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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						$	—		$	—					$	—		$	—

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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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