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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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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, 2021 |  | December 27, 2020
| (In thousands)
Fair values |  |  |
Commodity derivative assets | $ | 8,443 |  |  | $ | 24,059 |
Commodity derivative liabilities | (29,744) |  |  | (6,531) |
Foreign currency derivative assets | 1,814 |  |  | 2,204 |
Foreign currency derivative liabilities | (139) |  |  | (428) |
Interest rate swap derivative liabilities | (345) |  |  | (640) |
Sales contract derivative assets | 2,201 |  |  | — |
Cash collateral posted with brokers(a) | 54,111 |  |  | 782 |
Derivatives coverage(b): |  |  |
Corn | 13.8 | % |  | 16.0 | %
Soybean meal | 35.0 | % |  | 24.0 | %
Period through which stated percent of needs are covered: |  |  |
Corn | September 2022 |  | December 2021
Soybean meal | March 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 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 Ended |  | Nine Months Ended |  |
Losses (Gains) by Type of Contract (a) | September 26, 2021 |  | September 27, 2020 |  | September 26, 2021 |  | September 27, 2020 |  | Affected 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 gain | 25,632 |  |  | 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 Ended |  | Nine Months Ended
| September 26, 2021 |  | September 27, 2020 |  | September 26, 2021 |  | September 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, 2021 |  | Three 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 contracts | 67 |  |  | (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, 2021 |  | Nine 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 contracts | 2,475 |  |  | 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.

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