v3.26.3
REPORTABLE SEGMENTS (Tables)
 9 Months Ended
Sep. 27, 2026
Segment Reporting [Abstract]  
Segment Reporting
Additional information regarding reportable segments is as follows:
Three Months EndedNine Months Ended
September 27, 2026(a)
September 28, 2025(b)
September 27, 2026(c)
September 28, 2025(d)
(In thousands)
Net sales
U.S.$2,680,134 $2,836,613 $7,964,774 $8,400,187 
Europe1,374,013 1,392,495 4,115,404 3,995,294 
Mexico599,059 530,234 1,731,891 1,584,235 
Total net sales$4,653,206 $4,759,342 $13,812,069 $13,979,716 
(a)In addition to the above third party sales, for the three months ended September 27, 2026, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $26.7 million These sales consisted of fresh products, prepared products and grain.
(b)In addition to the above third party sales, for the three months ended September 28, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $28.5 million. These sales consisted of fresh products, prepared products and grain.
(c)In addition to the above third party sales, for the nine months ended September 27, 2026, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $75.0 million These sales consisted of fresh products, prepared products and grain.
(d)In addition to the above third party sales, for the nine months ended September 28, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $77.7 million. These sales consisted of fresh products, prepared products and grain.
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Cost of sales
U.S.$2,496,949 $2,353,296 $7,388,075 $7,040,006 
Europe1,261,691 1,271,148 3,771,806 3,633,510 
Mexico560,894 475,514 1,633,274 1,376,648 
Total cost of sales$4,319,534 $4,099,958 $12,793,155 $12,050,164 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Gross profit
U.S.$183,185 $483,317 $576,699 $1,360,181 
Europe112,322 121,347 343,598 361,784 
Mexico38,165 54,720 98,617 207,587 
Total gross profit$333,672 $659,384 $1,018,914 $1,929,552 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Selling, general administrative expenses
U.S.$77,396 $99,194 $395,113 $302,265 
Europe48,907 50,084 143,413 150,920 
Mexico15,866 15,719 48,915 45,048 
Total SG&A expenses$142,169 $164,997 $587,441 $498,233 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Restructuring activities charges
Europe$— $1,779 $11,464 $21,890 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Operating income
U.S.$105,789 $384,123 $181,586 $1,057,916 
Europe63,415 69,484 188,721 188,974 
Mexico22,299 39,001 49,702 162,539 
Total operating income$191,503 $492,608 $420,009 $1,409,429 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Reconciliation of profit or loss (segment operating income)
Total operating income$191,503 $492,608 $420,009 $1,409,429 
Interest expense, net of capitalized interest31,782 38,157 119,489 122,370 
Interest income(1,579)(9,167)(12,199)(45,144)
Foreign currency transaction losses1,304 5,169 888 8,008 
Miscellaneous, net(298)(2,931)(2,075)(3,209)
Income before income taxes160,294 461,380 313,906 1,327,404 
Income tax expense43,977 118,319 82,919 331,991 
Net income$116,317 $343,061 $230,987 $995,413 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Interest expense
U.S.$31,075 $37,434 $116,941 $120,069 
Europe497 550 1,926 1,799 
Mexico210 173 622 502 
Total interest expense$31,782 $38,157 $119,489 $122,370 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Interest income
U.S.$(689)$(4,581)$(4,729)$(25,999)
Europe(621)(553)(5,669)(3,881)
Mexico(269)(4,033)(1,801)(15,264)
Total interest income$(1,579)$(9,167)$(12,199)$(45,144)
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Income tax expense
U.S.$21,484 $94,424 $19,988 $243,640 
Europe15,313 14,135 45,886 40,058 
Mexico7,180 9,760 17,045 48,293 
Total income tax expense$43,977 $118,319 $82,919 $331,991 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Depreciation and amortization
U.S.$78,533 $72,452 $233,010 $209,986 
Europe37,617 38,170 111,737 108,236 
Mexico7,073 5,804 20,263 16,226 
Total depreciation and amortization$123,223 $116,426 $365,010 $334,448 
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Capital expenditures(a)
U.S.$153,720 $121,283 $555,399 $303,413 
Europe12,722 22,419 74,088 76,170 
Mexico34,835 34,665 62,212 57,754 
Total capital expenditures$201,277 $178,367 $691,699 $437,337 
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of the end of the periods.
September 27, 2026December 28, 2025
(In thousands)
Total assets
U.S.$7,418,159 $7,023,156 
Europe4,478,995 4,376,305 
Mexico1,162,749 1,132,834 
Eliminations(2,123,480)(2,188,765)
Total assets$10,936,423 $10,343,530 
September 27, 2026December 28, 2025
(In thousands)
Long-lived assets(a)
U.S.$2,666,719 $2,376,549 
Europe1,099,752 1,040,986 
Mexico407,723 377,164 
Eliminations(3,888)(3,888)
Total long-lived assets$4,170,306 $3,790,811 
(a)For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting. Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
(In thousands)
Net sales to customers by customer location
U.S.$2,562,969 $2,716,973 $7,632,646 $8,073,949 
Europe1,353,647 1,371,726 4,045,324 3,934,152 
Mexico609,852 538,528 1,771,940 1,611,556 
Asia-Pacific84,507 96,700 231,794 248,067 
Canada, Caribbean and Central America19,397 18,049 67,216 54,245 
Africa15,380 10,298 39,755 35,929 
South America7,454 7,068 23,394 21,818 
Total$4,653,206 $4,759,342 $13,812,069 $13,979,716