v3.26.3
DERIVATIVE FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 27, 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:
September 27, 2026December 28, 2025
(In thousands)
Fair values:
Commodity derivative assets$17,323 $9,509 
Commodity derivative liabilities(8,249)(1,343)
Foreign currency derivative assets1,660 95 
Foreign currency derivative liabilities(138)(205)
Sales contract derivative liabilities(4,826)(2,638)
Cash collateral posted with brokers(a)
1,186 — 
Margin cash payable(a)
— (3,886)
Derivatives coverage(b):
Corn12.5 %11.6 %
Soybean meal13.0 %13.8 %
Period through which stated percent of needs are covered:
CornDecember 2027December 2026
Soybean mealJuly 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 EndedNine Months Ended
Type of Contract (a)
September 27, 2026September 28, 2025September 27, 2026September 28, 2025Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Commodity derivatives$16,824 $7,260 $12,080 $(14,744)Cost of sales
Sales contract derivatives(5,457)(5,527)(2,188)(2,299)Net sales
Foreign currency derivatives1,592 — 1,592 — Foreign currency transaction losses
Total$12,959 $1,733 $11,484 $(17,043)
(a)Amounts represent income (expenses) related to results of operations.
The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gains (Losses) Recognized in Other Comprehensive Income (Loss)
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Foreign currency derivatives$(268)$(2,504)$178 $(846)
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended September 27, 2026Three Months Ended September 28, 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$4,653,206 $4,319,534 $4,759,342 $4,099,958 
Impact from cash flow hedging instruments:
Foreign currency derivatives(243)(65)(734)— 
(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
Nine Months Ended September 27, 2026Nine Months Ended September 28, 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$13,812,069 $12,793,155 $13,979,716 $12,050,164 
Impact from cash flow hedging instruments:
Foreign currency derivatives(223)(101)(2,047)(31)
(a)Amounts represent income (expenses) related to net sales.
(b)Amounts represent expenses (income) related to cost of sales.
At September 27, 2026, there was a $1.2 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.