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As Of Filer Filing For·On·As Docs:Size 4/28/22 Pilgrims Pride Corp. 10-Q 3/27/22 98:13M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.23M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 32K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 32K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 27K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 28K 11: R1 Cover Page HTML 79K 12: R2 Condensed Consolidated Balance Sheets HTML 157K 13: R3 Condensed Consolidated Statements of Income HTML 117K 14: R4 Condensed Consolidated Statements of Comprehensive HTML 86K Income 15: R5 Condensed Consolidated Statements of Stockholders' HTML 79K Equity 16: R6 Condensed Consolidated Statements of Cash Flows HTML 114K 17: R7 Business and Summary of Significant Accounting HTML 48K Policies 18: R8 Business Acquisition HTML 45K 19: R9 Revenue Recognition HTML 71K 20: R10 Derivative Financial Instruments HTML 90K 21: R11 Trade Accounts and Other Receivables HTML 45K 22: R12 Inventories HTML 38K 23: R13 Investments in Securities HTML 37K 24: R14 Goodwill and Intangible Assets HTML 73K 25: R15 Property, Plant and Equipment HTML 44K 26: R16 Current Liabilities HTML 52K 27: R17 Income Taxes HTML 34K 28: R18 Debt HTML 73K 29: R19 Stockholders' Equity HTML 82K 30: R20 Pension and Other Postretirement Benefits HTML 277K 31: R21 Fair Value Measurement HTML 72K 32: R22 Related Party Transactions HTML 85K 33: R23 Reportable Segments HTML 78K 34: R24 Commitments and Contingencies HTML 63K 35: R25 Business and Summary of Significant Accounting HTML 59K Policies (Policies) 36: R26 Business and Summary of Significant Accounting HTML 43K Policies (Tables) 37: R27 Business Acquisition (Tables) HTML 47K 38: R28 Revenue Recognition (Tables) HTML 64K 39: R29 Derivative Financial Instruments (Tables) HTML 85K 40: R30 Trade Accounts and Other Receivables (Tables) HTML 46K 41: R31 Inventories (Tables) HTML 39K 42: R32 Investments in Securities (Tables) HTML 35K 43: R33 Goodwill and Intangible Assets (Tables) HTML 76K 44: R34 Property, Plant and Equipment (Tables) HTML 40K 45: R35 Current Liabilities (Tables) HTML 52K 46: R36 Debt (Tables) HTML 51K 47: R37 Stockholders' Equity (Tables) HTML 78K 48: R38 Pension and Other Postretirement Benefits (Tables) HTML 276K 49: R39 Fair Value Measurement (Tables) HTML 64K 50: R40 Related Party Transactions (Tables) HTML 83K 51: R41 Reportable Segments (Tables) HTML 73K 52: R42 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING HTML 49K POLICIES - Additional Information (Details) 53: R43 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING HTML 36K POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) 54: R44 BUSINESS ACQUISITION - Narrative (Details) HTML 67K 55: R45 BUSINESS ACQUISITION - Fair Values of Assets HTML 73K Acquired and Liabilities Assumed (Details) 56: R46 BUSINESS ACQUISITION - Pro Forma Information HTML 35K (Details) 57: R47 REVENUE RECOGNITION - Disaggregated Revenue HTML 59K (Details) 58: R48 REVENUE RECOGNITION - Contract Balances (Details) HTML 33K 59: R49 DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of HTML 53K Outstanding Derivative Instruments and Cash Collateral (Details) 60: R50 DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of HTML 35K Derivative Gains (Losses) and Location of Income Expense (Details) 61: R51 DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of HTML 38K Cash Flow Hedges Included in AOCI (Details) 62: R52 DERIVATIVE FINANCIAL INSTRUMENTS - Income and HTML 56K Expense Line item in the Condensed Consolidated Statements of Income (Details) 63: R53 DERIVATIVE FINANCIAL INSTRUMENTS - Narrative HTML 30K (Details) 64: R54 Trade Accounts and Other Receivables (Details) HTML 51K 65: R55 Inventories (Details) HTML 43K 66: R56 Investments in Securities (Details) HTML 33K 67: R57 GOODWILL AND INTANGIBLE ASSETS - Schedule of HTML 43K Goodwill (Details) 68: R58 GOODWILL AND INTANGIBLE ASSETS - Schedule of HTML 72K Intangible Assets (Details) 69: R59 GOODWILL AND INTANGIBLE ASSETS - Estimated Useful HTML 38K Lives of Finite-Lived Intangible Assets (Details) 70: R60 PROPERTY, PLANT AND EQUIPMENT - Schedule of HTML 50K Property, Plant and Equipment (Details) 71: R61 PROPERTY, PLANT AND EQUIPMENT -Narrative (Details) HTML 47K 72: R62 Current Liabilities (Details) HTML 70K 73: R63 Income Taxes (Details) HTML 44K 74: R64 DEBT - Schedule of Long-term Debt and Other HTML 91K Borrowing Arrangements (Details) 75: R65 DEBT - Narrative (Details) HTML 139K 76: R66 STOCKHOLDERS' EQUITY - Schedule of Changes in HTML 70K Accumulated Other Comprehensive Loss (Details) 77: R67 STOCKHOLDERS' EQUITY - Schedule of HTML 67K Reclassification from Accumulated Other Comprehensive Income (Details) 78: R68 STOCKHOLDERS' EQUITY - Narrative (Details) HTML 43K 79: R69 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 89K Narrative (Details) 80: R70 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 93K Schedule of Defined Benefit Plan Obligations and Assets (Details) 81: R71 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 50K Schedule of Net Defined Benefit Pension and Other Postretirement Costs (Details) 82: R72 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 46K Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation (Details) 83: R73 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 53K Schedule of Plan Asset Allocations (Details) 84: R74 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 139K Schedule of Fair Value Measurements of Plan Assets (Details) 85: R75 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 46K Schedule of Benefit Payments (Details) 86: R76 PENSION AND OTHER POSTRETIREMENT BENEFITS - HTML 47K Schedule of Unrecognized Benefit Amounts (Details) 87: R77 FAIR VALUE MEASUREMENT - Schedule of Assets and HTML 55K Liabilities Measured on a Recurring Basis (Details) 88: R78 FAIR VALUE MEASUREMENT - Schedule of Fair Value HTML 61K and Carrying Amount of Debt Obligations (Details) 89: R79 RELATED PARTY TRANSACTIONS - Schedule of Related HTML 75K Party Transactions) (Details) 90: R80 REPORTABLE SEGMENTS - Narrative (Details) HTML 28K 91: R81 REPORTABLE SEGMENTS - Schedule of Segment HTML 79K Reporting Information, by Segment (Details) 92: R82 REPORTABLE SEGMENTS - Schedule of Segment HTML 48K Reporting, Goodwill and Assets (Details) 93: R83 Commitments and Contingencies (Details) HTML 85K 96: XML IDEA XML File -- Filing Summary XML 181K 94: XML XBRL Instance -- ppc-20220327_htm XML 3.74M 95: EXCEL IDEA Workbook of Financial Reports XLSX 143K 7: EX-101.CAL XBRL Calculations -- ppc-20220327_cal XML 272K 8: EX-101.DEF XBRL Definitions -- ppc-20220327_def XML 913K 9: EX-101.LAB XBRL Labels -- ppc-20220327_lab XML 2.10M 10: EX-101.PRE XBRL Presentations -- ppc-20220327_pre XML 1.32M 6: EX-101.SCH XBRL Schema -- ppc-20220327 XSD 214K 97: JSON XBRL Instance as JSON Data -- MetaLinks 532± 765K 98: ZIP XBRL Zipped Folder -- 0000802481-22-000044-xbrl Zip 735K
ppc-20220327 |
FORM | i 10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 75-1285071 | ||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
i 1770 Promontory Circle | i 80634-9038 | ||||||||||
