Financial Instruments and Derivatives (Tables)

3 Months Ended

Mar. 29, 2020

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 for which the carrying amount differs from the fair value. 

	March 29, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, net of current portion	$	1,187,904	$	1,294,469	$	1,193,135	$	1,351,397

Net positions of foreign contracts

The net positions of these contracts at March 29, 2020 were as follows (in thousands):

Currency	Action	Quantity
Colombian peso	purchase	11,703,686
Mexican peso	purchase	250,095
Polish zloty	purchase	66,513
Czech koruna	purchase	30,328
Canadian dollar	purchase	15,566
British pound	purchase	4,834
Turkish lira	purchase	2,411
Swedish krona	sell	(2,898)
Euro	sell	(21,170)
Russian ruble	sell	(142,632)

Net positions of other derivatives contracts

The net positions of these contracts at March 29, 2020, were as follows (in thousands):

Currency	Action	Quantity
Colombian peso	purchase	12,808,000
Mexican peso	purchase	460,090
Canadian dollar	purchase	6,199
Indonesian rupiah	sell	(29,085)

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 29, 2020 and December 31, 2019:

Description	Balance Sheet Location	March 29, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Commodity Contracts	Accrued expenses and other	$	(2,900)	$	(1,625)
Foreign Exchange Contracts	Prepaid expenses	$	366	$	1,236
Foreign Exchange Contracts	Accrued expenses and other	$	(3,976)	$	(178)
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts	Prepaid expenses	$	124	$	88
Foreign Exchange Contracts	Accrued expenses and other	$	(269)	$	(34)

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 months ended March 29, 2020 and March 31, 2019:

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 months ended March 29, 2020
Foreign Exchange Contracts	$	(4,978)	Net sales	$	(1,138)
			Cost of sales	$	827
Commodity Contracts	$	(2,355)	Cost of sales	$	(1,079)
Three months ended March 31, 2019
Foreign Exchange Contracts	$	1,930	Net sales	$	317
			Cost of sales	$	(288)
Commodity Contracts	$	1,092	Cost of sales	$	435

Description	Gain or (Loss) Recognized		Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments:
Three months ended March 29, 2020
Foreign Exchange Contracts	$	—	Cost of sales
	$	(4,917)	Selling, general and administrative
Three months ended March 31, 2019
Foreign Exchange Contracts	$	—	Cost of sales
	$	(1,465)	Selling, general and administrative

	Three months ended March 29, 2020				Three months ended March 31, 2019
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	$	(1,138)	$	(252)	$	317	$	147
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	$	(1,138)	$	827	$	317	$	(288)
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	(1,079)	$	—	$	435