XML 228 R29.htm IDEA: XBRL DOCUMENT v3.22.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 26, 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:
June 26, 2022December 26, 2021
 (In thousands)
Fair values:
Commodity derivative assets$5,987 $17,567 
Commodity derivative liabilities(18,524)(14,119)
Foreign currency derivative assets3,974 518 
Foreign currency derivative liabilities(1,171)(4,958)
Interest rate swap derivative liabilities— (98)
Sales contract derivative liabilities(4,508)(12,691)
Cash collateral posted with brokers(a)
40,498 22,459 
Derivatives coverage(b):
Corn24.5 %6.6 %
Soybean meal34.0 %11.8 %
Period through which stated percent of needs are covered:
CornMay 2023December 2022
Soybean mealJanuary 2023December 2022
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gains (Losses) The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Gains (Losses) by Type of Contract (a)
June 26, 2022June 27, 2021June 26, 2022June 27, 2021Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives$(5,260)$(8,822)$(18,560)$(3,482)Foreign currency transaction losses
Commodity derivatives(12,517)1,420 19,023 18,798 Cost of sales
Sales contract derivative16,849 23,237 8,182 5,133 Net sales
Total$(928)$15,835 $8,645 $20,449 
(a)Amounts represent income (expenses) related to results of operations.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Three Months EndedSix Months Ended
June 26, 2022June 27, 2021June 26, 2022June 27, 2021
(In thousands)
Foreign currency derivatives$(866)$824 (343)2,309 
Interest rate swap derivatives— (98)— (127)
Total(866)726 (343)2,182 
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gain (Loss) Reclassified from AOCI into Income
Three Months Ended June 26, 2022Three Months Ended June 27, 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$4,631,648 $3,954,877 $38,112 $3,637,698 $3,257,457 $50,651 
Impact from cash flow hedging instruments:
Foreign currency derivatives(966)196 — 1,582 344 — 
Interest rates swap derivatives— — — — — 158 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent (income) expenses related to cost of sales and interest expense.

Gain (Loss) Reclassified from AOCI into Income
Six Months Ended June 26, 2022Six Months Ended June 27, 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$8,872,043 $7,653,292 $74,408 $6,911,123 $6,269,639 $80,985 
Impact from cash flow hedging instruments:
Foreign currency derivatives(933)288 — 2,408 870 — 
Interest rates swap derivatives— — 98 — — 290 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent (income) expenses related to cost of sales and interest expense.