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Financial instruments and derivatives (Tables) | 12 Months Ended
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Dec. 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.
| December 31, 2024 |  | December 31, 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion | $ | 4,985,496 |  |  | $ | 4,800,455 |  |  | $ | 2,998,002 |  |  | $ | 2,852,143 |
Schedule of Net Positions of Foreign Contracts | The net positions of these contracts at December 31, 2024, were as follows (in thousands):
Currency | Action | Quantity
USD Contracts |  |
Colombian peso | purchase | 26,917,468 |
Mexican peso | purchase | 373,569 |
Polish zloty | purchase | 121,377 |
Danish krone | purchase | 161,128 |
Swedish krona | sell | (6,709) |
Czech koruna | purchase | 110,834 |
Canadian dollar | purchase | 11,045 |
Euro | purchase | 3,499 |
Turkish lira | purchase | 104,546 |
British pound | sell | (5,388) |
Euro Contracts |  |
Euro | purchase | 40,670 |
British pound | purchase | 30,724 |
Thai baht | purchase | 620,976 |
Hungarian forint | sell | (5,560,396) |
Schedule of Net positions of Other Derivatives Contract | The net currency positions of these non-designated contracts at December 31, 2024, were as follows (in thousands):
Currency | Action | Quantity
USD Contracts |  |
Colombian peso | purchase | 66,306,243
Indonesian rupiah | purchase | 20,247,238
Mexican peso | purchase | 339,381
Turkish lira | purchase | 7,875
Canadian dollar | purchase | 7,262
Euro Contracts |  |
British pound | purchase | 74,214
Polish zloty | purchase | 34,451
Thai Baht | purchase | 410,488
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 December 31, 2024 and December 31, 2023:
|  |  | Fair Value at December 31
Description | Balance Sheet Location |  | 2024 |  | 2023
Derivatives designated as hedging instruments: |  |  |  |  |
Commodity Contracts | Prepaid expenses |  | $ | 671 |  |  | $ | 67 |
Commodity Contracts | Accrued expenses and other |  | (19) |  |  | (108) |
Foreign Exchange Contracts | Prepaid expenses |  | 2,068 |  |  | 2,525 |
Foreign Exchange Contracts | Accrued expenses and other |  | (3,909) |  |  | (1,024) |
Net investment hedge | Prepaid expenses |  | 26,833 |  |  | 5,567 |
Net investment hedge | Other Assets |  | 1,845 |  |  | — |
Net investment hedge | Other liabilities |  | (16,759) |  |  | (10,640) |
Derivatives not designated as hedging instruments: |  |  |  |  |
Commodity Contracts | Prepaid expenses |  | $ | 961 |  |  | $ | 12 |
Commodity Contracts | Accrued expenses and other |  | (574) |  |  | (6,782) |
Foreign Exchange Contracts | Prepaid expenses |  | (59) |  |  | 130 |
Foreign Exchange Contracts | Accrued expenses and other |  | (3,022) |  |  | (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 year ended December 31, 2024 and December 31, 2023, 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, 2024 |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (4,994) |  |  | Net sales |  | $ | (1,174) |
|  |  |  | Cost of sales |  | $ | (253) |
Commodity Contracts |  | $ | 665 |  |  | Cost of sales |  | $ | (28) |
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) |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Year Ended December 31, 2024 |  |  |  |
Commodity Contracts |  | $ | (2,976) |  |  | Cost of Sales
Foreign Exchange Contracts |  | $ | (8,168) |  |  | Selling, general and administrative
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, 2024 |  | Year Ended December 31, 2023
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 | $ | (1,174) |  | $ | (281) |  |  | $ | 10,860 |  | $ | (3,760) |
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 | $ | (1,174) |  | $ | (253) |  |  | $ | 10,860 |  | $ | (3,728) |
Commodity contract: |  |  |  |  |
| Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income | $ | — |  | $ | (28) |  |  | $ | — |  | $ | (32) |

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