Derivatives (Tables)

9 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of September 28, 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	505,977	Euro	81,943
Brazilian real	2,062,326	U.S. dollar	371,815
Euro	58,012	U.S. dollar	64,621
Euro	71,038	Polish zloty	303,946
Euro	10,979	Japanese yen	1,757,858
Euro	29,648	Chinese renminbi	231,820
Euro	17,912	Australian dollar	29,450
Euro	4,446	British pound	3,721
Polish zloty	60,733	Euro	14,187
British pound	136	Euro	163
British pound	275	U.S. dollar	367
Japanese yen	106,948	U.S. dollar	743
U.S. dollar	94	Japanese yen	13,476
U.S. dollar	562,340	Euro	519,182
Australian dollar	179	Euro	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 and nine months ended September 28, 2024 and September 30, 2023 (in thousands):

		Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
		Three Months Ended				Nine Months Ended
Derivatives not designated as hedging instruments	Location	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Foreign exchange	Foreign currency loss/(gain)	$	(1,459)	$	(237)	$	(2,309)	$	(1,473)
Foreign exchange	Net sales	(298)		709		344		(268)
Foreign exchange	Cost of sales and operating expenses	173		(329)		(126)		(449)
Foreign exchange	Selling, general and administrative expenses	(1,289)		1,096		8,283		(2,962)
Corn options and futures	Net sales	106		373		652		1,755
Corn options and futures	Cost of sales and operating expenses	319		(35)		(1,917)		(2,643)
Heating Oil swaps and options	Selling, general and administrative expenses	—		—		—		49
Soybean meal	Net sales	—		179		—		487
Total		$	(2,448)	$	1,756	$	4,927	$	(5,504)