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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2018
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
45,094

 
Euro
11,210

Brazilian real
74,534

 
U.S. dollar
22,735

Euro
76,963

 
U.S. dollar
95,421

Euro
7,627

 
Polish zloty
32,280

Euro
5,772

 
Japanese yen
763,515

Euro
86,745

 
Chinese renminbi
680,847

Euro
11,573

 
Australian dollar
18,600

Euro
3,001

 
British pound
2,642

Polish zloty
70,770

 
Euro
16,740

British pound
184

 
Euro
161

British pound
49

 
U.S. dollar
70

Japanese yen
371,342

 
U.S. dollar
3,375
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 March 31, 2018 and December 30, 2017 (in thousands):
Derivatives Designated
Balance Sheet
Asset Derivatives Fair Value
as Hedges
Location
March 31, 2018
December 30, 2017
Corn options
Other current assets
$
282

$
3,418

 
 
 
 
Total asset derivatives designated as hedges
$
282

$
3,418

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Other current assets
$
585

$
332

Corn options and futures
Other current assets
185

596

 
 
 
 
Total asset derivatives not designated as hedges
$
770

$
928

 
 
 
 
Total asset derivatives
 
$
1,052

$
4,346


Derivatives Designated
Balance Sheet
Liability Derivatives Fair Value
as Hedges
Location
March 31, 2018
December 30, 2017
Corn options
Accrued expenses
$
278

$
—

Natural gas swaps
Accrued expenses
—

24

Soybean meal options
Accrued expenses
194

—

 
 
 
 
Total liability derivatives designated as hedges
$
472

$
24

 
 
 
 
Derivatives Not
Designated as
Hedges
 
 

 

Foreign currency contracts
Accrued expenses
$
1,977

$
2,288

Corn options and futures
Accrued expenses
316

14

 
 
 
 
Total liability derivatives not designated as hedges
$
2,293

$
2,302

 
 
 
 
Total liability derivatives
$
2,765

$
2,326
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 March 31, 2018 and April 1, 2017 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)
 
2018
2017
2018
2017
2018
2017
Corn options
$
(1,497
)
$
(615
)
$
668

$
1,185

$
(1,123
)
$
88

Natural gas swaps
16

—

(14
)
—

25

—

Soybean meal options
—

—

—

—

(648
)
—

 
 
 
 
 
 
 
Total
$
(1,481
)
$
(615
)
$
654

$
1,185

$
(1,746
)
$
88


(a)
Amount recognized in accumulated OCI (effective portion) is reported as accumulated other comprehensive income/(loss) of approximately $(1.5) million and $(0.6) million recorded net of taxes of approximately $0.4 million and $0.2 million as of March 31, 2018 and April 1, 2017, 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, natural gas swaps and soybean meal 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 months ended March 31, 2018 and April 1, 2017 (in thousands):

 
 
 
 
Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
 
 
 
 
Three Months Ended
Derivatives not designated as hedging instruments
 
Location
 
March 31, 2018
April 1, 2017
 
 
 
 
 
 
Foreign Exchange
 
Foreign currency loss/(gain)
 
$
1,654

$
3,146

Foreign Exchange
 
Selling, general and administrative expense
 
489

(1,481
)
Corn options and futures
 
Net sales
 
(309
)
(22
)
Corn options and futures
 
Cost of sales and operating expenses
 
512

270

Soybean Meal
 
Net sales
 
—

(272
)
Soybean Oil
 
Net sales
 
—

45

Total
 
 
 
$
2,346

$
1,686