Investments in and Advances to Unconsolidated Companies

12 Months Ended

Dec. 26, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Companies

Investments in and Advances to Unconsolidated Companies

Investments in and advances to unconsolidated companies amounted to $63.2 million as of December 26, 2025 and $39.9 million as of December 27, 2024. These investments are accounted for under the equity method of accounting, and primarily relate to investments in limited partnerships and joint ventures in the food, nutrition and agricultural technology sectors. Our investments in unconsolidated companies include investments in companies who qualify as investment companies pursuant to Accounting Standards Codification Topic 946, Financial Services - Investment Companies ("ASC 946") and, accordingly, are carried at net asset value ("NAV"), which approximates fair value. Our investments in unconsolidated companies who qualify as investment companies under ASC 946, which make up approximately $52.9 million of the balance as of December 26, 2025 and $32.3 million of the balance as of December 27, 2024, cannot be redeemed, but the funds will make distributions through liquidation. The estimate of the liquidation period varies from 2026 to 2037. Total unfunded commitments related to our investments in and advances to unconsolidated companies as of December 26, 2025 were $12.3 million, of which $1.7 million was funded during January 2026.

Distributions received from these investments were $2.5 million for the year ended December 26, 2025 and were not significant for the years ended December 27, 2024 and December 29, 2023. On February 10, 2026, we received a distribution of $29.6 million as a result of the January 2026 liquidation of an investment fund whose carrying value made up $23.0 million of our investments in and advances to unconsolidated companies as of December 26, 2025.