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Financial Instruments and Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

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.

						March 31, 2024												December 31, 2023
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	2,630,424					$	2,485,816					$	3,035,868					$	2,890,009

Schedule of Net Positions of Foreign Contracts

The net positions of these contracts at March 31, 2024 were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			16,966,782
Mexican peso			purchase			429,499
Polish zloty			purchase			98,802
Danish krone			purchase			34,765
Swedish krona			sell			(4,855)
Czech koruna			purchase			86,121
Canadian dollar			purchase			25,729
Euro			purchase			1,744
Turkish lira			purchase			43,173
Brazilian real			purchase			41,819
British pound			sell			(800)

Schedule of Net Positions of Other Derivatives Contracts

The net currency positions of these non-designated contracts at March 31, 2024, were as follows (in thousands):

Currency			Action			Quantity
Indonesian rupiah			purchase			19,814,218
Colombian peso			purchase			67,308,931
Mexican peso			purchase			412,841
Canadian dollar			purchase			7,981

Schedule 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 March 31, 2024 and December 31, 2023:

Description						Balance Sheet Location						March 31, 2024						December 31, 2023
Derivatives designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	28					$	67
Commodity Contracts						Accrued expenses and other						(94)						(108)
Foreign Exchange Contracts						Prepaid expenses						2,323						2,525
Foreign Exchange Contracts						Accrued expenses and other						(626)						(1,024)
Net Investment Hedge						Prepaid expense						4,192						5,567
Net Investment Hedge						Other assets						744						—
Net Investment Hedge						Other liabilities						(86)						(10,640)
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	103					$	12
Commodity Contracts						Other assets						250						—
Commodity Contracts						Accrued expenses and other						(6,666)						(6,782)
Commodity Contracts						Other liabilities						(176)						—
Foreign Exchange Contracts						Prepaid expenses						5						130
Foreign Exchange Contracts						Accrued expenses and other						(206)						(159)

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 three-month periods ended March 31, 2024 and April 2, 2023, 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 March 31, 2024
Foreign Exchange Contracts						$	561					Net sales						$	436
												Cost of sales						(75)
Commodity Contracts						$	(25)					Cost of sales						$	—
Three-month period ended April 2, 2023
Foreign Exchange Contracts						$	3,613					Net sales						$	1,062
												Cost of sales						(454)
Commodity Contracts						$	(77)					Cost of sales						$	(32)

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Three-month period ended March 31, 2024

Commodity Contracts

$

(2,558)

Cost of sales

Foreign Exchange Contracts

$

305

Selling, general and administrative

Three-month period ended April 2, 2023

Commodity Contracts

$

(9,708)

Cost of sales

Foreign Exchange Contracts

$

2,137

Selling, general and administrative

						Three-month period ended March 31, 2024									Three-month period ended April 2, 2023
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						$	436		$	(75)					$	1,062		$	(486)
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						$	436		$	(75)					$	1,062		$	(454)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive loss into net income						$	—		$	—					$	—		$	(32)

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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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