TRADE ACCOUNTS AND OTHER RECEIVABLES

6 Months Ended

Jun. 28, 2026

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Trade accounts and other receivables, less allowance for credit losses, consisted of the following:


	June 28, 2026		December 29, 2025
	(In thousands)
Trade accounts receivable	$	858,321	$	1,109,218
Notes receivable from third parties	10,367		10,111
Other receivables	35,979		52,690
Receivables, gross	904,667		1,172,019
Allowance for credit losses (a)	(6,802)		(7,116)
Receivables, net	$	897,865	$	1,164,903

Accounts receivable from related parties(b)	$	28,219	$	13,398

(a)Activity in the allowance for credit losses was immaterial in the six months ended June 28, 2026.

(b)Additional information regarding accounts receivable from related parties is included in “Note 15. Related Party Transactions.”

In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with no recourse to the Company or JBS USA. The maximum capacity was increased to $495.0 million in June 2026. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860, Broad Transactions – Transfers and Servicing. At the transfer date, the Company receives cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.