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Financial Instruments and Derivatives (Tables) | 6 Months Ended
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Jun. 29, 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.
|  | June 29, 2025 |  | December 31, 2024
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, net of current portion |  | $ | 4,986,643 |  |  | $ | 4,865,699 |  |  | $ | 4,985,496 |  |  | $ | 4,800,455 |
Schedule of Net Positions of Foreign Contracts | The net positions of these contracts at June 29, 2025 were as follows (in thousands):
Currency | Action | Quantity
USD Contracts |  |
Colombian peso | purchase | 13,705,531 |
Mexican peso | purchase | 205,163 |
Danish krone | purchase | 78,453 |
Polish zloty | purchase | 69,392 |
Czech koruna | purchase | 57,865 |
Turkish lira | purchase | 63,099 |
Euro | purchase | 1,870 |
Canadian dollar | purchase | 1,425 |
Swedish krona | sell | (2,788) |
British pound | sell | (6,274) |
Euro Contracts |  |
Euro | purchase | 23,511 |
British pound | sell | (722) |
USD | sell | (2,588) |
Hungarian forint | sell | (2,556,665) |
Swiss franc | sell | (216) |
Schedule of Net Positions of Other Derivatives Contracts | The net currency positions of these non-designated contracts at June 29, 2025, were as follows (in thousands):
Currency | Action | Quantity
USD Contracts |  |
Colombian peso | purchase | 68,259,025 |
Mexican peso | purchase | 290,402 |
Indonesian rupiah | purchase | 8,449,165 |
Thai baht | sell | (20,283) |
Euro | sell | (11) |
Canadian dollar | purchase | 4,212 |
Turkish lira | purchase | 28,304 |
British pound | sell | (110) |
Euro Contracts |  |
British pound | sell | (97,648) |
Polish zloty | sell | (143,810) |
Thai baht | sell | (536,362) |
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 June 29, 2025 and December 31, 2024:
Description |  | Balance Sheet Location |  | June 29, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | $ | 1,311 |  |  | $ | 671 |
Commodity Contracts |  | Accrued expenses and other |  | (1,569) |  |  | (19) |
Foreign Exchange Contracts |  | Prepaid expenses |  | 3,134 |  |  | 2,068 |
Foreign Exchange Contracts |  | Accrued expenses and other |  | (1,963) |  |  | (3,909) |
Net investment hedge |  | Prepaid expenses |  | 21,821 |  |  | 26,833 |
Net investment hedge |  | Other assets |  | — |  |  | 1,845 |
Net investment hedge |  | Other liabilities |  | (240,061) |  |  | (16,759) |
Derivatives not designated as hedging instruments: |  |  |  |
Commodity Contracts |  | Prepaid expenses |  | 1,365 |  |  | 961 |
Commodity Contracts |  | Other assets |  | 168 |  |  | — |
Commodity Contracts |  | Accrued expenses and other |  | (216) |  |  | (574) |
Commodity Contracts |  | Other liabilities |  | (14) |  |  | — |
Foreign Exchange Contracts |  | Prepaid expenses |  | 3,275 |  |  | (59) |
Foreign Exchange Contracts |  | Accrued expenses and other |  | (236) |  |  | (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 June 29, 2025 and June 30, 2024, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(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 June 29, 2025 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 2,902 |  |  | Net sales |  | $ | 1,368 |  |  |  |  |
|  |  |  | Cost of sales |  | (151) |  |  |  |  |
Commodity Contracts |  | (374) |  |  | Cost of sales |  | — |  |  |  |  |
Three-month period ended June 30, 2024 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 2,206 |  |  | Net sales |  | $ | 230 |  |  |  |  |
|  |  |  | Cost of sales |  | (64) |  |  |  |  |
Commodity Contracts |  | 62 |  |  | 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 June 29, 2025 |  |
Commodity Contracts |  | $ | (1,889) |  |  | Cost of sales
Foreign Exchange Contracts |  | 3,543 |  |  | Selling, general and administrative
Three-month period ended June 30, 2024 |  |
Commodity Contracts |  | $ | 470 |  |  | Cost of sales
Foreign Exchange Contracts |  | (2,771) |  |  | Selling, general and administrative
| Three-month period ended June 29, 2025 |  | Three-month period ended June 30, 2024
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 | $ | 1,368 |  | $ | (151) |  |  | $ | 230 |  | $ | (64) |
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 | $ | 1,368 |  | $ | (151) |  |  | $ | 230 |  | $ | (64) |
Commodity contracts: |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive income/(loss) into net income | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the six-month periods ended June 29, 2025 and June 30, 2024, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(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: |  |  |  |  |  |
Six-month period ended June 29, 2025 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | 6,153 |  |  | Net sales |  | $ | 1,767 |  |  |  |  |
|  |  |  | Cost of sales |  | (192) |  |  |  |  |
Commodity Contracts |  | (910) |  |  | Cost of sales |  | — |  |  |  |  |
Six-month period ended June 30, 2024 |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | $ | (1,645) |  |  | Net sales |  | $ | 666 |  |  |  |  |
|  |  |  | Cost of sales |  | (139) |  |  |  |  |
Commodity Contracts |  | 37 |  |  | Cost of sales |  | — |  |  |  |  |
Description |  | Gain or (Loss) Recognized |  | Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments: |  |  |  |
Six-month period ended June 29, 2025 |  |
Commodity Contracts |  | $ | 1,448 |  |  | Cost of sales
Foreign Exchange Contracts |  | 7,111 |  |  | Selling, general and administrative
Six-month period ended June 30, 2024 |  |
Commodity Contracts |  | $ | (2,088) |  |  | Cost of sales
Foreign Exchange Contracts |  | (2,466) |  |  | Selling, general and administrative
| Six-month period ended June 29, 2025 |  | Six-month period ended June 30, 2024
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 | $ | 1,767 |  | $ | (192) |  |  | $ | 666 |  | $ | (139) |
Gain or (loss) on cash flow hedging relationships: |  |  |  |
Foreign exchange contracts: |  |  |  |  |
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income | $ | 1,767 |  | $ | (192) |  |  | $ | 666 |  | $ | (139) |
Commodity contracts: |  |  |  |  |
Amount of gain reclassified from accumulated other comprehensive income into net income | $ | — |  | $ | — |  |  | $ | — |  | $ | — |

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