REVENUE RECOGNITION

6 Months Ended

Jun. 29, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

REVENUE RECOGNITION

The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering its products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.

The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facilities, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order.

The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.

Disaggregated Revenue

Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:

	Three Months Ended June 29, 2025
	(In thousands)
	Fresh		Prepared		Export		Other (a)		Total
U.S.	$	2,328,944	$	308,479	$	99,638	$	83,324	$	2,820,385
Europe	415,124		794,844		146,287		15,015		1,371,270
Mexico	481,575		55,914		—		28,221		565,710
Total net sales	$	3,225,643	$	1,159,237	$	245,925	$	126,560	$	4,757,365

	Three Months Ended June 30, 2024
	(In thousands)
	Fresh		Prepared		Export		Other (a)		Total
U.S.	$	2,201,918	$	254,325	$	119,964	$	87,758	$	2,663,965
Europe	286,656		877,312		109,304		28,269		1,301,541
Mexico	508,721		56,075		—		29,012		593,808
Total net sales	$	2,997,295	$	1,187,712	$	229,268	$	145,039	$	4,559,314

	Six Months Ended June 29, 2025
	(In thousands)
	Fresh		Prepared		Export		Other (a)		Total
U.S.	$	4,543,829	$	632,388	$	208,803	$	178,554	$	5,563,574
Europe	737,178		1,553,522		270,148		41,951		2,602,799
Mexico	893,470		106,329		—		54,202		1,054,001
Total net sales	$	6,174,477	$	2,292,239	$	478,951	$	274,707	$	9,220,374

	Six Months Ended June 30, 2024
	(In thousands)
	Fresh		Prepared		Export		Other (a)		Total
U.S.	$	4,315,541	$	523,315	$	228,762	$	175,679	$	5,243,297
Europe	557,804		1,722,308		227,755		61,577		2,569,444
Mexico	938,873		111,595		—		58,039		1,108,507
Total net sales	$	5,812,218	$	2,357,218	$	456,517	$	295,295	$	8,921,248

(a)    Included in Other sales shown above are sales of commodity grains and protein byproducts

Additional disaggregation of revenue by sales channel is provided below:

	Three Months Ended June 29, 2025
	(In thousands)
	Retail		Foodservice		Export		Other		Total
U.S.	$	1,529,945	$	1,094,791	$	99,638	$	96,011	$	2,820,385
Europe	850,374		230,723		146,287		143,886		1,371,270
Mexico(a)	141,941		257,543		—		166,226		565,710
Total net sales	$	2,522,260	$	1,583,057	$	245,925	$	406,123	$	4,757,365

	Three Months Ended June 30, 2024
	(In thousands)
	Retail		Foodservice		Export		Other		Total
U.S.	$	1,395,222	$	1,038,749	$	119,964	$	110,030	$	2,663,965
Europe	821,785		229,800		109,304		140,652		1,301,541
Mexico(a)	137,241		277,533		—		179,034		593,808
Total net sales	$	2,354,248	$	1,546,082	$	229,268	$	429,716	$	4,559,314

	Six Months Ended June 29, 2025
	(In thousands)
	Retail		Foodservice		Export		Other		Total
U.S.	$	3,073,605	$	2,083,268	$	208,803	$	197,898	$	5,563,574
Europe	1,622,228		457,267		270,148		253,156		2,602,799
Mexico(a)	265,987		484,354		—		303,660		1,054,001
Total net sales	$	4,961,820	$	3,024,889	$	478,951	$	754,714	$	9,220,374

	Six Months Ended June 30, 2024
	(In thousands)
	Retail		Foodservice		Export		Other		Total
U.S.	$	2,788,799	$	1,998,888	$	228,762	$	226,848	$	5,243,297
Europe	1,634,043		431,627		227,755		276,019		2,569,444
Mexico(a)	272,372		517,262		—		318,873		1,108,507
Total net sales	$	4,695,214	$	2,947,777	$	456,517	$	821,740	$	8,921,248

(a)Included in Mexico foodservice channel are sales to wholesale public meat markets that typically sell product on to foodservice customers. Included in Mexico other channel are sales to live chicken markets.

Contract Costs

The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred.

Taxes

The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price.

Contract Balances

The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.

Changes in the revenue contract liabilities balance are as follows (in thousands):

Balance as of December 29, 2024	$	48,898
Revenue recognized	(47,706)
Cash received, excluding amounts recognized as revenue during the period	47,745
Effect of exchange rates	227
Balance as of June 29, 2025	$	49,164

Accounts Receivable

The Company records accounts receivable when revenue is recognized. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.