i Greeley | i CO | ||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol | Name of Exchange on which Registered | ||||||||||||
i Common Stock, Par Value $0.01 | i PPC | i The Nasdaq Stock Market LLC |
i Large Accelerated Filer | ý | Accelerated Filer | ☐ | ||||||||||||||
Non-accelerated Filer | ☐ | Smaller reporting company | i ☐ | ||||||||||||||
Emerging growth company | i ☐ |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
PILGRIM’S PRIDE CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(Unaudited) | ||||||||||||||
March 27, 2022 | December 26, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Cash and cash equivalents | $ | i 725,540 | $ | i 427,661 | ||||||||||
Restricted cash and cash equivalents | i 30,258 | i 22,460 | ||||||||||||
Trade accounts and other receivables, less allowance for doubtful accounts | i 1,071,102 | i 1,013,437 | ||||||||||||
Accounts receivable from related parties | i 1,079 | i 1,345 | ||||||||||||
Inventories | i 1,708,995 | i 1,575,658 | ||||||||||||
Income taxes receivable | i 14,407 | i 27,828 | ||||||||||||
Prepaid expenses and other current assets | i 241,444 | i 237,565 | ||||||||||||
Total current assets | i 3,792,825 | i 3,305,954 | ||||||||||||
Deferred tax assets | i 5,191 | i 5,314 | ||||||||||||
Other long-lived assets | i 32,069 | i 32,410 | ||||||||||||
Operating lease assets, net | i 339,102 | i 351,226 | ||||||||||||
Intangible assets, net | i 938,564 | i 963,243 | ||||||||||||
Goodwill | i 1,320,100 | i 1,337,252 | ||||||||||||
Property, plant and equipment, net | i 2,890,016 | i 2,917,806 | ||||||||||||
Total assets | $ | i 9,317,867 | $ | i 8,913,205 | ||||||||||
Accounts payable | $ | i 1,440,802 | $ | i 1,378,077 | ||||||||||
Accounts payable to related parties | i 8,044 | i 22,317 | ||||||||||||
Revenue contract liabilities | i 21,522 | i 22,321 | ||||||||||||
Accrued expenses and other current liabilities | i 815,259 | i 859,885 | ||||||||||||
Income taxes payable | i 153,986 | i 81,977 | ||||||||||||
Current maturities of long-term debt | i 36,162 | i 26,246 | ||||||||||||
Total current liabilities | i 2,475,775 | i 2,390,823 | ||||||||||||
Noncurrent operating lease liabilities, less current maturities | i 262,830 | i 271,366 | ||||||||||||
Long-term debt, less current maturities | i 3,377,893 | i 3,191,161 | ||||||||||||
Deferred tax liabilities | i 344,492 | i 369,185 | ||||||||||||
Other long-term liabilities | i 63,271 | i 101,736 | ||||||||||||
Total liabilities | i 6,524,261 | i 6,324,271 | ||||||||||||
Common stock | i 2,616 | i 2,614 | ||||||||||||
Treasury stock | ( i 372,157) | ( i 345,134) | ||||||||||||
Additional paid-in capital | i 1,966,066 | i 1,964,028 | ||||||||||||
Retained earnings | i 1,284,007 | i 1,003,569 | ||||||||||||
Accumulated other comprehensive loss | ( i 98,902) | ( i 47,997) | ||||||||||||
Total Pilgrim’s Pride Corporation stockholders’ equity | i 2,781,630 | i 2,577,080 | ||||||||||||
Noncontrolling interest | i 11,976 | i 11,854 | ||||||||||||
Total stockholders’ equity | i 2,793,606 | i 2,588,934 | ||||||||||||
Total liabilities and stockholders’ equity | $ | i 9,317,867 | $ | i 8,913,205 |
PILGRIM’S PRIDE CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Net sales | $ | i 4,240,395 | $ | i 3,273,425 | ||||||||||||||||||||||
Cost of sales | i 3,698,415 | i 3,012,182 | ||||||||||||||||||||||||
Gross profit | i 541,980 | i 261,243 | ||||||||||||||||||||||||
Selling, general and administrative expense | i 139,967 | i 102,779 | ||||||||||||||||||||||||
Operating income | i i 402,013 / | i 158,464 | ||||||||||||||||||||||||
Interest expense, net of capitalized interest | i 36,296 | i 30,334 | ||||||||||||||||||||||||
Interest income | ( i 1,274) | ( i 2,366) | ||||||||||||||||||||||||
Foreign currency transaction losses | i 11,536 | i 2,514 | ||||||||||||||||||||||||
Miscellaneous, net | ( i 324) | ( i 7,844) | ||||||||||||||||||||||||
Income before income taxes | i 355,779 | i 135,826 | ||||||||||||||||||||||||
Income tax expense | i 75,219 | i 35,358 | ||||||||||||||||||||||||
Net income | i 280,560 | i 100,468 | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | i 122 | i 260 | ||||||||||||||||||||||||
Net income attributable to Pilgrim’s Pride Corporation | $ | i 280,438 | $ | i 100,208 | ||||||||||||||||||||||
Weighted
average shares of Pilgrim’s Pride Corporation common stock outstanding: | ||||||||||||||||||||||||||
Basic | i 243,670 | i 243,580 | ||||||||||||||||||||||||
Effect of dilutive common stock equivalents | i 630 | i 278 | ||||||||||||||||||||||||
Diluted | i 244,300 | i 243,858 | ||||||||||||||||||||||||
Net
income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding: | ||||||||||||||||||||||||||
Basic | $ | i 1.15 | $ | i 0.41 | ||||||||||||||||||||||
Diluted | $ | i 1.15 | $ | i 0.41 |
PILGRIM’S PRIDE CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | i 280,560 | $ | i 100,468 | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment: | |||||||||||||||||||||||
Gains (losses) arising during the period | ( i 58,202) | i 33,291 | |||||||||||||||||||||
Derivative financial instruments designated as cash flow hedges: | |||||||||||||||||||||||
Gains arising during the period | i 528 | i 1,468 | |||||||||||||||||||||
Income tax effect | i — | i 7 | |||||||||||||||||||||
Reclassification to net earnings for losses (gains) realized | i 157 | ( i 168) | |||||||||||||||||||||
Income tax effect | ( i 42) | ( i 32) | |||||||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||
Gains arising during the period | i 8,651 | i 29,227 | |||||||||||||||||||||
Income tax effect | ( i 2,172) | ( i 6,330) | |||||||||||||||||||||
Reclassification to net earnings of losses realized | i 232 | i 571 | |||||||||||||||||||||
Income tax effect | ( i 57) | ( i 135) | |||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( i 50,905) | i 57,899 | |||||||||||||||||||||
Comprehensive income | i 229,655 | i 158,367 | |||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | i 122 | i 260 | |||||||||||||||||||||
Comprehensive income attributable to Pilgrim’s Pride Corporation | $ | i 229,533 | $ | i 158,107 |
PILGRIM’S PRIDE CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 27, 2022 | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 26, 2021 | i 261,347 | $ | i 2,614 | ( i 17,673) | $ | ( i 345,134) | $ | i 1,964,028 | $ | i 1,003,569 | $ | ( i 47,997) | $ | i 11,854 | $ | i 2,588,934 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 280,438 | — | i 122 | i 280,560 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | ( i 50,905) | — | ( i 50,905) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under compensation plans | i 221 | i 2 | — | — | ( i 2) | — | — | — | i — | |||||||||||||||||||||||||||||||||||||||||||||||
Requisite service period recognition | — | — | — | — | i 2,040 | — | — | — | i 2,040 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock purchased under share repurchase plan | — | — | ( i 1,158) | ( i 27,023) | — | — | — | — | ( i 27,023) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 27, 2022 | i 261,568 | $ | i 2,616 | ( i 18,831) | $ | ( i 372,157) | $ | i 1,966,066 | $ | i 1,284,007 | $ | ( i 98,902) | $ | i 11,976 | $ | i 2,793,606 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 28, 2021 | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 27, 2020 | i 261,185 | $ | i 2,612 | ( i 17,673) | $ | ( i 345,134) | $ | i 1,954,334 | $ | i 972,569 | $ | ( i 20,620) | $ | i 11,586 | $ | i 2,575,347 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 100,208 | — | i 260 | i 100,468 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | i 57,899 | — | i 57,899 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under compensation plans | i 153 | i 1 | — | — | ( i 1) | — | — | — | i — | |||||||||||||||||||||||||||||||||||||||||||||||
