v3.25.4

LEASES | 12 Months Ended
--- | ---
Dec. 28, 2025
Leases [Abstract] |
LEASES | LEASES The Company is party to operating lease agreements for warehouses, office space, vehicle maintenance facilities and livestock growing farms in the U.S., distribution centers, hatcheries and office space in Mexico and farms, processing facilities and office space in Europe. Additionally, the Company leases equipment, over-the-road transportation vehicles and other assets in all three reportable segments. The Company is also party to a limited number of finance lease agreements in the U.S. The Company’s leases have remaining lease terms of less than one year to 17 years, some of which may include options to extend the lease for up to five years and some of which may include options to terminate the lease within one year. The exercise of options to extend lease terms is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. Certain lease agreements include rental payment increases over the lease term that can be either fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index are recognized as incurred. Certain lease agreements contain residual value guarantees, primarily vehicle and transportation equipment leases. The following table presents components of lease expense (in thousands). Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, SG&A expense and Interest expense, net of capitalized interest in the Consolidated Statements of Income.
| Year Ended
| December 28, 2025 |  | December 29, 2024
Operating lease cost(a) | $ | 82,986 |  |  | $ | 86,684 |
Amortization of finance lease assets | 426 |  |  | 650 |
Interest on finance leases | 39 |  |  | 58 |
Short-term lease cost | 104,274 |  |  | 103,364 |
Variable lease cost | 2,315 |  |  | 2,577 |
Net lease cost | $ | 190,040 |  |  | $ | 193,333 |
(a)Sublease income is immaterial and not included in operating lease costs. The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:
| December 28, 2025 |  | December 29, 2024
Weighted-average remaining lease term: |  |  |
Operating leases | 6.05 years |  | 6.11 years
Finance leases | 2.39 years |  | 3.35 years
Weighted-average discount rate: |  |  |
Operating leases | 5.09 | % |  | 4.53 | %
Finance leases | 2.90 | % |  | 2.66 | %
Supplemental cash flow information related to leases is as follows (in thousands):
| Year Ended
| December 28, 2025 |  | December 29, 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows - operating leases | $ | 86,231 |  |  | $ | 84,806 |
Operating cash flows - finance leases | 43 |  |  | 40 |
Financing cash flows - finance leases | 540 |  |  | 616 |
Operating lease assets obtained in exchange for operating lease liabilities | 77,973 |  |  | 66,060 |
Future minimum lease payments under noncancelable leases as of December 28, 2025 are as follows (in thousands):
| Operating Leases |  | Finance Leases
For the fiscal years ending December: |  |  |
2026 | $ | 78,436 |  |  | $ | 617 |
2027 | 59,386 |  |  | 575 |
2028 | 44,698 |  |  | 248 |
2029 | 33,482 |  |  | — |
2030 | 21,380 |  |  | — |
Thereafter | 61,848 |  |  | — |
Total future minimum lease payments | 299,230 |  |  | 1,440 |
Less: imputed interest | (40,285) |  |  | (51) |
Present value of lease liabilities | $ | 258,945 |  |  | $ | 1,389 |
Lease liabilities are included in our Consolidated Balance Sheets as follows (in thousands):
| December 28, 2025 |  | December 29, 2024
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Accrued expenses and other current liabilities | $ | 59,630 |  |  | $ | — |  |  | $ | 63,327 |  |  | $ | — |
Current maturities of long-term debt | — |  |  | 585 |  |  | — |  |  | 536 |
Noncurrent operating lease liability, less current maturities | 199,315 |  |  | — |  |  | 195,944 |  |  | — |
Long-term debt, less current maturities | — |  |  | 804 |  |  | — |  |  | 1,256 |
Total lease liabilities | $ | 258,945 |  |  | $ | 1,389 |  |  | $ | 259,271 |  |  | $ | 1,792 |
LEASES | LEASES The Company is party to operating lease agreements for warehouses, office space, vehicle maintenance facilities and livestock growing farms in the U.S., distribution centers, hatcheries and office space in Mexico and farms, processing facilities and office space in Europe. Additionally, the Company leases equipment, over-the-road transportation vehicles and other assets in all three reportable segments. The Company is also party to a limited number of finance lease agreements in the U.S. The Company’s leases have remaining lease terms of less than one year to 17 years, some of which may include options to extend the lease for up to five years and some of which may include options to terminate the lease within one year. The exercise of options to extend lease terms is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. Certain lease agreements include rental payment increases over the lease term that can be either fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index are recognized as incurred. Certain lease agreements contain residual value guarantees, primarily vehicle and transportation equipment leases. The following table presents components of lease expense (in thousands). Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, SG&A expense and Interest expense, net of capitalized interest in the Consolidated Statements of Income.
| Year Ended
| December 28, 2025 |  | December 29, 2024
Operating lease cost(a) | $ | 82,986 |  |  | $ | 86,684 |
Amortization of finance lease assets | 426 |  |  | 650 |
Interest on finance leases | 39 |  |  | 58 |
Short-term lease cost | 104,274 |  |  | 103,364 |
Variable lease cost | 2,315 |  |  | 2,577 |
Net lease cost | $ | 190,040 |  |  | $ | 193,333 |
(a)Sublease income is immaterial and not included in operating lease costs. The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:
| December 28, 2025 |  | December 29, 2024
Weighted-average remaining lease term: |  |  |
Operating leases | 6.05 years |  | 6.11 years
Finance leases | 2.39 years |  | 3.35 years
Weighted-average discount rate: |  |  |
Operating leases | 5.09 | % |  | 4.53 | %
Finance leases | 2.90 | % |  | 2.66 | %
Supplemental cash flow information related to leases is as follows (in thousands):
| Year Ended
| December 28, 2025 |  | December 29, 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows - operating leases | $ | 86,231 |  |  | $ | 84,806 |
Operating cash flows - finance leases | 43 |  |  | 40 |
Financing cash flows - finance leases | 540 |  |  | 616 |
Operating lease assets obtained in exchange for operating lease liabilities | 77,973 |  |  | 66,060 |
Future minimum lease payments under noncancelable leases as of December 28, 2025 are as follows (in thousands):
| Operating Leases |  | Finance Leases
For the fiscal years ending December: |  |  |
2026 | $ | 78,436 |  |  | $ | 617 |
2027 | 59,386 |  |  | 575 |
2028 | 44,698 |  |  | 248 |
2029 | 33,482 |  |  | — |
2030 | 21,380 |  |  | — |
Thereafter | 61,848 |  |  | — |
Total future minimum lease payments | 299,230 |  |  | 1,440 |
Less: imputed interest | (40,285) |  |  | (51) |
Present value of lease liabilities | $ | 258,945 |  |  | $ | 1,389 |
Lease liabilities are included in our Consolidated Balance Sheets as follows (in thousands):
| December 28, 2025 |  | December 29, 2024
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Accrued expenses and other current liabilities | $ | 59,630 |  |  | $ | — |  |  | $ | 63,327 |  |  | $ | — |
Current maturities of long-term debt | — |  |  | 585 |  |  | — |  |  | 536 |
Noncurrent operating lease liability, less current maturities | 199,315 |  |  | — |  |  | 195,944 |  |  | — |
Long-term debt, less current maturities | — |  |  | 804 |  |  | — |  |  | 1,256 |
Total lease liabilities | $ | 258,945 |  |  | $ | 1,389 |  |  | $ | 259,271 |  |  | $ | 1,792 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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