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Financial instruments and derivatives (Tables)

12 Months Ended

Dec. 31, 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.

			December 31, 2021												December 31, 2020
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion			$	1,199,106					$	1,434,711					$	1,244,440					$	1,538,132

Net positions of foreign contracts

The net positions of these contracts at December 31, 2021, were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			Purchase			26,964,039
Mexican peso			Purchase			478,872
Polish zloty			Purchase			86,960
Czech koruna			Purchase			66,323
Turkish lira			Purchase			16,776
Canadian dollar			Purchase			15,862
Euro			Purchase			7,315
British pound			Purchase			3,541
New Zealand dollar			Sell			(290)
Australian dollar			Sell			(422)
Russian ruble			Sell			(89,271)

Net positions of other derivatives contract

The net positions of these contracts at December 31, 2021, were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			Purchase			28,089,457
Indonesian rupiah			Purchase			21,279,953
Mexican peso			Purchase			357,895
Turkish lira			Purchase			38,142
Thai Baht			Purchase			16,436
Canadian dollar			Purchase			2,682

Location and fair values of derivative instruments

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

									Fair Value at December 31
Description			Balance Sheet Location						2021						2020
Derivatives designated as hedging instruments:
Commodity Contracts			Prepaid expenses						$	1,599					$	867
Commodity Contracts			Accrued expenses and other						$	(108)					$	(1,512)
Commodity Contracts			Other liabilities						$	—					$	(2)
Foreign Exchange Contracts			Prepaid expenses						$	848					$	997
Foreign Exchange Contracts			Accrued expenses and other						$	(969)					$	(395)
Derivatives not designated as hedging instruments:
Commodity Contracts			Prepaid expenses						$	1,815					$	484
Commodity Contracts			Accrued expenses and other						$	(1,132)
Foreign Exchange Contracts			Prepaid expenses						$	135					$	140
Foreign Exchange Contracts			Accrued expenses and other						$	(176)					$	(25)
Interest Rate Lock Contract			Accrued expenses and other						$	(550)					$	—

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 year ended December 31, 2021 and December 31, 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:
Year Ended December 31, 2021
Foreign Exchange Contracts						$	210					Net sales						$	3,212
												Cost of sales						$	(2,544)
Commodity Contracts						$	10,039					Cost of sales						$	7,794
Year Ended December 31, 2020
Foreign Exchange Contracts						$	(3,596)					Net sales						$	(6,662)
												Cost of sales						$	3,576
Commodity Contracts						$	(227)					Cost of sales						$	(1,213)

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Year Ended December 31, 2021

Commodity Contracts

$

1,118

Selling, general and administrative

Foreign Exchange Contracts

$

(737)

Selling, general and administrative

Interest Rate Lock Contracts

$

(550)

Selling, general and administrative

Year Ended December 31, 2020

Commodity Contracts

$

226

Cost of sales

Foreign Exchange Contracts

$

(358)

Selling, general and administrative

						Year Ended December 31, 2021									Year Ended December 31, 2020
Description						Revenue			Cost of Sales						Revenue			Cost of Sales
Total amount of income and expense line items presented in the Consolidated Statements of Income						$	3,212		$	5,250					$	(6,662)		$	2,363
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			$	3,212		$	(2,544)					$	(6,662)		$	3,576
Commodity contract:
			Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income			$	—		$	7,794					$	—		$	(1,213)

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