DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 28, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments and Cash Collateral

Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:

	June 28, 2020			December 29, 2019
	(In thousands)
Fair values:
Commodity derivative assets	$	11,481		$	5,053
Commodity derivative liabilities	(25,324)			(5,430)
Foreign currency derivative assets	13,911			426
Foreign currency derivative liabilities	(504)			(5,400)
Interest rate swap derivative liabilities	(931)			—
Cash collateral posted with brokers(a)	27,031			20,009
Derivatives coverage(b):
Corn	7.0		%	12.0		%
Soybean meal	16.0		%	44.0		%
Period through which stated percent of needs are covered:
Corn	September 2021			December 2020
Soybean meal	May 2021			July 2020

(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills, or other cash equivalents.

(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:

	Gain (Loss) Recognized in Other Comprehensive Income on Derivative
	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
	(In thousands)
Foreign currency derivatives	$	(1,423)	$	1,303	$	2,700	$	388
Interest rate swap derivatives	(929)		—		(929)		—
Total	$	(2,352)	$	1,303	$	1,771	$	388
	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
	(In thousands)
Foreign currency derivatives	$	160	$	(48)	$	(582)	$	173
Interest rate swap derivatives	2		—		2		—
Total	$	162	$	(48)	$	(580)	$	173