v3.26.1
REVENUE RECOGNITION
 6 Months Ended
Jun. 28, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering its products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.
The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facilities, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order.
The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.
Disaggregated Revenue
Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended June 28, 2026
(In thousands)
FreshPreparedExport
Other (a)
Total
U.S.$2,088,722 $339,121 $115,508 $105,891 $2,649,242 
Europe468,551 750,299 155,098 15,699 1,389,647 
Mexico484,686 68,525 — 34,130 587,341 
Total net sales$3,041,959 $1,157,945 $270,606 $155,720 $4,626,230 
Three Months Ended June 29, 2025
(In thousands)
FreshPreparedExport
Other (a)
Total
U.S.$2,328,944 $308,479 $99,638 $83,324 $2,820,385 
Europe415,124 794,844 146,287 15,015 1,371,270 
Mexico481,575 55,914 — 28,221 565,710 
Total net sales$3,225,643 $1,159,237 $245,925 $126,560 $4,757,365 
Six Months Ended June 28, 2026
(In thousands)
FreshPreparedExport
Other (a)
Total
U.S.$4,173,934 $696,501 $216,721 $197,484 $5,284,640 
Europe902,616 1,514,502 308,530 15,743 2,741,391 
Mexico930,801 136,767 — 65,264 1,132,832 
Total net sales$6,007,351 $2,347,770 $525,251 $278,491 $9,158,863 
Six Months Ended June 29, 2025
(In thousands)
FreshPreparedExport
Other (a)
Total
U.S.$4,543,829 $632,388 $208,803 $178,554 $5,563,574 
Europe737,178 1,553,522 270,148 41,951 2,602,799 
Mexico893,470 106,329 — 54,202 1,054,001 
Total net sales$6,174,477 $2,292,239 $478,951 $274,707 $9,220,374 
(a)    Included in Other sales shown above are sales of commodity grains and protein byproducts
Additional disaggregation of revenue by sales channel is provided below:
Three Months Ended June 28, 2026
(In thousands)
RetailFoodserviceExportOtherTotal
U.S.$1,474,284 $942,935 $115,508 $116,515 $2,649,242 
Europe829,360 229,165 155,098 176,024 1,389,647 
Mexico(a)
164,100 262,397 — 160,844 587,341 
Total net sales$2,467,744 $1,434,497 $270,606 $453,383 $4,626,230 
Three Months Ended June 29, 2025
(In thousands)
RetailFoodserviceExportOtherTotal
U.S.$1,529,945 $1,094,791 $99,638 $96,011 $2,820,385 
Europe850,374 230,723 146,287 143,886 1,371,270 
Mexico(a)
141,941 257,543 — 166,226 565,710 
Total net sales$2,522,260 $1,583,057 $245,925 $406,123 $4,757,365 
Six Months Ended June 28, 2026
(In thousands)
RetailFoodserviceExportOtherTotal
U.S.$3,011,260 $1,819,028 $216,721 $237,631 $5,284,640 
Europe1,669,761 498,594 308,530 264,506 2,741,391 
Mexico(a)
318,264 496,536 — 318,032 1,132,832 
Total net sales$4,999,285 $2,814,158 $525,251 $820,169 $9,158,863 
Six Months Ended June 29, 2025
(In thousands)
RetailFoodserviceExportOtherTotal
U.S.$3,073,605 $2,083,268 $208,803 $197,898 $5,563,574 
Europe1,622,228 457,267 270,148 253,156 2,602,799 
Mexico(a)
265,987 484,354 — 303,660 1,054,001 
Total net sales$4,961,820 $3,024,889 $478,951 $754,714 $9,220,374 
(a)Included in Mexico foodservice channel are sales to wholesale public meat markets that typically sell product on to foodservice customers. Included in Mexico other channel are sales to live chicken markets.
Contract Costs
The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred.
Taxes
The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price.
Contract Balances
The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Changes in the revenue contract liabilities balance are as follows (in thousands):
Balance as of December 28, 2025$37,622 
Revenue recognized(17,835)
Cash received, excluding amounts recognized as revenue during the period11,460 
Currency translation160 
Balance as of June 28, 2026$31,407 
Accounts Receivable
The Company records accounts receivable when revenue is recognized. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.