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Financial Instruments and Derivatives (Tables)

9 Months Ended

Oct. 01, 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.

						October 1, 2023												December 31, 2022
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	3,212,454					$	2,930,836					$	2,719,783					$	2,477,884

Summary of Net Positions of Foreign Contracts

The net positions of these contracts at October 1, 2023 were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			8,369,071
Mexican peso			purchase			149,124
Polish zloty			purchase			24,703
Czech koruna			purchase			14,187
Canadian dollar			purchase			3,104
Euro			purchase			149
Turkish lira			purchase			2,635
Brazilian real			purchase			1,367
British pound			purchase			1,131

Summary of Net Positions of Other Derivatives Contracts

The net currency positions of these non-designated contracts at October 1, 2023, were as follows (in thousands):

Currency			Action			Quantity
Indonesian rupiah			purchase			3,544,012
Colombian peso			purchase			67,456,759
Mexican peso			purchase			545,248
Turkish lira			purchase			8,766
Canadian dollar			purchase			11,548
British pound			purchase			2,784
Polish zloty			purchase			8,526

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 1, 2023 and December 31, 2022:

Description						Balance Sheet Location						October 1, 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						$	(137)					$	(155)
Commodity Contracts						Other liabilities						$	(10)					$	(35)
Foreign Exchange Contracts						Prepaid expenses						$	2,848					$	1,251
Foreign Exchange Contracts						Accrued expenses and other						$	(1,004)					$	(2,114)
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	5					$	5
Commodity Contracts						Other assets						$	24					$	251
Commodity Contracts						Accrued expenses and other						$	(6,763)					$	(8,599)
Commodity Contracts						Other liabilities						$	(427)					$	(295)
Foreign Exchange Contracts						Prepaid expenses						$	773					$	115
Foreign Exchange Contracts						Accrued expenses and other						$	(456)					$	(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 October 1, 2023 and October 2, 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 October 1, 2023
Foreign Exchange Contracts						$	(509)					Net sales						$	3,195
												Cost of sales						$	(1,180)
Commodity Contracts						$	140					Cost of sales						$	—
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

 

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 1, 2023

Commodity Contracts

$

(2,118)

Cost of sales

Foreign Exchange Contracts

$

579

Selling, general and administrative

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 1, 2023									Three-month period ended October 2, 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						$	3,195		$	(1,180)					$	559		$	2,001
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						$	3,195		$	(1,180)					$	559		$	(433)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive loss into net income						$	—		$	—					$	—		$	2,434

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine months ended October 1, 2023 and October 2, 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:
Nine-month period ended October 1, 2023
Foreign Exchange Contracts						$	6,517					Net sales						$	6,772
												Cost of sales						$	(2,552)
Commodity Contracts						$	(6)					Cost of sales						$	(32)
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

 

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 1, 2023

Commodity Contracts

$

(13,635)

Cost of sales

Foreign Exchange Contracts

$

4,651

Selling, general and administrative

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 1, 2023									Nine-month period ended October 2, 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						$	6,772		$	(2,584)					$	2,425		$	3,232
Gain or (loss) on cash flow hedging relationships:
Foreign exchange contracts:
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income						$	6,772		$	(2,552)					$	2,425		$	(2,139)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into net income						$	—		$	(32)					$	—		$	5,371

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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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