v3.25.4

GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by reportable segment for the years ended December 28, 2025 and December 29, 2024 were as follows:
| December 29, 2024 |  | Currency Translation |  | December 28, 2025
| (In thousands)
U.S. | $ | 41,936 |  |  | $ | — |  |  | $ | 41,936 |
Europe | 1,097,643 |  |  | 86,277 |  |  | 1,183,920 |
Mexico | 99,494 |  |  | 13,534 |  |  | 113,028 |
Total | $ | 1,239,073 |  |  | $ | 99,811 |  |  | $ | 1,338,884 |
| December 31, 2023 |  | Currency Translation |  | December 29, 2024
| (In thousands)
U.S. | $ | 41,936 |  |  | $ | — |  |  | $ | 41,936 |
Europe | 1,116,521 |  |  | (18,878) |  |  | 1,097,643 |
Mexico | 127,804 |  |  | (28,310) |  |  | 99,494 |
Total | $ | 1,286,261 |  |  | $ | (47,188) |  |  | $ | 1,239,073 |
Intangible assets consisted of the following:
| December 29, 2024 |  |  |  | Amortization |  | Currency Translation |  |  | December 28, 2025
| (In thousands)
Carrying amount |  |  |  |  |  |  |  |  |  |
Trade names not subject to amortization | $ | 569,357 |  |  |  |  | $ | — |  |  | $ | 44,179 |  |  |  | $ | 613,536 |
Trade names subject to amortization | 112,016 |  |  |  |  | — |  |  | 2,746 |  |  |  | 114,762 |
Customer relationships | 431,861 |  |  |  |  | — |  |  | 24,554 |  |  |  | 456,415 |
Accumulated amortization |  |  |  |  |  |  |  |  |  |
Trade names | (61,527) |  |  |  |  | (3,957) |  |  | (568) |  |  |  | (66,052) |
Customer relationships | (245,473) |  |  |  |  | (29,165) |  |  | (11,957) |  |  |  | (286,595) |
Total | $ | 806,234 |  |  |  |  | $ | (33,122) |  |  | $ | 58,954 |  |  |  | $ | 832,066 |
| December 31, 2023 |  | Amortization |  | Currency Translation |  | December 29, 2024
| (In thousands)
Carrying amount |  |  |  |  |  |  |
Trade names not subject to amortization | $ | 580,473 |  |  | $ | — |  |  | $ | (11,116) |  |  | $ | 569,357 |
Trade names subject to amortization | 112,681 |  |  | — |  |  | (665) |  |  | 112,016 |
Customer relationships | 441,719 |  |  | — |  |  | (9,858) |  |  | 431,861 |
Accumulated amortization |  |  |  |  |  |  |
Trade names | (57,762) |  |  | (3,893) |  |  | 128 |  |  | (61,527) |
Customer relationships | (223,128) |  |  | (28,503) |  |  | 6,158 |  |  | (245,473) |
Total | $ | 853,983 |  |  | $ | (32,396) |  |  | $ | (15,353) |  |  | $ | 806,234 |
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Trade names subject to amortization | 15-20 years
Customer relationships | 3-18 years
The Company expects to recognize amortization expense associated with intangible assets of $29.8 million in 2026, $23.8 million in 2027, $23.8 million in 2028, 2029 and 2030. On July 28, 2025, the Company effectively completed a reorganization within its Europe reportable segment. The previous reporting units were Fresh Pork/Lamb, Fresh Poultry, Food Service, Meals, and Brands & Snacking. The new 2025 reorganization resulted in one plant moving from Fresh Pork/Lamb into Fresh Poultry and combining Meals and Brands & Snacking into one reporting unit called Added Value. The resulting reporting units of this reorganization are Fresh Pork/Lamb, Fresh Poultry, Food Service, and Added Value. As a result of this reorganization, the Company reassigned assets and liabilities to the applicable reporting units and allocated goodwill using the relative net assets approach which is consistent with the reallocation method using in the prior year’s reorganization. The Company then assessed if the reorganization was a triggering event that required an interim impairment test. This resulted in an interim impairment test being performed on the Fresh Pork/Lamb reporting unit on both a pre- and post-reorganization basis. There was no impairment recognized as a result of this test. The Company additionally assessed if the Pilgrim’s Europe reorganization indicated that any carrying amounts of its non-goodwill intangible assets might not be recoverable. The reorganization did not result in any change in business use for any of the intangible assets and therefore, the Company determined no indicators were present that required us to test the recoverability of the asset group-level carrying amounts of its Europe intangible assets at that date. As of December 28, 2025, the Company assessed qualitative factors to determine if it was necessary to perform quantitative impairment tests related to the carrying amounts of its goodwill or its intangible assets not subject to amortization. Based on these assessments, the Company determined that it was not necessary to perform quantitative impairment tests related to the carrying amount of its goodwill nor its intangible assets not subject to amortization at that date. As of December 28, 2025, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its intangible assets subject to amortization at that date.

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