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Financial instruments and derivatives (Tables)

12 Months Ended

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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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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