Derivatives (Tables)

3 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

(in thousands):

Functional Currency		Contract Currency
Type	Amount	Type	Amount
Brazilian real	60,371	Euro	10,520
Brazilian real	3,074,644	U.S. dollar	737,900
Euro	34,817	U.S. dollar	39,265
Euro	25,215	Polish zloty	120,000
Euro	5,653	Japanese yen	752,890
Euro	29,996	Chinese renminbi	212,151
Euro	14,759	Australian dollar	22,400
Euro	3,412	British pound	2,860
Euro	36	Canadian dollar	50
Polish zloty	431	U.S. dollar	100
Polish zloty	34,710	Euro	7,338
British pound	229	Euro	273
Japanese yen	331,807	U.S. dollar	2,792
U.S. dollar	275	Japanese yen	34,000
U.S. dollar	236,171	Euro	215,000
Australian dollar	1,243	Euro	786
Canadian dollar	13,107	U.S. dollar	10,500

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, 2022 and April 3, 2021 (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, 2022		April 3, 2021
Foreign exchange	Foreign currency loss	$	7,466	$	5,389
Foreign exchange	Net sales	158		729
Foreign exchange	Cost of sales and operating expenses	(256)		(444)
Foreign exchange	Selling, general and administrative expenses	(6,524)		2,531
Corn options and futures	Net sales	(2,136)		(998)
Corn options and futures	Cost of sales and operating expenses	5,553		1,469
Total		$	4,261	$	8,676