Derivatives (Tables)

3 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of March 30, 2024, the Company had the following designated and non-designated outstanding forward and option contract amounts that were entered into to hedge foreign currency transactions in currencies other than the functional currency and forecasted transactions in currencies other than the functional currency (in thousands):

Functional Currency		Contract Currency
Type	Amount	Type	Amount
Brazilian real	345,202	Euro	62,696
Brazilian real	1,615,098	U.S. dollar	304,735
Euro	34,510	U.S. dollar	37,447
Euro	51,302	Polish zloty	221,590
Euro	11,296	Japanese yen	1,837,215
Euro	25,700	Chinese renminbi	201,373
Euro	18,901	Australian dollar	31,530
Euro	3,089	British pound	2,652
Polish zloty	2,086	U.S. dollar	524
Polish zloty	32,489	Euro	7,534
British pound	136	Euro	158
British pound	532	U.S. dollar	671
Japanese yen	197,504	U.S. dollar	1,320
U.S. dollar	232	Japanese yen	35,000
U.S. dollar	562,340	Euro	519,182
Australian dollar	317	U.S. dollar	207

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 March 30, 2024 and April 1, 2023 (in thousands):

		Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
		Three Months Ended
Derivatives not designated as hedging instruments	Location	March 30, 2024		April 1, 2023
Foreign exchange	Foreign currency loss/(gain)	$	(656)	$	800
Foreign exchange	Net sales	484		(671)
Foreign exchange	Cost of sales and operating expenses	(192)		(17)
Foreign exchange	Selling, general and administrative expenses	1,481		(1,385)
Corn options and futures	Net sales	308		271
Corn options and futures	Cost of sales and operating expenses	(368)		(417)
Heating Oil swaps and options	Selling, general and administrative expenses	—		49
Soybean meal	Net sales	—		(217)
Total		$	1,057	$	(1,587)