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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 27, 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:
June 27, 2021December 27, 2020
 (In thousands)
Fair values:
Commodity derivative assets$28,838 $24,059 
Commodity derivative liabilities(86,806)(6,531)
Foreign currency derivative assets2,957 2,204 
Foreign currency derivative liabilities(135)(428)
Interest rate swap derivative liabilities(478)(640)
Sales contract derivative assets5,133 — 
Cash collateral posted with brokers(a)
98,210 782 
Derivatives coverage(b):
Corn28.6 %16.0 %
Soybean meal31.8 %24.0 %
Period through which stated percent of needs are covered:
CornMay 2022December 2021
Soybean mealJuly 2022December 2021
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss) The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Gains (Losses) by Type of Contract June 27, 2021June 28, 2020June 27, 2021June 28, 2020Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives gain (loss)$(8,822)$(5,475)$(3,482)$27,556 Foreign currency transaction loss (gain)
Commodity derivative gain (loss)1,420 (5,154)18,798 (10,425)Cost of sales
Sales contract derivative gain23,237 — 5,133 — Net sales
Total$15,835 $(10,629)$20,449 $17,131 
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 EndedSix Months Ended
June 27, 2021June 28, 2020June 27, 2021June 28, 2020
(In thousands)
Foreign currency derivatives$824 $(1,423)$2,309 $2,700 
Interest rate swap derivatives(98)(929)(127)(929)
Total$726 $(2,352)$2,182 $1,771 
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Three Months Ended
June 27, 2021June 28, 2020
Net salesCost of salesInterest expense, net of capitalized interestNet salesCost of salesInterest expense, net of capitalized interest
(In thousands)
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$3,637,698 $3,257,457 $50,651 $2,824,023 $2,704,164 $32,323 
Gain (loss) on cash flow hedging relationships:
Interest rate swaps— — (158)— — 2
Foreign currency contracts1,582 (344)— (199)359 — 
Six Months Ended
June 27, 2021June 28, 2020
Net salesCost of salesInterest expense, net of capitalized interestNet salesCost of salesInterest expense, net of capitalized interest
(In thousands)
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$6,911,123 $6,269,639 $80,985 $5,898,951 $5,601,993 $65,011 
Gain (loss) on cash flow hedging relationships:
Interest rate swaps— — (290)— — 2
Foreign currency contracts2,408 (870)— (450)(132)—