v3.26.1
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 28, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (“PP&E”), net consisted of the following:
June 28, 2026December 28, 2025
(In thousands)
Land$222,613 $220,462 
Buildings2,484,935 2,445,820 
Machinery and equipment4,573,494 4,417,923 
Autos and trucks141,130 137,293 
Finance lease assets4,978 4,990 
Construction-in-progress702,729 667,315 
PP&E, gross8,129,879 7,893,803 
Accumulated depreciation(4,365,172)(4,360,776)
PP&E, net$3,764,707 $3,533,027 
The Company recognized depreciation expense of $115.4 million and $105.1 million during the three months ended June 28, 2026 and June 29, 2025, respectively. The Company recognized depreciation expense of $225.5 million and $201.6 million during the six months ended June 28, 2026 and June 29, 2025, respectively.
During the six months ended June 28, 2026, the Company incurred $490.4 million on capital projects and transferred $412.3 million of completed projects from construction-in-progress to depreciable assets. During the six months ended June 29, 2025, the Company incurred $254.9 million on capital projects and transferred $126.1 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the periods ended June 28, 2026 and December 28, 2025 were $64.3 million and $40.2 million, respectively.
During the three and six months ended June 28, 2026, the Company sold certain PP&E for $8.7 million and $10.4 million, respectively, in cash and recognized a net loss of $0.6 million and $2.6 million, respectively, on these sales. During the three and six months ended June 29, 2025, the Company sold certain PP&E for $1.7 million and $2.9 million, respectively, in cash and recognized a net loss of $1.1 million and $2.0 million, respectively, on these sales.
The Company has closed or idled various other facilities in the U.S. and in 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 June 28, 2026, the carrying amounts of these idled assets totaled $16.7 million based on a depreciable value of $104.6 million and accumulated depreciation of $87.9 million. During the six months ended June 28, 2026, the Company recognized impairment losses on PP&E of $22.3 million due to the announced closure of a plant in Chattanooga, TN and the completion of a plant conversion project in Russellville, AL due to a change in product mix that required the installation of new equipment and replacement of certain existing equipment. These losses were recognized in Cost of sales in the Condensed Consolidated Statement of Income for the six months ended June 28, 2026.
As of June 28, 2026, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its PP&E held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its PP&E held for use at that date.