4, 2021
Foreign Exchange Contracts						$	751					Net sales						$	1,489
												Cost of sales						$	(1,190)
Commodity Contracts						$	4,847					Cost of sales						$	646
Three months ended June 28, 2020
Foreign Exchange Contracts						$	(97)					Net sales						$	(3,384)
												Cost of sales						$	2,050
Commodity Contracts						$	1,709					Cost of sales						$	525

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Three months ended July 4, 2021

Commodity Contracts

$

56

Cost of sales

Foreign Exchange Contracts

$

220

Selling, general and administrative

Three months ended June 28, 2020

Commodity Contracts

$

184

Cost of sales

Foreign Exchange Contracts

$

866

Selling, general and administrative

						Three months ended July 4, 2021									Three months ended June 28, 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						$	1,489		$	(544)					$	(3,384)		$	2,575
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						$	1,489		$	(1,190)					$	(3,384)		$	2,050
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into net income						$	—		$	646					$	—		$	525

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the six months ended July 4, 2021 and June 28, 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:
Six months ended July 4, 2021
Foreign Exchange Contracts						$	563					Net sales						$	1,829
												Cost of sales						$	(1,418)
Commodity Contracts						$	6,601					Cost of sales						$	575
Six months ended June 28, 2020
Foreign Exchange Contracts						$	(5,075)					Net sales						$	(4,522)
												Cost of sales						$	2,877
Commodity Contracts						$	(646)					Cost of sales						$	(554)

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Six months ended July 4, 2021

Commodity Contracts

$

434

Cost of sales

Foreign Exchange Contracts

$

(405)

Selling, general and administrative

Six months ended June 28, 2020

Commodity Contracts

$

184

Cost of sales

Foreign Exchange Contracts

$

(4,051)

Selling, general and administrative

						Six months ended July 4, 2021									Six months ended June 28, 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						$	1,829		$	(843)					$	(4,522)		$	2,324
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						$	1,829		$	(1,418)					$	(4,522)		$	2,877
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income						$	—		$	575					$	—		$	(554)

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