v3.25.2
Derivatives (Tables)
6 Months Ended
Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of June 28, 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 CurrencyContract Currency
TypeAmountTypeAmount
Brazilian real236,144 Euro35,538 
Brazilian real2,654,714 U.S. dollar460,975 
Euro24,864 U.S. dollar28,793 
Euro79,784 Polish zloty341,545 
Euro10,898 Japanese yen1,833,785 
Euro32,964 Chinese renminbi269,710 
Euro16,041 Australian dollar28,330 
Euro4,247 British pound3,638 
Polish zloty49,199 Euro11,477 
British pound156 Euro182 
British pound206 U.S. dollar276 
Japanese yen129,480 U.S. dollar898 
U.S. dollar232 Japanese yen34,181 
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 six months ended June 28, 2025 and June 29, 2024 (in thousands):

Loss or (Gain) Recognized in Income on Derivatives Not Designated as Hedges
Three Months EndedSix Months Ended
Derivatives not designated as hedging instrumentsLocationJune 28,
2025
June 29,
2024
June 28,
2025
June 29,
2024
Foreign exchangeForeign currency loss/(gain)$(549)$(194)$(836)$(850)
Foreign exchange
Net sales
(517)158 (584)642 
Foreign exchange
Cost of sales and operating expenses
132 (107)192 (299)
Foreign exchangeSelling, general and administrative expenses(6,978)8,091 (14,167)9,572 
Interest rate swapInterest expense(961)— (961)— 
Corn options and futuresNet sales— 238 — 546 
Corn options and futures
Cost of sales and operating expenses
(380)(1,868)(1,981)(2,236)
Soybean meal
Net sales
221 — 221 — 
Soybean oil
Net sales
(158)— (158)— 
Other commoditiesSelling, general and administrative expenses(424)— (701)— 
Total$(9,614)$6,318 $(18,975)$7,375