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REPORTABLE SEGMENTS
 9 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company operates in three reportable segments: U.S., Europe (formerly known as “U.K. and Europe”), and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico 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 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:
Three Months EndedNine Months Ended
September 29, 2024(a)
September 24, 2023(b)
September 29, 2024(c)
September 24, 2023(d)
(In thousands)
Net sales
U.S.$2,773,391 $2,488,317 $8,016,688 $7,367,093 
Europe1,308,127 1,312,205 3,877,571 3,862,219 
Mexico503,461 559,674 1,611,968 1,604,603 
Total$4,584,979 $4,360,196 $13,506,227 $12,833,915 
(a)In addition to the above third party sales, for the three months ended September 29, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $22.5 million. These sales consisted of fresh products, prepared products and grain.
(b)In addition to the above third party sales, for the three months ended September 24, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $105.9 million. These sales consisted of fresh products, prepared products and grain.
(c)In addition to the above third party sales, for the nine months ended September 29, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $99.4 million. These sales consisted of fresh products, prepared products and grain.
(d)In addition to the above third party sales, for the nine months ended September 24, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $201.8 million. These sales consisted of fresh products, prepared products and grain.
Three Months EndedNine Months Ended
September 29, 2024September 24, 2023September 29, 2024September 24, 2023
(In thousands)
Operating income
U.S.$419,844 $101,382 $907,249 $110,541 
Europe45,601 42,809 100,710 70,583 
Mexico42,909 62,182 191,459 157,076 
Eliminations— — — (213)
Total operating income508,354 206,373 1,199,418 337,987 
Interest expense, net of capitalized interest41,597 45,645 114,041 135,459 
Interest income(22,099)(12,115)(48,308)(23,343)
Foreign currency transaction losses (gains)(678)8,924 (7,240)43,462 
Miscellaneous, net7,935 (2,201)5,153 (26,185)
Income before income taxes481,599 166,120 1,135,772 208,594 
Income tax expense131,609 44,553 284,321 20,488 
Net income$349,990 $121,567 $851,451 $188,106 
September 29, 2024December 31, 2023
(In thousands)
Total assets
U.S.$7,748,281 $7,012,211 
Europe4,597,195 4,299,985 
Mexico1,156,010 1,684,711 
Eliminations(2,800,952)(3,186,546)
Total assets$10,700,534 $9,810,361 
September 29, 2024December 31, 2023
(In thousands)
Long-lived assets(a)
U.S.$2,093,152 $2,085,222 
Europe1,032,624 1,041,857 
Mexico258,540 301,919 
Eliminations(3,888)(3,888)
Total long-lived assets$3,380,428 $3,425,110 
(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.