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Financial Instruments and Derivatives (Tables)

9 Months Ended

Sep. 29, 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.

						September 29, 2024												December 31, 2023
						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, net of current portion						$	4,320,442					$	4,255,117					$	3,035,868					$	2,890,009

Schedule of Net Positions of Foreign Contracts

The net positions of these contracts at September 29, 2024 were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			5,942,202
Mexican peso			purchase			140,315
Polish zloty			purchase			32,938
Danish krone			purchase			11,593
Swedish krona			sell			(2,124)
Czech koruna			purchase			25,869
Canadian dollar			purchase			8,239
Euro			purchase			593
Turkish lira			purchase			11,092
Brazilian real			purchase			13,088
British pound			sell			(331)

Schedule of Net Positions of Other Derivatives Contracts

The net currency positions of these non-designated contracts at September 29, 2024, were as follows (in thousands):

Currency			Action			Quantity
Colombian peso			purchase			64,773,834
Mexican peso			purchase			364,260
Canadian dollar			purchase			6,979
Thai baht			sell			(11,455)

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 September 29, 2024 and December 31, 2023:

Description						Balance Sheet Location						September 29, 2024						December 31, 2023
Derivatives designated as hedging instruments:
Commodity Contracts						Prepaid expenses						$	32					$	67
Commodity Contracts						Accrued expenses and other						(36)						(108)
Foreign Exchange Contracts						Prepaid expenses						480						2,525
Foreign Exchange Contracts						Accrued expenses and other						(1,134)						(1,024)
Net Investment Hedge						Prepaid expense						4,836						5,567
Net Investment Hedge						Other liabilities						(23,777)						(10,640)
Derivatives not designated as hedging instruments:
Commodity Contracts						Prepaid expenses						99						12
Commodity Contracts						Other assets						346						—
Commodity Contracts						Accrued expenses and other						(3,265)						(6,782)
Commodity Contracts						Other liabilities						(33)						—
Foreign Exchange Contracts						Prepaid expenses						52						130
Foreign Exchange Contracts						Accrued expenses and other						(382)						(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 September 29, 2024 and October 1, 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 September 29, 2024
Foreign Exchange Contracts						$	(444)					Net sales						$	(513)
												Cost of sales						(86)
Commodity Contracts						(21)						Cost of sales						(21)
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						—

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Three-month period ended September 29, 2024

Commodity Contracts

$

(1,377)

Cost of sales

Foreign Exchange Contracts

(1,573)

Selling, general and administrative

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 September 29, 2024									Three-month period ended October 1, 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						$	(513)		$	(107)					$	3,195		$	(1,180)
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						$	(513)		$	(86)					$	3,195		$	(1,180)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive loss into net income						$	—		$	(21)					$	—		$	—

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine-month periods ended September 29, 2024 and October 1, 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:
Nine-month period ended September 29, 2024
Foreign Exchange Contracts						$	(2,094)					Net sales						$	153
												Cost of sales						(225)
Commodity Contracts						16						Cost of sales						(21)
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)

 

Description

Gain or (Loss) Recognized

Location of Gain or (Loss) Recognized in Income Statement

Derivatives not Designated as Hedging Instruments:

Nine-month period ended September 29, 2024

Commodity Contracts

$

(3,465)

Cost of sales

Foreign Exchange Contracts

(4,039)

Selling, general and administrative

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 September 29, 2024									Nine-month period ended October 1, 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						$	153		$	(246)					$	6,772		$	(2,584)
Gain or (loss) on cash flow hedging relationships:
Foreign exchange contracts:
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income						$	153		$	(225)					$	6,772		$	(2,552)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into net income						$	—		$	(21)					$	—		$	(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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