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Financial instruments and derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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.

			December 31, 2023												December 31, 2022
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion			$	3,035,868					$	2,890,009					$	2,719,783					$	2,477,884

Schedule of Net Positions of Foreign Contracts

The net positions of these contracts at December 31, 2023, were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			22,276,464
Mexican peso			purchase			579,207
Polish zloty			purchase			131,417
Danish Krone			purchase			48,225
Swedish Krone			sell			(6,827)
Czech koruna			purchase			109,362
Euro			purchase			2,291
Turkish lira			purchase			57,507
Brazilian real			purchase			54,302
British pound			sell			(435)
Canadian dollar			purchase			35,016

Schedule of Net positions of Other Derivatives Contract

Currency			Action			Quantity
Colombian peso			Purchase			59,655,780
Indonesian rupiah			Purchase			7,711,880
Mexican peso			Purchase			403,952
Turkish lira			Purchase			5,593
Canadian dollar			Purchase			5,923
Thai Baht			Sell			(10,459)

Schedule of Location and Fair Values of Derivative Instruments

									Fair Value at December 31
Description			Balance Sheet Location						2023						2022
Derivatives designated as hedging instruments:
Commodity Contracts			Prepaid expenses						$	67					$	10
Commodity Contracts			Other assets						—						8
Commodity Contracts			Accrued expenses and other						(108)						(155)
Commodity Contracts			Other liabilities						—						(35)
Foreign Exchange Contracts			Prepaid expenses						2,525						1,251
Foreign Exchange Contracts			Accrued expenses and other						(1,024)						(2,114)
Net investment hedge			Prepaid expenses						5,567						—
Net investment hedge			Other liabilities						(10,640)						—
Derivatives not designated as hedging instruments:
Commodity Contracts			Prepaid expenses						$	12					$	5
Commodity Contracts			Other assets						—						251
Commodity Contracts			Accrued expenses and other						(6,782)						(8,599)
Commodity Contracts			Other liabilities						—						(295)
Foreign Exchange Contracts			Prepaid expenses						130						115
Foreign Exchange Contracts			Accrued expenses and other						(159)						(169)

Schedule 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 year ended December 31, 2023 and December 31, 2022, 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, 2023
Foreign Exchange Contracts						$	8,982					Net sales						$	10,860
												Cost of sales						$	(3,728)
Commodity Contracts						$	99					Cost of sales						$	(32)
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

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Year Ended December 31, 2023

Commodity Contracts

$

(19,087)

Cost of Sales

Foreign Exchange Contracts

$

7,560

Selling, general and administrative

Year Ended December 31, 2022

Commodity Contracts

$

1,831

Cost of sales

Foreign Exchange Contracts

$

355

Selling, general and administrative

						Year Ended December 31, 2023									Year Ended December 31, 2022
Description						Net Sales			Cost of Sales						Net Sales			Cost of Sales
Total amount of income and expense line items presented in the Consolidated Statements of Income						$	10,860		$	(3,760)					$	3,460		$	4,096
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			$	10,860		$	(3,728)					$	3,460		$	(2,852)
Commodity contract:
			Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income			$	—		$	(32)					$	—		$	6,948

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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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