XML 55 R43.htm IDEA: XBRL DOCUMENT v3.25.3
REPORTABLE SEGMENTS (Tables)
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Additional information regarding reportable segments is as follows:
Three Months EndedNine Months Ended
September 28, 2025(a)
September 29, 2024(b)
September 28, 2025(c)
September 29, 2024(d)
(In thousands)
Net sales
U.S.$2,836,613 $2,773,391 $8,400,187 $8,016,688 
Europe1,392,495 1,308,127 3,995,294 3,877,571 
Mexico530,234 503,461 1,584,235 1,611,968 
Total net sales$4,759,342 $4,584,979 $13,979,716 $13,506,227 
(a)In addition to the above third party sales, for the three months ended September 28, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $28.5 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 September 29, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $22.5 million. These sales consisted of fresh products, prepared products and grain.
(c)In addition to the above third party sales, for the nine months ended September 28, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $77.7 million. These sales consisted of fresh products, prepared products and grain.
(d)In addition to the above third party sales, for the nine months ended September 29, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $99.4 million. These sales consisted of fresh products, prepared products and grain.
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Cost of sales
U.S.$2,353,296 $2,280,425 $7,040,006 $6,834,091 
Europe1,271,148 1,176,286 3,633,510 3,539,695 
Mexico475,514 444,298 1,376,648 1,372,936 
Total cost of sales$4,099,958 $3,901,009 $12,050,164 $11,746,722 

Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Gross profit
U.S.$483,317 $492,966 $1,360,181 $1,182,597 
Europe121,347 131,841 361,784 337,876 
Mexico54,720 59,163 207,587 239,032 
Total gross profit$659,384 $683,970 $1,929,552 $1,759,505 

Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Selling, general administrative expenses
U.S.$99,194 $73,122 $302,265 $275,348 
Europe50,084 55,404 150,920 155,096 
Mexico15,719 16,254 45,048 47,573 
Total SG&A expenses$164,997 $144,780 $498,233 $478,017 

Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Restructuring activities charges
Europe$1,779 $30,836 $21,890 $82,070 

Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Operating income
U.S.$384,123 $419,844 $1,057,916 $907,249 
Europe69,484 45,601 188,974 100,710 
Mexico39,001 42,909 162,539 191,459 
Total operating income$492,608 $508,354 $1,409,429 $1,199,418 
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Reconciliation of profit or loss (segment operating income)
Total operating income$492,608 $508,354 $1,409,429 $1,199,418 
Interest expense, net of capitalized interest38,157 41,597 122,370 114,041 
Interest income(9,167)(22,099)(45,144)(48,308)
Foreign currency transaction losses (gains)5,169 (678)8,008 (7,240)
Miscellaneous, net(2,931)7,935 (3,209)5,153 
Income before income taxes461,380 481,599 1,327,404 1,135,772 
Income tax expense118,319 131,609 331,991 284,321 
Net income$343,061 $349,990 $995,413 $851,451 
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Interest expense
U.S.$37,434 $41,368 $120,069 $119,043 
Europe550 692 1,799 1,746 
Mexico173 131 502 1,045 
Eliminations— (594)— (7,793)
Total interest expense$38,157 $41,597 $122,370 $114,041 
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Interest income
U.S.$(4,581)$(10,633)$(25,999)$(18,777)
Europe(553)(4,888)(3,881)(10,480)
Mexico(4,033)(7,172)(15,264)(26,844)
Eliminations— 594 — 7,793 
Total interest income$(9,167)$(22,099)$(45,144)$(48,308)
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Income tax expense (benefit)
U.S.$94,424 $101,478 $243,640 $215,655 
Europe14,135 14,038 40,058 9,383 
Mexico9,760 16,093 48,293 59,283 
Total income tax expense$118,319 $131,609 $331,991 $284,321 
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Depreciation and amortization
U.S.$72,452 $70,121 $209,986 $200,006 
Europe38,170 34,958 108,236 104,852 
Mexico5,804 5,392 16,226 16,910 
Total depreciation and amortization$116,426 $110,471 $334,448 $321,768 
Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Capital expenditures(a)
U.S.$121,283 $62,698 $303,413 $219,212 
Europe22,419 17,234 76,170 52,985 
Mexico34,665 5,872 57,754 13,613 
Total capital expenditures$178,367 $85,804 $437,337 $285,810 
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of the end of the periods.
September 28, 2025December 29, 2024
(In thousands)
Total assets
U.S.$6,827,408 $7,848,510 
Europe4,318,782 4,051,150 
Mexico1,066,653 1,172,728 
Eliminations(2,260,442)(2,421,812)
Total assets$9,952,401 $10,650,576 
September 28, 2025December 29, 2024
(In thousands)
Long-lived assets(a)
U.S.$2,251,355 $2,156,858 
Europe1,013,068 979,116 
Mexico339,398 261,518 
Eliminations(3,888)(3,888)
Total long-lived assets$3,599,933 $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 EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands)
Net sales to customers by customer location
U.S.$2,716,973 $2,652,568 $8,073,949 $7,669,043 
Europe1,371,726 1,294,594 3,934,152 3,842,461 
Mexico538,528 515,837 1,611,556 1,648,642 
Asia-Pacific96,700 77,623 248,067 228,811 
Canada, Caribbean and Central America18,049 27,378 54,245 62,656 
Africa10,298 12,056 35,929 39,033 
South America7,068 4,923 21,818 15,581 
Total$4,759,342 $4,584,979 $13,979,716 $13,506,227