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REPORTABLE SEGMENTS | 9 Months Ended
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Sep. 28, 2025
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company operates in three reportable segments: U.S., Europe, and Mexico. The Company’s reportable segments are identified by a combination of factors, including geographic area, regulatory environment, economic environment and product portfolios. Each reportable segment is managed separately through a local management team. The results of each operating, or reportable, segment are provided to the chief operating decision maker (“CODM”) on a regular basis. The Company’s CODM is the President and Chief Executive Officer. The information provided to the CODM at the operating segment level is then used to assess performance and make decisions regarding allocation of key resources. The CODM primarily measures segment profit and evaluates performance based on operating income. 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. The Europe reportable segment processes primarily fresh chicken, pork products, lamb products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. 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 |  | Nine Months Ended
| September 28, 2025(a) |  | September 29, 2024(b) |  | September 28, 2025(c) |  | September 29, 2024(d)
| (In thousands)
Net sales |  |  |  |  |  |  |
U.S. | $ | 2,836,613 |  |  | $ | 2,773,391 |  |  | $ | 8,400,187 |  |  | $ | 8,016,688 |
Europe | 1,392,495 |  |  | 1,308,127 |  |  | 3,995,294 |  |  | 3,877,571 |
Mexico | 530,234 |  |  | 503,461 |  |  | 1,584,235 |  |  | 1,611,968 |
Total net sales | $ | 4,759,342 |  |  | $ | 4,584,979 |  |  | $ | 13,979,716 |  |  | $ | 13,506,227 |
(a)In addition to the above third party sales, for the three months ended September 28, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $28.5 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 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. (c)In addition to the above third party sales, for the nine months ended September 28, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $77.7 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 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.
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Cost of sales |  |  |  |  |  |  |
U.S. | $ | 2,353,296 |  |  | $ | 2,280,425 |  |  | $ | 7,040,006 |  |  | $ | 6,834,091 |
Europe | 1,271,148 |  |  | 1,176,286 |  |  | 3,633,510 |  |  | 3,539,695 |
Mexico | 475,514 |  |  | 444,298 |  |  | 1,376,648 |  |  | 1,372,936 |
Total cost of sales | $ | 4,099,958 |  |  | $ | 3,901,009 |  |  | $ | 12,050,164 |  |  | $ | 11,746,722 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Gross profit |  |  |  |  |  |  |
U.S. | $ | 483,317 |  |  | $ | 492,966 |  |  | $ | 1,360,181 |  |  | $ | 1,182,597 |
Europe | 121,347 |  |  | 131,841 |  |  | 361,784 |  |  | 337,876 |
Mexico | 54,720 |  |  | 59,163 |  |  | 207,587 |  |  | 239,032 |
Total gross profit | $ | 659,384 |  |  | $ | 683,970 |  |  | $ | 1,929,552 |  |  | $ | 1,759,505 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Selling, general administrative expenses |  |  |  |  |  |  |
U.S. | $ | 99,194 |  |  | $ | 73,122 |  |  | $ | 302,265 |  |  | $ | 275,348 |
Europe | 50,084 |  |  | 55,404 |  |  | 150,920 |  |  | 155,096 |
Mexico | 15,719 |  |  | 16,254 |  |  | 45,048 |  |  | 47,573 |
Total SG&A expenses | $ | 164,997 |  |  | $ | 144,780 |  |  | $ | 498,233 |  |  | $ | 478,017 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Restructuring activities charges |  |  |  |  |  |  |
Europe | $ | 1,779 |  |  | $ | 30,836 |  |  | $ | 21,890 |  |  | $ | 82,070 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Operating income |  |  |  |  |  |  |
U.S. | $ | 384,123 |  |  | $ | 419,844 |  |  | $ | 1,057,916 |  |  | $ | 907,249 |
Europe | 69,484 |  |  | 45,601 |  |  | 188,974 |  |  | 100,710 |
Mexico | 39,001 |  |  | 42,909 |  |  | 162,539 |  |  | 191,459 |
Total operating income | $ | 492,608 |  |  | $ | 508,354 |  |  | $ | 1,409,429 |  |  | $ | 1,199,418 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Reconciliation of profit or loss (segment operating income) |  |  |  |  |  |  |
Total operating income | $ | 492,608 |  |  | $ | 508,354 |  |  | $ | 1,409,429 |  |  | $ | 1,199,418 |
Interest expense, net of capitalized interest | 38,157 |  |  | 41,597 |  |  | 122,370 |  |  | 114,041 |
