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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 24, 2023
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 24, 2023 |  | December 25, 2022
| (In thousands)
Fair values: |  |  |
Commodity derivative assets | $ | 5,071 |  |  | $ | 17,922 |
Commodity derivative liabilities | (22,874) |  |  | (9,042) |
Foreign currency derivative assets | 944 |  |  | 555 |
Foreign currency derivative liabilities | (1,395) |  |  | (6,170) |
Sales contract derivative assets | 1,923 |  |  | — |
Sales contract derivative liabilities | — |  |  | (3,705) |
Cash collateral posted with brokers(a) | 39,657 |  |  | 33,771 |
Derivatives coverage(b): |  |  |
Corn | 10.9 | % |  | 14.4 | %
Soybean meal | 18.7 | % |  | 10.1 | %
Period through which stated percent of needs are covered: |  |  |
Corn | July 2024 |  | December 2023
Soybean meal | July 2024 |  | December 2023
(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 Ended |  | Nine Months Ended |
Gains (Losses) by Type of Contract (a) | September 24, 2023 |  | September 25, 2022 |  | September 24, 2023 |  | September 25, 2022 | Affected Line Item in the Condensed Consolidated Statements of Income
| (In thousands) |
Foreign currency derivatives | $ | (6,164) |  |  | $ | (51) |  |  | $ | (53,818) |  |  | $ | (18,611) |  | Foreign currency transaction losses
Commodity derivatives | 3,324 |  |  | 28,810 |  |  | (13,023) |  |  | 47,833 |  | Cost of sales
Sales contract derivative | 3,100 |  |  | (6,734) |  |  | 5,628 |  |  | 1,448 |  | Net sales
Total | $ | 260 |  |  | $ | 22,025 |  |  | $ | (61,213) |  |  | $ | 30,670 |  |
(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
| Three Months Ended |  | Nine Months Ended
| September 24, 2023 |  | September 25, 2022 |  | September 24, 2023 |  | September 25, 2022
| (In thousands)
Foreign currency derivatives | $ | 1,346 |  |  | $ | (1,974) |  |  | $ | (302) |  |  | $ | (2,317) |
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income |
| Gains (Losses) Reclassified from AOCI into Income
| Three Months Ended September 24, 2023 |  | Three Months Ended September 25, 2022
| 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 | $ | 4,360,196 |  |  | $ | 4,014,314 |  |  | $ | 45,645 |  |  | $ | 4,468,969 |  |  | $ | 3,971,699 |  |  | $ | 36,895 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | 106 |  |  | 239 |  |  | — |  |  | (1,067) |  |  | 275 |  |  | — |
(a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense.
| Gains (Losses) Reclassified from AOCI into Income
| Nine Months Ended September 24, 2023 |  | Nine Months Ended September 25, 2022
| 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 | $ | 12,833,915 |  |  | $ | 12,036,561 |  |  | $ | 135,459 |  |  | $ | 13,341,012 |  |  | $ | 11,624,991 |  |  | $ | 111,303 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | 440 |  |  | 224 |  |  | — |  |  | (2,001) |  |  | 562 |  |  | — |
Interest rates swap derivatives | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |
(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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