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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 25, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (“PP&E”), net consisted of the following:
| December 25, 2022 |  | December 26, 2021
| (In thousands)
Land | $ | 263,494 |  |  | $ | 260,079 |
Buildings | 2,065,042 |  |  | 2,043,034 |
Machinery and equipment | 3,651,464 |  |  | 3,594,482 |
Autos and trucks | 77,865 |  |  | 76,710 |
Finance lease assets | 5,710 |  |  | 5,710 |
Construction-in-progress | 358,819 |  |  | 229,837 |
PP&E, gross | 6,422,394 |  |  | 6,209,852 |
Accumulated depreciation | (3,481,548) |  |  | (3,292,046) |
PP&E, net | $ | 2,940,846 |  |  | $ | 2,917,806 |
The Company recognized depreciation expense of $369.4 million, $354.4 million and $314.4 million during 2022, 2021 and 2020, respectively. During 2022, the Company spent $487.1 million on capital projects and transferred $354.2 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during 2022 to improve operational efficiencies and reduce costs. During 2021, the Company spent $381.7 million on capital projects and transferred $421.9 million of completed projects from construction-in-progress to depreciable assets. During 2022, the Company sold certain PP&E for $35.5 million and recognized a gain of $18.9 million. PP&E sold in 2022 consisted of a farm in Mexico and other miscellaneous equipment. During 2021, the Company sold certain PP&E for $24.7 million and recognized a gain of $1.5 million. PP&E sold in 2021 consisted of a broiler farm in Mexico, two processing plants within the U.K. 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 25, 2022, the carrying amount of these idled assets was $30.6 million based on depreciable value of $168.2 million and accumulated depreciation of $137.6 million. During 2022, the Company recognized an impairment loss on PP&E of $3.6 million incurred as a result of planned restructuring activities. Additional information regarding restructuring activities is included in “Note 18. Restructuring-Related Activities.” As of December 25, 2022, 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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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