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Derivatives (Tables)
 6 Months Ended
Jul. 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
15,910

 
Euro
4,550

Brazilian real
40,100

 
U.S. dollar
12,750

Euro
264,533

 
U.S. dollar
300,494

Euro
23,330

 
Polish zloty
98,000

Euro
4,968

 
Japanese yen
663,043

Euro
36,981

 
Chinese renminbi
254,055

Euro
25,326

 
Australian dollar
37,350

Euro
5,331

 
British pound
3,848

Polish zloty
24,978

 
Euro
6,065

British pound
74

 
Euro
100

British pound
131

 
U.S. dollar
200

Japanese yen
12,217

 
U.S. dollar
102
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 July 4, 2015 and January 3, 2015 (in thousands):


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

$
247

 
 
 
 
Total asset derivatives designated as hedges
$
—

$
247

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Other current assets
$
7,783

$
11,559

Heating oil swaps and options
Other current assets
129

353

Corn options and futures
Other current assets
—

69

 
 
 
 
Total asset derivatives not designated as hedges
$
7,912

$
11,981

 
 
 
 
Total asset derivatives
 
$
7,912

$
12,228


Derivatives Designated
Balance Sheet
Liability Derivatives Fair Value
as Hedges
Location
July 4, 2015
January 3, 2015
Corn options
Accrued expenses
$
2,531

$
—

 
 
 
 
Total liability derivatives designated as hedges
$
2,531

$
—

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Accrued expenses
$
743

$
2,019

Heating oil swaps and options
Accrued expenses
491

993

Corn options and futures
Accrued expenses
1,116

3

 
 
 
 
Total liability derivatives not designated as hedges
$
2,350

$
3,015

 
 
 
 
Total liability derivatives
$
4,881

$
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 July 4, 2015 and June 28, 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
$
(1,819
)
$
1,046

$
347

$
32

$
672

$
355

Natural gas swaps
—

(17
)
—

—

—

(4
)
 
 
 
 
 
 
 
Total
$
(1,819
)
$
1,029

$
347

$
32

$
672

$
351


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $(1.8) million and approximately $1.0 million recorded net of taxes of approximately $0.7 million and $(0.4) million as of July 4, 2015 and June 28, 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.

The effect of the Company’s derivative instruments on the consolidated financial statements as of and for the six months ended July 4, 2015 and June 28, 2014 is as follows (in thousands):

 
 
 
Derivatives
Designated as
Cash Flow Hedges
 
Gain or (Loss)
Recognized in 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
$
(1,523
)
$
(273
)
$
581

$
1,324

$
727

$
731

Natural gas swaps
—

155

—

357

—

(5
)
 
 
 
 
 
 
 
Total
$
(1,523
)
$
(118
)
$
581

$
1,681

$
727

$
726
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 July 4, 2015 and June 28, 2014 (in thousands):

 
 
 
 
Gain or (loss) Recognized in Income on Derivatives Not Designated as Hedges
 
 
 
 
Three Months Ended
Six Months Ended
Derivatives not designated as hedging instruments
 
Location
 
July 4, 2015
June 28, 2014
July 4, 2015
June 28, 2014
 
 
 
 
 
 
 
 
Foreign Exchange
 
Foreign currency gain/(loss)
 
$
(2,262
)
$
2,372

$
25,437

$
(11,350
)
Foreign Exchange
 
Cost of sales and operating expenses
 
(5
)
15

(1
)
1

Foreign Exchange
 
Selling, general and administrative expense
 
(361
)
465

1,456

258

Corn options and futures
 
Net sales
 
(81
)
—

(70
)
—

Corn options and futures
 
Cost of sales and operating expenses
 
(633
)
94

(378
)
(78
)
Heating Oil swaps and options
 
Cost of sales and operating expenses
 
(35
)
8

(130
)
18

Total
 
 
 
$
(3,377
)
$
2,954

$
26,314

$
(11,151
)