Financial Instruments and Derivatives (Tables)
|
3 Months Ended |
Apr. 02, 2023 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Summary of 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 2, 2023 | | December 31, 2022 | | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | | | | | | | | | | Long-term debt, net of current portion | | $ | 2,717,891 | | | $ | 2,551,610 | | | $ | 2,719,783 | | | $ | 2,477,884 | |
|
| Summary of Net Positions of Foreign Contracts |
The net positions of these contracts at April 2, 2023 were as follows (in thousands): | | | | | | | | | | Currency | Action | Quantity | | Colombian peso | purchase | 23,959,866 | | | Mexican peso | purchase | 419,558 | | | Polish zloty | purchase | 93,474 | | | Czech koruna | purchase | 60,331 | | | Canadian dollar | purchase | 18,828 | | | Euro | purchase | 9,974 | | | Turkish lira | purchase | 7,478 | | | Brazilian real | purchase | 5,202 | | | British pound | purchase | 4,701 | |
|
| Summary of Net Positions of Other Derivatives Contracts |
The net currency positions of these non-designated contracts at April 2, 2023, were as follows (in thousands): | | | | | | | | | | Currency | Action | Quantity | | Indonesian rupiah | purchase | 23,069,325 | | | Colombian peso | purchase | 20,729,300 | | | Mexican peso | purchase | 563,953 | | | Turkish lira | purchase | 11,394 | | | Canadian dollar | purchase | 8,104 | | | | | | | | | | | | | | | | |
|
| Summary of 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 2, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | Description | | Balance Sheet Location | | April 2, 2023 | | December 31, 2022 | | Derivatives designated as hedging instruments: | | | | | | | | Commodity Contracts | | Prepaid expenses | | $ | 11 | | | $ | 10 | | | Commodity Contracts | | Other assets | | $ | — | | | $ | 8 | | | Commodity Contracts | | Accrued expenses and other | | $ | (189) | | | $ | (155) | | | Commodity Contracts | | Other liabilities | | $ | (39) | | | $ | (35) | | | Foreign Exchange Contracts | | Prepaid expenses | | $ | 5,176 | | | $ | 1,251 | | | Foreign Exchange Contracts | | Other assets | | $ | 6 | | | $ | — | | | Foreign Exchange Contracts | | Accrued expenses and other | | $ | (2,637) | | | $ | (2,114) | | | | | | | | | | Derivatives not designated as hedging instruments: | | | | | | Commodity Contracts | | Prepaid expenses | | $ | 13 | | | $ | 5 | | | Commodity Contracts | | Other assets | | $ | 85 | | | $ | 251 | | | Commodity Contracts | | Accrued expenses and other | | $ | (13,456) | | | $ | (8,599) | | | Commodity Contracts | | Other liabilities | | $ | (1,389) | | | $ | (295) | | | Foreign Exchange Contracts | | Prepaid expenses | | $ | 109 | | | $ | 115 | | | | | | | | | | Foreign Exchange Contracts | | Accrued expenses and other | | $ | (54) | | | $ | (169) | | | | | | | | |
|
| Summary of 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-month periods ended April 2, 2023 and April 3, 2022, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures: | | | | | | | | | | | | | | | | | | | | | | | | | | 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-month period ended April 2, 2023 | | | | | | | | | | Foreign Exchange Contracts | | $ | 3,613 | | | Net sales | | $ | 1,062 | | | | | | | | | | Cost of sales | | $ | (454) | | | | | | | Commodity Contracts | | $ | (77) | | | Cost of sales | | $ | (32) | | | | | | | Three-month period ended April 3, 2022 | | | | | | | | | | Foreign Exchange Contracts | | $ | 955 | | | Net sales | | $ | 566 | | | | | | | | | | Cost of sales | | $ | (695) | | | | | | | Commodity Contracts | | $ | 6,224 | | | Cost of sales | | $ | 3,850 | | | | | |
| | | | | | | | | | | | | | | | Description | | Gain or (Loss)
Recognized | | Location of Gain or (Loss) Recognized in
Income Statement | | Derivatives not Designated as Hedging Instruments: | | | | | | Three-month period ended April 2, 2023 | | | | Commodity Contracts | | $ | (9,708) | | | Cost of sales | | Foreign Exchange Contracts | | $ | 2,137 | | | Selling, general and administrative | | Three-month period ended April 3, 2022 | | | | Commodity Contracts | | $ | 6,992 | | | Cost of sales | | Foreign Exchange Contracts | | $ | 1,343 | | | Selling, general and administrative |
| | | | | | | | | | | | | | | | | | | | | | Three-month period ended April 2, 2023 | | Three-month period ended April 3, 2022 | | 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 | $ | 1,062 | | $ | (486) | | | $ | 566 | | $ | 3,155 | | | | | | | | | | Gain or (loss) on cash flow hedging relationships: | | | | | | Foreign exchange contracts: | | | | | | | Amount of gain or (loss) reclassified from accumulated other comprehensive loss into net income | $ | 1,062 | | $ | (454) | | | $ | 566 | | $ | (695) | | | | | | | | | Commodity contracts: | | | | | | | Amount of gain reclassified from accumulated other comprehensive loss into net income | $ | — | | $ | (32) | | | $ | — | | $ | 3,850 | |
|