Derivatives (Tables)

6 Months Ended

Jul. 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	2,599	Euro	468
Brazilian real	3,121,236	U.S. dollar	746,850
Euro	38,298	U.S. dollar	41,403
Euro	26,873	Polish zloty	126,000
Euro	5,363	Japanese yen	750,820
Euro	15,349	Chinese renminbi	109,671
Euro	15,059	Australian dollar	22,350
Euro	3,274	British pound	2,826
Euro	37	Canadian dollar	50
Euro	500,000	Brazilian real	2,500,000
Polish zloty	2,495	U.S. dollar	559
Polish zloty	40,387	Euro	8,544
British pound	263	Euro	305
Japanese yen	216,550	U.S. dollar	1,665
U.S. dollar	482	Japanese yen	65,000
U.S. dollar	252,729	Euro	240,000
Australian dollar	1,495	Euro	986
Australian dollar	190	U.S. dollar	132

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 and six months ended July 2, 2022 and July 3, 2021 (in thousands):

		Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
		Three Months Ended				Six Months Ended
Derivatives not designated as hedging instruments	Location	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Foreign exchange	Foreign currency loss	$	35,025	$	2,581	$	42,492	$	7,970
Foreign exchange	Net sales	732		(157)		890		572
Foreign exchange	Cost of sales and operating expenses	(503)		18		(758)		(426)
Foreign exchange	Selling, general and administrative expenses	3,937		(3,262)		(2,587)		(731)
Corn options and futures	Net sales	850		(2,479)		(1,286)		(3,477)
Corn options and futures	Cost of sales and operating expenses	(2,384)		4,085		3,169		5,554
Total		$	37,657	$	786	$	41,920	$	9,462