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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 26, 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:
September 26, 2021December 27, 2020
 (In thousands)
Fair values
Commodity derivative assets$8,443 $24,059 
Commodity derivative liabilities(29,744)(6,531)
Foreign currency derivative assets1,814 2,204 
Foreign currency derivative liabilities(139)(428)
Interest rate swap derivative liabilities(345)(640)
Sales contract derivative assets2,201 — 
Cash collateral posted with brokers(a)
54,111 782 
Derivatives coverage(b):
Corn13.8 %16.0 %
Soybean meal35.0 %24.0 %
Period through which stated percent of needs are covered:
CornSeptember 2022December 2021
Soybean mealMarch 2022December 2021
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gains (Losses) The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedNine Months Ended
Losses (Gains) by Type of Contract (a)
September 26, 2021September 27, 2020September 26, 2021September 27, 2020Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives gain (loss)$(4,493)$(7,741)$(7,975)$19,815 Foreign currency transaction loss (gain)
Commodity derivative gain25,632 19,883 44,430 9,458 Cost of sales
Sales contract derivative gain (loss)(2,932)— 2,201 — Net sales
Total$18,207 $12,142 $38,656 $29,273 
(a)Amounts in parentheses represent income (expenses) related to results of operations.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Three Months EndedNine Months Ended
September 26, 2021September 27, 2020September 26, 2021September 27, 2020
(In thousands)
Foreign currency derivatives$(984)$1,388 $1,327 4,088 
Interest rate swap derivatives(35)50 (164)(879)
Total$(1,019)$1,438 $1,163 3,209 
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Three Months Ended September 26, 2021Three Months Ended September 27, 2020
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
(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$3,827,566 $3,455,723 $29,833 $3,075,121 $2,761,279 $30,564 
Impact from cash flow hedging instruments:
Interest rates swaps— — 170 — — 101 
Foreign currency contracts67 (2)— (206)649 — 
(a)    Amounts in parentheses represent income (expenses) related to net sales.
(b)    Amounts in parentheses represent (income) expenses related to cost of sales and interest expense.
Nine Months Ended September 26, 2021Nine Months Ended September 27, 2020
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
(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$10,738,689 $9,725,362 $110,818 $8,974,072 $8,363,272 $95,575 
Impact from cash flow hedging instruments:
Interest rates swaps— — 460 — — 99 
Foreign currency contracts2,475 868 — (656)517 — 
(a)    Amounts in parentheses represent income (expenses) related to net sales.
(b)    Amounts in parentheses represent (income) expenses related to cost of sales and interest expense.