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REPORTABLE SEGMENTS (Tables) | 9 Months Ended
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Sep. 29, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Additional information regarding reportable segments is as follows:
| Three Months Ended |  | Nine Months Ended
| September 29, 2024(a) |  | September 24, 2023(b) |  | September 29, 2024(c) |  | September 24, 2023(d)
| (In thousands)
Net sales |  |  |  |  |  |  |
U.S. | $ | 2,773,391 |  |  | $ | 2,488,317 |  |  | $ | 8,016,688 |  |  | $ | 7,367,093 |
Europe | 1,308,127 |  |  | 1,312,205 |  |  | 3,877,571 |  |  | 3,862,219 |
Mexico | 503,461 |  |  | 559,674 |  |  | 1,611,968 |  |  | 1,604,603 |
Total | $ | 4,584,979 |  |  | $ | 4,360,196 |  |  | $ | 13,506,227 |  |  | $ | 12,833,915 |
(a)In addition to the above third party sales, for the three months ended September 29, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $22.5 million. These sales consisted of fresh products, prepared products and grain. (b)In addition to the above third party sales, for the three months ended September 24, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $105.9 million. These sales consisted of fresh products, prepared products and grain. (c)In addition to the above third party sales, for the nine months ended September 29, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $99.4 million. These sales consisted of fresh products, prepared products and grain. (d)In addition to the above third party sales, for the nine months ended September 24, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $201.8 million. These sales consisted of fresh products, prepared products and grain.
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | September 24, 2023 |  | September 29, 2024 |  | September 24, 2023
| (In thousands)
Operating income |  |  |  |  |  |  |
U.S. | $ | 419,844 |  |  | $ | 101,382 |  |  | $ | 907,249 |  |  | $ | 110,541 |
Europe | 45,601 |  |  | 42,809 |  |  | 100,710 |  |  | 70,583 |
Mexico | 42,909 |  |  | 62,182 |  |  | 191,459 |  |  | 157,076 |
Eliminations | — |  |  | — |  |  | — |  |  | (213) |
Total operating income | 508,354 |  |  | 206,373 |  |  | 1,199,418 |  |  | 337,987 |
Interest expense, net of capitalized interest | 41,597 |  |  | 45,645 |  |  | 114,041 |  |  | 135,459 |
Interest income | (22,099) |  |  | (12,115) |  |  | (48,308) |  |  | (23,343) |
Foreign currency transaction losses (gains) | (678) |  |  | 8,924 |  |  | (7,240) |  |  | 43,462 |
Miscellaneous, net | 7,935 |  |  | (2,201) |  |  | 5,153 |  |  | (26,185) |
Income before income taxes | 481,599 |  |  | 166,120 |  |  | 1,135,772 |  |  | 208,594 |
Income tax expense | 131,609 |  |  | 44,553 |  |  | 284,321 |  |  | 20,488 |
Net income | $ | 349,990 |  |  | $ | 121,567 |  |  | $ | 851,451 |  |  | $ | 188,106 |
| September 29, 2024 |  | December 31, 2023
| (In thousands)
Total assets |  |  |
U.S. | $ | 7,748,281 |  |  | $ | 7,012,211 |
Europe | 4,597,195 |  |  | 4,299,985 |
Mexico | 1,156,010 |  |  | 1,684,711 |
Eliminations | (2,800,952) |  |  | (3,186,546) |
Total assets | $ | 10,700,534 |  |  | $ | 9,810,361 |
| September 29, 2024 |  | December 31, 2023
| (In thousands)
Long-lived assets(a) |  |  |
U.S. | $ | 2,093,152 |  |  | $ | 2,085,222 |
Europe | 1,032,624 |  |  | 1,041,857 |
Mexico | 258,540 |  |  | 301,919 |
Eliminations | (3,888) |  |  | (3,888) |
Total long-lived assets | $ | 3,380,428 |  |  | $ | 3,425,110 |
(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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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