Financial Instruments and Derivatives (Tables)

9 Months Ended

Sep. 27, 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. 

	September 27, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, net of current portion	$	1,627,037	$	1,880,544	$	1,193,135	$	1,351,397

Net positions of foreign contracts

The net positions of these contracts at September 27, 2020 were as follows (in thousands):

Currency	Action	Quantity
Colombian peso	purchase	3,927,650
Mexican peso	purchase	218,910
Polish zloty	purchase	24,240
Czech koruna	purchase	10,162
Canadian dollar	purchase	8,592
British pound	purchase	1,891
Turkish lira	purchase	907
Euro	purchase	199
New Zealand dollar	sell	(621)
Australian dollar	sell	(1,312)
Russian ruble	sell	(51,701)

Net positions of other derivatives contracts

The net currency positions of these contracts at September 27, 2020, were as follows (in thousands):

Currency	Action	Quantity
Indonesian rupiah	purchase	17,858,489
Colombian peso	purchase	8,787,528
Mexican peso	purchase	483,909
Canadian dollar	purchase	6,346

Location and fair values of derivative instruments

The following table sets forth the location and fair values of the Company’s derivative instruments at September 27, 2020 and December 31, 2019:

Description	Balance Sheet Location	September 27, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	256	$	—
Commodity Contracts	Other assets	$	173	$	—
Commodity Contracts	Accrued expenses and other	$	(74)	$	(1,625)
Foreign Exchange Contracts	Prepaid expenses	$	223	$	1,236
Foreign Exchange Contracts	Accrued expenses and other	$	(1,166)	$	(178)
Foreign Exchange Contracts	Other liabilities	$	(430)	$	—
Derivatives not designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	10	$	—
Foreign Exchange Contracts	Prepaid expenses	$	—	$	88
Foreign Exchange Contracts	Accrued expenses and other	$	(112)	$	(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 September 27, 2020 and September 29, 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 September 27, 2020
Foreign Exchange Contracts	$	90	Net sales	$	(1,723)
			Cost of sales	$	867
Commodity Contracts	$	1,286	Cost of sales	$	(792)
Three months ended September 29, 2019
Foreign Exchange Contracts	$	(957)	Net sales	$	139
			Cost of sales	$	(348)
Commodity Contracts	$	678	Cost of sales	$	11

Description	Gain or (Loss) Recognized		Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments:
Three months ended September 27, 2020
Commodity Contracts	$	(436)	Cost of sales
Foreign Exchange Contracts	$	486	Selling, general and administrative
Three months ended September 29, 2019
Commodity Contracts	$	—	Cost of sales
Foreign Exchange Contracts	$	161	Selling, general and administrative

	Three months ended September 27, 2020				Three months ended September 29, 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	$	(1,723)	$	75	$	139	$	(337)
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	$	(1,723)	$	867	$	139	$	(348)
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	(792)	$	—	$	11

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine months ended September 27, 2020 and September 29, 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:
Nine months ended September 27, 2020
Foreign Exchange Contracts	$	(4,985)	Net sales	$	(6,245)
			Cost of sales	$	3,744
Commodity Contracts	$	640	Cost of sales	$	(1,346)
Nine months ended September 29, 2019
Foreign Exchange Contracts	$	1,901	Net sales	$	988
			Cost of sales	$	(1,014)
Commodity Contracts	$	14	Cost of sales	$	127

Description	Gain or (Loss) Recognized		Location of Gain or (Loss) Recognized in Income Statement
Derivatives not Designated as Hedging Instruments:
Nine months ended September 27, 2020
Commodity Contracts	$	(252)	Cost of sales
Foreign Exchange Contracts	$	(3,565)	Selling, general and administrative
Nine months ended September 29, 2019
Commodity Contracts	$	—	Cost of sales
Foreign Exchange Contracts	$	(411)	Selling, general and administrative

	Nine months ended September 27, 2020				Nine months ended September 29, 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	$	(6,245)	$	2,398	$	988	$	(887)
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	$	(6,245)	$	3,744	$	988	$	(1014)
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income	$	—	$	(1,346)	$	—	$	127