v3.25.4

DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
| December 28, 2025 |  | December 29, 2024
| (In thousands)
Fair values |  |  |
Commodity derivative assets | $ | 9,509 |  |  | $ | 6,598 |
Commodity derivative liabilities | (1,343) |  |  | (2,494) |
Foreign currency derivative assets | 95 |  |  | 755 |
Foreign currency derivative liabilities | (205) |  |  | (1,397) |
Sales contract derivative liabilities | (2,638) |  |  | (778) |
Cash collateral posted with brokers(a) | — |  |  | 2,324 |
Margin cash payable(b) | (3,886) |  |  | — |
Derivatives coverage(c) |  |  |
Corn | 11.6 | % |  | 11.5 | %
Soybean meal | 13.8 | % |  | 9.3 | %
Period through which stated percent of needs are covered: |  |  |
Corn | December 2026 |  | December 2025
Soybean meal | December 2026 |  | March 2026
(a)Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents. (b)Collateral that is owed to brokers is reflected in margin cash payable (c)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date. The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
| Year Ended |
Type of Contract (a) | December 28, 2025 |  | December 29, 2024 |  | December 31, 2023 | Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives | $ | — |  |  | $ | — |  |  | $ | (34,229) |  | Foreign currency transaction losses (gains)
Commodity derivatives | (2,515) |  |  | (11,008) |  |  | (5,318) |  | Cost of sales
Sales contract derivatives | (1,860) |  |  | (1,738) |  |  | 4,665 |  | Net sales
Total | $ | (4,375) |  |  | $ | (12,746) |  |  | $ | (34,882) |  |
(a)Amounts represent income (expenses) related to results of operations. 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 (Loss)
| December 28, 2025 |  | December 29, 2024 |  | December 31, 2023
| (In thousands)
Foreign currency derivatives | $ | (2,318) |  |  | $ | 1,767 |  |  | $ | (2,579) |
| Gains (Losses) Reclassified from AOCI into Income
| December 28, 2025 |  | December 31, 2024
| Net sales(a) |  | Cost of sales(b) |  | Net sales(a) |  | Cost of sales(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 | $ | 18,497,553 |  |  | $ | 16,139,410 |  |  | $ | 17,878,291 |  |  | $ | 15,565,524 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |
Foreign currency derivatives | (2,836) |  |  | (22) |  |  | 1,367 |  |  | (482) |
(a)Amounts represent income (expenses) related to net sales. (b)Amounts represent expenses (income) related to cost of sales and interest expense. As of December 28, 2025, there were $1.5 million of pre-tax deferred net losses on foreign currency derivatives recorded in AOCI expected to be reclassified to the Consolidated Statements of Income during the next twelve months. This expectation is based on the anticipated settlements on the hedged investments in foreign currencies that will occur over the next twelve months, at which time the Company will recognize the deferred losses to earnings.

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