PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 29, 2026

Property, Plant and Equipment [Abstract]

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


	March 29, 2026		December 28, 2025
	(In thousands)
Land	$	221,160	$	220,462
Buildings	2,474,281		2,445,820
Machinery and equipment	4,442,740		4,417,923
Autos and trucks	136,828		137,293
Finance lease assets	4,981		4,990
Construction-in-progress	745,247		667,315
PP&E, gross	8,025,237		7,893,803
Accumulated depreciation	(4,382,968)		(4,360,776)
PP&E, net	$	3,642,269	$	3,533,027

The Company recognized depreciation expense of $110.1 million and $96.5 million during the three months ended March 29, 2026 and March 30, 2025, respectively.

During the three months ended March 29, 2026, the Company incurred $236.2 million on capital projects and transferred $115.2 million of completed projects from construction-in-progress to depreciable assets. During the three months ended March 30, 2025, the Company incurred $98.8 million on capital projects and transferred $63.5 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the periods ended March 29, 2026 and December 28, 2025 were $40.8 million and $40.2 million, respectively.

During the three months ended March 29, 2026, the Company sold certain PP&E for $1.7 million in cash and recognized a net loss of $2.0 million on these sales. During the three months ended March 30, 2025, the Company sold certain PP&E for $1.2 million, in cash and recognized a net loss of $0.9 million, on these sales.

The Company has closed or idled various other facilities in the U.S. and in 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 March 29, 2026, the carrying amounts of these idled assets totaled $18.8 million based on a depreciable value of $114.2 million and accumulated depreciation of $95.4 million.

As of March 29, 2026, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its PP&E held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its PP&E held for use at that date.