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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 25, 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:
June 25, 2023December 25, 2022
 (In thousands)
Fair values:
Commodity derivative assets$10,706 $17,922 
Commodity derivative liabilities(34,882)(9,042)
Foreign currency derivative assets1,312 555 
Foreign currency derivative liabilities(4,484)(6,170)
Sales contract derivative liabilities(1,178)(3,705)
Cash collateral posted with brokers(a)
46,030 33,771 
Derivatives coverage(b):
Corn11.8 %14.4 %
Soybean meal18.2 %10.1 %
Period through which stated percent of needs are covered:
CornMarch 2024December 2023
Soybean mealMarch 2024December 2023
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss) The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Gains (Losses) by Type of Contract (a)
June 25, 2023June 26, 2022June 25, 2023June 26, 2022Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives$(28,551)$(5,260)$(47,654)$(18,560)Foreign currency transaction losses
Commodity derivatives188 (12,517)(16,347)19,023 Cost of sales
Sales contract derivative liabilities(1,637)16,849 2,528 8,182 Net sales
Total$(30,000)$(928)$(61,473)$8,645 
(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 (Losses) Recognized in Other Comprehensive Income
Three Months EndedSix Months Ended
June 25, 2023June 26, 2022June 25, 2023June 26, 2022
(In thousands)
Foreign currency derivatives$16 $(866)$(1,648)$(343)
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended June 25, 2023Three Months Ended June 26, 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$4,308,091 $4,029,666 $47,152 $4,631,648 $3,954,877 $38,112 
Impact from cash flow hedging instruments:
Foreign currency derivatives120 56 — (966)196 — 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales and interest expense.

Gains (Losses) Reclassified from AOCI into Income
Six Months Ended June 25, 2023Six Months Ended June 26, 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$8,473,719 $8,022,247 $89,814 $8,872,043 $7,653,292 $74,408 
Impact from cash flow hedging instruments:
Foreign currency derivatives335 (14)— (933)288 — 
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.