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Financial Instruments and Derivatives (Tables)
 3 Months Ended
Apr. 01, 2018
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. 
 
 
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
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
)
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
)
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
)
Effect of Derivative Instruments on Financial Performance
Description
 
 
Description
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

 
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
)
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