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REPORTABLE SEGMENTS
 6 Months Ended
Jun. 29, 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 EndedSix Months Ended
June 29, 2025(a)
June 30, 2024(b)
June 29, 2025(c)
June 30, 2024(d)
(In thousands)
Net sales
U.S.$2,820,385 $2,663,965 $5,563,574 $5,243,297 
Europe1,371,270 1,301,541 2,602,799 2,569,444 
Mexico565,710 593,808 1,054,001 1,108,507 
Total net sales$4,757,365 $4,559,314 $9,220,374 $8,921,248 
(a)In addition to the above third party sales, for the three months ended June 29, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $21.5 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 June 30, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $29.0 million. These sales consisted of fresh products, prepared products and grain.
(c)In addition to the above third party sales, for the six months ended June 29, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $49.2 million. These sales consisted of fresh products, prepared products and grain.
(d)In addition to the above third party sales, for the six months ended June 30, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $76.9 million. These sales consisted of fresh products, prepared products and grain.
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Cost of sales
U.S.$2,331,143 $2,211,626 $4,686,710 $4,553,666 
Europe1,247,137 1,187,671 2,362,362 2,363,409 
Mexico463,790 468,391 901,134 928,638 
Total cost of sales$4,042,070 $3,867,688 $7,950,206 $7,845,713 

Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Gross profit
U.S.$489,242 $452,339 $876,864 $689,631 
Europe124,133 113,870 240,437 206,035 
Mexico101,920 125,417 152,867 179,869 
Total gross profit$715,295 $691,626 $1,270,168 $1,075,535 

Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Selling, general administrative expenses
U.S.$134,255 $144,351 $203,071 $202,226 
Europe50,215 53,202 100,836 99,692 
Mexico14,987 16,608 29,329 31,319 
Total SG&A expenses$199,457 $214,161 $333,236 $333,237 

Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Restructuring activities charges
Europe$3,499 $36,675 $20,111 $51,234 

Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Operating income
U.S.$354,987 $307,988 $673,793 $487,405 
Europe70,419 23,993 119,490 55,109 
Mexico86,933 108,809 123,538 148,550 
Total operating income$512,339 $440,790 $916,821 $691,064 
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Reconciliation of profit or loss (segment operating income)
Total operating income$512,339 $440,790 $916,821 $691,064 
Interest expense, net of capitalized interest42,475 31,201 84,213 72,444 
Interest income(11,024)(15,863)(35,977)(26,209)
Foreign currency transaction losses (gains)4,892 (2,225)2,839 (6,562)
Miscellaneous, net414 504 (278)(2,782)
Income before income taxes475,582 427,173 866,024 654,173 
Income tax expense119,573 100,650 213,672 152,712 
Net income$356,009 $326,523 $652,352 $501,461 
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Interest expense
U.S.$41,423 $31,339 $82,636 $77,674 
Europe872 560 1,249 1,054 
Mexico180 783 328 914 
Eliminations— (1,481)— (7,198)
Total interest expense$42,475 $31,201 $84,213 $72,444 
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Interest income
U.S.$(5,771)$(6,394)$(21,417)$(8,143)
Europe(1,047)(3,115)(3,328)(5,592)
Mexico(4,206)(7,835)(11,232)(19,672)
Eliminations— 1,481 — 7,198 
Total interest income$(11,024)$(15,863)$(35,977)$(26,209)
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Income tax expense (benefit)
U.S.$78,204 $82,117 $149,216 $114,177 
Europe16,001 (14,212)25,923 (4,655)
Mexico25,368 32,745 38,533 43,190 
Total income tax expense$119,573 $100,650 $213,672 $152,712 
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Depreciation and amortization
U.S.$71,148 $67,199 $137,535 $129,884 
Europe36,929 34,866 70,066 69,894 
Mexico5,426 5,883 10,421 11,520 
Total depreciation and amortization$113,503 $107,948 $218,022 $211,298 
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Capital expenditures(a)
U.S.$110,203 $77,883 $182,130 $156,514 
Europe32,087 18,610 53,751 35,751 
Mexico17,890 4,445 23,089 7,741 
Total capital expenditures$160,180 $100,938 $258,970 $200,006 
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of June 29, 2025.
June 29, 2025December 29, 2024
(In thousands)
Total assets
U.S.$6,820,767 $7,848,510 
Europe4,384,069 4,051,150 
Mexico1,178,815 1,172,728 
Eliminations(2,264,985)(2,421,812)
Total assets$10,118,666 $10,650,576 
June 29, 2025December 29, 2024
(In thousands)
Long-lived assets(a)
U.S.$2,197,118 $2,156,858 
Europe1,048,818 979,116 
Mexico298,794 261,518 
Eliminations(3,888)(3,888)
Total long-lived assets$3,540,842 $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 EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(In thousands)
Net sales to customers by customer location
U.S.$2,721,277 $2,545,259 $5,356,976 $5,016,475 
Europe1,349,449 1,289,247 2,562,426 2,547,867 
Mexico574,284 606,648 1,073,028 1,132,805 
Asia-Pacific75,841 79,697 151,367 151,188 
Canada, Caribbean and Central America18,008 19,120 36,196 35,278 
Africa10,749 13,305 25,631 26,977 
South America7,757 6,038 14,750 10,658 
Total$4,757,365 $4,559,314 $9,220,374 $8,921,248 
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.