XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.24.2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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:
| June 30, 2024 |  | December 31, 2023
| (In thousands)
Fair values: |  |  |
Commodity derivative assets | $ | 5,176 |  |  | $ | 1,202 |
Commodity derivative liabilities | (16,594) |  |  | (17,118) |
Foreign currency derivative assets | 223 |  |  | 175 |
Foreign currency derivative liabilities | (826) |  |  | (723) |
Sales contract derivative assets | 4,493 |  |  | 960 |
Cash collateral posted with brokers(a) | 17,039 |  |  | 33,475 |
Derivatives coverage(b): |  |  |
Corn | 12.1 | % |  | 10.9 | %
Soybean meal | 17.5 | % |  | 39.6 | %
Period through which stated percent of needs are covered: |  |  |
Corn | July 2025 |  | July 2024
Soybean meal | March 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 |  | Six Months Ended |  |  |
Gains (Losses) by Type of Contract (a) | June 30, 2024 |  | June 25, 2023 |  | June 30, 2024 |  | June 25, 2023 |  |  |  |  | Affected Line Item in the Condensed Consolidated Statements of Income
| (In thousands) |  |  |  |  |
Foreign currency derivatives loss | $ | — |  |  | $ | (28,551) |  |  | $ | — |  |  | $ | (47,654) |  |  |  |  |  | Foreign currency transaction losses
Commodity derivative gain (loss) | (6,146) |  |  | 188 |  |  | (16,194) |  |  | (16,347) |  |  |  |  |  | Cost of sales
Sales contract derivative gain (loss) | 1,438 |  |  | (1,637) |  |  | 3,533 |  |  | 2,528 |  |  |  |  |  | Net sales
Total | $ | (4,708) |  |  | $ | (30,000) |  |  | $ | (12,661) |  |  | $ | (61,473) |  |  |  |  |  |
(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 |  | Six Months Ended |  |
| June 30, 2024 |  | June 25, 2023 |  | June 30, 2024 |  | June 25, 2023 |  |  |  |
| (In thousands) |  |  |  |
Foreign currency derivative gains (losses) | $ | 1,545 |  |  | $ | 16 |  |  | $ | 2,000 |  |  | $ | (1,648) |  |  |  |  |
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income |
| Gains (Losses) Reclassified from AOCI into Income
| Three Months Ended June 30, 2024 |  | Three Months Ended June 25, 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 | $ | 4,559,314 |  |  | $ | 3,867,688 |  |  | $ | 31,201 |  |  | $ | 4,308,091 |  |  | $ | 4,029,666 |  |  | $ | 47,152 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | 915 |  |  | (105) |  |  | — |  |  | 120 |  |  | 56 |  |  | — |
(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
| Six Months Ended June 30, 2024 |  | Six Months Ended June 25, 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 | $ | 8,921,248 |  |  | $ | 7,845,713 |  |  | $ | 72,444 |  |  | $ | 8,473,719 |  |  | $ | 8,022,247 |  |  | $ | 89,814 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | 1,956 |  |  | (105) |  |  | — |  |  | 335 |  |  | (14) |  |  | — |
(a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration