TRADE ACCOUNTS AND OTHER RECEIVABLES

3 Months Ended

Mar. 29, 2026

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Trade accounts and other receivables, less allowance for credit losses, consisted of the following:


	March 29, 2026		December 28, 2025
	(In thousands)
Trade accounts receivable	$	1,041,896	$	1,109,218
Notes receivable from third parties	9,920		10,111
Other receivables	30,179		52,690
Receivables, gross	1,081,995		1,172,019
Allowance for credit losses (a)	(7,050)		(7,116)
Receivables, net	$	1,074,945	$	1,164,903

Accounts receivable from related parties(b)	$	15,541	$	13,398

(a)Activity in the allowance for credit losses was immaterial in the three months ended March 29, 2026.

(b)Additional information regarding accounts receivable from related parties is included in “Note 15. Related Party Transactions.”

In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with a maximum capacity of $415.0 million and no recourse to the Company or JBS USA. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860, Broad Transactions – Transfers and Servicing. At the transfer date, the Company receives cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.