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Derivatives (Tables) | 9 Months Ended
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Oct. 01, 2016
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 | 28,514 |  |  | Euro | 6,850 |
Brazilian real | 73,423 |  |  | U.S. dollar | 20,125 |
Euro | 188,728 |  |  | U.S. dollar | 211,779 |
Euro | 9,825 |  |  | Polish zloty | 43,000 |
Euro | 3,395 |  |  | Japanese yen | 385,211 |
Euro | 33,928 |  |  | Chinese renminbi | 254,639 |
Euro | 11,126 |  |  | Australian dollar | 16,400 |
Euro | 117 |  |  | British pound | 100 |
Polish zloty | 19,027 |  |  | Euro | 4,379 |
Japanese yen | 25,835 |  |  | U.S. dollar | 237 |
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 October 1, 2016 and January 2, 2016 (in thousands):
Derivatives Designated | Balance Sheet | Asset Derivatives Fair Value
as Hedges | Location | October 1, 2016 | January 2, 2016
Corn options | Other current assets | $ | 5,719 |  | $ | 3,215 |
Total asset derivatives designated as hedges | $ | 5,719 |  | $ | 3,215 |
Derivatives Not Designated as Hedges |  |  |  |  |
Foreign currency contracts | Other current assets | $ | 3,457 |  | $ | 644 |
Corn options and futures | Other current assets | 710 |  | 599 |
Total asset derivatives not designated as hedges | $ | 4,167 |  | $ | 1,243 |
Total asset derivatives |  | $ | 9,886 |  | $ | 4,458 |
| Balance Sheet | Liability Derivatives Fair Value
| Location | October 1, 2016 | January 2, 2016
Derivatives Not Designated as Hedges |  |  |  |  |
Foreign currency contracts | Accrued expenses | $ | 712 |  | $ | 4,435 |
Heating oil swaps and options | Accrued expenses | 223 |  | — |
Corn options and futures | Accrued expenses | 66 |  | 2 |
Total liability derivatives not designated as hedges | $ | 1,001 |  | $ | 4,437 |
Total liability derivatives | $ | 1,001 |  | $ | 4,437 |
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 October 1, 2016 and October 3, 2015 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)
| 2016 | 2015 | 2016 | 2015 | 2016 | 2015
Corn options | $ | 2,060 |  | $ | 3,254 |  | $ | 861 |  | $ | 211 |  | $ | 323 |  | $ | 1,206 |
Total | $ | 2,060 |  | $ | 3,254 |  | $ | 861 |  | $ | 211 |  | $ | 323 |  | $ | 1,206 |
(a) | Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $2.1 million and $3.3 million recorded net of taxes of approximately $(0.8) million and $(1.3) million as of October 1, 2016 and October 3, 2015, respectively.
(b) | Gains and (losses) reclassified from accumulated OCI into income (effective portion) for corn options 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 are 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 nine months ended October 1, 2016 and October 3, 2015 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)
| 2016 | 2015 | 2016 | 2015 | 2016 | 2015
Corn options | $ | 5,255 |  | $ | 1,731 |  | $ | 3,204 |  | $ | 792 |  | $ | 537 |  | $ | 479 |
Total | $ | 5,255 |  | $ | 1,731 |  | $ | 3,204 |  | $ | 792 |  | $ | 537 |  | $ | 479 |
(a) | Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $5.3 million and $1.7 million recorded net of taxes of approximately $(2.0) million and $(0.7) million as of October 1, 2016 and October 3, 2015, respectively.
(b) | Gains and (losses) reclassified from accumulated OCI into income (effective portion) for corn options 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 are included in other income/ (expense), net in the Company’s consolidated statements of operations.
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 months ended October 1, 2016 and October 3, 2015 (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 |  | October 1, 2016 | October 3, 2015 | October 1, 2016 | October 3, 2015
Foreign Exchange |  | Foreign currency loss/(gain) |  | $ | 1,871 |  | $ | 2,003 |  | $ | 5,954 |  | $ | (19,404 | )
Foreign Exchange |  | Selling, general and administrative expense |  | (786 | ) | 4,112 |  | (7,565 | ) | 7,103 |
Corn options and futures |  | Net sales |  | 267 |  | (95 | ) | 612 |  | (25 | )
Corn options and futures |  | Cost of sales and operating expenses |  | (997 | ) | (1,516 | ) | (1,610 | ) | (1,138 | )
Heating Oil swaps and options |  | Net sales |  | 323 |  | — |  | 476 |  | — |
Heating Oil swaps and options |  | Cost of sales and operating expenses |  | — |  | 11 |  | — |  | 141 |
Soybean Meal |  | Net sales |  | — |  | — |  | 7 |  | — |
Total |  |  |  | $ | 678 |  | $ | 4,515 |  | $ | (2,126 | ) | $ | (13,323 | )

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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