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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Oct. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Classification of Derivative Assets and Liabilities within the Consolidated Balance Sheets
The following table presents the classification of derivative assets and liabilities within the Consolidated Balance Sheets as of October 3, 2021 and December 31, 2020:
October 3, 2021December 31, 2020
Assets (1)Liabilities (1)Assets (1)Liabilities (1)
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts$1,084 $1,292 $2,388 $5,522 
Derivatives not designated as hedging instruments:
Commodities futures and options (2)1,924 1,743 3,299 1,648 
Deferred compensation derivatives82 — 3,630 — 
Foreign exchange contracts565 — 176 93 
2,571 1,743 7,105 1,741 
Total$3,655 $3,035 $9,493 $7,263 

(1)Derivatives assets are classified on our Consolidated Balance Sheets within prepaid expenses and other as well as other non-current assets. Derivative liabilities are classified on our Consolidated Balance Sheets within accrued liabilities and other long-term liabilities.
(2)As of October 3, 2021, amounts reflected on a net basis in assets were assets of $63,132 and liabilities of $62,977, which are associated with cash transfers receivable or payable on commodities futures contracts reflecting the change in quoted market prices on the last trading day for the period. The comparable amounts reflected on a net basis in assets at December 31, 2020 were assets of $32,674 and liabilities of $29,376. At October 3, 2021 and December 31, 2020, the remaining amount reflected in assets and liabilities related to the fair value of other non-exchange traded derivative instruments, respectively.
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income
The effect of derivative instruments on the Consolidated Statements of Income for the three months ended October 3, 2021 and September 27, 2020 was as follows:
Non-designated HedgesCash Flow Hedges
Gains (losses) recognized in income (a)Gains (losses) recognized in other comprehensive income (“OCI”)Gains (losses) reclassified from accumulated OCI (“AOCI”) into income (b)
202120202021202020212020
Commodities futures and options
$33,643 $74,279 $— $— $— $— 
Foreign exchange contracts 1 1,404 5,779 (807)(2,030)3 
Interest rate swap agreements
— — — — (2,679)(2,344)
Deferred compensation derivatives
82 2,437 — — — — 
Total
$33,726 $78,120 $5,779 $(807)$(4,709)$(2,341)
The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended October 3, 2021 and September 27, 2020 was as follows:
Non-designated HedgesCash Flow Hedges
Gains (losses) recognized in income (a)Gains (losses) recognized in OCIGains (losses) reclassified from AOCI into income (b)
202120202021202020212020
Commodities futures and options
$64,199 $(189)$— $— $— $— 
Foreign exchange contracts 574 (2,472)(2,200)5,249 (5,174)1,393 
Interest rate swap agreements
— — — — (8,353)(7,031)
Deferred compensation derivatives
3,592 1,304 — — — — 
Total
$68,365 $(1,357)$(2,200)$5,249 $(13,527)$(5,638)

(a)Gains (losses) recognized in income for non-designated commodities futures and options contracts were included in cost of sales. Gains (losses) recognized in income for non-designated foreign currency forward exchange contracts and deferred compensation derivatives were included in selling, marketing and administrative expenses.
(b)Gains (losses) reclassified from AOCI into income for foreign currency forward exchange contracts were included in selling, marketing and administrative expenses. Losses reclassified from AOCI into income for interest rate swap agreements were included in interest expense.