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PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 29, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (“PP&E”), net consisted of the following:
June 29, 2025December 29, 2024
(In thousands)
Land$219,987 $215,305 
Buildings2,389,153 2,307,851 
Machinery and equipment4,319,469 4,137,561 
Autos and trucks133,286 130,013 
Finance lease assets8,935 4,275 
Construction-in-progress439,710 299,933 
PP&E, gross7,510,540 7,094,938 
Accumulated depreciation(4,212,747)(3,957,047)
PP&E, net$3,297,793 $3,137,891 
The Company recognized depreciation expense of $105.1 million and $99.9 million during the three months ended June 29, 2025 and June 30, 2024, respectively. The Company recognized depreciation expense of $201.6 million and $195.2 million during the six months ended June 29, 2025 and June 30, 2024, respectively.
During the six months ended June 29, 2025, the Company incurred $254.9 million on capital projects and transferred $126.1 million of completed projects from construction-in-progress to depreciable assets. During the six months ended June 30, 2024, the Company incurred $200.0 million on capital projects and transferred $278.7 million of completed projects from
construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the periods ended June 29, 2025 and December 29, 2024 were $28.9 million and $29.2 million, respectively.
During the three and six months ended June 29, 2025, the Company sold certain PP&E for $1.7 million and $2.9 million, respectively, in cash and recognized a net loss of $1.1 million and $2.0 million, respectively, on these sales. During the three and six months ended June 30, 2024, the Company sold certain PP&E for $2.3 million and $4.6 million, respectively, in cash and recognized a net loss of $0.9 million and $2.7 million, respectively, 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 June 29, 2025, the carrying amounts of these idled assets totaled $39.8 million based on a depreciable value of $175.7 million and accumulated depreciation of $135.9 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 six months ended June 29, 2025, the Company recognized an additional impairment loss on PP&E of $0.8 million incurred as a result of those restructuring activities. Additional information regarding restructuring activities is included in “Note 16. Restructuring-Related Activities.”
As of June 29, 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.