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Financial Instruments and Derivatives (Tables)

6 Months Ended

Jul. 02, 2023

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.

						July 2, 2023												December 31, 2022
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	2,716,253					$	2,503,676					$	2,719,783					$	2,477,884

Summary of Net Positions of Foreign Contracts

The net positions of these contracts at July 2, 2023 were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			16,298,431
Mexican peso			purchase			278,627
Polish zloty			purchase			63,454
Czech koruna			purchase			36,509
Canadian dollar			purchase			17,406
Euro			purchase			329
Turkish lira			purchase			5,141
Brazilian real			purchase			3,924
British pound			purchase			3,116

Summary of Net Positions of Other Derivatives Contracts

The net currency positions of these non-designated contracts at July 2, 2023, were as follows (in thousands):

Currency			Action			Quantity
Indonesian rupiah			purchase			13,488,021
Colombian peso			purchase			40,325,158
Mexican peso			purchase			517,019
Turkish lira			purchase			18,366
Canadian dollar			purchase			6,420
Euro			purchase			3

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 July 2, 2023 and December 31, 2022:

Description						Balance Sheet Location						July 2, 2023						December 31, 2022
Derivatives designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	—					$	10
Commodity Contracts						Other assets						$	—					$	8
Commodity Contracts						Accrued expenses and other						$	(263)					$	(155)
Commodity Contracts						Other liabilities						$	(24)					$	(35)
Foreign Exchange Contracts						Prepaid expenses						$	7,174					$	1,251
Foreign Exchange Contracts						Other assets						$	—					$	—
Foreign Exchange Contracts						Accrued expenses and other						$	(2,649)					$	(2,114)
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	11					$	5
Commodity Contracts						Other assets						$	25					$	251
Commodity Contracts						Accrued expenses and other						$	(9,440)					$	(8,599)
Commodity Contracts						Other liabilities						$	(1,073)					$	(295)
Foreign Exchange Contracts						Prepaid expenses						$	115					$	115
Foreign Exchange Contracts						Accrued expenses and other						$	(706)					$	(169)

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 July 2, 2023 and July 3, 2022, 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 July 2, 2023
Foreign Exchange Contracts						$	3,413					Net sales						$	2,515
												Cost of sales						$	(918)
Commodity Contracts						$	(69)					Cost of sales						$	—
Three-month period ended July 3, 2022
Foreign Exchange Contracts						$	(1,324)					Net sales						$	843
												Cost of sales						$	(1,011)
Commodity Contracts						$	850					Cost of sales						$	1,979

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Three-month period ended July 2, 2023

Commodity Contracts

$

(1,809)

Cost of sales

Foreign Exchange Contracts

$

1,935

Selling, general and administrative

Three-month period ended July 3, 2022

Commodity Contracts

$

506

Cost of sales

Foreign Exchange Contracts

$

(1,142)

Selling, general and administrative

						Three-month period ended July 2, 2023									Three-month period ended July 3, 2022
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						$	2,515		$	(918)					$	843		$	968
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						$	2,515		$	(918)					$	843		$	(1,011)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive loss into net income						$	—		$	—					$	—		$	1,979

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the six months ended July 2, 2023 and July 3, 2022, 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:
Six-month period ended July 2, 2023
Foreign Exchange Contracts						$	7,026					Net sales						$	3,577
												Cost of sales						$	(1,372)
Commodity Contracts						$	(146)					Cost of sales						$	(32)
Six-month period ended July 3, 2022
Foreign Exchange Contracts						$	88					Net sales						$	1,866
												Cost of sales						$	(1,706)
Commodity Contracts						$	4,183					Cost of sales						$	2,937

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Six-month period ended July 2, 2023

Commodity Contracts

$

(11,517)

Cost of sales

Foreign Exchange Contracts

$

4,072

Selling, general and administrative

Six-month period ended July 3, 2022

Commodity Contracts

$

7,498

Cost of sales

Foreign Exchange Contracts

$

201

Selling, general and administrative

						Six-month period ended July 2, 2023									Six-month period ended July 3, 2022
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						$	3,577		$	(1404)					$	1,866		$	1,231
Gain or (loss) on cash flow hedging relationships:
Foreign exchange contracts:
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income						$	3,577		$	(1,372)					$	1,866		$	(1,706)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into net income						$	—		$	(32)					$	—		$	2,937

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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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