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Financial Instruments and Derivatives (Tables)

9 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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