Derivatives (Tables)

12 Months Ended

Dec. 30, 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	28,792	Euro	7,457
Brazilian real	67,834	U.S. Dollar	20,590
Euro	65,457	U.S. Dollar	77,795
Euro	9,017	Polish zloty	38,000
Euro	5,030	Japanese yen	673,000
Euro	28,077	Chinese renminbi	222,612
Euro	11,363	Australian dollar	17,800
Euro	2,890	British pound	2,565
Polish zloty	18,062	Euro	4,259
British pound	196	Euro	220
Japanese yen	280,608	U.S. dollar	2,505

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

The following table presents the fair value of the Company’s derivative instruments as of December 30, 2017 and December 31, 2016 (in thousands):

Derivatives Designated	Balance Sheet	Asset Derivatives Fair Value
as Hedges	Location	December 30, 2017		December 31, 2016
Corn options	Other current assets	$	3,418	$	4,235
Total derivatives designated as hedges		$	3,418	$	4,235
Derivatives not Designated as Hedges
Foreign currency contracts	Other current assets	$	332	$	8,939
Corn options and futures	Other current assets	596		151
Total derivatives not designated as hedges		$	928	$	9,090
Total asset derivatives		$	4,346	$	13,325

Derivatives Designated	Balance Sheet	Liability Derivatives Fair Value
as Hedges	Location	December 30, 2017		December 31, 2016
Natural gas swaps	Accrued expenses	$	24	$	—
Total derivatives designated as hedges		$	24	$	—
Derivatives not Designated as Hedges
Foreign currency contracts	Accrued Expenses	$	2,288	$	608
Corn options and futures	Accrued Expenses	14		122
Total derivatives not designated as hedges		$	2,302	$	730
Total liability derivatives		$	2,326	$	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 for the fiscal years ended December 30, 2017 and December 31, 2016 are 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)
	2017			2016		2017			2016		2017			2016
Corn options	$	3,494		$	4,889	$	5,255		$	3,868	$	711		$	331
Natural gas swaps	(65		)	—		(35		)	—		(25		)	—
Total	$	3,429		$	4,889	$	5,220		$	3,868	$	686		$	331

(a) Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive gain of approximately $3.4 million and approximately $4.9 million recorded net of taxes of approximately $(1.3) million and approximately $(1.9) million for the year ended December 30, 2017 and December 31, 2016, respectively.

(b) Gains and (losses) reclassified from accumulated OCI into income (effective portion) for corn options and natural gas swaps is included in interest expense and 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 year ended December 30, 2017, December 31, 2016 and January 2, 2016 (in thousands):

		Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
		For The Year Ended
Derivatives not designated as hedging instruments	Location	December 30, 2017			December 31, 2016			January 2, 2016
Foreign exchange	Foreign currency loss/(gain)	$	13,460		$	(1,542	)	$	(27,321	)
Foreign exchange	Selling, general and administrative expense	(2,763		)	(8,543		)	7,508
Corn options and futures	Net sales	212			472			(2		)
Corn options and futures	Cost of sales and operating expenses	(1,659		)	(1,411		)	(2,067		)
Natural gas and heating oil swaps and options	Cost of sales and operating expenses	—			—			132
Heating oil swaps and options	Net sales	492			455			—
Soybean meal	Net sales	(405		)	7			—
Soybean oil	Net sales	45			—			—
Total		$	9,382		$	(10,562	)	$	(21,750	)