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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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