v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 28, 2025
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 28, 2025December 29, 2024
(In thousands)
Fair values
Commodity derivative assets$9,509 $6,598 
Commodity derivative liabilities(1,343)(2,494)
Foreign currency derivative assets95 755 
Foreign currency derivative liabilities(205)(1,397)
Sales contract derivative liabilities(2,638)(778)
Cash collateral posted with brokers(a)
— 2,324 
Margin cash payable(b)
(3,886)— 
Derivatives coverage(c)
Corn11.6 %11.5 %
Soybean meal13.8 %9.3 %
Period through which stated percent of needs are covered:
CornDecember 2026December 2025
Soybean mealDecember 2026March 2026
(a)Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents.
(b)Collateral that is owed to brokers is reflected in margin cash payable
(c)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss)
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Year Ended
Type of Contract (a)
December 28, 2025December 29, 2024December 31, 2023Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives$— $— $(34,229)Foreign currency transaction losses (gains)
Commodity derivatives(2,515)(11,008)(5,318)Cost of sales
Sales contract derivatives(1,860)(1,738)4,665 Net sales
Total$(4,375)$(12,746)$(34,882)
(a)Amounts represent income (expenses) related to results of operations.
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 (Loss)
December 28, 2025December 29, 2024December 31, 2023
(In thousands)
Foreign currency derivatives$(2,318)$1,767 $(2,579)
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income
Gains (Losses) Reclassified from AOCI into Income
December 28, 2025December 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.