REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 27, 2022

Schedule of Segment Reporting Information, by Segment

Additional information regarding reportable segments is as follows:


	Three Months Ended
	March 26, 2022(a)		March 28, 2021(b)
	(In thousands)
Net sales
U.S.	$	2,581,208	$	1,999,559
U.K. and Europe	1,191,982		854,734
Mexico	467,205		419,132
Total	$	4,240,395	$	3,273,425

(a)For the three months ended March 27, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $43.4 million. These sales consisted of fresh products, prepared products and grain.

(b)For the three months ended March 28, 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $68.1 million. These sales consisted of fresh products and grain.


	Three Months Ended
	March 27, 2022		March 28, 2021
	(In thousands)
Reportable segment profit (loss):
U.S.	$	355,075	$	68,125
U.K. and Europe	(21,640)		10,495
Mexico	68,564		79,830
Eliminations	14		14
Total operating income	402,013		158,464
Interest expense, net of capitalized interest	36,296		30,334
Interest income	(1,274)		(2,366)
Foreign currency transaction losses	11,536		2,514
Miscellaneous, net	(324)		(7,844)

Income before income taxes	355,779		135,826
Income tax expense	75,219		35,358
Net income	$	280,560	$	100,468


	March 27, 2022		December 26, 2021
	(In thousands)
Total assets by reportable segment:
U.S.	$	6,761,031	$	6,390,845
U.K. and Europe	4,237,911		4,292,558
Mexico	1,235,773		1,146,204
Eliminations	(2,916,848)		(2,916,402)
Total assets	$	9,317,867	$	8,913,205


	March 27, 2022		December 26, 2021
	(In thousands)
Long-lived assets by reportable segment(a):
U.S.	$	1,860,198	$	1,862,584
U.K. and Europe	1,090,049		1,125,197
Mexico	282,587		284,980
Eliminations	(3,716)		(3,729)
Total long-lived assets	$	3,229,118	$	3,269,032

(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.