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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 29, 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:
September 29, 2024December 31, 2023
 (In thousands)
Fair values:
Commodity derivative assets$9,349 $1,202 
Commodity derivative liabilities(4,503)(17,118)
Foreign currency derivative assets1,299 175 
Foreign currency derivative liabilities(226)(723)
Sales contract derivative assets678 960 
Cash collateral posted with brokers(a)
6,431 33,475 
Derivatives coverage(b):
Corn10.3 %10.9 %
Soybean meal7.4 %39.6 %
Period through which stated percent of needs are covered:
CornDecember 2025July 2024
Soybean mealDecember 2025March 2024
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedNine Months Ended
Gains (Losses) by Type of Contract (a)
September 29, 2024September 24, 2023September 29, 2024September 24, 2023Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives loss$— $(6,164)$— $(53,818)Foreign currency transaction losses
Commodity derivative gain (loss)12,612 3,324 (3,582)(13,023)Cost of sales
Sales contract derivative gain (loss)(3,815)3,100 (282)5,628 Net sales
Total$8,797 $260 $(3,864)$(61,213)
(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 29, 2024September 24, 2023September 29, 2024September 24, 2023
(In thousands)
Foreign currency derivative gains (losses)$2,301 $1,346 $4,301 $(302)
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended September 29, 2024Three Months Ended September 24, 2023
Net sales(a)
Cost of sales(b)
Net sales(a)
Cost of sales(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$4,584,979 $3,901,009 $4,360,196 $4,014,314 
Impact from cash flow hedging instruments:
Foreign currency derivatives299 (340)106 239 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales.

Gains (Losses) Reclassified from AOCI into Income
Nine Months Ended September 29, 2024Nine Months Ended September 24, 2023
Net sales(a)
Cost of sales(b)
Net sales(a)
Cost of sales(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$13,506,227 $11,746,722 $12,833,915 $12,036,561 
Impact from cash flow hedging instruments:
Foreign currency derivatives2,255 (445)440 224 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales.