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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 24, 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:
September 24, 2023December 25, 2022
 (In thousands)
Fair values:
Commodity derivative assets$5,071 $17,922 
Commodity derivative liabilities(22,874)(9,042)
Foreign currency derivative assets944 555 
Foreign currency derivative liabilities(1,395)(6,170)
Sales contract derivative assets1,923 — 
Sales contract derivative liabilities— (3,705)
Cash collateral posted with brokers(a)
39,657 33,771 
Derivatives coverage(b):
Corn10.9 %14.4 %
Soybean meal18.7 %10.1 %
Period through which stated percent of needs are covered:
CornJuly 2024December 2023
Soybean mealJuly 2024December 2023
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedNine Months Ended
Gains (Losses) by Type of Contract (a)
September 24, 2023September 25, 2022September 24, 2023September 25, 2022Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives$(6,164)$(51)$(53,818)$(18,611)Foreign currency transaction losses
Commodity derivatives3,324 28,810 (13,023)47,833 Cost of sales
Sales contract derivative3,100 (6,734)5,628 1,448 Net sales
Total$260 $22,025 $(61,213)$30,670 
(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 EndedNine Months Ended
September 24, 2023September 25, 2022September 24, 2023September 25, 2022
(In thousands)
Foreign currency derivatives$1,346 $(1,974)$(302)$(2,317)
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended September 24, 2023Three Months Ended September 25, 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$4,360,196 $4,014,314 $45,645 $4,468,969 $3,971,699 $36,895 
Impact from cash flow hedging instruments:
Foreign currency derivatives106 239 — (1,067)275 — 
(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
Nine Months Ended September 24, 2023Nine Months Ended September 25, 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$12,833,915 $12,036,561 $135,459 $13,341,012 $11,624,991 $111,303 
Impact from cash flow hedging instruments:
Foreign currency derivatives440 224 — (2,001)562 — 
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.