v3.25.2
Financial Instruments and Derivatives (Tables)
 6 Months Ended
Jun. 29, 2025
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 29, 2025December 31, 2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Long-term debt, net of current portion$4,986,643 $4,865,699 $4,985,496 $4,800,455 
Schedule of Net Positions of Foreign Contracts The net positions of these contracts at June 29, 2025 were as follows (in thousands):
CurrencyActionQuantity
USD Contracts
Colombian pesopurchase13,705,531 
Mexican pesopurchase205,163 
Danish kronepurchase78,453 
Polish zlotypurchase69,392 
Czech korunapurchase57,865 
Turkish lirapurchase63,099 
Europurchase1,870 
Canadian dollarpurchase1,425 
Swedish kronasell(2,788)
British poundsell(6,274)
Euro Contracts
Europurchase23,511 
British poundsell(722)
USDsell(2,588)
Hungarian forintsell(2,556,665)
Swiss franc
sell(216)
Schedule of Net Positions of Other Derivatives Contracts The net currency positions of these non-designated contracts at June 29, 2025, were as follows (in thousands):
CurrencyActionQuantity
USD Contracts
Colombian pesopurchase68,259,025 
Mexican pesopurchase290,402 
Indonesian rupiahpurchase8,449,165 
Thai bahtsell(20,283)
Eurosell(11)
Canadian dollarpurchase4,212 
Turkish lirapurchase28,304 
British poundsell(110)
Euro Contracts
British poundsell(97,648)
Polish zlotysell(143,810)
Thai bahtsell(536,362)
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 29, 2025 and December 31, 2024:
DescriptionBalance Sheet LocationJune 29, 2025December 31, 2024
Derivatives designated as hedging instruments:
Commodity ContractsPrepaid expenses$1,311 $671 
Commodity ContractsAccrued expenses and other(1,569)(19)
Foreign Exchange ContractsPrepaid expenses3,134 2,068 
Foreign Exchange ContractsAccrued expenses and other(1,963)(3,909)
Net investment hedgePrepaid expenses21,821 26,833 
Net investment hedgeOther assets— 1,845 
Net investment hedgeOther liabilities(240,061)(16,759)
Derivatives not designated as hedging instruments:
Commodity ContractsPrepaid expenses1,365 961 
Commodity ContractsOther assets168 — 
Commodity ContractsAccrued expenses and other(216)(574)
Commodity ContractsOther liabilities(14)— 
Foreign Exchange ContractsPrepaid expenses3,275 (59)
Foreign Exchange ContractsAccrued expenses and other(236)(3,022)
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 29, 2025 and June 30, 2024, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(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 29, 2025
Foreign Exchange Contracts$2,902 Net sales$1,368 
Cost of sales(151)
Commodity Contracts(374)Cost of sales— 
Three-month period ended June 30, 2024
Foreign Exchange Contracts$2,206 Net sales$230 
Cost of sales(64)
Commodity Contracts62 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 29, 2025
Commodity Contracts$(1,889)Cost of sales
Foreign Exchange Contracts3,543 Selling, general and administrative
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 June 29, 2025Three-month period ended June 30, 2024
DescriptionRevenueCost of salesRevenueCost of sales
Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income$1,368 $(151)$230 $(64)
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$1,368 $(151)$230 $(64)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income/(loss) into net income$— $— $— $— 
The following tables set forth the effect of the Company’s derivative instruments on financial performance for the six-month periods ended June 29, 2025 and June 30, 2024, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(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 29, 2025
Foreign Exchange Contracts$6,153 Net sales$1,767 
Cost of sales(192)
Commodity Contracts(910)Cost of sales— 
Six-month period ended June 30, 2024
Foreign Exchange Contracts$(1,645)Net sales$666 
Cost of sales(139)
Commodity Contracts37 Cost of sales— 
 
DescriptionGain or (Loss)
Recognized		Location of Gain or (Loss) Recognized in
Income Statement
Derivatives not Designated as Hedging Instruments:
Six-month period ended June 29, 2025
Commodity Contracts$1,448 Cost of sales
Foreign Exchange Contracts7,111 Selling, general and administrative
Six-month period ended June 30, 2024
Commodity Contracts$(2,088)Cost of sales
Foreign Exchange Contracts(2,466)Selling, general and administrative

Six-month period ended June 29, 2025Six-month period ended June 30, 2024
DescriptionRevenueCost of
sales		RevenueCost of
sales
Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income$1,767 $(192)$666 $(139)
Gain or (loss) on cash flow hedging relationships:
Foreign exchange contracts:
Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income$1,767 $(192)$666 $(139)
Commodity contracts:
Amount of gain reclassified from accumulated other comprehensive income into net income$— $— $— $—