Financial Instruments and Derivatives (Tables)
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3 Months Ended |
Apr. 01, 2018 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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. | | | | | | | | | | | | | | | | | | | | April 1, 2018 | | December 31, 2017 | | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Long-term debt, net of current portion | | $ | 1,289,045 |
| | $ | 1,407,163 |
| | $ | 1,288,002 |
| | $ | 1,426,862 |
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| Net Positions of Foreign Contracts |
The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales, purchases, and capital spending forecast to occur in 2018. The net positions of these contracts at April 1, 2018 were as follows (in thousands): | | | | | Currency | Action | Quantity | Colombian peso | purchase | 5,714,591 |
| Mexican peso | purchase | 538,032 |
| Polish zloty | purchase | 180,204 |
| Canadian dollar | purchase | 40,162 |
| Russian ruble | purchase | 24,491 |
| Turkish lira | purchase | 3,856 |
| British pound | purchase | 3,423 |
| New Zealand dollar | sell | (464 | ) | Australian dollar | sell | (1,240 | ) | Euro | sell | (40,724 | ) |
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| Net Positions of Other Derivatives Contracts |
The net positions of these contracts at April 1, 2018, were as follows (in thousands): | | | | | Currency | Action | Quantity | Colombian peso | purchase | 5,868,637 |
| Mexican peso | sell | (15,638 | ) | Canadian dollar | sell | (59,117 | ) |
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| Location and Fair Values of Derivative Instruments |
The following table sets forth the location and fair values of the Company’s derivative instruments at April 1, 2018 and December 31, 2017: | | | | | | | | | | | | Description | | Balance Sheet Location | | April 1,
2018 | | December 31,
2017 | Derivatives designated as hedging instruments: | | | | | | | Commodity Contracts | | Prepaid expenses | | $ | — |
| | $ | 149 |
| Commodity Contracts | | Accrued expenses and other | | $ | (1,448 | ) | | $ | (1,417 | ) | Commodity Contracts | | Other liabilities | | $ | (378 | ) | | $ | (445 | ) | Foreign Exchange Contracts | | Prepaid expenses | | $ | 2,964 |
| | $ | 2,232 |
| Foreign Exchange Contracts | | Accrued expenses and other | | $ | (832 | ) | | $ | (1,282 | ) | Derivatives not designated as hedging instruments: | | | | | | | Foreign Exchange Contracts | | Prepaid expenses | | $ | 833 |
| | $ | 90 |
| Foreign Exchange Contracts | | Accrued expenses and other | | $ | (662 | ) | | $ | (671 | ) |
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| 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 April 1, 2018 and April 2, 2017: | | | | | | | | | | | | 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 April 1, 2018 | | | | | Foreign Exchange Contracts | | $ | 1,646 |
| | Net sales | | $ | 810 |
| | | | | Cost of sales | | $ | (527 | ) | Commodity Contracts | | $ | (171 | ) | | Cost of sales | | $ | (58 | ) | Three months ended April 2, 2017 | | | | | Foreign Exchange Contracts | | $ | (2,692 | ) | | Net sales | | $ | 1,040 |
| | | | | Cost of sales | | $ | (725 | ) | Commodity Contracts | | $ | (1,356 | ) | | Cost of sales | | $ | 248 |
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| | | | | | Description | Location of Gain or (Loss) Recognized in Income Statement | Gain or (Loss) Recognized | Derivatives not Designated as Hedging Instruments: | | Three months ended April 1, 2018 | | | Foreign Exchange Contracts | Cost of sales | $ | — |
| | Selling, general and administrative | $ | 754 |
| Three months ended April 2, 2017 | | | Foreign Exchange Contracts | Cost of sales | $ | — |
| | Selling, general and administrative | $ | (567 | ) |
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| Reclassification of Gains and Losses |
The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three-month periods ended April 1, 2018 and April 2, 2017: | | | | | | | | | | | | | | Amount Reclassified from Accumulated Other Comprehensive Loss | | | | | Three Months Ended | | | Details about Accumulated Other Comprehensive Loss Components | | April 1,
2018 | | April 2,
2017 | | Affected Line Item in the Condensed Consolidated Statements of Income | Gains and losses on cash flow hedges | | | | | | | Foreign exchange contracts | | $ | 810 |
| | $ | 1,040 |
| | Net sales | Foreign exchange contracts | | (527 | ) | | (725 | ) | | Cost of sales | Commodity contracts | | (58 | ) | | 248 |
| | Cost of sales | | | 225 |
| | 563 |
| | Income before income taxes | | | (45 | ) | | (198 | ) | | Provision for income taxes | | | $ | 180 |
| | $ | 365 |
| | Net income | Defined benefit pension items | | | | | | | Amortization of defined benefit pension items(a) | | (9,301 | ) | | (10,117 | ) | | Non-operating pension (income)/cost | | | (9,301 | ) | | (10,117 | ) | | Income before income taxes | | | 2,339 |
| | 3,742 |
| | Provision for income taxes | | | $ | (6,962 | ) | | $ | (6,375 | ) | | Net income | Total reclassifications for the period | | $ | (6,782 | ) | | $ | (6,010 | ) | | Net income |
(a)See Note 12 for additional details. | | | | | | | | | | | | | | | | | | April 1,
2018 | | April 2,
2017 | | 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
| $ | 810 |
| $ | (585 | ) | | $ | 1,040 |
| $ | (477 | ) | | | | | | | | The effects of cash flow hedging: | | | | | | | | | | | | | | Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: | | | | | Foreign exchange contracts: | | | | | | | Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income
| $ | 810 |
| $ | (527 | ) | | $ | 1,040 |
| $ | (725 | ) | | | | | | | | | Commodity contracts: | | | | | | | Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income
| $ | — |
| $ | (58 | ) | | $ | — |
| $ | 248 |
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