MARKET RISKS AND CONCENTRATIONS

12 Months Ended

Dec. 28, 2025

Risks and Uncertainties [Abstract]

MARKET RISKS AND CONCENTRATIONS

MARKET RISKS AND CONCENTRATIONS

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, investment securities and trade accounts receivable. The Company’s cash equivalents and investment securities are high-quality debt and equity securities placed with major banks and financial institutions. The Company’s trade accounts receivable are generally unsecured. Credit evaluations are performed on all significant customers and updated as circumstances dictate. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas. The Company does not have a single customer that exceeds 10% of net sales. The Company does not believe it has significant concentrations of credit risk in its trade accounts receivable.

As of December 28, 2025, the Company employed over 63,000 people. Approximately 35% of the Company’s employees were covered under collective bargaining agreements. Substantially, all employees covered under collective bargaining agreements are covered under agreements that expire in 2026 or later. The Company has not experienced any labor-related work stoppage at any location in over ten years. The Company believes its relationship with its employees and union leadership is satisfactory. At any given time, the Company will likely be in some stage of contract negotiations with various collective bargaining units. In the absence of an agreement, the Company may become subject to labor disruption at one or more of these locations, which could have an adverse effect on financial results.

As of December 28, 2025, the aggregate carrying amount of net assets belonging to our Mexico and Europe reportable segments was $0.6 billion and $3.1 billion, respectively. As of December 29, 2024, the aggregate carrying amount of net assets belonging to our Mexico and Europe reportable segments was $0.7 billion and $2.9 billion, respectively.