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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instrument Fair Value
The following tables summarize the fair value of the Company’s derivative financial instruments (in thousands):
 
 
September 30, 2018
 
December 31, 2017
 
September 24, 2017
Derivatives Designated As Hedging
Instruments Under ASC Topic 815
 
Notional
Value
 
Asset
Fair  Value(a)
 
Liability
Fair  Value(b)
 
Notional
Value
 
Asset
Fair  Value(a)
 
Liability
Fair  Value(b)
 
Notional
Value
 
Asset
Fair  Value(a)
 
Liability
Fair  Value(b)
Foreign currency contracts(c)
 
$
512,071

 
$
11,687

 
$
718

 
$
675,724

 
$
1,388

 
$
21,239

 
$
746,378

 
$
439

 
$
32,352

Commodity
contracts(c)
 
925

 
9

 
—

 
915

 
—

 
69

 
1,273

 
—

 
62

Treasury rate locks(c)
 
50,000

 
52

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest rate swap - medium-term notes(c)

 
450,000

 
550

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
 
$
1,012,996

 
$
12,298

 
$
718


$
676,639

 
$
1,388

 
$
21,308


$
747,651

 
$
439

 
$
32,414

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
December 31, 2017
 
September 24, 2017
Derivatives Not Designated As Hedging
Instruments Under ASC Topic 815
 
Notional
Value
 
Asset
Fair  Value(a)
 
Liability
Fair  Value(b)
 
Notional
Value
 
Asset
Fair  Value(a)
 
Liability
Fair  Value(b)
 
Notional
Value
 
Asset
Fair  Value(a)
 
Liability
Fair  Value(b)
Commodity contracts
 
$
5,207

 
$
233

 
$
213

 
$
4,532

 
$
381

 
$
—

 
$
4,234

 
$
285

 
$
—

Total
 
$
5,207


$
233

 
$
213

 
$
4,532

 
$
381

 
$
—

 
$
4,234

 
$
285

 
$
—

 
(a)
Included in other current assets
(b)
Included in accrued liabilities
(c)
Derivative designated as a cash flow hedge
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the amount of gains and losses related to derivative financial instruments designated as cash flow hedges (in thousands):
 
 
Amount of Gain/(Loss) Recognized in OCI, before tax
 
 
Three months ended
 
Nine months ended
Cash Flow Hedges
 
September 30,
2018
 
September 24,
2017
 
September 30,
2018
 
September 24,
2017
Foreign currency contracts
 
$
4,508

 
$
(35,687
)
 
$
31,253

 
$
(59,335
)
Commodity contracts
 
5

 
(5
)
 
(7
)
 
(191
)
Treasury rate locks
 
52

 
—

 
93

 
(719
)
Interest rate swap - medium-term notes
 
486

 
—

 
(400
)
 
—

Total
 
$
5,051

 
$
(35,692
)
 
$
30,939

 
$
(60,245
)

 
 
Amount of Gain/(Loss) Reclassified from AOCL into Income
 
 
 
 
Three months ended
 
Nine months ended
 
Expected to be Reclassified
Cash Flow Hedges
 
September 30,
2018
 
September 24,
2017
 
September 30,
2018
 
September 24,
2017
 
Over the Next Twelve Months
Foreign currency contracts(a)
 
$
5,695

 
$
(7,901
)
 
$
(58
)
 
$
(1,428
)
 
$
14,709

Commodity contracts(a)
 
—

 
(16
)
 
(85
)
 
49

 
21

Treasury rate locks(b)
 
(123
)
 
(126
)
 
(374
)
 
(315
)
 
(475
)
Interest rate swap - medium-term notes(b)
 
(661
)
 
—

 
(950
)
 
—

 
(178
)
Total
 
$
4,911

 
$
(8,043
)
 
$
(1,467
)
 
$
(1,694
)
 
$
14,077


(a)
Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) into income is included in cost of goods sold
(b)
Gain/(loss) reclassified from AOCL into income is included in interest expense
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table summarizes the amount of gains and losses related to derivative financial instruments not designated as hedging instruments (in thousands):
 
 
Amount of Gain/(Loss) Recognized in Income on Derivative
 
 
Three months ended
 
Nine months ended
Derivatives Not Designated As Hedges
 
September 30,
2018
 
September 24,
2017
 
September 30,
2018
 
September 24,
2017
Commodity contracts(a)
 
$
(85
)
 
$
433

 
$
59

 
$
259

Total
 
$
(85
)
 
$
433

 
$
59

 
$
259


(a)
Gain/(loss) recognized in income is included in cost of goods sold