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SEGMENT REPORTING | 6 Months Ended
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Jun. 28, 2020
Segment Reporting [Abstract] |
SEGMENT REPORTING | REPORTABLE SEGMENTS The Company operates in three reportable segments: U.S., U.K. and Europe, and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico and U.K. and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. reportable segment. U.S. Reportable Segment We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. U.K. and Europe Reportable Segment The U.K. and Europe reportable segment processes primarily chicken and pork products that are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. On October 15, 2019, the Company completed the acquisition of Tulip, a leading integrated pork supplier operating within the U.K., from Danish Crown AmbA. Mexico Reportable Segment The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. Additional information regarding reportable segments is as follows:
| Three Months Ended |  |  |  | Six Months Ended |  |
| June 28, 2020(a) |  | June 30, 2019(b) |  | June 28, 2020(c) |  | June 30, 2019(d)
| (In thousands) |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |
U.S. | $ | 1,798,689 |  |  | $ | 1,916,954 |  |  | $ | 3,725,569 |  |  | $ | 3,800,544 |
U.K. and Europe | 757,201 |  |  | 535,902 |  |  | 1,579,463 |  |  | 1,050,865 |
Mexico | 268,133 |  |  | 390,229 |  |  | 593,919 |  |  | 716,351 |
Total | $ | 2,824,023 |  |  | $ | 2,843,085 |  |  | $ | 5,898,951 |  |  | $ | 5,567,760 |
(a)For the three months ended June 28, 2020, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $57.1 million. These sales consisted of fresh products, prepared products, and grain. (b)For the three months ended June 30 2019, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $31.6 million. These sales consisted of fresh products, prepared products, and grain. (c)For the six months ended June 28, 2020, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $113.7 million. These sales consisted of fresh products, prepared products, and grain. (d)For the six months ended June 30 2019, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $66.0 million. These sales consisted of fresh products, prepared products, and grain.
| Three Months Ended |  |  |  | Six Months Ended |  |
| June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
| (In thousands) |  |  |  |  |  |
Reportable segment profit: |  |  |  |  |  |  |
U.S. | $ | 39,448 |  |  | $ | 186,960 |  |  | $ | 124,500 |  |  | $ | 301,800 |
U.K. and Europe | 23,185 |  |  | 24,194 |  |  | 46,375 |  |  | 36,908 |
Mexico | (35,544) |  |  | 68,372 |  |  | (59,424) |  |  | 77,836 |
Eliminations | 200 |  |  | 24 |  |  | 224 |  |  | 48 |
Total operating income | 27,289 |  |  | 279,550 |  |  | 111,675 |  |  | 416,592 |
Interest expense, net of capitalized interest | 32,323 |  |  | 33,594 |  |  | 65,011 |  |  | 67,156 |
Interest income | (1,158) |  |  | (3,444) |  |  | (2,848) |  |  | (6,784) |
Foreign currency transaction loss (gain) | 5,525 |  |  | 2,260 |  |  | (12,860) |  |  | 4,896 |
Miscellaneous, net | (45) |  |  | 1,513 |  |  | (34,233) |  |  | 1,156 |
Income (loss) before income taxes | (9,356) |  |  | 245,627 |  |  | 96,605 |  |  | 350,168 |
Income tax expense (benefit) | (2,956) |  |  | 75,547 |  |  | 35,556 |  |  | 95,963 |
Net income (loss) | $ | (6,400) |  |  | $ | 170,080 |  |  | $ | 61,049 |  |  | $ | 254,205 |
| June 28, 2020 |  | December 29, 2019
| (In thousands) |  |
Total assets: |  |  |
U.S. | $ | 5,437,311 |  |  | $ | 5,207,282 |
U.K. and Europe | 2,681,166 |  |  | 2,824,382 |
Mexico | 1,007,635 |  |  | 1,020,331 |
Eliminations | (1,969,531) |  |  | (1,949,631) |
Total assets | $ | 7,156,581 |  |  | $ | 7,102,364 |
| June 28, 2020 |  | December 29, 2019
| (In thousands) |  |
Long-lived assets(a): |  |  |
U.S. | $ | 1,785,150 |  |  | $ | 1,789,530 |
U.K. and Europe | 750,977 |  |  | 801,887 |
Mexico | 298,988 |  |  | 306,413 |
Eliminations | (4,032) |  |  | (4,256) |
Total long-lived assets | $ | 2,831,083 |  |  | $ | 2,893,574 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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