PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 30, 2025

Property, Plant and Equipment [Abstract]

Property, plant and equipment (“PP&E”), net consisted of the following:


	March 30, 2025		December 29, 2024
	(In thousands)
Land	$	214,469	$	215,305
Buildings	2,334,653		2,307,851
Machinery and equipment	4,216,986		4,137,561
Autos and trucks	134,506		130,013
Finance lease assets	4,275		4,275
Construction-in-progress	333,271		299,933
PP&E, gross	7,238,160		7,094,938
Accumulated depreciation	(4,076,846)		(3,957,047)
PP&E, net	$	3,161,314	$	3,137,891

The Company recognized depreciation expense of $96.5 million and $95.2 million during the three months ended March 30, 2025 and March 31, 2024, respectively.

During the three months ended March 30, 2025, the Company incurred $98.8 million on capital projects and transferred $63.5 million of completed projects from construction-in-progress to depreciable assets. During the three months ended March 31, 2024, the Company spent $99.1 million on capital projects and transferred $133.7 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the periods ended March 30, 2025 and December 29, 2024 were $29.8 million and $29.2 million, respectively.

During the three months ended March 30, 2025, the Company sold certain PP&E for $1.2 million in cash and recognized a net loss of $0.9 million on these sales. During the three months ended March 31, 2024, the Company sold certain PP&E for $2.2 million in cash and recognized a net loss of $1.8 million on these sales.

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 March 30, 2025, the carrying amounts of these idled assets totaled $40.8 million based on depreciable value of $168.8 million and accumulated depreciation of $128.0 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 three months ended March 30, 2025, the Company recognized an additional impairment loss on PP&E of $0.6 million incurred as a result of those restructuring activities. Additional information regarding restructuring activities is included in “Note 16. Restructuring-Related Activities.”

As of March 30, 2025, 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.