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REPORTABLE SEGMENTS
 3 Months Ended
Mar. 30, 2025
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.
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:
Three Months Ended
March 30, 2025(a)
March 31, 2024(b)
(In thousands)
Net sales
U.S.$2,743,189 $2,579,332 
Europe1,231,529 1,267,903 
Mexico488,291 514,699 
Total net sales$4,463,009 $4,361,934 
(a)In addition to the above third party sales, for the three months ended March 30, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $27.7 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 March 31, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $47.9 million. These sales consisted of fresh products, prepared products and grain.
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Cost of sales
U.S.$2,355,567 $2,342,040 
Europe1,115,225 1,175,738 
Mexico437,344 460,247 
Total cost of sales$3,908,136 $3,978,025 

Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Gross profit
U.S.$387,622 $237,292 
Europe116,304 92,165 
Mexico50,947 54,452 
Total gross profit$554,873 $383,909 

Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Selling, general administrative expenses
U.S.$68,816 $57,875 
Europe50,621 46,490 
Mexico14,342 14,711 
Total SG&A expenses$133,779 $119,076 

Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Restructuring activities charges
Europe$16,612 $14,559 

Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Operating income
U.S.$318,806 $179,417 
Europe49,071 31,116 
Mexico36,605 39,741 
Total operating income$404,482 $250,274 
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Reconciliation of profit or loss (segment operating income)
Total operating income$404,482 $250,274 
Interest expense, net of capitalized interest41,738 41,243 
Interest income(24,953)(10,346)
Foreign currency transaction gains(2,053)(4,337)
Miscellaneous, net(692)(3,286)
Income before income taxes390,442 227,000 
Income tax expense94,099 52,062 
Net income$296,343 $174,938 
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Interest expense
U.S.$41,213 $46,335 
Europe377 494 
Mexico148 131 
Eliminations— (5,717)
Total interest expense$41,738 $41,243 
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Interest income
U.S.$(15,646)$(1,749)
Europe(2,281)(2,477)
Mexico(7,026)(11,837)
Eliminations— 5,717 
Total interest income$(24,953)$(10,346)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Income tax expense
U.S.$71,012 $32,060 
Europe9,922 9,557 
Mexico13,165 10,445 
Total income tax expense$94,099 $52,062 
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Depreciation and amortization
U.S.$66,386 $62,685 
Europe33,137 35,028 
Mexico4,995 5,637 
Total depreciation and amortization$104,518 $103,350 
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Capital expenditures(a)
U.S.$71,927 $78,631 
Europe21,664 17,141 
Mexico5,199 3,296 
Total capital expenditures$98,790 $99,068 
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of March 30, 2025.
March 30, 2025December 29, 2024
(In thousands)
Total assets
U.S.$7,986,902 $7,848,510 
Europe4,143,997 4,051,150 
Mexico1,184,975 1,172,728 
Eliminations(2,352,115)(2,421,812)
Total assets$10,963,759 $10,650,576 
March 30, 2025December 29, 2024
(In thousands)
Long-lived assets(a)
U.S.$2,157,951 $2,156,858 
Europe992,394 979,116 
Mexico263,035 261,518 
Eliminations(3,888)(3,888)
Total long-lived assets$3,409,492 $3,393,604 
(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.
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Net sales to customers by customer location
U.S.$2,635,699 $2,471,216 
Europe1,212,977 1,258,620 
Mexico498,744 526,157 
Asia-Pacific75,526 71,491 
Canada, Caribbean and Central America18,188 16,158 
Africa14,882 13,672 
South America6,993 4,620 
Total$4,463,009 $4,361,934 
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.