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Financial Instruments and Derivatives (Tables) | 9 Months Ended
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Oct. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of 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.
|  | October 2, 2022 |  | December 31, 2021
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion |  | $ | 2,723,101 |  |  | $ | 2,444,965 |  |  | $ | 1,199,106 |  |  | $ | 1,434,711 |
Summary of Net Positions of Foreign Contracts | The net positions of these contracts at October 2, 2022 were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 7,354,331 |
Mexican peso | purchase | 123,095 |
Polish zloty | purchase | 22,382 |
Czech koruna | purchase | 16,675 |
Euro | purchase | 9,989 |
Turkish lira | purchase | 5,086 |
Canadian dollar | purchase | 3,798 |
British pound | purchase | 819 |
Summary of Net Positions of Other Derivatives Contracts | The net currency positions of these non-designated contracts at October 2, 2022, were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | purchase | 24,748,486 |
Indonesian rupiah | purchase | 8,083,663 |
Mexican peso | purchase | 419,703 |
Turkish lira | purchase | 44,125 |
Canadian dollar | purchase | 9,568 |
Thai baht | sell | (11,143) |
Summary of 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 2, 2022 and December 31, 2021:
Description |  | Balance Sheet Location |  | October 2, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 1,905 |  |  | $ | 1,599 |
Commodity Contracts |  | Other assets |  | $ | 23 |  |  | $ | — |
Commodity Contracts |  | Accrued expenses and other |  | $ | (25) |  |  | $ | (108) |
Commodity Contracts |  | Other liabilities |  | $ | (11) |  |  | $ | — |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 3,098 |  |  | $ | 848 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (4,610) |  |  | $ | (969) |
Derivatives not designated as hedging instruments: |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 5,069 |  |  | $ | 1,815 |
Commodity Contracts |  | Other assets |  | $ | 689 |  |  | $ | — |
Commodity Contracts |  | Accrued expenses and other |  | $ | (2,497) |  |  | $ | (1,132) |
Commodity Contracts |  | Other liabilities |  | $ | (812) |  |  | $ | — |
Foreign Exchange Contracts |  | Prepaid expenses |  | $ | 237 |  |  | $ | 135 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | $ | (317) |  |  | $ | (176) |
Interest Rate Lock Contract |  | Accrued expenses and other |  | $ | — |  |  | $ | (550) |
Summary of 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-month periods ended October 2, 2022 and October 3, 2021, excluding the amount of 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-month period ended October 2, 2022 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (290) |  |  | Net sales |  | $ | 559 |  |  |  |  |
|  |  |  | Cost of sales |  | $ | (433) |  |  |  |  |
Commodity Contracts |  | $ | 1,626 |  |  | Cost of sales |  | $ | 2,434 |  |  |  |  |
Three-month period ended October 3, 2021 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (407) |  |  | Net sales |  | $ | 937 |  |  |  |  |
|  |  |  | Cost of sales |  | $ | (711) |  |  |  |  |
Commodity Contracts |  | $ | 4,200 |  |  | Cost of sales |  | $ | 2,051 |  |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Three-month period ended October 2, 2022 |  |
Commodity Contracts |  | $ | 2,574 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (484) |  |  | Selling, general and administrative
Three-month period ended October 3, 2021 |  |
Commodity Contracts |  | $ | 2,861 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (675) |  |  | Selling, general and administrative
| Three-month period ended October 2, 2022 |  | Three-month period ended October 3, 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 | $ | 559 |  | $ | 2,001 |  |  | $ | 937 |  | $ | 1,340 |
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 | $ | 559 |  | $ | (433) |  |  | $ | 937 |  | $ | (711) |
Commodity contracts: |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss into net income | $ | — |  | $ | 2,434 |  |  | $ | — |  | $ | 2,051 |
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine months ended October 2, 2022 and October 3, 2021, excluding the amount of 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-month period ended October 2, 2022 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (202) |  |  | Net sales |  | $ | 2,425 |  |  |  |  |
|  |  |  | Cost of sales |  | $ | (2,139) |  |  |  |  |
Commodity Contracts |  | $ | 5,809 |  |  | Cost of sales |  | $ | 5,371 |  |  |  |  |
Nine-month period 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 |  |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Nine-month period ended October 2, 2022 |  |  |  |
Commodity Contracts |  | $ | 10,072 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (283) |  |  | Selling, general and administrative
Nine-month period ended October 3, 2021 |  |  |  |
Commodity Contracts |  | $ | 3,295 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (906) |  |  | Selling, general and administrative
| Nine-month period ended October 2, 2022 |  | Nine-month period ended October 3, 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 | $ | 2,425 |  | $ | 3,232 |  |  | $ | 2,766 |  | $ | 497 |
Gain or (loss) on cash flow hedging relationships: |  |  |  |
Foreign exchange contracts: |  |  |  |  |
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income | $ | 2,425 |  | $ | (2,139) |  |  | $ | 2,766 |  | $ | (2,129) |
Commodity contracts: |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive income into net income | $ | — |  | $ | 5,371 |  |  | $ | — |  | $ | 2,626 |

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