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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 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:
| December 25, 2022 |  | December 26, 2021
| (Fair values in thousands)
Fair values: |  |  |
Commodity derivative assets | $ | 17,922 |  |  | $ | 17,567 |
Commodity derivative liabilities | (9,042) |  |  | (14,119) |
Foreign currency derivative assets | 555 |  |  | 518 |
Foreign currency derivative liabilities | (6,170) |  |  | (4,958) |
Interest rate swap derivative liabilities | — |  |  | (98) |
Sales contract derivative liabilities | (3,705) |  |  | (12,691) |
Cash collateral posted with brokers(a) | 33,771 |  |  | 22,459 |
Derivatives Coverage(b): |  |  |
Corn | 14.4 | % |  | 6.6 | %
Soybean meal | 10.1 | % |  | 11.8 | %
Period through which stated percent of needs are covered: |  |  |
Corn | December 2023 |  | December 2022
Soybean meal | December 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.
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:
Type of Contract (a) | December 25, 2022 |  | December 26, 2021 |  | December 27, 2020 | Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss) | $ | (35,586) |  |  | $ | 12,806 |  |  | $ | (6,637) |  | Foreign currency transaction losses (gains)
Commodity derivative gain (loss) | 53,899 |  |  | 50,404 |  |  | 47,554 |  | Cost of sales
Sales contract derivative gain (loss) | 8,985 |  |  | (12,691) |  |  | (209) |  | Net sales
Total | $ | 27,298 |  |  | $ | 50,519 |  |  | $ | 40,708 |  |
(a)Amounts in parentheses 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 Loss
| December 25, 2022 |  | December 26, 2021 |  | December 27, 2020
| (In thousands)
Foreign currency derivatives | $ | 1,719 |  |  | $ | 471 |  |  | $ | 4,514 |
Interest rate swap derivatives | 98 |  |  | (88) |  |  | (850) |
Total | $ | 1,817 |  |  | $ | 383 |  |  | $ | 3,664 |
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income |
| Gain (Loss) Reclassified from AOCL into Income
| December 25, 2022 |  | December 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded | $ | 17,468,377 |  |  | $ | 15,656,574 |  |  | $ | 152,672 |  |  | $ | 14,777,458 |  |  | $ | 13,411,631 |  |  | $ | 145,792 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rates swap derivatives | — |  |  | — |  |  | 98 |  |  | — |  |  | — |  |  | 631 |
Foreign currency derivatives | (3,194) |  |  | 851 |  |  | — |  |  | 1,372 |  |  | (55) |  |  | — |
(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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