Derivatives (Tables)

9 Months Ended

Sep. 27, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of September 27, 2025, 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	258,491	Euro	38,315
Brazilian real	2,249,479	U.S. dollar	390,561

Euro	19,638	U.S. dollar	23,066
Euro	81,803	Polish zloty	348,945
Euro	11,215	Japanese yen	1,948,542
Euro	21,942	Chinese renminbi	183,153
Euro	15,634	Australian dollar	27,950
Euro	3,951	British pound	3,451


Polish zloty	956	U.S. dollar	264
Polish zloty	51,056	Euro	11,957

British pound	202	U.S. dollar	273
Japanese yen	146,412	U.S. dollar	993
U.S. dollar	213	Japanese yen	31,422


Australian dollar	218	U.S. dollar	144

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 27, 2025 and September 28, 2024 (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 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024

Foreign exchange	Foreign currency loss/(gain)	$	692	$	(1,459)	$	(144)	$	(2,309)
Foreign exchange	Net sales	(78)		(298)		(662)		344
Foreign exchange	Cost of sales and operating expenses	(17)		173		175		(126)
Foreign exchange	Selling, general and administrative expenses	(5,747)		(1,289)		(19,914)		8,283
Interest rate swap	Interest expense	—		—		(961)		—
Corn options and futures	Net sales	—		106		(1,445)		652
Corn options and futures	Cost of sales and operating expenses	536		319		—		(1,917)



Soybean meal	Net sales	428		—		649		—
Soybean oil	Net sales	2,635		—		2,477		—
Other commodities	Selling, general and administrative expenses	32		—		(669)		—
Total		$	(1,519)	$	(2,448)	$	(20,494)	$	4,927