REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 26, 2023

Schedule of Segment Reporting Information, by Segment

Additional information regarding reportable segments is as follows:


	Three Months Ended
	March 26, 2023(a)		March 27, 2022(b)
	(In thousands)
Net sales
U.S.	$	2,432,568	$	2,581,208
U.K. and Europe	1,239,264		1,191,982
Mexico	493,796		467,205
Total	$	4,165,628	$	4,240,395

(a)For the three months ended March 26, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $31.0 million. These sales consisted of fresh products, prepared products and grain.

(b)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.


	Three Months Ended
	March 26, 2023		March 27, 2022
	(In thousands)
Reportable segment profit (loss):
U.S.	$	(28,106)	$	355,075
U.K. and Europe	25,261		(21,640)
Mexico	34,175		68,564
Eliminations	13		14
Total operating income	31,343		402,013
Interest expense, net of capitalized interest	42,662		36,296
Interest income	(3,600)		(1,274)
Foreign currency transaction losses	18,143		11,536
Miscellaneous, net	(22,653)		(324)

Income (loss) before income taxes	(3,209)		355,779
Income tax expense (benefit)	(8,840)		75,219
Net income	$	5,631	$	280,560


	March 26, 2023		December 25, 2022
	(In thousands)
Total assets by reportable segment:
U.S.	$	6,813,350	$	6,847,209
U.K. and Europe	4,124,386		4,033,990
Mexico	1,302,434		1,292,056
Eliminations	(3,012,665)		(2,917,486)
Total assets	$	9,227,505	$	9,255,769


	March 26, 2023		December 25, 2022
	(In thousands)
Long-lived assets by reportable segment(a):
U.S.	$	1,983,051	$	1,943,967
U.K. and Europe	1,009,838		1,011,283
Mexico	298,242		295,069
Eliminations	(3,661)		(3,675)
Total long-lived assets	$	3,287,470	$	3,246,644

(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.