XML 47 R37.htm IDEA: XBRL DOCUMENT
v3.25.1

Financial Instruments and Derivatives (Tables) | 3 Months Ended
--- | ---
Mar. 30, 2025
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 30, 2025 |  | December 31, 2024
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion |  | $ | 4,978,337 |  |  | $ | 4,829,445 |  |  | $ | 4,985,496 |  |  | $ | 4,800,455 |
Schedule of Net Positions of Foreign Contracts | The net positions of these contracts at March 30, 2025 were as follows (in thousands):
Currency | Action | Quantity
USD Contracts |  |
Colombian peso | purchase | 20,102,855 |
Mexican peso | purchase | 297,228 |
Danish krone | purchase | 120,270 |
Polish zloty | purchase | 99,563 |
Czech koruna | purchase | 87,666 |
Turkish lira | purchase | 86,103 |
Euro | purchase | 2,687 |
Canadian dollar | purchase | 2,487 |
Swedish krona | sell | (4,565) |
British pound | sell | (4,428) |
Euro Contracts |  |
Euro | purchase | 29,132 |
British pound | sell | (5,382) |
USD | sell | (762) |
Hungarian forint | sell | (4,336,028) |
Schedule of Net Positions of Other Derivatives Contracts | The net currency positions of these non-designated contracts at March 30, 2025, were as follows (in thousands):
Currency | Action | Quantity
USD Contracts |  |
Colombian peso | purchase | 62,149,892 |
Mexican peso | purchase | 282,395 |
Indonesian rupiah | purchase | 14,957,473 |
Thai baht | sell | (30,514) |
Euro | purchase | 426 |
Canadian dollar | purchase | 3,695 |
Euro Contracts |  |
British pound | sell | (99,984) |
Polish zloty | sell | (51,255) |
Thai baht | sell | (468,966) |
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 30, 2025 and December 31, 2024:
Description |  | Balance Sheet Location |  | March 30, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 344 |  |  | $ | 671 |
Commodity Contracts |  | Accrued expenses and other |  | (228) |  |  | (19) |
Foreign Exchange Contracts |  | Prepaid expenses |  | 3,159 |  |  | 2,068 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | (2,039) |  |  | (3,909) |
Net investment hedge |  | Prepaid expenses |  | 25,273 |  |  | 26,833 |
Net investment hedge |  | Other assets |  | — |  |  | 1,845 |
Net investment hedge |  | Other liabilities |  | (74,515) |  |  | (16,759) |
Derivatives not designated as hedging instruments: |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 3,476 |  |  | $ | 961 |
Commodity Contracts |  | Accrued expenses and other |  | (18) |  |  | (574) |
Foreign Exchange Contracts |  | Prepaid expenses |  | 385 |  |  | (59) |
Foreign Exchange Contracts |  | Accrued expenses and other |  | (888) |  |  | (3,022) |
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 30, 2025 and March 31, 2024, 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 30, 2025 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 3,251 |  |  | Net sales |  | $ | 399 |  |  |  |  |
|  |  |  | Cost of sales |  | (41) |  |  |  |  |
Commodity Contracts |  | (536) |  |  | Cost of sales |  | — |  |  |  |  |
Three-month period ended March 31, 2024 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 561 |  |  | Net sales |  | $ | 436 |  |  |  |  |
|  |  |  | Cost of sales |  | (75) |  |  |  |  |
Commodity Contracts |  | (25) |  |  | 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 March 30, 2025 |  |
Commodity Contracts |  | $ | 3,337 |  |  | Cost of sales
Foreign Exchange Contracts |  | 3,569 |  |  | Selling, general and administrative
Three-month period ended March 31, 2024 |  |
Commodity Contracts |  | $ | (2,558) |  |  | Cost of sales
Foreign Exchange Contracts |  | 305 |  |  | Selling, general and administrative
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 | $ | 399 |  | $ | (41) |  |  | $ | 436 |  | $ | (75) |
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 | $ | 399 |  | $ | (41) |  |  | $ | 436 |  | $ | (75) |
Commodity contracts: |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive loss into net income | $ | — |  | $ | — |  |  | $ | — |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration