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REPORTABLE SEGMENTS
 12 Months Ended
Dec. 26, 2021
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company operates in three reportable segments: U.S., U.K. and Europe and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico and U.K. and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. reportable segment.
We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.
The U.K. and Europe reportable segment processes primarily fresh chicken, pork products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.
The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.
Additional information regarding reportable segments is as follows:
Year Ended
December 26, 2021(a)
December 27, 2020(b)
December 29. 2019(c)
(In thousands)
Net sales
U.S.$9,113,879 $7,496,017 $7,636,716 
U.K. and Europe3,934,062 3,274,292 2,383,793 
Mexico1,729,517 1,321,592 1,388,710 
Total$14,777,458 $12,091,901 $11,409,219 
(a)For the year 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $296.9 million. These sales consisted of fresh products, prepared products, eggs and grain.
(b)For the year 2020, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $210.6 million. These sales consisted of fresh products, prepared products and grain.
(c)For the year 2019, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $188.9 million. These sales consisted of fresh products, prepared products and grain.
Year Ended
December 26, 2021December 27, 2020December 29, 2019
(In thousands)
Operating income
U.S.$(17,036)$69,377 $487,275 
U.K. and Europe(627)102,734 79,182 
Mexico228,773 72,879 124,015 
Eliminations54 473 96 
Total operating income211,164 245,463 690,568 
Interest expense, net of capitalized interest145,792 126,118 132,630 
Interest income(6,056)(7,305)(14,277)
Foreign currency transaction (gains) losses(9,382)760 6,917 
Gain on bargain purchase— 3,746 (56,880)
Miscellaneous, net(11,580)(39,681)4,633 
Income before income taxes92,390 161,825 617,545 
Income tax expense61,122 66,755 161,009 
Net income$31,268 $95,070 $456,536 
Year Ended
December 26, 2021December 27, 2020December 29, 2019
(In thousands)
Depreciation and amortization:
U.S.$242,944 $218,244 $207,584 
U.K. and Europe113,256 92,673 60,499 
Mexico24,624 26,187 19,147 
Total$380,824 $337,104 $287,230 
Year Ended
December 26, 2021December 27, 2020December 29, 2019
(In thousands)
Capital expenditures:
U.S.$274,934 $264,149 $269,609 
U.K. and Europe87,004 77,597 58,795 
Mexico19,733 13,016 19,716 
Total$381,671 $354,762 $348,120 
 December 26, 2021December 27, 2020
 (In thousands)
Total assets:
U.S.$6,390,845 $5,189,021 
U.K. and Europe4,292,558 3,034,219 
Mexico1,146,204 1,212,428 
Eliminations(2,916,402)(1,961,171)
Total$8,913,205 $7,474,497 
Year Ended
December 26, 2021December 27, 2020December 29, 2019
(In thousands)
Net sales to customers by customer location:
U.S.$8,657,648 $7,190,808 $7,355,631 
Europe3,878,475 3,225,717 2,363,017 
Mexico1,778,355 1,350,588 1,437,081 
Asia-Pacific 317,685 252,574 175,898 
Canada, Caribbean and Central America81,549 30,792 31,808 
Africa47,948 25,321 28,400 
South America15,798 16,101 17,384 
Total$14,777,458 $12,091,901 $11,409,219 
 December 26, 2021December 29, 2019
 (In thousands)
Long-lived assets(a):
U.S.$1,862,584 $1,815,460 
U.K. and Europe1,125,197 842,049 
Mexico284,980 292,651 
Eliminations(3,729)(3,783)
Total$3,269,032 $2,946,377 
(a)For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting. Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.
The following table sets forth net sales attributable to each of our primary product lines and markets served with those products. We based the table on our internal sales reports and their classification of products.
Year Ended
December 26, 2021December 27, 2020December 29, 2019
(In thousands)
U.S. reportable segment:
Fresh products$7,264,448 $6,137,265 $6,214,954 
Prepared foods898,614 714,563 842,365 
Exports459,371 306,478 282,791 
Other Products491,446 337,711 296,606 
Total U.S. reportable segment9,113,879 7,496,017 7,636,716 
U.K. and Europe reportable segment:
Fresh products1,151,330 1,594,373 1,054,837 
Prepared foods2,214,180 1,237,486 951,718 
Exports458,588 297,414 278,215 
Other Products109,964 145,019 99,023 
Total U.K. and Europe reportable segment3,934,062 3,274,292 2,383,793 
Mexico reportable segment:
Fresh products1,515,453 1,210,952 1,245,976 
Prepared foods128,208 66,572 95,733 
Other products85,856 44,068 47,001 
Total Mexico reportable segment1,729,517 1,321,592 1,388,710 
Total net sales$14,777,458 $12,091,901 $11,409,219