Derivatives (Tables)

3 Months Ended

Apr. 02, 2016

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	30,288	Euro	6,850
Brazilian real	83,417	U.S. dollar	20,825
Euro	238,636	U.S. dollar	267,822
Euro	8,737	Polish zloty	38,000
Euro	3,536	Japanese yen	452,478
Euro	30,555	Chinese renminbi	225,110
Euro	9,673	Australian dollar	14,400
Polish zloty	17,014	Euro	3,894
British pound	87	U.S. dollar	125
Japanese yen	45,817	U.S. dollar	383

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 April 2, 2016 and January 2, 2016 (in thousands):

Derivatives Designated	Balance Sheet	Asset Derivatives Fair Value
as Hedges	Location	April 2, 2016		January 2, 2016
Corn options	Other current assets	$	2,032	$	3,215
Total asset derivatives designated as hedges		$	2,032	$	3,215
Derivatives Not Designated as Hedges
Foreign currency contracts	Other current assets	$	2,395	$	644
Heating oil swaps and options	Other current assets	95		—
Corn options and futures	Other current assets	599		599
Total asset derivatives not designated as hedges		$	3,089	$	1,243
Total asset derivatives		$	5,121	$	4,458

Derivatives Designated	Balance Sheet	Liability Derivatives Fair Value
as Hedges	Location	April 2, 2016		January 2, 2016
Derivatives Not Designated as Hedges
Foreign currency contracts	Accrued expenses	$	4,884	$	4,435
Corn options and futures	Accrued expenses	11		2
Total liability derivatives not designated as hedges		$	4,895	$	4,437
Total liability derivatives		$	4,895	$	4,437

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 April 2, 2016 and April 4, 2015 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)
	2016		2015		2016		2015		2016		2015
Corn options	$	320	$	296	$	1,474	$	234	$	52	$	55
Total	$	320	$	296	$	1,474	$	234	$	52	$	55

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $0.3 million and $0.3 million recorded net of taxes of approximately $0.1 million and $0.1 million as of April 2, 2016 and April 4, 2015, 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.

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below summarizes the effect of derivatives not designated as hedges on the Company's consolidated statements of operations for the three months ended April 2, 2016 and April 4, 2015 (in thousands):

		Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
		Three Months Ended
Derivatives not designated as hedging instruments	Location	April 2, 2016			April 4, 2015
Foreign Exchange	Foreign currency loss/(gain)	$	11,287		$	(23,044	)
Foreign Exchange	Selling, general and administrative expense	(2,911		)	3,339
Corn options and futures	Net sales	1			(11		)
Corn options and futures	Cost of sales and operating expenses	(532		)	(255		)
Heating Oil swaps and options	Net sales	(73		)	—
Heating Oil swaps and options	Cost of sales and operating expenses	—			95
Total		$	7,772		$	(19,876	)