DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 28, 2021

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:

	March 28, 2021			December 27, 2020
	(In thousands)
Fair values:
Commodity derivative assets	$	6,074		$	24,059
Commodity derivative liabilities	(13,863)			(6,531)
Foreign currency derivative assets	2,410			2,204
Foreign currency derivative liabilities	(7,180)			(428)
Interest rate swap derivative liabilities	(538)			(640)
Sales contract derivative liabilities	(18,104)			—
Cash collateral posted with brokers(a)	43,169			782
Derivatives coverage(b):
Corn	13.8		%	16.0		%
Soybean meal	21.0		%	24.0		%
Period through which stated percent of needs are covered:
Corn	May 2022			December 2021
Soybean meal	January 2022			December 2021

(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 Derivative Gain (Loss)

The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:

Type of Derivative Contract	Three Months Ended March 28, 2021		Three Months Ended March 29, 2020		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Foreign currency derivatives gain	$	(5,340)	$	(33,031)	Foreign currency transaction loss (gain)
Commodity derivative loss (gain)	(17,378)		5,271		Cost of sales
Sales contract derivative loss	18,104		—		Net sales
Total	$	(4,614)	$	(27,760)

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
	March 28, 2021		March 29, 2020
	(In thousands)
Foreign currency derivatives	$	1,485	$	4,123
Interest rate swap derivatives	(29)		—
Total	$	1,456	$	4,123
	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended
	March 28, 2021		March 29, 2020
	(In thousands)
Foreign currency derivatives	$	300	$	(742)
Interest rate swap derivatives	(132)		—
Total	$	168	$	(742)