DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 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:

	December 26, 2021			December 27, 2020
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	17,567		$	24,059
Commodity derivative liabilities	(14,119)			(6,531)
Foreign currency derivative assets	518			2,204
Foreign currency derivative liabilities	(4,958)			(428)
Interest rate swap derivative liabilities	(98)			(640)
Sales contract derivative liabilities	(12,691)			—
Cash collateral posted with brokers(a)	22,459			782
Derivatives Coverage(b):
Corn	6.6		%	16.0		%
Soybean meal	11.8		%	24.0		%
Period through which stated percent of needs are covered:
Corn	December 2022			December 2021
Soybean meal	December 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.

Derivative Instruments, 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:

Losses (Gains) by Type of Contract (a)	December 26, 2021		December 27, 2020		December 29, 2019		Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)	$	12,806	$	(6,637)	$	(17,839)	Foreign currency transaction (gains) losses
Commodity derivative gain (loss)	50,404		47,554		(12,306)		Cost of sales
Sales contract derivative loss	(12,691)		(209)		—		Net sales
Total	$	50,519	$	40,708	$	(30,145)

(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
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Foreign currency derivatives	$	471	$	4,514	$	(2,052)
Interest rate swap derivatives	(88)		(850)		—
Total	$	383	$	3,664	$	(2,052)

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income

	December 26, 2021						December 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	14,777,458	$	13,411,631	$	145,792	$	12,091,901	$	11,253,705	$	126,118
Impact from cash flow hedging instruments:
Interest rates swaps	—		—		631		—		—		209
Foreign currency contracts	1,372		(55)		—		(2,143)		—		—

(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.