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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 29, 2025
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 29, 2025December 29, 2024
 (In thousands)
Fair values:
Commodity derivative assets$6,543 $6,598 
Commodity derivative liabilities(18,664)(2,494)
Foreign currency derivative assets3,108 755 
Foreign currency derivative liabilities(389)(1,397)
Sales contract derivative assets2,449 — 
Sales contract derivative liabilities— (778)
Cash collateral posted with brokers(a)
9,283 2,324 
Derivatives coverage(b):
Corn34.5 %11.5 %
Soybean meal21.6 %9.3 %
Period through which stated percent of needs are covered:
CornDecember 2025December 2025
Soybean mealMarch 2026March 2026
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Type of Contract (a)
June 29, 2025June 30, 2024June 29, 2025June 30, 2024Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Commodity derivatives$(14,819)$(6,146)$(22,004)$(16,194)Cost of sales
Sales contract derivatives798 1,438 3,228 3,533 Net sales
Total$(14,021)$(4,708)$(18,776)$(12,661)
(a)Amounts represent income (expenses) related to results of operations.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gains (Losses) Recognized in Other Comprehensive Income (Loss)
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Foreign currency derivatives$(15)$1,545 $1,658 $2,000 
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended June 29, 2025Three Months Ended June 30, 2024
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$4,757,365 $4,042,070 $4,559,314 $3,867,688 
Impact from cash flow hedging instruments:
Foreign currency derivatives(1,310)(18)915 (105)
(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
Six Months Ended June 29, 2025Six Months Ended June 30, 2024
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$9,220,374 $7,950,206 $8,921,248 $7,845,713 
Impact from cash flow hedging instruments:
Foreign currency derivatives(1,313)(31)1,956 (105)
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales.