Financial instruments and derivatives (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 where the carrying amount differs from the fair value.

	December 31, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	$	1,193,135	$	1,351,397	$	1,189,717	$	1,270,521

Net positions of foreign contracts

The net positions of these contracts at December 31, 2019, were as follows:

Currency	Action	Quantity
Colombian peso	Purchase	15,486,745
Mexican peso	Purchase	335,494
Polish zloty	Purchase	89,750
Czech koruna	Purchase	40,333
Canadian dollar	Purchase	20,812
British pound	Purchase	6,187
Turkish lira	Purchase	3,419
New Zealand dollar	Sell	(439)
Australian dollar	Sell	(929)
Swedish krona	Sell	(3,933)
Euro	Sell	(30,323)
Russian ruble	Sell	(182,187)

Net positions of other derivatives contract

The net positions of these contracts at December 31, 2019, were as follows:

Currency	Action	Quantity
Colombian peso	Purchase	10,536,995
Mexican peso	Purchase	320,964
Canadian dollar	Purchase	10,931

Location and fair values of derivative instruments

The following table sets forth the location and fair values of the Company’s derivative instruments:

		Fair Value at December 31
Description	Balance Sheet Location	2019		2018
Derivatives designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	—	$	282
Commodity Contracts	Other assets	$	—	$	—
Commodity Contracts	Accrued expenses and other	$	(1,625)	$	(1,843)
Commodity Contracts	Other liabilities	$	—	$	(10)
Foreign Exchange Contracts	Prepaid expenses	$	1,236	$	770
Foreign Exchange Contracts	Accrued expenses and other	$	(178)	$	(2,482)
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts	Prepaid expenses	$	88	$	727
Foreign Exchange Contracts	Accrued expenses and other	$	(34)	$	(561)

Effect of derivative instruments on financial performance

The following table sets forth the effect of the Company’s derivative instruments on financial performance for the twelve months ended December 31, 2019, excluding the gains 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:
Foreign Exchange Contracts	$	2,495	Net sales		$	1,381
			Cost of sales		$	(1,758)
Commodity Contracts	$	216	Cost of sales		$	270
			Location of Gain or (Loss) Recognized in Income Statement		Gain or (Loss) Recognized
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts			Cost of sales		$	—
			Selling, general and administrative		$	(704)
Description	Revenue		Cost of Sales
Total amount of income and expense line items presented in the Consolidated Statements of Income	$	1,381	$	(1,488)
The effects of cash flow hedging:
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	$	1,381	$	(1,758)
Commodity contract:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	270

The following table sets forth the effect of the Company’s derivative instruments on financial performance for the twelve months ended December 31, 2018, excluding the gains 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:
Foreign Exchange Contracts	$	(2,354)	Net sales		$	(203)
			Cost of sales		$	(20)
Commodity Contracts	$	258	Cost of sales		$	115
			Location of Gain or (Loss) Recognized in Income  Statement		Gain or (Loss) Recognized
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts			Cost of sales		$	—
			Selling, general and administrative		$	41
Description	Revenue		Cost of Sales
Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income	$	(203)	$	95
The effects of cash flow hedging:
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	$	(203)	$	(20)
Commodity contract:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	115