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REPORTABLE SEGMENTS
 12 Months Ended
Dec. 31, 2023
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 31, 2023(a)
December 25, 2022(b)
December 26, 2021(c)
(In thousands)
Net sales
U.S.$10,027,742 $10,748,350 $9,113,879 
U.K. and Europe5,203,322 4,874,738 3,934,062 
Mexico2,131,153 1,845,289 1,729,517 
Total$17,362,217 $17,468,377 $14,777,458 
(a)For the year 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $370.1 million. These sales consisted of fresh products, prepared products and grain and are eliminated in our consolidation.
(b)For the year 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $120.9 million. These sales consisted of fresh products, prepared products, eggs and grain and are eliminated in our consolidation.. For the year 2022, the U.K. and Europe reportable segment had intercompany sales of eggs to the U.S. reportable segment of $5.3 million, which were eliminated in our consolidation.
(c)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 and grain and are eliminated in our consolidation.
Year Ended
December 31, 2023December 25, 2022December 26, 2021
(In thousands)
Operating income
U.S.$238,894 $1,094,025 $(17,036)
U.K. and Europe128,151 (934)(627)
Mexico155,455 83,450 228,773 
Eliminations(214)54 54 
Total operating income522,286 1,176,595 211,164 
Interest expense, net of capitalized interest202,272 152,672 145,792 
Interest income(35,651)(9,028)(6,056)
Foreign currency transaction losses (gains)20,570 30,817 (9,382)
Miscellaneous, net(30,127)(23,339)(11,580)
Income before income taxes365,222 1,025,473 92,390 
Income tax expense42,905 278,935 61,122 
Net income$322,317 $746,538 $31,268 
Year Ended
December 31, 2023December 25, 2022December 26, 2021
(In thousands)
Depreciation and amortization
U.S.$255,052 $244,617 $242,944 
U.K. and Europe142,190 134,374 113,256 
Mexico22,658 24,119 24,624 
Total$419,900 $403,110 $380,824 
Year Ended
December 31, 2023December 25, 2022December 26, 2021
(In thousands)
Capital expenditures(a)
U.S.$417,919 $343,825 $274,934 
U.K. and Europe109,590 114,330 87,004 
Mexico30,244 28,955 19,733 
Total$557,753 $487,110 $381,671 
(a)     Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of December 31, 2023.
 December 31, 2023December 25, 2022
 (In thousands)
Total assets
U.S.$7,012,211 $6,847,209 
U.K. and Europe4,299,985 4,033,990 
Mexico1,684,711 1,292,056 
Eliminations(3,186,546)(2,917,486)
Total$9,810,361 $9,255,769 
Year Ended
December 31, 2023December 25, 2022December 26, 2021
(In thousands)
Net sales to customers by customer location
U.S.$9,496,709 $10,204,411 $8,657,648 
Europe5,148,931 4,813,108 3,878,475 
Mexico2,180,418 1,895,658 1,778,355 
Asia-Pacific 384,946 390,679 317,685 
Canada, Caribbean and Central America72,339 87,515 81,549 
Africa66,519 61,894 47,948 
South America12,355 15,112 15,798 
Total$17,362,217 $17,468,377 $14,777,458 
 December 31, 2023December 25, 2022
 (In thousands)
Long-lived assets(a)
U.S.$2,085,222 $1,943,967 
U.K. and Europe1,041,857 1,011,283 
Mexico301,919 295,069 
Eliminations(3,888)(3,675)
Total$3,425,110 $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.
Information regarding net sales attributable to each of our primary product lines and markets served with those products is included in “Note 2. Revenue Recognition.” We based the table on our internal sales reports and their classification of products.