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Financial instruments and derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 |  | December 31, 2021
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion | $ | 2,719,783 |  |  | $ | 2,477,884 |  |  | $ | 1,199,106 |  |  | $ | 1,434,711 |
Net positions of foreign contracts | The net positions of these contracts at December 31, 2022, were as follows (in thousands):
Currency | Action | Quantity
Colombian peso | Purchase | 30,854,789 |
Mexican peso | Purchase | 550,275 |
Polish zloty | Purchase | 120,323 |
Czech koruna | Purchase | 76,927 |
Canadian dollar | Purchase | 34,516 |
Euro | Purchase | 9,880 |
Turkish lira | Purchase | 9,691 |
Brazilian Real | Purchase | 7,271 |
British pound | Purchase | 6,000 |
Net positions of other derivatives contract |
Currency | Action | Quantity
Colombian peso | Purchase | 22,519,674 |
Indonesian rupiah | Purchase | 16,409,007 |
Mexican peso | Purchase | 447,007 |
Turkish lira | Purchase | 41,625 |
Canadian dollar | Purchase | 4,869 |
Thai Baht | Sell | (15,624) |
Location and fair values of derivative instruments |
|  |  | Fair Value at December 31
Description | Balance Sheet Location |  | 2022 |  | 2021
Derivatives designated as hedging instruments: |  |  |  |  |
Commodity Contracts | Prepaid expenses |  | $ | 10 |  |  | $ | 1,599 |
Commodity Contracts | Other assets |  | $ | 8 |  |  | $ | — |
Commodity Contracts | Accrued expenses and other |  | $ | (155) |  |  | $ | (108) |
Commodity Contracts | Other liabilities |  | $ | (35) |  |  | $ | — |
Foreign Exchange Contracts | Prepaid expenses |  | $ | 1,251 |  |  | $ | 848 |
Foreign Exchange Contracts | Accrued expenses and other |  | $ | (2,114) |  |  | $ | (969) |
Derivatives not designated as hedging instruments: |  |  |  |  |
Commodity Contracts | Prepaid expenses |  | $ | 5 |  |  | $ | 1815 |
Commodity Contracts | Other assets |  | $ | 251 |  |  | $ | — |
Commodity Contracts | Accrued expenses and other |  | $ | (8,599) |  |  | $ | (1,132) |
Commodity Contracts | Other liabilities |  | $ | (295) |  |  | $ | — |
Foreign Exchange Contracts | Prepaid expenses |  | $ | 115 |  |  | $ | 135 |
Foreign Exchange Contracts | Accrued expenses and other |  | $ | (169) |  |  | $ | (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 year ended December 31, 2022 and December 31, 2021, excluding the gains or losses 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, 2022 |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (1,009) |  |  | Net sales |  | $ | 3,460 |
|  |  |  | Cost of sales |  | $ | (2,852) |
Commodity Contracts |  | $ | 5,321 |  |  | Cost of sales |  | $ | 6,948 |
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 |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Year Ended December 31, 2022 |  |  |  |
Commodity Contracts |  | $ | 1,831 |  |  | Cost of Sales
Foreign Exchange Contracts |  | $ | 355 |  |  | Selling, general and administrative
Year Ended December 31, 2021 |  |  |  |
Commodity Contracts |  | $ | 1,118 |  |  | Cost of sales
Foreign Exchange Contracts |  | $ | (737) |  |  | Selling, general and administrative
Interest Rate Lock Contracts |  | $ | (550) |  |  | Selling, general and administrative
|  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
Description | Revenue | Cost of Sales |  | Revenue | Cost of Sales
Total amount of income and expense line items presented in the Consolidated Statements of Income | $ | 3,460 |  | $ | 4,096 |  |  | $ | 3,212 |  | $ | 5,250 |
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 | $ | 3,460 |  | $ | (2,852) |  |  | $ | 3,212 |  | $ | (2,544) |
Commodity contract: |  |  |  |  |
| Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income | $ | — |  | $ | 6,948 |  |  | $ | — |  | $ | 7,794 |

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