Derivatives (Tables)

6 Months Ended

Jul. 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	36,462	Euro	6,778
Brazilian real	3,073,819	U.S. dollar	742,803
Euro	26,862	U.S. dollar	29,329
Euro	33,017	Polish zloty	147,500
Euro	10,790	Japanese yen	1,661,510
Euro	20,614	Chinese renminbi	158,683
Euro	18,250	Australian dollar	29,691
Euro	4,842	British pound	4,162
Euro	35	Canadian dollar	50
Polish zloty	1,380	U.S. dollar	339
Polish zloty	31,858	Euro	7,170
British pound	69	Euro	81
Japanese yen	371,817	U.S. dollar	2,716
U.S. dollar	1,094	Japanese yen	156,000
U.S. dollar	562,340	Euro	519,182

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 1, 2023 and July 2, 2022 (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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Foreign exchange	Foreign currency loss/(gain)	$	(2,036)	$	35,025	$	(1,236)	$	42,492
Foreign exchange	Net sales	(306)		732		(977)		890
Foreign exchange	Cost of sales and operating expenses	(103)		(503)		(120)		(758)
Foreign exchange	Selling, general and administrative expenses	(2,673)		3,937		(4,058)		(2,587)
Corn options and futures	Net sales	1,111		850		1,382		(1,286)
Corn options and futures	Cost of sales and operating expenses	(2,191)		(2,384)		(2,608)		3,169
Heating Oil swaps and options	Selling, general and administrative expenses	—		—		49		—
Soybean meal	Net sales	525		—		308		—
Total		$	(5,673)	$	37,657	$	(7,260)	$	41,920