Derivatives (Tables)

3 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of March 29, 2025, the Company had the following designated and non-designated outstanding forward and option contract amounts that were entered into to hedge foreign currency transactions in currencies other than the functional currency and forecasted transactions in currencies other than the functional currency (in thousands):


Functional Currency		Contract Currency
Type	Amount	Type	Amount
Brazilian real	218,553	Euro	34,145
Brazilian real	2,459,943	U.S. dollar	429,592

Euro	37,346	U.S. dollar	40,352
Euro	73,845	Polish zloty	308,945
Euro	10,918	Japanese yen	1,763,824
Euro	33,958	Chinese renminbi	267,043
Euro	16,421	Australian dollar	28,050
Euro	4,247	British pound	3,560



Polish zloty	48,802	Euro	11,639
British pound	204	Euro	244
British pound	274	U.S. dollar	355
Japanese yen	98,499	U.S. dollar	643
U.S. dollar	366	Japanese yen	54,499
U.S. dollar	981,501	Euro	907,990

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 29, 2025 and March 30, 2024 (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 29, 2025		March 30, 2024

Foreign exchange	Foreign currency loss/(gain)	$	(287)	$	(656)
Foreign exchange	Net sales	(67)		484
Foreign exchange	Cost of sales and operating expenses	60		(192)
Foreign exchange	Selling, general and administrative expenses	(7,189)		1,481
Corn options and futures	Net sales	—		308
Corn options and futures	Cost of sales and operating expenses	(1,601)		(368)





Other commodities	Selling, general and administrative expenses	(277)		—
Total		$	(9,361)	$	1,057

- 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.

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