DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 25, 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:

	December 25, 2022			December 26, 2021
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	17,922		$	17,567
Commodity derivative liabilities	(9,042)			(14,119)
Foreign currency derivative assets	555			518
Foreign currency derivative liabilities	(6,170)			(4,958)
Interest rate swap derivative liabilities	—			(98)
Sales contract derivative liabilities	(3,705)			(12,691)
Cash collateral posted with brokers(a)	33,771			22,459
Derivatives Coverage(b):
Corn	14.4		%	6.6		%
Soybean meal	10.1		%	11.8		%
Period through which stated percent of needs are covered:
Corn	December 2023			December 2022
Soybean meal	December 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.

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:

Type of Contract (a)	December 25, 2022		December 26, 2021		December 27, 2020		Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)	$	(35,586)	$	12,806	$	(6,637)	Foreign currency transaction losses (gains)
Commodity derivative gain (loss)	53,899		50,404		47,554		Cost of sales
Sales contract derivative gain (loss)	8,985		(12,691)		(209)		Net sales
Total	$	27,298	$	50,519	$	40,708

(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 Loss
	December 25, 2022		December 26, 2021		December 27, 2020
	(In thousands)
Foreign currency derivatives	$	1,719	$	471	$	4,514
Interest rate swap derivatives	98		(88)		(850)
Total	$	1,817	$	383	$	3,664

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income

	Gain (Loss) Reclassified from AOCL into Income
	December 25, 2022						December 26, 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	17,468,377	$	15,656,574	$	152,672	$	14,777,458	$	13,411,631	$	145,792
Impact from cash flow hedging instruments:
Interest rates swap derivatives	—		—		98		—		—		631
Foreign currency derivatives	(3,194)		851		—		1,372		(55)		—

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

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