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Financial instruments and derivatives (Tables)

12 Months Ended

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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