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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 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:
December 31, 2023December 25, 2022
(In thousands)
Fair values:
Commodity derivative assets$1,202 $17,922 
Commodity derivative liabilities(17,118)(9,042)
Foreign currency derivative assets175 555 
Foreign currency derivative liabilities(723)(6,170)
Sales contract derivative assets960 — 
Sales contract derivative liabilities— (3,705)
Cash collateral posted with brokers(a)
33,475 33,771 
Derivatives Coverage(b):
Corn10.9 %14.4 %
Soybean meal39.6 %10.1 %
Period through which stated percent of needs are covered:
CornJuly 2024December 2023
Soybean mealMarch 2024December 2023
(a)Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Instruments, Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Years Ended
Type of Contract (a)
December 31, 2023December 25, 2022December 26, 2021Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)$(34,229)$(35,586)$12,806 Foreign currency transaction losses (gains)
Commodity derivative gain (loss)(5,318)53,899 50,404 Cost of sales
Sales contract derivative gain (loss)4,665 8,985 (12,691)Net sales
Total$(34,882)$27,298 $50,519 
(a)Amounts in parentheses represent income (expenses) related to results of operations.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gain (Loss) Recognized in Other Comprehensive Loss
December 31, 2023December 25, 2022December 26, 2021
(In thousands)
Foreign currency derivatives$(2,579)$1,719 $471 
Interest rate swap derivatives— 98 (88)
Total$(2,579)$1,817 $383 
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gain (Loss) Reclassified from AOCI into Income
December 31, 2023December 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded$17,362,217 $16,243,816 $202,272 $17,468,377 $15,656,574 $152,672 
Impact from cash flow hedging instruments:
Interest rates swap derivatives— — — — — 98 
Foreign currency derivatives(1,816)(3)— (3,194)851 — 
(a)Amounts represent income (expenses) related to net sales.
(b)Amounts represent expenses (income) related to cost of sales and interest expense.