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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2017
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
33,790

 
Euro
9,030

Brazilian real
80,286

 
U.S. dollar
24,430

Brazilian real
953

 
Mexican peso
5,472

Euro
82,573

 
U.S. dollar
97,985

Euro
7,463

 
Polish zloty
32,000

Euro
4,040

 
Japanese yen
526,400

Euro
60,758

 
Chinese renminbi
474,901

Euro
11,455

 
Australian dollar
17,200

Euro
2,281

 
British pound
2,000

Polish zloty
35,960

 
Euro
8,383

Japanese yen
40,395

 
U.S. dollar
362
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 September 30, 2017 and December 31, 2016 (in thousands):

Derivatives Designated
Balance Sheet
Asset Derivatives Fair Value
as Hedges
Location
September 30, 2017
December 31, 2016
Corn options
Other current assets
$
2,876

$
4,235

Corn options
Other assets
106

—

Natural gas swaps
Other current assets
82

—

 
 
 
 
Total asset derivatives designated as hedges
$
3,064

$
4,235

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Other current assets
$
1,153

$
8,939

Corn options and futures
Other current assets
1,167

151

Soybean meal options
Other current assets
64

—

 
 
 
 
Total asset derivatives not designated as hedges
$
2,384

$
9,090

 
 
 
 
Total asset derivatives
 
$
5,448

$
13,325


Derivatives Designated
Balance Sheet
Liability Derivatives Fair Value
as Hedges
Location
September 30, 2017
December 31, 2016
Natural gas swaps
Accrued expenses
$
4

$
—

 
 
 
 
Total liability derivatives designated as hedges
$
4

$
—

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Accrued expenses
$
1,063

$
608

Corn options and futures
Accrued expenses
21

122

 
 
 
 
Total liability derivatives not designated as hedges
$
1,084

$
730

 
 
 
 
Total liability derivatives
$
1,088

$
730
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 September 30, 2017 and October 1, 2016 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)
 
2017
2016
2017
2016
2017
2016
Corn options
$
2,740

$
2,060

$
1,352

$
861

$
1,655

$
323

Natural gas swaps
36

—

—

—

34

—

 
 
 
 
 
 
 
Total
$
2,776

$
2,060

$
1,352

$
861

$
1,689

$
323


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $2.8 million and $2.1 million recorded net of taxes of approximately $(1.1) million and $(0.8) million as of September 30, 2017 and October 1, 2016, 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 September 30, 2017 and October 1, 2016 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)
 
2017
2016
2017
2016
2017
2016
Corn options
$
1,918

$
5,255

$
3,750

$
3,204

$
350

$
537

Natural gas swaps
36

—

—

—

34

—

 
 
 
 
 
 
 
Total
$
1,954

$
5,255

$
3,750

$
3,204

$
384

$
537



(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $2.0 million and $5.3 million recorded net of taxes of approximately $(0.8) million and $(2.0) million as of September 30, 2017 and October 1, 2016, 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 September 30, 2017 and October 1, 2016 (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 30, 2017
October 1, 2016
September 30, 2017
October 1, 2016
 
 
 
 
 
 
 
 
Foreign Exchange
 
Foreign currency loss/(gain)
 
$
3,142

$
1,871

$
12,418

$
5,954

Foreign Exchange
 
Selling, general and administrative expense
 
(2,118
)
(786
)
(3,107
)
(7,565
)
Corn options and futures
 
Net sales
 
165

267

125

612

Corn options and futures
 
Cost of sales and operating expenses
 
(1,566
)
(997
)
(1,250
)
(1,610
)
Heating Oil swaps and options
 
Net sales
 
492

323

492

476

Soybean Meal
 
Net sales
 
(131
)
—

(412
)
7

Soybean Oil
 
Net sales
 
—

—

45

—

Total
 
 
 
$
(16
)
$
678

$
8,311

$
(2,126
)