Derivatives (Tables)

3 Months Ended

Apr. 01, 2017

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	28,544	Euro	7,670
Brazilian real	77,314	U.S. dollar	23,172
Brazilian real	805	Mexican peso	7,680
Euro	155,982	U.S. dollar	169,109
Euro	12,106	Polish zloty	52,000
Euro	5,083	Japanese yen	613,598
Euro	43,423	Chinese renminbi	321,089
Euro	12,116	Australian dollar	16,700
Polish zloty	19,624	Euro	4,538
British pound	171	Euro	200
Japanese yen	41,372	U.S. dollar	375

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 1, 2017 and December 31, 2016 (in thousands):

Derivatives Designated	Balance Sheet	Asset Derivatives Fair Value
as Hedges	Location	April 1, 2017		December 31, 2016
Corn options	Other current assets	$	2,645	$	4,235
Corn options	Other assets	253		—
Total asset derivatives designated as hedges		$	2,898	$	4,235
Derivatives Not Designated as Hedges
Foreign currency contracts	Other current assets	$	4,053	$	8,939
Corn options and futures	Other current assets	136		151
Soybean meal options	Other current assets	243		—
Total asset derivatives not designated as hedges		$	4,432	$	9,090
Total asset derivatives		$	7,330	$	13,325

Derivatives Designated	Balance Sheet	Liability Derivatives Fair Value
as Hedges	Location	April 1, 2017		December 31, 2016
Corn options	Accrued expenses	$	36	$	—
Corn options	Other non-current liabilities	30		—
Total liability derivatives designated as hedges		$	66	$	—
Derivatives Not Designated as Hedges
Foreign currency contracts	Accrued expenses	$	681	$	608
Corn options and futures	Accrued expenses	76		122
Soybean meal options	Accrued expenses	5		—
Total liability derivatives not designated as hedges		$	762	$	730
Total liability derivatives		$	828	$	730

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 1, 2017 and April 2, 2016 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)
	2017			2016		2017		2016		2017		2016
Corn options	$	(615	)	$	320	$	1,185	$	1,474	$	88	$	52
Total	$	(615	)	$	320	$	1,185	$	1,474	$	88	$	52

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $(0.6) million and $0.3 million recorded net of taxes of approximately $0.2 million and $(0.1) million as of April 1, 2017 and April 2, 2016, respectively.

(b) Gains and (losses) reclassified from accumulated OCI into income (effective portion) for corn options 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 are 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 1, 2017 and April 2, 2016 (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 1, 2017			April 2, 2016
Foreign Exchange	Foreign currency loss/(gain)	$	3,146		$	11,287
Foreign Exchange	Selling, general and administrative expense	(1,481		)	(2,911		)
Corn options and futures	Net sales	(22		)	1
Corn options and futures	Cost of sales and operating expenses	270			(532		)
Heating Oil swaps and options	Net sales	—			(73		)
Soybean Meal	Net sales	(272		)	—
Soybean Oil	Net sales	45			—
Total		$	1,686		$	7,772