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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
| March 31, 2024 |  | December 31, 2023
| (In thousands)
Fair values: |  |  |
Commodity derivative assets | $ | 3,952 |  |  | $ | 1,202 |
Commodity derivative liabilities | (8,836) |  |  | (17,118) |
Foreign currency derivative assets | 58 |  |  | 175 |
Foreign currency derivative liabilities | (1,181) |  |  | (723) |
Sales contract derivative assets | 3,055 |  |  | 960 |
Cash collateral posted with brokers(a) | 24,063 |  |  | 33,475 |
Derivatives coverage(b): |  |  |
Corn | 9.7 | % |  | 10.9 | %
Soybean meal | 11.5 | % |  | 39.6 | %
Period through which stated percent of needs are covered: |  |  |
Corn | March 2025 |  | July 2024
Soybean meal | January 2025 |  | March 2024
(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 |  |  |
Gains (Losses) by Type of Contract (a) | March 31, 2024 |  | March 26, 2023 |  |  |  |  | Affected Line Item in the Condensed Consolidated Statements of Income
| (In thousands) |
Foreign currency derivatives | $ | — |  |  | $ | (19,104) |  |  |  |  |  | Foreign currency transaction losses
Commodity derivatives | (10,048) |  |  | (16,534) |  |  |  |  |  | Cost of sales
Sales contract derivative | 2,095 |  |  | 4,164 |  |  |  |  |  | Net sales
Total | $ | (7,953) |  |  | $ | (31,474) |  |  |  |  |  |
(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 Recognized in Other Comprehensive Income |  |  |  |
| Three Months Ended |  |
| March 31, 2024 |  | March 26, 2023 |  |  |  |
| (In thousands) |  |  |  |
Foreign currency derivatives | $ | 455 |  |  | $ | 16 |  |  |  |  |
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income |
| Gains (Losses) Reclassified from AOCI into Income
| Three Months Ended March 31, 2024 |  | Three Months Ended March 26, 2023
| 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 | $ | 4,361,934 |  |  | $ | 3,978,025 |  |  | $ | 41,243 |  |  | $ | 4,165,628 |  |  | $ | 3,992,581 |  |  | $ | 42,662 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | 1,041 |  |  | — |  |  | — |  |  | 120 |  |  | 56 |  |  | — |
(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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