Requisite service period recognition | — | — | — | — | i 2,042 | — | — | — | i 2,042 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 28, 2021 | i 261,338 | $ | i 2,613 | ( i 17,673) | $ | ( i 345,134) | $ | i 1,956,375 | $ | i 1,072,777 | $ | i 37,279 | $ | i 11,846 | $ | i 2,735,756 | ||||||||||||||||||||||||||||||||||||||||
PILGRIM’S PRIDE CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | i 280,560 | $ | i 100,468 | ||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | i 102,142 | i 86,532 | ||||||||||||
Deferred income tax expense (benefit) | ( i 21,917) | i 12,483 | ||||||||||||
Stock-based compensation | i 1,963 | i 2,042 | ||||||||||||
Loss (gain) on property disposals | i 1,855 | ( i 2,396) | ||||||||||||
Loan cost amortization | i 1,280 | i 1,215 | ||||||||||||
Accretion of discount related to Senior Notes | i 429 | i 246 | ||||||||||||
Loss (gain) on equity-method investments | i 8 | ( i 4) | ||||||||||||
Amortization of premium related to Senior Notes | i — | ( i 167) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Trade accounts and other receivables | ( i 66,669) | ( i 54,892) | ||||||||||||
Inventories | ( i 146,035) | ( i 82,550) | ||||||||||||
Prepaid expenses and other current assets | ( i 5,889) | i 20,228 | ||||||||||||
Accounts payable, accrued expenses and other current liabilities | ( i 2,454) | ( i 240,183) | ||||||||||||
Income taxes | i 84,780 | i 25,440 | ||||||||||||
Long-term pension and other postretirement obligations | ( i 1,101) | ( i 10,841) | ||||||||||||
Other operating assets and liabilities | ( i 1,956) | ( i 1,172) | ||||||||||||
Cash provided by (used in) operating activities | i 226,996 | ( i 143,551) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisitions of property, plant and equipment | ( i 81,578) | ( i 102,167) | ||||||||||||
Purchase of acquired business, net of cash acquired | ( i 4,847) | i — | ||||||||||||
Proceeds from property disposals | i 849 | i 13,074 | ||||||||||||
Cash used in investing activities | ( i 85,576) | ( i 89,093) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from revolving line of credit and long-term borrowings | i 228,505 | i 328,932 | ||||||||||||
Payments on revolving line of credit, long-term borrowings and finance lease obligations | ( i 32,093) | ( i 235,292) | ||||||||||||
Purchase of common stock under share repurchase plan | ( i 27,023) | i — | ||||||||||||
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation | ( i 1,961) | ( i 650) | ||||||||||||
Payments of capitalized loan costs | ( i 1,098) | i — | ||||||||||||
Cash provided by financing activities | i 166,330 | i 92,990 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 2,073) | i 1,488 | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | i 305,677 | ( i 138,166) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | i 450,121 | i 548,406 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | i 755,798 | $ | i 410,240 |
March 27, 2022 | December 26, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Cash and cash equivalents | $ | i 725,540 | $ | i 427,661 | ||||||||||
Restricted cash | i 30,258 | i 22,460 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | i 755,798 | $ | i 450,121 |
Preliminary | |||||
Cash and cash equivalents | $ | i 113 | |||
Trade accounts and other receivables | i 7,387 | ||||
Inventories | i 60,341 | ||||
Prepaid expenses and other current assets | i 1,727 | ||||
Operating lease assets | i 14,648 | ||||
Property, plant and equipment | i 247,133 | ||||
Identifiable intangible assets | i 415,157 | ||||
Other assets | i 335 | ||||
Total assets acquired | i 746,841 | ||||
Accounts payable | i 4,615 | ||||
Other current liabilities | i 407 | ||||
Operating lease liabilities | i 18,996 | ||||
Deferred tax liabilities | i 114,701 | ||||
Other long-term liabilities | i 2,612 | ||||
Total liabilities assumed | i 141,331 | ||||
Total identifiable net assets | i 605,510 | ||||
Goodwill | i 353,397 | ||||
Total consideration transferred | $ | i 958,907 |
Three Months Ended March 28, 2021 | |||||
(In thousands, except per share amounts) | |||||
Net sales | $ | i 3,495,180 | |||
Net income attributable to Pilgrim's Pride Corporation | i 76,104 | ||||
Net
income attributable to Pilgrim's Pride Corporation per common share - diluted | $ | i 0.31 |
Three Months Ended March 27, 2022 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Fresh | Prepared | Export | Other | Total | |||||||||||||||||||||||||
U.S. | $ | i 2,087,621 | $ | i 255,087 | $ | i 133,797 | $ | i 104,703 | $ | i 2,581,208 | |||||||||||||||||||
U.K. and Europe | i 237,309 | i 746,636 | i 173,411 | i 34,626 | i 1,191,982 | ||||||||||||||||||||||||
Mexico | i 410,420 | i 36,141 | i — | i 20,644 | i 467,205 | ||||||||||||||||||||||||
Total net sales | $ | i 2,735,350 | $ | i 1,037,864 | $ | i 307,208 | $ | i 159,973 | $ | i 4,240,395 |
Three Months Ended March 28, 2021 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Fresh | Prepared | Export | Other | Total | |||||||||||||||||||||||||
U.S. | $ | i 1,597,423 | $ | i 194,272 | $ | i 113,971 | $ | i 93,893 | $ | i 1,999,559 | |||||||||||||||||||
U.K. and Europe | i 386,886 | i 376,122 | i 79,382 | i 12,345 | i 854,735 | ||||||||||||||||||||||||
Mexico | i 372,721 | i 27,404 | i — | i 19,006 | i 419,131 | ||||||||||||||||||||||||
Total net sales | $ | i 2,357,030 | $ | i 597,798 | $ | i 193,353 | $ | i 125,244 | $ | i 3,273,425 |
Balance as of December 26, 2021 | $ | i 22,321 | |||
Revenue recognized | ( i 11,537) | ||||
Cash received, excluding amounts recognized as revenue during the period | i 10,738 | ||||
Balance as of March 27, 2022 | $ | i 21,522 |
March 27, 2022 | December 26, 2021 | ||||||||||
(In thousands) | |||||||||||
Fair values | |||||||||||
Commodity derivative assets | $ | i 37,563 | $ | i 17,567 | |||||||
Commodity derivative liabilities | ( i 22,860) | ( i 14,119) | |||||||||
Foreign currency derivative assets | i 768 | i 518 | |||||||||
Foreign currency derivative liabilities | ( i 12,197) | ( i 4,958) | |||||||||
Interest rate swap derivative liabilities | i — | ( i 98) | |||||||||
Sales contract derivative liabilities | ( i 21,357) | ( i 12,691) | |||||||||
Cash
collateral posted with brokers(a) | i 30,258 | i 22,459 | |||||||||
Derivatives
coverage(b): | |||||||||||
Corn | i 35.0 | % | i 6.6 | % | |||||||
Soybean meal | i 27.0 | % | i 11.8 | % | |||||||
Period through which stated percent of needs are covered: | |||||||||||
Corn | December 2022 | December 2022 | |||||||||
Soybean meal | January 2023 | December 2022 |
Three Months Ended | |||||||||||||||||||||||||||||
