DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 27, 2022

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 27, 2022			December 26, 2021
	(In thousands)
Fair values
Commodity derivative assets	$	37,563		$	17,567
Commodity derivative liabilities	(22,860)			(14,119)
Foreign currency derivative assets	768			518
Foreign currency derivative liabilities	(12,197)			(4,958)
Interest rate swap derivative liabilities	—			(98)
Sales contract derivative liabilities	(21,357)			(12,691)
Cash collateral posted with brokers(a)	30,258			22,459
Derivatives coverage(b):
Corn	35.0		%	6.6		%
Soybean meal	27.0		%	11.8		%
Period through which stated percent of needs are covered:
Corn	December 2022			December 2022
Soybean meal	January 2023			December 2022

(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
Gains (Losses) by Type of Contract (a)	March 27, 2022		March 28, 2021		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Foreign currency derivatives gain (loss)	$	(13,300)	$	5,340	Foreign currency transaction losses (gains)
Commodity derivative gain	31,540		17,378		Cost of sales
Sales contract derivative gain (loss)	(8,666)		(18,104)		Net sales
Total	$	9,574	$	4,614

(a)Amounts 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
	March 27, 2022		March 28, 2021
	(In thousands)
Foreign currency derivatives	$	523	$	1,485
Interest rate swap derivatives	—		(29)
Total	$	523	$	1,456

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income

	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended March, 27, 2022						Three Months Ended March 28, 2021
	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	$	4,240,395	$	3,698,415	$	36,296	$	3,273,425	$	3,012,182	$	30,334
Impact from cash flow hedging instruments:
Interest rates swaps	—		—		98		—		—		132
Foreign currency contracts	32		91		—		278		(22)		—

(a)    Amounts represent income (expenses) related to net sales.

(b)    Amounts represent (income) expenses related to cost of sales and interest expense.