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REPORTABLE SEGMENTS
 12 Months Ended
Dec. 29, 2024
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company operates in three reportable segments: U.S., Europe and Mexico. The Company’s reportable segments are identified by a combination of factors, including geographic area, regulatory environment, economic environment and product portfolios. Each reportable segment is managed separately through a local management team. The results of each operating, or reportable, segment are provided to the chief operating decision maker (“CODM”) on a regular basis. The Company’s CODM is the President and Chief Executive Officer. The information provided to the CODM at the operating segment level is then used to assess performance and make decisions regarding allocation of key resources. The CODM primarily measures segment profit and evaluates performance based on operating income. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
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, lamb 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 29, 2024(a)
December 31, 2023(b)
December 25, 2022(c)
(In thousands)
Net sales
U.S.$10,629,929 $10,027,742 $10,748,350 
Europe5,136,747 5,203,322 4,874,738 
Mexico2,111,615 2,131,153 1,845,289 
Total net sales$17,878,291 $17,362,217 $17,468,377 
(a)For the year 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $121.6 million. These sales consisted of fresh products, prepared products and grain and are eliminated in our consolidation.
(b)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, eggs and grain and are eliminated in our consolidation..
(c)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 and grain and are eliminated in our consolidation. For the year 2022, the Europe reportable segment had intercompany sales of eggs to the U.S. reportable segment of $5.3 million, which were eliminated in our consolidation.
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Cost of sales
U.S.$9,065,837 $9,505,258 $9,312,445 
Europe4,675,080 4,828,623 4,634,066 
Mexico1,824,607 1,909,721 1,710,117 
Eliminations— 214 (54)
Total cost of sales$15,565,524 $16,243,816 $15,656,574 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Gross profit
U.S.$1,564,092 $522,484 $1,435,905 
Europe461,667 374,699 240,672 
Mexico287,008 221,432 135,172 
Eliminations— (214)54 
Total gross profit$2,312,767 $1,118,401 $1,811,803 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Selling, general administrative expenses
U.S.$451,091 $283,590 $341,880 
Europe198,586 202,203 211,140 
Mexico63,633 65,977 51,722 
Total SG&A expenses$713,310 $551,770 $604,742 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Restructuring activities charges
Europe$93,388 $44,345 $30,466 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Operating income
U.S.$1,113,001 $238,894 $1,094,025 
Europe169,693 128,151 (934)
Mexico223,375 155,455 83,450 
Eliminations— (214)54 
Total operating income$1,506,069 $522,286 $1,176,595 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Reconciliation of profit or loss (segment operating income)
Total segment operating income$1,506,069 $522,286 $1,176,595 
Interest expense, net of capitalized interest161,175 202,272 152,672 
Interest income(72,666)(35,651)(9,028)
Foreign currency transaction losses (gains)(10,025)20,570 30,817 
Miscellaneous, net15,316 (30,127)(23,339)
Income before income taxes1,412,269 365,222 1,025,473 
Income tax expense325,046 42,905 278,935 
Net income$1,087,223 322,317 $746,538 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Interest expense
U.S.$166,002 $208,000 $148,720 
Europe2,237 1,728 2,422 
Mexico1,191 558 1,530 
Eliminations(8,255)(8,014)— 
Total interest expense$161,175 $202,272 $152,672 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Interest income
U.S.$32,218 $13,987 $4,779 
Europe16,233 4,656 296 
Mexico32,470 25,022 3,953 
Eliminations(8,255)(8,014)— 
Total interest income$72,666 $35,651 $9,028 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Income tax expense (benefit)
U.S.$237,550 $(5,848)$220,245 
Europe10,750 23,378 8,290 
Mexico76,746 25,375 50,400 
Total income tax expense (benefit)$325,046 $42,905 $278,935 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Depreciation and amortization
U.S.$270,618 $255,052 $244,617 
Europe140,993 142,190 134,374 
Mexico22,011 22,658 24,119 
Total$433,622 $419,900 $403,110 
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Capital expenditures(a)
U.S.$336,973 $417,919 $343,825 
Europe91,177 109,590 114,330 
Mexico30,306 30,244 28,955 
Total$458,456 $557,753 $487,110 
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of December 29, 2024.
 December 29, 2024December 31, 2023
 (In thousands)
Total assets
U.S.$7,848,510 $7,012,211 
Europe4,051,150 4,299,985 
Mexico1,172,728 1,684,711 
Eliminations(2,421,812)(3,186,546)
Total$10,650,576 $9,810,361 
 December 29, 2024December 31, 2023
 (In thousands)
Long-lived assets(a)
U.S.$2,156,858 $2,085,222 
Europe979,116 1,041,857 
Mexico261,518 301,919 
Eliminations(3,888)(3,888)
Total$3,393,604 $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.
Year Ended
December 29, 2024December 31, 2023December 25, 2022
(In thousands)
Net sales to customers by customer location
U.S.$10,165,049 $9,496,709 $10,204,411 
Europe5,087,606 5,148,931 4,813,108 
Mexico2,160,490 2,180,418 1,895,658 
Asia-Pacific 303,570 384,946 390,679 
Canada, Caribbean and Central America89,068 72,339 87,515 
Africa52,329 66,519 61,894 
South America20,179 12,355 15,112 
Total$17,878,291 $17,362,217 $17,468,377 
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.