Interest income | (9,167) |  |  | (22,099) |  |  | (45,144) |  |  | (48,308) |
Foreign currency transaction losses (gains) | 5,169 |  |  | (678) |  |  | 8,008 |  |  | (7,240) |
Miscellaneous, net | (2,931) |  |  | 7,935 |  |  | (3,209) |  |  | 5,153 |
Income before income taxes | 461,380 |  |  | 481,599 |  |  | 1,327,404 |  |  | 1,135,772 |
Income tax expense | 118,319 |  |  | 131,609 |  |  | 331,991 |  |  | 284,321 |
Net income | $ | 343,061 |  |  | $ | 349,990 |  |  | $ | 995,413 |  |  | $ | 851,451 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Interest expense |  |  |  |  |  |  |
U.S. | $ | 37,434 |  |  | $ | 41,368 |  |  | $ | 120,069 |  |  | $ | 119,043 |
Europe | 550 |  |  | 692 |  |  | 1,799 |  |  | 1,746 |
Mexico | 173 |  |  | 131 |  |  | 502 |  |  | 1,045 |
Eliminations | — |  |  | (594) |  |  | — |  |  | (7,793) |
Total interest expense | $ | 38,157 |  |  | $ | 41,597 |  |  | $ | 122,370 |  |  | $ | 114,041 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Interest income |  |  |  |  |  |  |
U.S. | $ | (4,581) |  |  | $ | (10,633) |  |  | $ | (25,999) |  |  | $ | (18,777) |
Europe | (553) |  |  | (4,888) |  |  | (3,881) |  |  | (10,480) |
Mexico | (4,033) |  |  | (7,172) |  |  | (15,264) |  |  | (26,844) |
Eliminations | — |  |  | 594 |  |  | — |  |  | 7,793 |
Total interest income | $ | (9,167) |  |  | $ | (22,099) |  |  | $ | (45,144) |  |  | $ | (48,308) |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Income tax expense (benefit) |  |  |  |  |  |  |
U.S. | $ | 94,424 |  |  | $ | 101,478 |  |  | $ | 243,640 |  |  | $ | 215,655 |
Europe | 14,135 |  |  | 14,038 |  |  | 40,058 |  |  | 9,383 |
Mexico | 9,760 |  |  | 16,093 |  |  | 48,293 |  |  | 59,283 |
Total income tax expense | $ | 118,319 |  |  | $ | 131,609 |  |  | $ | 331,991 |  |  | $ | 284,321 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Depreciation and amortization |  |  |  |  |  |  |
U.S. | $ | 72,452 |  |  | $ | 70,121 |  |  | $ | 209,986 |  |  | $ | 200,006 |
Europe | 38,170 |  |  | 34,958 |  |  | 108,236 |  |  | 104,852 |
Mexico | 5,804 |  |  | 5,392 |  |  | 16,226 |  |  | 16,910 |
Total depreciation and amortization | $ | 116,426 |  |  | $ | 110,471 |  |  | $ | 334,448 |  |  | $ | 321,768 |
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Capital expenditures(a) |  |  |  |  |  |  |
U.S. | $ | 121,283 |  |  | $ | 62,698 |  |  | $ | 303,413 |  |  | $ | 219,212 |
Europe | 22,419 |  |  | 17,234 |  |  | 76,170 |  |  | 52,985 |
Mexico | 34,665 |  |  | 5,872 |  |  | 57,754 |  |  | 13,613 |
Total capital expenditures | $ | 178,367 |  |  | $ | 85,804 |  |  | $ | 437,337 |  |  | $ | 285,810 |
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of the end of the periods.
| September 28, 2025 |  | December 29, 2024
| (In thousands)
Total assets |  |  |
U.S. | $ | 6,827,408 |  |  | $ | 7,848,510 |
Europe | 4,318,782 |  |  | 4,051,150 |
Mexico | 1,066,653 |  |  | 1,172,728 |
Eliminations | (2,260,442) |  |  | (2,421,812) |
Total assets | $ | 9,952,401 |  |  | $ | 10,650,576 |
| September 28, 2025 |  | December 29, 2024
| (In thousands)
Long-lived assets(a) |  |  |
U.S. | $ | 2,251,355 |  |  | $ | 2,156,858 |
Europe | 1,013,068 |  |  | 979,116 |
Mexico | 339,398 |  |  | 261,518 |
Eliminations | (3,888) |  |  | (3,888) |
Total long-lived assets | $ | 3,599,933 |  |  | $ | 3,393,604 |
(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.
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (In thousands)
Net sales to customers by customer location |  |  |  |  |  |  |
U.S. | $ | 2,716,973 |  |  | $ | 2,652,568 |  |  | $ | 8,073,949 |  |  | $ | 7,669,043 |
Europe | 1,371,726 |  |  | 1,294,594 |  |  | 3,934,152 |  |  | 3,842,461 |
Mexico | 538,528 |  |  | 515,837 |  |  | 1,611,556 |  |  | 1,648,642 |
Asia-Pacific | 96,700 |  |  | 77,623 |  |  | 248,067 |  |  | 228,811 |
Canada, Caribbean and Central America | 18,049 |  |  | 27,378 |  |  | 54,245 |  |  | 62,656 |
Africa | 10,298 |  |  | 12,056 |  |  | 35,929 |  |  | 39,033 |
South America | 7,068 |  |  | 4,923 |  |  | 21,818 |  |  | 15,581 |
Total | $ | 4,759,342 |  |  | $ | 4,584,979 |  |  | $ | 13,979,716 |  |  | $ | 13,506,227 |
Information regarding net sales attributable to each of our primary product lines and markets served with those products is included in "Note 2. Revenue Recognition." We based the table on our internal sales reports and their classification of products.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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