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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 25, 2022
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 25, 2022 |  | December 26, 2021
| (In thousands)
Fair values: |  |  |
Commodity derivative assets | $ | 16,641 |  |  | $ | 17,567 |
Commodity derivative liabilities | (11,720) |  |  | (14,119) |
Foreign currency derivative assets | 5,403 |  |  | 518 |
Foreign currency derivative liabilities | (2,027) |  |  | (4,958) |
Interest rate swap derivative liabilities | — |  |  | (98) |
Sales contract derivative liabilities | (11,243) |  |  | (12,691) |
Cash collateral posted with brokers(a) | 29,880 |  |  | 22,459 |
Derivatives coverage(b): |  |  |
Corn | 16.9 | % |  | 6.6 | %
Soybean meal | 14.6 | % |  | 11.8 | %
Period through which stated percent of needs are covered: |  |  |
Corn | July 2023 |  | December 2022
Soybean meal | August 2023 |  | December 2022
(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 Gains (Losses) | 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 Ended |  | Nine Months Ended |  |
Gains (Losses) by Type of Contract (a) | September 25, 2022 |  | September 26, 2021 |  | September 25, 2022 |  | September 26, 2021 |  | Affected Line Item in the Condensed Consolidated Statements of Income
| (In thousands) |  |
Foreign currency derivatives | $ | (51) |  |  | $ | (4,493) |  |  | $ | (18,611) |  |  | $ | (7,975) |  |  | Foreign currency transaction losses
Commodity derivatives | 28,810 |  |  | 25,632 |  |  | 47,833 |  |  | 44,430 |  |  | Cost of sales
Sales contract derivative liabilities | (6,734) |  |  | (2,932) |  |  | 1,448 |  |  | 2,201 |  |  | Net sales
Total | $ | 22,025 |  |  | $ | 18,207 |  |  | $ | 30,670 |  |  | $ | 38,656 |  |  |
(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:
| Gain (Loss) Recognized in Other Comprehensive Income on Derivative
| Three Months Ended |  | Nine Months Ended
| September 25, 2022 |  | September 26, 2021 |  | September 25, 2022 |  | September 26, 2021
| (In thousands)
Foreign currency derivatives | $ | (1,974) |  |  | $ | (984) |  |  | $ | (2,317) |  |  | $ | 1,327 |
Interest rate swap derivatives | — |  |  | (35) |  |  | — |  |  | (164) |
Total | $ | (1,974) |  |  | $ | (1,019) |  |  | $ | (2,317) |  |  | $ | 1,163 |
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income |
| Gain (Loss) Reclassified from AOCI into Income
| Three Months Ended September 25, 2022 |  | Three Months Ended September 26, 2021
| 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 | $ | 4,468,969 |  |  | $ | 3,971,699 |  |  | $ | 36,895 |  |  | $ | 3,827,566 |  |  | $ | 3,455,723 |  |  | $ | 29,833 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | (1,067) |  |  | 275 |  |  | — |  |  | 67 |  |  | (2) |  |  | — |
Interest rates swap derivatives | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 170 |
(a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense.
| Gain (Loss) Reclassified from AOCI into Income
| Nine Months Ended September 25, 2022 |  | Nine Months Ended September 26, 2021
| 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 | $ | 13,341,012 |  |  | $ | 11,624,991 |  |  | $ | 111,303 |  |  | $ | 10,738,689 |  |  | $ | 9,725,362 |  |  | $ | 110,818 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | (2,001) |  |  | 562 |  |  | — |  |  | 2,475 |  |  | 868 |  |  | — |
Interest rates swap derivatives | — |  |  | — |  |  | 98 |  |  | — |  |  | — |  |  | 460 |
(a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense.

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