Gains (Losses) by Type of Contract (a) | March 27, 2022 | March 28, 2021 | Affected Line Item in the Condensed Consolidated Statements of Income | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Foreign currency derivatives gain (loss) | $ | ( i 13,300) | $ | i 5,340 | Foreign currency transaction losses (gains) | ||||||||||||||||||||||||
Commodity derivative gain | i 31,540 | i 17,378 | Cost of sales | ||||||||||||||||||||||||||
Sales contract derivative gain (loss) | ( i 8,666) | ( i 18,104) | Net sales | ||||||||||||||||||||||||||
Total | $ | i 9,574 | $ | i 4,614 |
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Foreign currency derivatives | $ | i 523 | $ | i 1,485 | |||||||||||||||||||
Interest rate swap derivatives | i — | ( i 29) | |||||||||||||||||||||
Total | $ | i 523 | $ | i 1,456 |
Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||||||||||||||||||||
Three Months Ended March, 27, 2022 | Three Months Ended March 28, 2021 | ||||||||||||||||||||||||||||||||||
Net sales(a) | Cost of sales(b) | Interest expense, net of capitalized interest(b) | Net sales(a) | Cost
of sales(b) | Interest expense, net of capitalized interest(b) | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded | $ | i 4,240,395 | $ | i 3,698,415 | $ | i 36,296 | $ | i 3,273,425 | $ | i 3,012,182 | $ | i 30,334 | |||||||||||||||||||||||
Impact from cash flow hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rates swaps | — | — | i 98 | — | — | i 132 | |||||||||||||||||||||||||||||
Foreign currency contracts | i 32 | i 91 | — | i 278 | ( i 22) | — |
March 27, 2022 | December 26, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Trade accounts receivable | $ | i 1,001,967 | $ | i 947,697 | ||||||||||
Notes receivable | i 18,946 | i 18,697 | ||||||||||||
Other receivables | i 59,900 | i 56,716 | ||||||||||||
Receivables, gross | i 1,080,813 | i 1,023,110 | ||||||||||||
Allowance for credit losses | ( i 9,711) | ( i 9,673) | ||||||||||||
Receivables, net | $ | i 1,071,102 | $ | i 1,013,437 | ||||||||||
Accounts
receivable from related parties(a) | $ | i 1,079 | $ | i 1,345 | ||||||||||
March 27, 2022 | ||||||||
(In thousands) | ||||||||
Balance, beginning of period | $ | ( i 9,673) | ||||||
Provision charged to operating results | ( i 383) | |||||||
Account write-offs and recoveries | i 487 | |||||||
Effect of exchange rate | ( i 142) | |||||||
Balance, end of period | $ | ( i 9,711) |
March 27, 2022 | |||||||||||
(In thousands) | |||||||||||
Raw materials and work-in-process | $ | i 1,124,232 | $ | i 1,034,518 | |||||||
Finished products | i 410,784 | i 369,292 | |||||||||
Operating supplies | i 87,822 | i 87,332 | |||||||||
Maintenance materials and parts | i 86,157 | i 84,516 | |||||||||
Total inventories | $ | i 1,708,995 | $ | i 1,575,658 |
March 27, 2022 | December 26, 2021 | |||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Fixed income securities | $ | i 29,048 | $ | i 29,048 | $ | i 48,851 | $ | i 48,851 | ||||||||||||||||||
December 26, 2021 | Additions | Currency Translation | March 27, 2022 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
U.S. | $ | i 41,936 | $ | i — | $ | i — | $ | i 41,936 | ||||||||||||||||||||||||
U.K. and Europe | i 1,167,512 | i 4,570 | ( i 21,722) | i 1,150,360 | ||||||||||||||||||||||||||||
Mexico | i 127,804 | i — | i — | i 127,804 | ||||||||||||||||||||||||||||
Total | $ | i 1,337,252 | $ | i 4,570 | $ | ( i 21,722) | $ | i 1,320,100 | ||||||||||||||||||||||||
December 26, 2021 | Additions | Amortization | Currency Translation | March 27, 2022 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Cost: | ||||||||||||||||||||||||||||||||||||||||||||
Trade names not subject to amortization | $ | i 609,713 | $ | i — | $ | — | $ | ( i 6,939) | $ | i 602,774 | ||||||||||||||||||||||||||||||||||
Trade names subject to amortization | i 114,268 | i — | ( i 4,578) | i 109,690 | ||||||||||||||||||||||||||||||||||||||||
Customer relationships | i 455,459 | i — | — | ( i 5,738) | i 449,721 | |||||||||||||||||||||||||||||||||||||||
Non-compete agreements | i 320 | i — | — | i — | i 320 | |||||||||||||||||||||||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||||||||||||||||||||
Trade names | ( i 49,901) | — | ( i 1,076) | i 22 | ( i 50,955) | |||||||||||||||||||||||||||||||||||||||
Customer relationships | ( i 166,296) | — | ( i 7,622) | i 1,252 | ( i 172,666) | |||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ( i 320) | — | i — | i — | ( i 320) | |||||||||||||||||||||||||||||||||||||||
Intangible assets, net | $ | i 963,243 | $ | i — | $ | ( i 8,698) | $ | ( i 15,981) | $ | i 938,564 | ||||||||||||||||||||||||||||||||||
Customer relationships | i 3- i 18
years | ||||
Trade names subject to amortization | i 15- i 20 years | ||||
Non-compete agreements | i 3 years | ||||
March 27, 2022 | December 26, 2021 | ||||||||||
(In thousands) | |||||||||||
Land | $ | i 262,409 | $ | i 260,079 | |||||||
Buildings | i 2,051,418 | i 2,043,034 | |||||||||
Machinery and equipment | i 3,608,105 | i 3,594,482 | |||||||||
Autos and trucks | i 76,700 | i 76,710 | |||||||||
Finance leases | i 5,710 | i 5,710 | |||||||||
Construction-in-progress | i 236,304 | i 229,837 | |||||||||
PP&E, gross | i 6,240,646 | i 6,209,852 | |||||||||
Accumulated depreciation | ( i 3,350,630) | ( i 3,292,046) | |||||||||
PP&E, net | $ | i 2,890,016 | $ | i 2,917,806 |
March 27, 2022 | December 26, 2021 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Accounts payable: | |||||||||||||||||
Trade accounts | $ | i 1,345,826 | $ | i 1,273,297 | |||||||||||||
Book overdrafts | i 64,406 | i 77,139 | |||||||||||||||
Other payables | i 30,570 | i 27,641 | |||||||||||||||
Total accounts payable | i 1,440,802 | i 1,378,077 | |||||||||||||||
Accounts
payable to related parties(a) | i 8,044 | i 22,317 | |||||||||||||||
Revenue
contract liabilities(b) | i 21,522 | i 22,321 | |||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||
Compensation and benefits | i 184,443 | i 224,368 | |||||||||||||||
Current maturities of operating lease liabilities | i 79,074 | i 82,947 | |||||||||||||||
Taxes | i 77,156 | i 68,163 | |||||||||||||||
Insurance and self-insured claims | i 73,295 | i 64,697 | |||||||||||||||
Litigation
settlements(c) | i 69,000 | i i 172,440 / | |||||||||||||||
Derivative
liabilities(d) | i 56,414 | i 31,866 | |||||||||||||||
Interest and debt-related fees | i 47,839 | i 31,810 | |||||||||||||||
Accrued sales rebates | i 46,555 | i 35,613 | |||||||||||||||
Other accrued expenses | i 181,483 | i 147,981 | |||||||||||||||
Total accrued expenses and other current liabilities | i 815,259 | i 859,885 | |||||||||||||||
Total | $ | i 2,285,627 | $ | i 2,282,600 |
Maturity | March 27, 2022 | December 26, 2021 | |||||||||||||||
(In thousands) | |||||||||||||||||
Senior notes payable at i 3.50% | 2032 | $ | i 900,000 | $ | i 900,000 | ||||||||||||
Senior
notes payable, net of discount, at i 4.25% | 2031 | i 990,941 | i 990,691 | ||||||||||||||
Senior
notes payable, net of discount, at i 5.875% | 2027 | i 846,045 | i 845,866 | ||||||||||||||
Fifth Amended and Restated U.S. Credit Facility (defined below): | |||||||||||||||||
Term note payable at i 2.09% | 2026 | i 692,812 | i 506,250 | ||||||||||||||
Revolving
note payable at i 3.50% | 2026 | i — | i — | ||||||||||||||
Pilgrim's
Pride Limited Bank of Ireland Invoice Discounting Facility with notes payable at i 2.25% | 2022 | i 9,911 | i — | ||||||||||||||
