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PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 29, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (“PP&E”), net consisted of the following:
September 29, 2024December 31, 2023
(In thousands)
Land$378,073 $273,846 
Buildings2,093,646 2,170,716 
Machinery and equipment4,099,773 3,953,008 
Autos and trucks130,190 93,858 
Finance lease assets4,275 5,550 
Construction-in-progress384,737 458,146 
PP&E, gross7,090,694 6,955,124 
Accumulated depreciation(3,978,078)(3,796,721)
PP&E, net$3,112,616 $3,158,403 
The Company recognized depreciation expense of $102.3 million and $96.2 million during the three months ended September 29, 2024 and September 24, 2023, respectively. The Company recognized depreciation expense of $297.5 million and $282.6 million during the nine months ended September 29, 2024 and September 24, 2023, respectively.
During the nine months ended September 29, 2024, the Company incurred $285.8 million on capital projects and transferred $360.7 million of completed projects from construction-in-progress to depreciable assets. During the nine months ended September 24, 2023, the Company spent $432.3 million on capital projects and transferred $292.6 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the periods ended September 29, 2024 and December 31, 2023 were $15.8 million and $46.9 million, respectively.
During the three and nine months ended September 29, 2024, the Company sold a feed mill in the U.S. and breeder farm equipment in Mexico for proceeds of $5.2 million and $9.7 million, respectively, and recognized a net gain of $1.6 million and a net loss of $1.1 million, respectively, on these sales. During the three and nine months ended September 24, 2023, the Company sold certain PP&E for $2.2 million and $17.2 million, respectively, in cash and recognized a net loss of $0.9 million and a net gain of $8.4 million, respectively, on these sales.
During the nine months ended September 29, 2024, the Company reclassified $5.5 million of certain building and land assets from PP&E to assets held for sale. The assets reclassified to assets held for sale are in connection with our ongoing restructuring activities of our Europe reportable segment. We measured the assets held for sale at the lower of their carrying value or fair value less anticipated costs to sell.
The Company has closed or idled various other facilities in the U.S. and in the U.K. The Board of Directors has not determined if it would be in the best interest of the Company to divest any of these idled assets. Management is therefore not certain that it can or will divest any of these assets within one year, is not actively marketing these assets and, accordingly, has not classified them as assets held for sale. The Company continues to depreciate these assets. As of September 29, 2024, the carrying amounts of these idled assets totaled $48.0 million based on depreciable value of $186.9 million and accumulated depreciation of $138.9 million. Idled asset values include those assets that are no longer in use as a result of the recent restructuring activities of our Europe reportable segment. During the nine months ended September 29, 2024, the Company recognized an additional impairment loss on PP&E of $26.6 million incurred as a result of those restructuring activities. Additional information regarding restructuring activities is included in “Note 16. Restructuring-Related Activities.”
As of September 29, 2024, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its PP&E held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its PP&E held for use at that date.