Derivatives (Tables)

3 Months Ended

Apr. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

(in thousands):

Functional Currency		Contract Currency
Type	Amount	Type	Amount
Brazilian real	30,298	Euro	5,224
Brazilian real	3,402,802	U.S. dollar	798,104
Euro	24,362	U.S. dollar	26,447
Euro	30,074	Polish zloty	141,500
Euro	14,101	Japanese yen	1,999,700
Euro	22,410	Chinese renminbi	165,442
Euro	17,042	Australian dollar	26,950
Euro	3,127	British pound	2,750
Euro	34	Canadian dollar	50
Polish zloty	2,218	U.S. dollar	509
Polish zloty	38,254	Euro	8,143
British pound	313	U.S. dollar	384
Japanese yen	275,514	U.S. dollar	2,113
U.S. dollar	1,069	Japanese yen	140,000
U.S. dollar	562,502	Euro	519,332
Australian dollar	259	Euro	160
Australian dollar	165	U.S. dollar	110

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, 2023 and April 2, 2022 (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, 2023		April 2, 2022
Foreign exchange	Foreign currency loss	$	800	$	7,466
Foreign exchange	Net sales	(671)		158
Foreign exchange	Cost of sales and operating expenses	(17)		(256)
Foreign exchange	Selling, general and administrative expenses	(1,385)		(6,524)
Corn options and futures	Net sales	271		(2,136)
Corn options and futures	Cost of sales and operating expenses	(417)		5,553
Heating Oil swaps and options	Selling, general and administrative expenses	49		—
Soybean meal	Net sales	(217)		—
Total		$	(1,587)	$	4,261