Moy
Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus i 1.25% to i 2.00% | 2023 | i — | i — | ||||||||||||||
Mexico
Credit Facility (defined below) with notes payable at TIIE plus i 1.50% | 2023 | i — | i — | ||||||||||||||
Secured
loans with payables at weighted average of i 3.34% | 2022 | i — | i 3 | ||||||||||||||
Finance lease obligations | Various | i 4,320 | i 4,548 | ||||||||||||||
Long-term debt | i 3,444,029 | i 3,247,358 | |||||||||||||||
Less: Current maturities of long-term debt | ( i 36,162) | ( i 26,246) | |||||||||||||||
Long-term debt, less current maturities | i 3,407,867 | i 3,221,112 | |||||||||||||||
Less: Capitalized financing costs | ( i 29,974) | ( i 29,951) | |||||||||||||||
Long-term debt, less current maturities, net of capitalized financing costs | $ | i 3,377,893 | $ | i 3,191,161 |
Three Months Ended March 27, 2022(a) | |||||||||||||||||||||||
Gains (Losses) Related to Foreign Currency Translation | Losses on Derivative Financial Instruments Classified as Cash Flow Hedges | Losses Related to Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance, beginning of period | $ | i 27,241 | $ | ( i 2,365) | $ | ( i 72,873) | $ | ( i 47,997) | |||||||||||||||
Other comprehensive income before reclassifications | ( i 58,202) | i 523 | i 6,479 | ( i 51,200) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income to net income | i — | i 115 | i 175 | i 290 | |||||||||||||||||||
Currency translation | i — | i 5 | i — | i 5 | |||||||||||||||||||
Net current period other comprehensive income (loss) | ( i 58,202) | i 643 | i 6,654 | ( i 50,905) | |||||||||||||||||||
Balance, end of period | $ | ( i 30,961) | $ | ( i 1,722) | $ | ( i 66,219) | $ | ( i 98,902) |
Three
Months Ended March 28, 2021(a) | |||||||||||||||||||||||
Gains Related to Foreign Currency Translation | Gains on Derivative Financial Instruments Classified as Cash Flow Hedges | Losses Related to Pension and Other Postretirement Benefits | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance, beginning of period | $ | i 82,782 | $ | ( i 1,191) | $ | ( i 102,211) | $ | ( i 20,620) | |||||||||||||||
Other comprehensive income before reclassifications | i 33,291 | i 1,463 | i 22,897 | i 57,651 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | i — | ( i 200) | i 436 | i 236 | |||||||||||||||||||
Currency translation | i — | i 12 | i — | i 12 | |||||||||||||||||||
Net current period other comprehensive income | i 33,291 | i 1,275 | i 23,333 | i 57,899 | |||||||||||||||||||
Balance, end of period | $ | i 116,073 | $ | i 84 | $ | ( i 78,878) | $ | i 37,279 |
Amount
Reclassified from Accumulated Other Comprehensive Income(a) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Three Months Ended March 27, 2022 | Three Months Ended March 28, 2021 | Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Realized gain on settlement of foreign currency derivatives classified as cash flow hedges | $ | i 32 | $ | i 278 | Net sales | |||||||||||||||
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges | ( i 91) | i 22 | Cost of sales | |||||||||||||||||
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges | ( i 98) | ( i 132) | Interest expense, net of capitalized interest | |||||||||||||||||
Amortization of pension and other postretirement plan actuarial losses(b) | ( i 232) | ( i 571) | Miscellaneous, net | |||||||||||||||||
Total before tax | ( i 389) | ( i 403) | ||||||||||||||||||
Tax expense | i 99 | i 167 | ||||||||||||||||||
Total reclassification for the period | $ | ( i 290) | $ | ( i 236) |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||
Projected benefit obligation, beginning of period | $ | i 373,062 | $ | i 1,346 | $ | i 404,194 | $ | i 1,593 | |||||||||||||||
Interest cost | i 1,508 | i 4 | i 1,450 | i 5 | |||||||||||||||||||
Actuarial gain | ( i 29,146) | ( i 56) | ( i 27,980) | ( i 53) | |||||||||||||||||||
Benefits paid | ( i 4,810) | ( i 26) | ( i 4,583) | ( i 42) | |||||||||||||||||||
Currency translation loss | i 161 | i — | i 3,674 | i — | |||||||||||||||||||
Projected benefit obligation, end of period | $ | i 340,775 | $ | i 1,268 | $ | i 376,755 | $ | i 1,503 |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets, beginning of period | $ | i 326,409 | $ | i — | $ | i 305,983 | $ | i — | |||||||||||||||
Actual return on plan assets | ( i 18,246) | i — | i 4,291 | i — | |||||||||||||||||||
Contributions by employer | i 3,287 | i 26 | i 3,916 | i 42 | |||||||||||||||||||
Benefits paid | ( i 4,810) | ( i 26) | ( i 4,828) | ( i 42) | |||||||||||||||||||
Expenses paid from assets | ( i 115) | i — | ( i 78) | i — | |||||||||||||||||||
Currency translation gain | i 116 | i — | i 3,145 | i — | |||||||||||||||||||
Fair value of plan assets, end of period | $ | i 306,641 | $ | i — | $ | i 312,429 | $ | i — |
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Funded status: | |||||||||||||||||||||||
Unfunded benefit obligation, end of period | $ | ( i 34,134) | $ | ( i 1,268) | $ | ( i 46,653) | $ | ( i 1,346) |
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period | |||||||||||||||||||||||
Current liability | $ | ( i 4,053) | $ | ( i 169) | $ | ( i 6,063) | $ | ( i 157) | |||||||||||||||
Long-term liability | ( i 30,081) | ( i 1,099) | ( i 40,590) | ( i 1,189) | |||||||||||||||||||
Recognized liability | $ | ( i 34,134) | $ | ( i 1,268) | $ | ( i 46,653) | $ | ( i 1,346) |
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss at end of period | |||||||||||||||||||||||
Net actuarial loss | $ | i 49,441 | $ | i 62 | $ | i 58,143 | $ | i 118 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | $ | i 1,508 | $ | i 4 | $ | i 1,450 | $ | i 5 | ||||||||||||||||||||||||||||||||||||||||||
Estimated return on plan assets | ( i 2,403) | i — | ( i 2,641) | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Expenses paid from assets | i 115 | i — | i 78 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss | i 227 | i — | i 565 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of past service cost | i 5 | i — | i 5 | i — | ||||||||||||||||||||||||||||||||||||||||||||||
Net
costs(a) | $ | ( i 548) | $ | i 4 | $ | ( i 543) | $ | i 6 |
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
Assumptions used to measure benefit obligation at end of period: | |||||||||||||||||||||||
Discount rate | i 2.93 | % | i 3.15 | % | i 2.23 | % | i 2.38 | % |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
Assumptions used to measure net pension and other postretirement cost | |||||||||||||||||||||||
Discount rate | i 2.23 | % | i 2.38 | % | i 1.83 | % | i 1.80 | % | |||||||||||||||
Expected return on plan assets | i 3.40 | % | NA | i 3.53 | % | NA |
Increase in Discount Rate of 0.25% | Decrease in Discount Rate of 0.25% | ||||||||||
(In thousands) | |||||||||||
Impact on projected benefit obligation for pension benefits | $ | ( i 9,122) | $ | i 9,604 |
March 27, 2022 | December 26, 2021 | ||||||||||
Cash and cash equivalents | i 11 | % | i 2 | % | |||||||
Pooled
separate accounts for the Union Plan(a): | |||||||||||
Equity securities | i 2 | % | i 2 | % | |||||||
Fixed income securities | i 2 | % | i 2 | % | |||||||
Pooled
separate accounts and common collective trust funds for the GK Pension Plan(a): | |||||||||||
