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Financial Instruments and Derivatives (Tables)

3 Months Ended

Apr. 03, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying amounts and fair values of financial instruments

						April 3, 2022												December 31, 2021
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	2,730,146					$	2,766,118					$	1,199,106					$	1,434,711

Net positions of foreign contracts

The net positions of these contracts at April 3, 2022 were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			20,628,988
Mexican peso			purchase			362,683
Polish zloty			purchase			66,273
Czech koruna			purchase			49,946
Turkish lira			purchase			12,957
Canadian dollar			purchase			12,513
Euro			purchase			11,543
British pound			purchase			2,144
Brazilian real			sell			(22,941)
Russian ruble			sell			(67,719)

Net positions of other derivatives contracts

The net currency positions of these non-designated contracts at April 3, 2022, were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			31,293,571
Indonesian rupiah			purchase			28,410,441
Mexican peso			purchase			394,099
Turkish lira			purchase			41,644
Canadian dollar			purchase			6,258
Thai baht			sell			(12,571)

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 3, 2022 and December 31, 2021:

Description						Balance Sheet Location						April 3, 2022						December 31, 2021
Derivatives designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	3,865					$	1,599
Commodity Contracts						Accrued expenses and other						$	—					$	(108)
Foreign Exchange Contracts						Prepaid expenses						$	1,913					$	848
Foreign Exchange Contracts						Accrued expenses and other						$	(756)					$	(969)
Foreign Exchange Contracts						Other liabilities						$	(69)					$	—
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	6,729					$	1,815
Commodity Contracts						Accrued expenses and other						$	—					$	(1,132)
Foreign Exchange Contracts						Prepaid expenses						$	85					$	135
Foreign Exchange Contracts						Accrued expenses and other						$	(97)					$	(176)
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 three months ended April 3, 2022 and April 4, 2021, 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 April 3, 2022
Foreign Exchange Contracts						$	955					Net sales						$	566
												Cost of sales						$	(695)
Commodity Contracts						$	6,224					Cost of sales						$	3,850
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)

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Three months ended April 3, 2022

Commodity Contracts

$

6,992

Cost of sales

Foreign Exchange Contracts

$

1,343

Selling, general and administrative

Three months ended April 4, 2021

Commodity Contracts

$

378

Cost of sales

Foreign Exchange Contracts

$

(625)

Selling, general and administrative

						Three months ended April 3, 2022									Three months ended April 4, 2021
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						$	566		$	3,155					$	340		$	(299)
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						$	566		$	(695)					$	340		$	(228)
Commodity contracts:
Amount of gain/(loss) reclassified from accumulated other comprehensive loss into net income						$	—		$	3,850					$	—		$	(71)

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