Derivatives (Tables)

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of June 29, 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	294,847	Euro	52,652
Brazilian real	1,848,598	U.S. dollar	342,861
Euro	24,406	U.S. dollar	26,432
Euro	65,305	Polish zloty	281,945
Euro	10,583	Japanese yen	1,795,505
Euro	47,676	Chinese renminbi	371,600
Euro	18,088	Australian dollar	29,450
Euro	3,532	British pound	2,994
Polish zloty	1,454	U.S. dollar	361
Polish zloty	26,822	Euro	6,203
British pound	188	Euro	222
British pound	276	U.S. dollar	350
Japanese yen	159,644	U.S. dollar	1,004
U.S. dollar	93	Japanese yen	14,928
U.S. dollar	562,340	Euro	519,182
Australian dollar	201	Euro	125
Australian dollar	359	U.S. dollar	239

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 June 29, 2024 and July 1, 2023 (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	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Foreign exchange	Foreign currency loss/(gain)	$	(194)	$	(2,036)	$	(850)	$	(1,236)
Foreign exchange	Net sales	158		(306)		642		(977)
Foreign exchange	Cost of sales and operating expenses	(107)		(103)		(299)		(120)
Foreign exchange	Selling, general and administrative expenses	8,091		(2,673)		9,572		(4,058)
Corn options and futures	Net sales	238		1,111		546		1,382
Corn options and futures	Cost of sales and operating expenses	(1,868)		(2,191)		(2,236)		(2,608)
Heating Oil swaps and options	Selling, general and administrative expenses	—		—		—		49
Soybean meal	Net sales	—		525		—		308
Total		$	6,318	$	(5,673)	$	7,375	$	(7,260)