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Financial Instruments and Derivatives (Tables) | 9 Months Ended
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Oct. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Carrying amounts and fair values of financial instruments |
|  | October 3, 2021 |  | December 31, 2020
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion |  | $ | 1,192,707 |  |  | $ | 1,428,316 |  |  | $ | 1,244,440 |  |  | $ | 1,538,132 |
Net positions of foreign contracts | The net positions of these contracts at October 3, 2021 were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 5,000,669 |
Mexican peso | purchase | 84,193 |
Polish zloty | purchase | 21,064 |
Czech koruna | purchase | 13,119 |
Euro | purchase | 12,803 |
Canadian dollar | purchase | 3,368 |
British pound | purchase | 1,697 |
Turkish lira | purchase | 633 |
Net positions of other derivatives contracts | The net currency positions of these contracts at October 3, 2021, were as follows (in thousands):
Currency | Action | Quantity
Indonesian rupiah | purchase | 30,699,411 |
Colombian peso | purchase | 26,283,009 |
Mexican peso | purchase | 336,655 |
Canadian dollar | purchase | 5,258 |
Location and fair values of derivative instruments | The following table sets forth the location and fair values of the Company’s derivative instruments at October 3, 2021 and December 31, 2020:
Description |  | Balance Sheet Location |  | October 3, 2021 |  | December 31, 2020
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 4,690 |  |  | $ | 867 |
Commodity Contracts |  | Other assets |  | $ | 2,840 |  |  | $ | — |
Commodity Contracts |  | Accrued expenses and other |  | $ | — |  |  | $ | (1,512) |
Commodity Contracts |  | Other liabilities |  | $ | — |  |  | $ | (2) |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 333 |  |  | $ | 997 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (725) |  |  | $ | (395) |
Foreign Exchange Contracts |  | Other liabilities |  | $ | (2) |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | — |  |  | $ | 484 |
Commodity Contracts |  | Other assets |  | $ | 2,861 |  |  | $ | — |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 256 |  |  | $ | 140 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | — |  |  | $ | (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 October 3, 2021 and September 27, 2020, excluding the gains on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss 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 October 3, 2021 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (407) |  |  | Net sales |  | $ | 937 |  |  |  |  |
|  |  |  | Cost of sales |  | $ | (711) |  |  |  |  |
Commodity Contracts |  | $ | 4,200 |  |  | Cost of sales |  | $ | 2,051 |  |  |  |  |
Three months ended September 27, 2020 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 90 |  |  | Net sales |  | $ | (1,723) |  |  |  |  |
|  |  |  | Cost of sales |  | $ | 867 |  |  |  |  |
Commodity Contracts |  | $ | 1,286 |  |  | Cost of sales |  | $ | (792) |  |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Three months ended October 3, 2021 |  |
Commodity Contracts |  | $ | 2,861 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (675) |  |  | Selling, general and administrative
Three months ended September 27, 2020 |  |
Commodity Contracts |  | $ | (436) |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | 486 |  |  | Selling, general and administrative
| Three months ended October 3, 2021 |  | Three months ended September 27, 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 | $ | 937 |  | $ | 1,340 |  |  | $ | (1,723) |  | $ | 75 |
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 loss into net income | $ | 937 |  | $ | (711) |  |  | $ | (1,723) |  | $ | 867 |
Commodity contracts: |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss into net income | $ | — |  | $ | 2,051 |  |  | $ | — |  | $ | (792) |
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine months ended October 3, 2021 and September 27, 2020, excluding the gains on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss 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: |  |  |  |  |  |
Nine months ended October 3, 2021 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 156 |  |  | Net sales |  | $ | 2,766 |  |  |  |  |
|  |  |  | Cost of sales |  | $ | (2,129) |  |  |  |  |
Commodity Contracts |  | $ | 10,801 |  |  | Cost of sales |  | $ | 2,626 |  |  |  |  |
Nine months ended September 27, 2020 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (4,985) |  |  | Net sales |  | $ | (6,245) |  |  |  |  |
|  |  |  | Cost of sales |  | $ | 3,744 |  |  |  |  |
Commodity Contracts |  | $ | 640 |  |  | Cost of sales |  | $ | (1,346) |  |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Nine months ended October 3, 2021 |  |  |  |
Commodity Contracts |  | $ | 3,295 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (906) |  |  | Selling, general and administrative
Nine months ended September 27, 2020 |  |  |  |
Commodity Contracts |  | $ | (252) |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (3,565) |  |  | Selling, general and administrative
| Nine months ended October 3, 2021 |  | Nine months ended September 27, 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 | $ | 2,766 |  | $ | 497 |  |  | $ | — |  | $ | 2,398 |
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 loss into net (loss)/income | $ | 2,766 |  | $ | (2,129) |  |  | $ | (6,245) |  | $ | 3,744 |
Commodity contracts: |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into net (loss)/income | $ | — |  | $ | 2,626 |  |  | $ | — |  | $ | (1,346) |

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