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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 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:
December 29, 2024December 31, 2023
(In thousands)
Fair values:
Commodity derivative assets$6,598 $1,202 
Commodity derivative liabilities(2,494)(17,118)
Foreign currency derivative assets755 175 
Foreign currency derivative liabilities(1,397)(723)
Sales contract derivative assets— 960 
Sales contract derivative liabilities(778)— 
Cash collateral posted with brokers(a)
2,324 33,475 
Derivatives coverage(b):
Corn11.5 %10.9 %
Soybean meal9.3 %39.6 %
Period through which stated percent of needs are covered:
CornDecember 2025July 2024
Soybean mealMarch 2026March 2024
(a)Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Instruments, Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Year Ended
Type of Contract (a)
December 29, 2024December 31, 2023December 25, 2022Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives$— $(34,229)$(35,586)Foreign currency transaction losses (gains)
Commodity derivatives(11,008)(5,318)53,899 Cost of sales
Sales contract derivatives(1,738)4,665 8,985 Net sales
Total$(12,746)$(34,882)$27,298 
(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 (Loss)
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Foreign currency derivatives$1,767 $(2,579)$1,719 
Interest rate swap derivatives— — 98 
Total$1,767 $(2,579)$1,817 
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
December 29, 2024December 31, 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded$17,878,291 $15,565,524 $17,362,217 $16,243,816 
Impact from cash flow hedging instruments:
Foreign currency derivatives1,367 (482)(1,816)(3)
(a)Amounts represent income (expenses) related to net sales.
(b)Amounts represent expenses (income) related to cost of sales and interest expense.