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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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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) |

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