Financial Instruments and Derivatives (Tables)

6 Months Ended

Jun. 28, 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. 

	June 28, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, net of current portion	$	1,618,640	$	1,804,459	$	1,193,135	$	1,351,397

Net positions of foreign contracts

The net positions of these contracts at June 28, 2020 were as follows (in thousands):

Currency	Action	Quantity
Colombian peso	purchase	7,829,084
Mexican peso	purchase	173,687
Polish zloty	purchase	50,740
Czech koruna	purchase	20,274
Canadian dollar	purchase	10,077
British pound	purchase	3,171
Turkish lira	purchase	1,598
New Zealand dollar	sell	(1,241)
Swedish krona	sell	(1,500)
Australian dollar	sell	(2,624)
Euro	sell	(15,717)
Russian ruble	sell	(99,189)

Net positions of other derivatives contracts

The net currency positions of these contracts at June 28, 2020, were as follows (in thousands):

Currency	Action	Quantity
Indonesian rupiah	purchase	18,050,048
Colombian peso	purchase	8,270,325
Mexican peso	purchase	326,547
Canadian dollar	purchase	3,114

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 28, 2020 and December 31, 2019:

Description	Balance Sheet Location	June 28, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Commodity Contracts	Other assets	$	35	$	—
Commodity Contracts	Accrued expenses and other	$	(1,758)	$	(1,625)
Foreign Exchange Contracts	Prepaid expenses	$	62	$	1,236
Foreign Exchange Contracts	Accrued expenses and other	$	(2,361)	$	(178)
Derivatives not designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	184	$	—
Foreign Exchange Contracts	Prepaid expenses	$	1	$	88
Foreign Exchange Contracts	Accrued expenses and other	$	(164)	$	(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 June 28, 2020 and June 30, 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 June 28, 2020
Foreign Exchange Contracts	$	(97)	Net sales	$	(3,384)
			Cost of sales	$	2,050
Commodity Contracts	$	1,709	Cost of sales	$	525
Three months ended June 30, 2019
Foreign Exchange Contracts	$	928	Net sales	$	532
			Cost of sales	$	(378)
Commodity Contracts	$	(1,756)	Cost of sales	$	(319)

Description	Gain or (Loss) Recognized		Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments:
Three months ended June 28, 2020
Commodity Contracts	$	184	Cost of sales
Foreign Exchange Contracts	$	866	Selling, general and administrative
Three months ended June 30, 2019
Commodity Contracts	$	—	Cost of sales
Foreign Exchange Contracts	$	893	Selling, general and administrative

	Three months ended June 28, 2020				Three months ended June 30, 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	$	(3,384)	$	2,575	$	532	$	(697)
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	$	(3,384)	$	2,050	$	532	$	(378)
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	525	$	—	$	(319)

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the six months ended June 28, 2020 and June 30, 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:
Six months ended June 28, 2020
Foreign Exchange Contracts	$	(5,075)	Net sales	$	(4,522)
			Cost of sales	$	2,877
Commodity Contracts	$	(646)	Cost of sales	$	(554)
Six months ended June 30, 2019
Foreign Exchange Contracts	$	2,858	Net sales	$	849
			Cost of sales	$	(666)
Commodity Contracts	$	(664)	Cost of sales	$	116

Description	Gain or (Loss) Recognized		Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments:
Six months ended June 28, 2020
Commodity Contracts	$	184	Cost of sales
Foreign Exchange Contracts	$	(4,051)	Selling, general and administrative
Six months ended June 30, 2019
Commodity Contracts	$	—	Cost of sales
Foreign Exchange Contracts	$	(571)	Selling, general and administrative

	Six months ended June 28, 2020				Six months ended June 30, 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	$	(4,522)	$	2,324	$	849	$	(550)
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	$	(4,522)	$	2,877	$	849	$	(666)
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	(554)	$	—	$	116