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Derivatives (Tables)
 12 Months Ended
Dec. 31, 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
28,304

 
Euro
7,270

Brazilian real
66,273

 
U.S. Dollar
18,900

Euro
150,394

 
U.S. Dollar
166,377

Euro
10,444

 
Polish zloty
47,000

Euro
4,295

 
Japanese yen
505,320

Euro
34,337

 
Chinese renminbi
254,639

Euro
11,563

 
Australian dollar
16,700

Euro
1,405

 
British pound
1,200

Polish zloty
19,111

 
Euro
4,312

Japanese yen
14,423

 
U.S. dollar
135
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value of the Company’s derivative instruments as of December 31, 2016 and January 2, 2016 (in thousands):

    
Derivatives Designated
 
Balance Sheet
 
Asset Derivatives Fair Value
as Hedges
 
Location
 
December 31, 2016
 
January 2, 2016
Corn options
 
Other current assets
 
$
4,235

 
$
3,215

 
 
 
 
 
 
 
Total derivatives designated as hedges
 
 
 
$
4,235

 
$
3,215

 
 
 
 
 
 
 
Derivatives not
Designated as
Hedges
 
 
 
 
 
 
Foreign currency contracts
 
Other current assets
 
$
8,939

 
$
644

Corn options and futures
 
Other current assets
 
151

 
599

 
 
 
 
 
 
 
Total derivatives not designated as hedges
 
 
 
$
9,090

 
$
1,243

 
 
 
 
 
 
 
Total asset derivatives
 
 
 
$
13,325

 
$
4,458


    
 
 
Balance Sheet
 
Liability Derivatives Fair Value
 
 
Location
 
December 31, 2016
 
January 2, 2016
 
 
 
 
 
 
 
Derivatives not
Designated as
Hedges
 
 
 
 

 
 

Foreign currency contracts
 
Accrued Expenses
 
$
608

 
$
4,435

Corn options and futures
 
Accrued Expenses
 
122

 
2

 
 
 
 
 
 
 
Total derivatives not designated as hedges
 
 
 
$
730

 
$
4,437

 
 
 
 
 
Total liability derivatives
 
 
 
$
730

 
$
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 for the fiscal years ended December 31, 2016 and January 2, 2016 are 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)
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
Corn options
$
4,889

 
$
4,405

 
$
3,868

 
$
1,517

 
$
331

 
$
68

 
 
 
 
 
 
 
 
 
 
 
 
Total
$
4,889

 
$
4,405

 
$
3,868

 
$
1,517

 
$
331

 
$
68


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive gain of approximately $4.9 million and approximately $4.4 million recorded net of taxes of approximately $1.9 million and approximately $1.7 million for the year ended December 31, 2016 and January 2, 2016, respectively.

(b)
Gains and (losses) reclassified from accumulated OCI into income (effective portion) for interest rate swaps and natural gas swaps is included in interest expense and cost of sales, respectively, in the Company’s consolidated statements of operations.

(c)
Gains and (losses) recognized in income on derivatives (ineffective portion) for interest rate swaps and natural gas swaps is 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 year ended December 31, 2016, January 2, 2016 and January 3, 2015 (in thousands):

 
 
 
 
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
 
 
 
 
For The Year Ended
Derivatives not designated as hedging instruments
 
Location
 
December 31, 2016
January 2, 2016
January 3, 2015
Foreign exchange
 
Foreign currency loss/(gain)
 
$
(1,542
)
$
(27,321
)
$
(21,162
)
Foreign exchange
 
Selling, general and administrative expense
 
(8,543
)
7,508

4,652

Corn options and futures
 
Net sales
 
472

(2
)
—

Corn options and futures
 
Cost of sales and operating expenses
 
(1,411
)
(2,067
)
(71
)
Natural gas and heating oil swaps and options
 
Cost of sales and operating expenses
 
—

132

982

Heating oil swaps and options
 
Net sales
 
455

—

—

Soybean meal
 
Net sales
 
7

—

—

Total
 
 
 
$
(10,562
)
$
(21,750
)
$
(15,599
)