PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 28, 2025

Property, Plant and Equipment [Abstract]

Property, plant and equipment (“PP&E”), net consisted of the following:


	December 28, 2025		December 29, 2024
	(In thousands)
Land	$	220,462	$	215,305
Buildings	2,445,820		2,307,851
Machinery and equipment	4,417,923		4,137,561
Autos and trucks	137,293		130,013
Finance lease assets	4,990		4,275
Construction-in-progress	667,315		299,933
PP&E, gross	7,893,803		7,094,938
Accumulated depreciation	(4,360,776)		(3,957,047)
PP&E, net	$	3,533,027	$	3,137,891

The Company recognized depreciation expense of $423.0 million, $401.2 million and $386.8 million during 2025, 2024 and 2023, respectively.

During 2025, the Company incurred $718.5 million on capital projects and transferred $359.2 million of completed projects from construction-in-progress to depreciable assets. During 2024, the Company spent $458.5 million on capital projects and transferred $633.0 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the years ended December 28, 2025 and December 29, 2024 were $40.2 million and $29.2 million, respectively.

During 2025, the Company sold certain PP&E for $5.6 million and recognized a loss of $3.9 million. PP&E sold in 2025 consisted of a feed mill in the U.S., breeder farm equipment in Mexico, and other miscellaneous equipment. During 2024, the Company sold certain PP&E for $15.4 million and recognized a gain of $1.8 million. PP&E sold in 2024 consisted of a farm in Mexico and other miscellaneous equipment.

The Company has closed or idled various facilities in the U.S. and 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 December 28, 2025, the carrying amount of these idled assets was $19.6 million based on depreciable value of $113.9 million and accumulated depreciation of $94.3 million. During 2025, the Company recognized an impairment loss on PP&E of $0.5 million incurred as a result of planned restructuring activities in the Europe reportable segment. Additional information regarding restructuring activities is included in “Note 18. Restructuring-Related Activities.”

As of December 28, 2025, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its property, plant and equipment held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its property, plant and equipment held for use at that date.