v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 28, 2026
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:
June 28, 2026December 28, 2025
 (In thousands)
Fair values:
Commodity derivative assets$9,831 $9,509 
Commodity derivative liabilities(12,956)(1,343)
Foreign currency derivative assets335 95 
Foreign currency derivative liabilities(223)(205)
Sales contract derivative assets630 — 
Sales contract derivative liabilities— (2,638)
Cash collateral posted with brokers(a)
9,461 — 
Margin cash payable(a)
— (3,886)
Derivatives coverage(b):
Corn17.5 %11.6 %
Soybean meal18.0 %13.8 %
Period through which stated percent of needs are covered:
CornJuly 2027December 2026
Soybean mealMay 2027December 2026
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Type of Contract (a)
June 28, 2026June 29, 2025June 28, 2026June 29, 2025Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Commodity derivatives$(6,756)$(14,819)$(4,744)$(22,004)Cost of sales
Sales contract derivatives3,027 798 3,269 3,228 Net sales
Total$(3,729)$(14,021)$(1,475)$(18,776)
(a)Amounts represent income (expenses) related to results of operations.
The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gains (Losses) Recognized in Other Comprehensive Income (Loss)
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Foreign currency derivatives$(172)$(15)$447 $1,658 
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended June 28, 2026Three Months Ended June 29, 2025
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 Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$4,626,230 $4,286,478 $4,757,365 $4,042,070 
Impact from cash flow hedging instruments:
Foreign currency derivatives(119)(9)(1,310)(18)
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales.
Gains (Losses) Reclassified from AOCI into Income
Six Months Ended June 28, 2026Six Months Ended June 29, 2025
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 Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$9,158,863 $8,473,621 $9,220,374 $7,950,206 
Impact from cash flow hedging instruments:
Foreign currency derivatives20 (36)(1,313)(31)
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales.
At June 28, 2026, there was a $1.1 million pre-tax deferred net loss on foreign currency derivatives recorded in AOCI that is expected to be reclassified to the Condensed 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 loss to earnings.