Equity securities | i 19 | % | i 19 | % | |||||||
Fixed income securities | i 13 | % | i 12 | % | |||||||
Real estate | i 2 | % | i 1 | % | |||||||
Pooled
separate accounts for the Tulip Plan(a): | |||||||||||
Equity securities | i 20 | % | i 32 | % | |||||||
Fixed income securities | i — | % | i 17 | % | |||||||
Liability driven investments | i 19 | % | i — | % | |||||||
Real estate | i 6 | % | i 6 | % | |||||||
Pooled
separate accounts for the Geo Adams Plan(a): | |||||||||||
Equity securities | i 3 | % | i 5 | % | |||||||
Fixed income securities | i 1 | % | i 2 | % | |||||||
Liability driven investments | i 2 | % | i — | % | |||||||
Total assets | i 100 | % | i 100 | % |
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1(a) | Level 2(b) | Level 3(c) | Total | Level 1(a) | Level 2(b) | Level
3(c) | Total | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | i 35,288 | $ | i — | $ | i — | $ | i 35,288 | $ | i 6,166 | $ | i — | $ | i — | $ | i 6,166 | |||||||||||||||||||||||||||||||
PSAs for the Union Plan: | |||||||||||||||||||||||||||||||||||||||||||||||
Large U.S. equity funds(d) | i — | i 2,385 | i — | i 2,385 | i — | i 2,595 | i — | i 2,595 | |||||||||||||||||||||||||||||||||||||||
Small/Mid
U.S. equity funds(e) | i — | i 1,254 | i — | i 1,254 | i — | i 1,338 | i — | i 1,338 | |||||||||||||||||||||||||||||||||||||||
International
equity funds(f) | i — | i 1,800 | i — | i 1,800 | i — | i 1,954 | i — | i 1,954 | |||||||||||||||||||||||||||||||||||||||
Fixed
income funds(g) | i — | i 4,878 | i — | i 4,878 | i — | i 5,186 | i — | i 5,186 | |||||||||||||||||||||||||||||||||||||||
PSAs and CCTs for the GK Pension Plan: | |||||||||||||||||||||||||||||||||||||||||||||||
Large U.S. equity funds(d) | i — | i 29,346 | i — | i 29,346 | i — | i 31,960 | i — | i 31,960 | |||||||||||||||||||||||||||||||||||||||
Small/Mid
U.S. equity funds(e) | i — | i 15,226 | i — | i 15,226 | i — | i 16,232 | i — | i 16,232 | |||||||||||||||||||||||||||||||||||||||
International
equity funds(f) | i — | i 14,711 | i — | i 14,711 | i — | i 15,710 | i — | i 15,710 | |||||||||||||||||||||||||||||||||||||||
Fixed
income funds(g) | i — | i 38,586 | i — | i 38,586 | i — | i 40,470 | i — | i 40,470 | |||||||||||||||||||||||||||||||||||||||
Real
estate(h) | i — | i 5,759 | i — | i 5,759 | i — | i 5,405 | i — | i 5,405 | |||||||||||||||||||||||||||||||||||||||
PSAs for the Tulip Plan: | |||||||||||||||||||||||||||||||||||||||||||||||
Large U.S. equity funds(d) | i — | i 34,788 | i — | i 34,788 | i — | i 45,373 | i — | i 45,373 | |||||||||||||||||||||||||||||||||||||||
International
equity funds(f) | i — | i 27,059 | i — | i 27,059 | i — | i 60,188 | i — | i 60,188 | |||||||||||||||||||||||||||||||||||||||
Fixed
income funds(g) | i — | i 1,058 | i — | i 1,058 | i — | i 55,107 | i — | i 55,107 | |||||||||||||||||||||||||||||||||||||||
Liability
driven investments(h) | i — | i 58,886 | i — | i 58,886 | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Real
estate(i) | i — | i 19,121 | i — | i 19,121 | i — | i 18,601 | i — | i 18,601 | |||||||||||||||||||||||||||||||||||||||
PSAs for the Geo Adams Plan: | |||||||||||||||||||||||||||||||||||||||||||||||
Large U.S. equity funds(d) | i — | i — | i — | i — | i — | i 2,621 | i — | i 2,621 | |||||||||||||||||||||||||||||||||||||||
International
equity funds(f) | i — | i 8,606 | i — | i 8,606 | i — | i 11,696 | i — | i 11,696 | |||||||||||||||||||||||||||||||||||||||
Fixed
income funds(g) | i — | i 2,901 | i — | i 2,901 | i — | i 5,807 | i — | i 5,807 | |||||||||||||||||||||||||||||||||||||||
Liability
driven investments(h) | i — | i 4,989 | i — | i 4,989 | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | i 35,288 | $ | i 271,353 | $ | i — | $ | i 306,641 | $ | i 6,166 | $ | i 320,243 | $ | i — | $ | i 326,409 |
Pension Benefits | Other Benefits | ||||||||||
(In thousands) | |||||||||||
2022 | $ | i 23,353 | $ | i 131 | |||||||
2023 | i 17,491 | i 150 | |||||||||
2024 | i 17,436 | i 143 | |||||||||
2025 | i 17,180 | i 135 | |||||||||
2026 | i 17,070 | i 126 | |||||||||
2027-2031 | i 83,247 | i 485 | |||||||||
Total | $ | i 175,777 | $ | i 1,170 |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net actuarial loss, beginning of period | $ | i 58,143 | $ | i 118 | $ | i 95,522 | $ | i 174 | |||||||||||||||
Amortization | ( i 232) | i — | ( i 570) | ( i 1) | |||||||||||||||||||
Actuarial gain | ( i 29,146) | ( i 56) | ( i 27,980) | ( i 53) | |||||||||||||||||||
Asset loss (gain) | i 20,649 | i — | ( i 1,505) | i — | |||||||||||||||||||
Currency translation loss | i 27 | i — | i 364 | i — | |||||||||||||||||||
Net actuarial loss, end of period | $ | i 49,441 | $ | i 62 | $ | i 65,831 | $ | i 120 |
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities; | |||||||
Level 2 | Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or | |||||||
Level 3 | Unobservable inputs, such as discounted cash flow models or valuations. |
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Commodity derivative assets | $ | i 37,563 | $ | i — | $ | i 37,563 | $ | i 17,567 | $ | i — | $ | i 17,567 | |||||||||||||||||||||||
Foreign currency derivative assets | i 768 | i — | i 768 | i 518 | i — | i 518 | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | ( i 22,860) | i — | ( i 22,860) | ( i 14,119) | i — | ( i 14,119) | |||||||||||||||||||||||||||||
Foreign currency derivative liabilities | ( i 12,197) | i | ( i 12,197) | ( i 4,958) | i — | ( i 4,958) | |||||||||||||||||||||||||||||
Interest rate swap derivative liabilities | i — | i — | i — | i — | ( i 98) | ( i 98) | |||||||||||||||||||||||||||||
Sales contract derivative liabilities | i — | ( i 21,357) | ( i 21,357) | i — | ( i 12,691) | ( i 12,691) | |||||||||||||||||||||||||||||
March 27, 2022 | December 26, 2021 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed-rate senior notes payable at i 3.50%,
at Level 2 inputs | $ | ( i 900,000) | $ | ( i 782,721) | $ | ( i 900,000) | $ | ( i 915,120) | |||||||||||||||
Fixed-rate
senior notes payable at i 4.25%, at Level 2 inputs | ( i 990,941) | ( i 913,380) | ( i 990,691) | ( i 1,055,140) | |||||||||||||||||||
Fixed-rate
senior notes payable at i 5.875%, at Level 2 inputs | ( i 846,045) | ( i 853,562) | ( i 845,866) | ( i 900,193) | |||||||||||||||||||
Secured loans, at Level 3 inputs | i — | i — | ( i 3) | ( i 3) |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Sales to related parties: | |||||||||||||||||||||||
JBS
USA Food Company(a) | $ | i 4,611 | $ | i 3,065 | |||||||||||||||||||
Combo, Mercado de Congelados | i 683 | i 451 | |||||||||||||||||||||
JBS Australia Pty. Ltd. | i 532 | i 883 | |||||||||||||||||||||
JBS Chile Ltda. | i 52 | i 88 | |||||||||||||||||||||
Total sales to related parties | $ | i 5,878 | $ | i 4,487 |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cost of goods purchased from related parties: | |||||||||||||||||||||||
JBS
USA Food Company(a) | $ | i 61,903 | $ | i 56,249 | |||||||||||||||||||
Penasul UK LTD | i 3,540 | i 2,318 | |||||||||||||||||||||
JBS Asia Co Limited | i 2,124 | i 5 | |||||||||||||||||||||
Seara Meats B.V. | i 1,468 | i 1,701 | |||||||||||||||||||||
JBS Food Trading (Shanghai) Limited | i 47 | i — | |||||||||||||||||||||
Vivera B.V. | i 15 | i — | |||||||||||||||||||||
