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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
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 30, 2024December 31, 2023
 (In thousands)
Fair values:
Commodity derivative assets$5,176 $1,202 
Commodity derivative liabilities(16,594)(17,118)
Foreign currency derivative assets223 175 
Foreign currency derivative liabilities(826)(723)
Sales contract derivative assets4,493 960 
Cash collateral posted with brokers(a)
17,039 33,475 
Derivatives coverage(b):
Corn12.1 %10.9 %
Soybean meal17.5 %39.6 %
Period through which stated percent of needs are covered:
CornJuly 2025July 2024
Soybean mealMarch 2025March 2024
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Gains (Losses) by Type of Contract (a)
June 30, 2024June 25, 2023June 30, 2024June 25, 2023Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives loss$— $(28,551)$— $(47,654)Foreign currency transaction losses
Commodity derivative gain (loss)(6,146)188 (16,194)(16,347)Cost of sales
Sales contract derivative gain (loss)1,438 (1,637)3,533 2,528 Net sales
Total$(4,708)$(30,000)$(12,661)$(61,473)
(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 30, 2024June 25, 2023June 30, 2024June 25, 2023
(In thousands)
Foreign currency derivative gains (losses)$1,545 $16 $2,000 $(1,648)
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended June 30, 2024Three Months Ended June 25, 2023
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$4,559,314 $3,867,688 $31,201 $4,308,091 $4,029,666 $47,152 
Impact from cash flow hedging instruments:
Foreign currency derivatives915 (105)— 120 56 — 
(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 30, 2024Six Months Ended June 25, 2023
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$8,921,248 $7,845,713 $72,444 $8,473,719 $8,022,247 $89,814 
Impact from cash flow hedging instruments:
Foreign currency derivatives1,956 (105)— 335 (14)— 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales and interest expense.