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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 29, 2024
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 29, 2024 |  | December 31, 2023
| (In thousands)
Land | $ | 215,305 |  |  | $ | 273,846 |
Buildings | 2,307,851 |  |  | 2,170,716 |
Machinery and equipment | 4,137,561 |  |  | 3,953,008 |
Autos and trucks | 130,013 |  |  | 93,858 |
Finance lease assets | 4,275 |  |  | 5,550 |
Construction-in-progress | 299,933 |  |  | 458,146 |
PP&E, gross | 7,094,938 |  |  | 6,955,124 |
Accumulated depreciation | (3,957,047) |  |  | (3,796,721) |
PP&E, net | $ | 3,137,891 |  |  | $ | 3,158,403 |
The Company recognized depreciation expense of $401.2 million, $386.8 million and $369.4 million during 2024, 2023 and 2022, respectively. During 2024, the Company incurred $458.5 million on capital projects and transferred $633.0 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures during 2024 were primarily incurred for growth projects, such as the Moorefield, WV expansion and the South Georgia protein conversion plant, and to improve operational efficiencies, information technology system enhancement projects, and to reduce costs. During 2023, the Company spent $557.8 million on capital projects and transferred $461.0 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the years ended December 29, 2024 and December 31, 2023 were $29.2 million and $85.9 million, respectively. During 2024, the Company sold certain PP&E for $15.4 million and recognized a loss of $1.8 million. PP&E sold in 2024 consisted of a feed mill in the U.S., breeder farm equipment in Mexico, and other miscellaneous equipment. During 2023, the Company sold certain PP&E for $19.8 million and recognized a gain of $6.1 million. PP&E sold in 2023 consisted of a farm in Mexico 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 29, 2024, the carrying amount of these idled assets was $45.1 million based on depreciable value of $185.8 million and accumulated depreciation of $140.7 million. During 2024, the Company recognized an impairment loss on PP&E of $28.6 million incurred as a result of planned restructuring activities in the Europe reportable segment. Additional information regarding restructuring activities is included in “Note 18. Restructuring-Related Activities.” As of December 29, 2024, 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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