JBS Global (U.K.) Ltd. | i — | i 369 | |||||||||||||||||||||
Total cost of goods purchased from related parties | $ | i 69,097 | $ | i 60,642 |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Expenditures paid by related parties: | |||||||||||||||||||||||
JBS USA Food Company(b) | $ | i 24,178 | $ | i 23,745 | |||||||||||||||||||
Seara Food Europe Holdings | i — | i 10 | |||||||||||||||||||||
Total expenditures paid by related parties | $ | i 24,178 | $ | i 23,755 |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Expenditures paid on behalf of related parties: | |||||||||||||||||||||||
JBS
USA Food Company(b) | $ | i 32,525 | $ | i 16,374 | |||||||||||||||||||
March 27, 2022 | December 26, 2021 | ||||||||||
(In thousands) | |||||||||||
Accounts receivable from related parties: | |||||||||||
JBS USA Food Company(a) | $ | i 778 | $ | i 1,059 | |||||||
JBS Australia Pty. Ltd. | i 245 | i 200 | |||||||||
JBS Chile Ltda. | i 53 | i 2 | |||||||||
Combo, Mercado de Congelados | i 3 | i 84 | |||||||||
Total accounts receivable from related parties | $ | i 1,079 | $ | i 1,345 |
March 27, 2022 | December 26, 2021 | ||||||||||
(In thousands) | |||||||||||
Accounts payable to related parties: | |||||||||||
JBS USA Food Company(a) | $ | i 3,249 | $ | i 21,628 | |||||||
Penasul UK LTD | i 2,244 | i 147 | |||||||||
JBS Asia Co Limited | i 2,087 | i — | |||||||||
Seara Meats B.V. | i 464 | i 534 | |||||||||
JBS Chile Ltda. | i — | i 8 | |||||||||
Total accounts payable to related parties | $ | i 8,044 | $ | i 22,317 |
Three Months Ended | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net sales | |||||||||||||||||||||||
U.S. | $ | i 2,581,208 | $ | i 1,999,559 | |||||||||||||||||||
U.K. and Europe | i 1,191,982 | i 854,734 | |||||||||||||||||||||
Mexico | i 467,205 | i 419,132 | |||||||||||||||||||||
Total | $ | i 4,240,395 | $ | i 3,273,425 |
Three Months Ended | |||||||||||||||||||||||
March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Reportable segment profit (loss): | |||||||||||||||||||||||
U.S. | $ | i 355,075 | $ | i 68,125 | |||||||||||||||||||
U.K. and Europe | ( i 21,640) | i 10,495 | |||||||||||||||||||||
Mexico | i 68,564 | i 79,830 | |||||||||||||||||||||
Eliminations | i 14 | i 14 | |||||||||||||||||||||
Total operating income | i 402,013 | i 158,464 | |||||||||||||||||||||
Interest expense, net of capitalized interest | i 36,296 | i 30,334 | |||||||||||||||||||||
Interest income | ( i 1,274) | ( i 2,366) | |||||||||||||||||||||
Foreign currency transaction losses | i 11,536 | i 2,514 | |||||||||||||||||||||
Miscellaneous, net | ( i 324) | ( i 7,844) | |||||||||||||||||||||
Income before income taxes | i 355,779 | i 135,826 | |||||||||||||||||||||
Income tax expense | i 75,219 | i 35,358 | |||||||||||||||||||||
Net income | $ | i 280,560 | $ | i 100,468 |
March 27, 2022 | December 26, 2021 | ||||||||||
(In thousands) | |||||||||||
Total assets by reportable segment: | |||||||||||
U.S. | $ | i 6,761,031 | $ | i 6,390,845 | |||||||
U.K. and Europe | i 4,237,911 | i 4,292,558 | |||||||||
Mexico | i 1,235,773 | i 1,146,204 | |||||||||
Eliminations | ( i 2,916,848) | ( i 2,916,402) | |||||||||
Total assets | $ | i 9,317,867 | $ | i 8,913,205 |
March 27, 2022 | December 26, 2021 | ||||||||||
(In thousands) | |||||||||||
Long-lived assets by reportable segment(a): | |||||||||||
U.S. | $ | i i 1,860,198 / | $ | i 1,862,584 | |||||||
U.K. and Europe | i i 1,090,049 / | i 1,125,197 | |||||||||
Mexico | i 282,587 | i 284,980 | |||||||||
Eliminations | ( i 3,716) | ( i 3,729) | |||||||||
Total long-lived assets | $ | i 3,229,118 | $ | i 3,269,032 |
Sources of net sales | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | |||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||
U.S. | $ | 2,581,208 | $ | 581,649 | 29.1 | % | |||||||||||||||||
U.K. and Europe | 1,191,982 | 337,248 | 39.5 | % | |||||||||||||||||||
Mexico | 467,205 | 48,073 | 11.5 | % | |||||||||||||||||||
Total net sales | $ | 4,240,395 | $ | 966,970 | 29.5 | % |
Components of gross profit | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | Percent of Net Sales | ||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Amount | Percent | March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||||||||||||||
Net sales | $ | 4,240,395 | $ | 966,970 | 29.5 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||
Cost of sales | 3,698,415 | 686,233 | 22.8 | % | 87.2 | % | 92.0 | % | |||||||||||||||||||||||||||
Gross profit | $ | 541,980 | $ | 280,737 | 107.5 | % | 12.8 | % | 8.0 | % |
Sources of gross profit | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | |||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||
U.S. | $ | 422,004 | $ | 289,145 | 217.6 | % | |||||||||||||||||
U.K. and Europe | 39,079 | 1,271 | 3.4 | % | |||||||||||||||||||
Mexico | 80,883 | (9,679) | (10.7) | % | |||||||||||||||||||
Elimination | 14 | — | — | % | |||||||||||||||||||
Total gross profit | $ | 541,980 | $ | 280,737 | 107.5 | % |
Sources of cost of sales | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | |||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||
U.S. | $ | 2,159,204 | $ | 292,504 | 15.7 | % | |||||||||||||||||
U.K. and Europe | 1,152,903 | 335,977 | 41.1 | % | |||||||||||||||||||
Mexico | 386,322 | 57,752 | 17.6 | % | |||||||||||||||||||
Elimination | (14) | — | — | % | |||||||||||||||||||
Total cost of sales | $ | 3,698,415 | $ | 686,233 | 22.8 | % | |||||||||||||||||
Components of operating income | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | Percent of Net Sales | ||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Amount | Percent | March 27, 2022 | March 28, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||||||||||||||
Gross profit | $ | 541,980 | $ | 280,737 | 107.5 | % | 12.8 | % | 8.0 | % | |||||||||||||||||||||||||
SG&A expense | 139,967 | 37,188 | 36.2 | % | 3.3 | % | 3.1 | % | |||||||||||||||||||||||||||
Operating income | $ | 402,013 | $ | 243,549 | 153.7 | % | 9.5 | % | 4.8 | % |
Sources of operating income | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | |||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||
U.S. | $ | 355,075 | $ | 286,950 | 421.2 | % | |||||||||||||||||
U.K. and Europe | (21,640) | (32,135) | (306.2) | % | |||||||||||||||||||
Mexico | 68,564 | (11,266) | (14.1) | % | |||||||||||||||||||
Eliminations | 14 | — | — | % | |||||||||||||||||||
Total operating income | $ | 402,013 | $ | 243,549 | 153.7 | % | |||||||||||||||||
Sources of SG&A expense | Three Months Ended March 27, 2022 | Change from Three Months Ended March 28, 2021 | |||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
(In thousands, except percent data) | |||||||||||||||||||||||
U.S. | $ | 66,929 | $ | 2,195 | 3.4 | % | |||||||||||||||||
U.K. and Europe | 60,719 | 33,406 | 122.3 | % | |||||||||||||||||||
Mexico | 12,319 | 1,587 | 14.8 | % | |||||||||||||||||||
Total SG&A expense | $ | 139,967 | $ | 37,188 | 36.2 | % | |||||||||||||||||
Sources of Liquidity | Facility Amount | Amount Outstanding | Amount Available | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 725.5 | ||||||||||||||
Borrowing arrangements: | ||||||||||||||||||||
U.S. Credit Facility Revolving Note Payable(a) | 800.0 | — | 763.9 | |||||||||||||||||
U.S.
