DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 26, 2023

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 26, 2023			December 25, 2022
	(In thousands)
Fair values:
Commodity derivative assets	$	8,333		$	17,922
Commodity derivative liabilities	(26,437)			(9,042)
Foreign currency derivative assets	5,600			555
Foreign currency derivative liabilities	(405)			(6,170)
Sales contract derivative assets	459			—
Sales contract derivative liabilities	—			(3,705)
Cash collateral posted with brokers(a)	33,879			33,771
Derivatives coverage(b):
Corn	12.1		%	14.4		%
Soybean meal	10.0		%	10.1		%
Period through which stated percent of needs are covered:
Corn	March 2024			December 2023
Soybean meal	July 2024			December 2023

(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 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:

	Three Months Ended
Gains (Losses) by Type of Contract (a)	March 26, 2023		March 27, 2022		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Foreign currency derivatives	$	(19,104)	$	(13,300)	Foreign currency transaction losses
Commodity derivatives	(16,534)		31,540		Cost of sales
Sales contract derivative liabilities	4,164		(8,666)		Net sales
Total	$	(31,474)	$	9,574

(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:

	Gains Recognized in Other Comprehensive Income
	Three Months Ended
	March 26, 2023		March 27, 2022
	(In thousands)
Foreign currency derivatives	$	16	$	523

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income

	Gains (Losses) Reclassified from AOCI into Income
	Three Months Ended March 26, 2023						Three Months Ended March 27, 2022
	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	$	4,165,628	$	3,992,581	$	42,662	$	4,240,395	$	3,698,415	$	36,296
Impact from cash flow hedging instruments:
Foreign currency derivatives	120		56		—		32		91		—
Interest rates swap derivatives	—		—		—		—		—		98

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

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