Derivatives (Tables)

9 Months Ended

Sep. 27, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

All of these transactions are currently not designated for hedge accounting. (in thousands):

Functional Currency		Contract Currency
Type	Amount	Type	Amount
Brazilian real	10,322	Euro	3,350
Brazilian real	27,990	U.S. dollar	12,000
Euro	267,227	U.S. dollar	351,244
Euro	8,472	Polish zloty	35,698
Euro	4,046	Japanese yen	556,946
Euro	30,466	Chinese renminbi	242,054
Euro	7,495	Australian dollar	10,450
Euro	3,079	British pound	2,448

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of the Company’s derivative instruments under FASB authoritative guidance as of September 27, 2014 and December 28, 2013 (in thousands):

Derivatives Designated	Balance Sheet	Asset Derivatives Fair Value
as Hedges	Location	September 27, 2014		December 28, 2013
Corn options	Other current assets	$	1,912	$	2,349
Natural gas swaps	Other current assets	—		120
Total asset derivatives designated as hedges		$	1,912	$	2,469
Derivatives Not Designated as Hedges
Foreign currency contracts	Other current assets	$	11,879	$	27,516
Heating oil swaps and options	Other current assets	—		43
Corn options	Other current assets	19		—
Total asset derivatives not designated as hedges		$	11,898	$	27,559
Total asset derivatives		$	13,810	$	30,028

Derivatives Designated	Balance Sheet	Liability Derivatives Fair Value
as Hedges	Location	September 27, 2014		December 28, 2013
Corn options and futures	Accrued expenses	$	—	$	1
Natural gas swaps	Accrued expenses	51		—
Total liability derivatives designated as hedges		$	51	$	1
Derivatives Not Designated as Hedges
Foreign currency contracts	Accrued expenses	$	1,995	$	—
Heating oil swaps and options	Accrued expenses	142		2
Total liability derivatives not designated as hedges		$	2,137	$	2
Total liability derivatives		$	2,188	$	3

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the three months ended September 27, 2014 and September 28, 2013 is as follows (in thousands):

Derivatives Designated as Cash Flow Hedges	Gain or (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) (a)					Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (b)					Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	2014		2013			2014		2013			2014		2013
Corn options	$	2,538	$	2,676		$	1,212	$	2,155		$	22	$	215
Natural gas swaps	5		(14		)	70		(95		)	4		1
Total	$	2,543	$	2,662		$	1,282	$	2,060		$	26	$	216

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/ (loss) of approximately $2.5 million and approximately $2.7 million recorded net of taxes of approximately $1.0 million and $1.0 million as of September 27, 2014 and September 28, 2013, respectively.

(b) Gains and (losses) reclassified from accumulated OCI into income (effective portion) for corn options and natural gas swaps are included in cost of sales, respectively, in the Company’s consolidated statements of operations.

(c) Gains and (losses) recognized in income on derivatives (ineffective portion) for corn options and natural gas swaps is included in other income/ (expense), net in the Company’s consolidated statements of operations.

The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the nine months ended September 27, 2014 and September 28, 2013 is as follows (in thousands):

Derivatives Designated as Cash Flow Hedges	Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (a)				Gain or (Loss) Reclassified From Accumulated OCI into Income (Effective Portion) (b)				Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (c)
	2014		2013		2014		2013		2014			2013
Corn options	$	2,265	$	5,717	$	2,536	$	3,063	$	753		$	249
Natural gas swaps	160		73		427		92		(1		)	8
Total	$	2,425	$	5,790	$	2,963	$	3,155	$	752		$	257