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Derivatives (Tables)
 3 Months Ended
Apr. 04, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
All of these transactions are currently not designated for hedge accounting. (in thousands):

Functional Currency
 
Contract Currency
Type
Amount
 
Type
Amount
Brazilian real
16,355

 
Euro
4,800

Brazilian real
36,824

 
U.S. dollar
12,250

Euro
263,454

 
U.S. dollar
299,964

Euro
21,885

 
Polish zloty
90,000

Euro
5,505

 
Japanese yen
727,609

Euro
35,028

 
Chinese renminbi
238,577

Euro
25,145

 
Australian dollar
35,850

Euro
3,364

 
British pound
2,443

Polish zloty
21,095

 
Euro
5,064

British pound
109

 
Euro
150

British pound
116

 
U.S. dollar
177
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value of the Company’s derivative instruments under FASB authoritative guidance as of April 4, 2015 and January 3, 2015 (in thousands):


Derivatives Designated
Balance Sheet
Asset Derivatives Fair Value
as Hedges
Location
April 4, 2015
January 3, 2015
Corn options
Other current assets
$
203

$
247

 
 
 
 
Total asset derivatives designated as hedges
$
203

$
247

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Other current assets
$
10,738

$
11,559

Heating oil swaps and options
Other current assets
290

353

Corn options and futures
Other current assets
156

69

 
 
 
 
Total asset derivatives not designated as hedges
$
11,184

$
11,981

 
 
 
 
Total asset derivatives
 
$
11,387

$
12,228


Derivatives Designated
Balance Sheet
Liability Derivatives Fair Value
as Hedges
Location
April 4, 2015
January 3, 2015
Corn options
Accrued expenses
$
—

$
—

 
 
 
 
Total liability derivatives designated as hedges
$
—

$
—

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Accrued expenses
$
2,014

$
2,019

Heating oil swaps and options
Accrued expenses
812

993

Corn options and futures
Accrued expenses
23

3

 
 
 
 
Total liability derivatives not designated as hedges
$
2,849

$
3,015

 
 
 
 
Total liability derivatives
$
2,849

$
3,015
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the three months ended April 4, 2015 and March 29, 2014 is as follows (in thousands):

 
 
 
Derivatives
Designated as
Cash Flow Hedges
 
Gain or (Loss)
Recognized in Other Comprehensive Income ("OCI")
on Derivatives
(Effective Portion) (a)
Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
(Effective Portion) (b)
Gain or (Loss)
Recognized in Income
on Derivatives
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing) (c)
 
2015
2014
2015
2014
2015
2014
Corn options
$
296

$
(1,319
)
$
234

$
1,292

$
55

$
376

Natural gas swaps
—

172

—

357

—

1

 
 
 
 
 
 
 
Total
$
296

$
(1,147
)
$
234

$
1,649

$
55

$
377


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $0.3 million and approximately $1.1 million recorded net of taxes of approximately $0.1 million and $0.4 million as of April 4, 2015 and March 29, 2014, respectively.
(b)
Gains and (losses) reclassified from accumulated OCI into income (effective portion) for corn options and natural gas swaps are included in cost of sales, respectively, in the Company’s consolidated statements of operations.
(c)
Gains and (losses) recognized in income on derivatives (ineffective portion) for corn options and natural gas swaps is included in other income/ (expense), net in the Company’s consolidated statements of operations.