v3.24.2.u1
Financial Instruments and Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule 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.
June 30, 2024December 31, 2023
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Long-term debt, net of current portion$2,541,929 $2,366,364 $3,035,868 $2,890,009 
Schedule of Net Positions of Foreign Contracts The net positions of these contracts at June 30, 2024 were as follows (in thousands):
CurrencyActionQuantity
Colombian pesopurchase11,331,141 
Mexican pesopurchase259,397 
Polish zlotypurchase63,143 
Danish kronepurchase22,484 
Swedish kronasell(3,641)
Czech korunapurchase54,927 
Canadian dollarpurchase16,691 
Europurchase1,172 
Turkish lirapurchase27,744 
Brazilian realpurchase26,371 
British poundsell(834)
Schedule of Net Positions of Other Derivatives Contracts The net currency positions of these non-designated contracts at June 30, 2024, were as follows (in thousands):
CurrencyActionQuantity
Indonesian rupiahpurchase21,474,722 
Colombian pesopurchase67,923,187 
Mexican pesopurchase394,583 
Turkish lirapurchase16,609 
Canadian dollarpurchase8,266 
Schedule 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 June 30, 2024 and December 31, 2023:
DescriptionBalance Sheet LocationJune 30, 2024December 31, 2023
Derivatives designated as hedging instruments:
Commodity ContractsPrepaid expenses$49 $67 
Commodity ContractsAccrued expenses and other(53)(108)
Foreign Exchange ContractsPrepaid expenses538 2,525 
Foreign Exchange ContractsAccrued expenses and other(1,397)(1,024)
Net Investment HedgePrepaid expense7,373 5,567 
Net Investment HedgeOther liabilities(7,674)(10,640)
Derivatives not designated as hedging instruments:
Commodity ContractsPrepaid expenses233 12 
Commodity ContractsOther assets333 — 
Commodity ContractsAccrued expenses and other(3,544)(6,782)
Commodity ContractsOther liabilities(61)— 
Foreign Exchange ContractsPrepaid expenses24 130 
Foreign Exchange ContractsAccrued expenses and other(314)(159)
Schedule of Effect of Derivative Instruments on Financial Performance
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three-month periods ended June 30, 2024 and July 2, 2023, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures:
DescriptionAmount of Gain or
(Loss) Recognized
in OCI on
Derivatives		Location of Gain
or (Loss)
Reclassified from
Accumulated OCI
Into Income		Amount of Gain or
(Loss) Reclassified
from Accumulated
OCI Into Income
Derivatives in Cash Flow Hedging Relationships:
Three-month period ended June 30, 2024
Foreign Exchange Contracts$(2,206)Net sales$230 
Cost of sales(64)
Commodity Contracts62 Cost of sales— 
Three-month period ended July 2, 2023
Foreign Exchange Contracts$3,413 Net sales$2,515 
Cost of sales(918)
Commodity Contracts(69)Cost of sales— 
 
DescriptionGain or (Loss)
Recognized		Location of Gain or (Loss) Recognized in
Income Statement
Derivatives not Designated as Hedging Instruments:
Three-month period ended June 30, 2024
Commodity Contracts$470 Cost of sales
Foreign Exchange Contracts(2,771)Selling, general and administrative
Three-month period ended July 2, 2023
Commodity Contracts$(1,809)Cost of sales
Foreign Exchange Contracts1,935 Selling, general and administrative
Three-month period ended June 30, 2024Three-month period ended July 2, 2023
DescriptionRevenueCost of
sales		RevenueCost of
sales
Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income$230 $(64)$2,515 $(918)
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$230 $(64)$2,515 $(918)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive loss into net income$— $— $— $— 
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the six-month periods ended June 30, 2024 and July 2, 2023, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive loss to the carrying value of the capitalized expenditures:
DescriptionAmount of Gain or
(Loss) Recognized
in OCI on
Derivatives		Location of Gain
or (Loss)
Reclassified from
Accumulated OCI
Into Income		Amount of Gain or
(Loss) Reclassified
from Accumulated
OCI Into Income
Derivatives in Cash Flow Hedging Relationships:
Six-month period ended June 30, 2024
Foreign Exchange Contracts$(1,645)Net sales$666 
Cost of sales(139)
Commodity Contracts37 Cost of sales— 
Six-month period ended July 2, 2023
Foreign Exchange Contracts$7,026 Net sales$3,577 
Cost of sales(1,372)
Commodity Contracts(146)Cost of sales(32)
 
DescriptionGain or (Loss)
Recognized		Location of Gain or (Loss) Recognized in
Income Statement
Derivatives not Designated as Hedging Instruments:
Six-month period ended June 30, 2024
Commodity Contracts$(2,088)Cost of sales
Foreign Exchange Contracts(2,466)Selling, general and administrative
Six-month period ended July 2, 2023
Commodity Contracts$(11,517)Cost of sales
Foreign Exchange Contracts4,072 Selling, general and administrative

Six-month period ended June 30, 2024Six-month period ended July 2, 2023
DescriptionRevenueCost of
sales		RevenueCost of
sales
Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income$666 $(139)$3,577 $(1,404)
Gain or (loss) on cash flow hedging relationships:
Foreign exchange contracts:
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income$666 $(139)$3,577 $(1,372)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into net income$— $— $— $(32)