REPORTABLE SEGMENTS (Tables)

6 Months Ended

Jun. 25, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Additional information regarding reportable segments is as follows:

	Three Months Ended				Six Months Ended
	June 25, 2023(a)		June 26, 2022(b)		June 25, 2023(c)		June 26, 2022(d)
	(In thousands)
Net sales
U.S.	$	2,446,208	$	2,899,879	$	4,878,776	$	5,481,087
U.K. and Europe	1,310,750		1,245,052		2,550,014		2,437,034
Mexico	551,133		486,717		1,044,929		953,922
Total	$	4,308,091	$	4,631,648	$	8,473,719	$	8,872,043

(a)For the three months ended June 25, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $64.9 million. These sales consisted of fresh products, prepared products and grain.

(b)For the three months ended June 26, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $26.3 million. These sales consisted of fresh products, prepared products, grain and egg sales.

(c)For the six months ended June 25, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $95.9 million. These sales consisted of fresh products, prepared products and grain.

(d)For the six months ended June 26, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $69.7 million. These sales consisted of fresh products, prepared products, grain and egg sales.

	Three Months Ended				Six Months Ended
	June 25, 2023		June 26, 2022		June 25, 2023		June 26, 2022
	(In thousands)
Reportable segment profit:
U.S.	$	37,265	$	453,198	$	9,159	$	808,273
U.K. and Europe	2,513		7,848		27,774		(13,792)
Mexico	60,719		51,844		94,894		120,408
Eliminations	(226)		14		(213)		28
Total operating income	100,271		512,904		131,614		914,917
Interest expense, net of capitalized interest	47,152		38,112		89,814		74,408
Interest income	(7,628)		(1,010)		(11,228)		(2,284)
Foreign currency transaction losses	16,395		2,758		34,538		14,294
Miscellaneous, net	(1,331)		(1,688)		(23,984)		(2,012)
Income before income taxes	45,683		474,732		42,474		830,511
Income tax expense (benefit)	(15,225)		112,711		(24,065)		187,930
Net income	$	60,908	$	362,021	$	66,539	$	642,581

	June 25, 2023		December 25, 2022
	(In thousands)
Total assets by reportable segment:
U.S.	$	7,215,483	$	6,847,209
U.K. and Europe	4,297,959		4,033,990
Mexico	1,429,248		1,292,056
Eliminations	(3,020,179)		(2,917,486)
Total assets	$	9,922,511	$	9,255,769

	June 25, 2023		December 25, 2022
	(In thousands)
Long-lived assets by reportable segment(a):
U.S.	$	2,011,492	$	1,943,967
U.K. and Europe	1,059,268		1,011,283
Mexico	299,826		295,069
Eliminations	(3,888)		(3,675)
Total long-lived assets	$	3,366,698	$	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.