Credit Facility Term Loans(b) | 700.0 | 692.8 | 7.2 | |||||||||||||||||
Mexico Credit Facility(c) | 74.9 | — | 74.9 | |||||||||||||||||
U.K. and Europe Credit Facilities(d) | 131.8 | — | 131.8 |
Cash Flows from Operating Activities | Three Months Ended | |||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||
(In millions) | ||||||||||||||
Net income | $ | 280.6 | $ | 100.5 | ||||||||||
Net noncash expenses | 85.8 | 100.0 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Trade accounts and other receivables | (66.7) | (54.9) | ||||||||||||
Inventories | (146.0) | (82.6) | ||||||||||||
Prepaid expenses and other current assets | (5.9) | 20.2 | ||||||||||||
Accounts payable, accrued expenses and other current liabilities | (2.5) | (240.2) | ||||||||||||
Income taxes | 84.8 | 25.4 | ||||||||||||
Long-term pension and other postretirement obligations | (1.1) | (10.8) | ||||||||||||
Other operating assets and liabilities | (2.0) | (1.2) | ||||||||||||
Cash provided by (used in) operating activities | $ | 227.0 | $ | (143.6) |
Cash Flows from Investing Activities | Three Months Ended | |||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||
(In millions) | ||||||||||||||
Acquisitions of property, plant and equipment | $ | (81.6) | $ | (102.2) | ||||||||||
Purchase of acquired businesses, net of cash acquired | (4.8) | — | ||||||||||||
Proceeds from property disposals | 0.8 | 13.1 | ||||||||||||
Cash used in investing activities | $ | (85.6) | $ | (89.1) |
Cash Flows from Financing Activities | Three Months Ended | |||||||||||||
March 27, 2022 | March 28, 2021 | |||||||||||||
(In millions) | ||||||||||||||
Proceeds from revolving line of credit and long-term borrowings | $ | 228.5 | $ | 328.9 | ||||||||||
Payments on revolving line of credit, long-term borrowings and finance lease obligations | (32.1) | (235.3) | ||||||||||||
Purchase of common stock under share repurchase program | (27.0) | — | ||||||||||||
Distribution from Tax Sharing Agreement with JBS USA Holdings | (2.0) | (0.7) | ||||||||||||
Payments of capitalized loan costs | (1.1) | — | ||||||||||||
Cash provided by financing activities | $ | 166.3 | $ | 92.9 |
Three Months Ended | |||||
March 27, 2022 | |||||
(In thousands) | |||||
Net income | $ | 280,560 | |||
Add: | |||||
Interest expense, net | 35,022 | ||||
Income tax expense | 75,219 | ||||
Depreciation and amortization | 102,142 | ||||
EBITDA | 492,943 | ||||
Add: | |||||
Foreign currency transaction losses | 11,536 | ||||
Transaction costs related to business acquisitions | 717 | ||||
Litigation settlements | 500 | ||||
Minus: | |||||
Insurance recoveries for Mayfield tornado losses | 3,815 | ||||
Net income attributable to noncontrolling interest | 122 | ||||
Adjusted EBITDA | $ | 501,759 |
Three Months Ended March 27, 2022 | |||||||||||
Amount | Impact of 10% Increase in Feed Ingredient Prices | ||||||||||
(In thousands) | |||||||||||
Feed purchases(a) | $ | 1,084,386 | $ | 108,439 | |||||||
Feed inventory(b) | 245,330 | 24,533 |
March 27, 2022 | |||||||||||
Amount | Impact of 10% Increase in Commodity Prices | ||||||||||
(In thousands) | |||||||||||
Net commodity derivative assets(a) | $ | 44,961 | $ | 4,496 |
Three Months Ended March 27, 2022 | |||||||||||
Impact of 10% Deterioration in Exchange Rate | Impact of 10% Appreciation in Exchange Rate | ||||||||||
(In thousands, except for exchange rate data) | |||||||||||
Foreign currency remeasurement gain (loss) | $ | (4,124) | $ | 5,041 | |||||||
Exchange rate of Mexican peso to the U.S. dollar: | |||||||||||
As reported | 20.03 | 20.03 | |||||||||
Hypothetical 10% change | 22.04 | 18.03 |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of the Shares That May Yet Be Purchased Under the Plans or Programs (a) | ||||||||||||||||||||||
December 27, 2021 through January 23, 2022 | — | $ | — | — | $ | — | ||||||||||||||||||||
January 24, 2022 through February 27, 2022 | — | — | — | — | ||||||||||||||||||||||
February 28, 2022 through March 27, 2022 | 1,158,452 | 23.3269 | 1,158,452 | 172,976,935 | ||||||||||||||||||||||
Total | 1,158,452 | $ | 23.3269 | 1,158,452 | $ | 172,976,935 |
3.1 | ||||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. | |||||||
** | Furnished herewith. |
PILGRIM’S PRIDE CORPORATION | |||||||||||
Date: April 27, 2022 | /s/ Matthew Galvanoni | ||||||||||
Matthew Galvanoni | |||||||||||
Chief Financial Officer and Chief Accounting Officer | |||||||||||
(Principal Financial Officer, Principal Accounting Officer and Duly Authorized Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
10/15/26 | ||||
8/9/26 | ||||
12/31/25 | ||||
12/14/23 | ||||
10/13/23 | ||||
9/22/23 | ||||
7/31/23 | ||||
6/9/23 | ||||
6/2/23 | ||||
4/28/23 | ||||
3/17/23 | ||||
12/31/22 | ||||
12/25/22 | ||||
10/31/22 | ||||
8/1/22 | ||||
6/17/22 | ||||
6/6/22 | 4 | |||
5/10/22 | ||||
Filed as of: | 4/28/22 | 3, 4, 8-K | ||
Filed on: | 4/27/22 | 8-K, DEF 14A | ||
4/18/22 | ||||
4/5/22 | ||||
For Period end: | 3/27/22 | |||
3/26/22 | ||||
3/24/22 | ||||
3/21/22 | ||||
3/9/22 | 8-K | |||
3/8/22 | 8-K | |||
3/1/22 | ||||
2/28/22 | ||||
2/27/22 | ||||
2/22/22 | ||||
2/18/22 | 10-K, 8-K, SC 13D/A | |||
2/17/22 | 8-K | |||
2/9/22 | 8-K | |||
2/8/22 | ||||
2/4/22 | ||||
1/24/22 | ||||
1/23/22 | ||||
1/21/22 | ||||
12/31/21 | ||||
12/28/21 | ||||
12/27/21 | ||||
12/26/21 | 10-K, 10-K/A | |||
12/20/21 | ||||
12/17/21 | ||||
12/16/21 | ||||
12/15/21 | ||||
11/29/21 | ||||
11/15/21 | ||||
11/8/21 | ||||
10/29/21 | ||||
10/28/21 | 10-Q, 8-K | |||
10/25/21 | ||||
10/15/21 | ||||
9/26/21 | 10-Q | |||
9/24/21 | ||||
9/20/21 | 8-K | |||
9/2/21 | 8-K | |||
9/1/21 | ||||
8/12/21 | 8-K | |||
8/9/21 | ||||
8/3/21 | ||||
7/31/21 | ||||
7/29/21 | 10-Q, 8-K | |||
7/28/21 | 10-Q, 8-K | |||
7/19/21 | ||||
6/29/21 | ||||
6/22/21 | ||||
6/18/21 | ||||
6/17/21 | 8-K | |||
6/14/21 | ||||
5/26/21 | ||||
5/17/21 | ||||
5/4/21 | ||||
4/19/21 | ||||
4/8/21 | 8-K | |||
3/28/21 | 10-Q | |||
3/17/21 | ||||
3/15/21 | 3 | |||
3/10/21 | ||||
2/24/21 | ||||
2/23/21 | ||||
2/22/21 | ||||
2/10/21 | 4, 8-K | |||
2/1/21 | ||||
1/11/21 | 8-K | |||
12/28/20 | ||||
12/27/20 | 10-K, 10-K/A | |||
12/18/20 | ||||
12/15/20 | ||||
11/2/20 | ||||
10/14/20 | 8-K | |||
10/13/20 | ||||
10/6/20 | ||||
9/22/20 | 8-K | |||
9/16/20 | ||||
9/4/20 | ||||
9/1/20 | ||||
8/6/20 | ||||
7/31/20 | ||||
7/27/20 | ||||
7/6/20 | ||||
6/15/20 | 8-K | |||
6/8/20 | 8-K | |||
6/4/20 | ||||
6/3/20 | 8-K | |||
3/27/20 | 4, 5, DEF 14A | |||
3/12/20 | ||||
3/2/20 | ||||
1/6/20 | ||||
12/20/19 | ||||
11/22/19 | ||||
11/12/19 | ||||
10/16/19 | ||||
8/30/19 | ||||
7/1/19 | ||||
12/14/18 | ||||
11/19/18 | ||||
6/2/18 | ||||
4/11/18 | ||||
3/30/18 | ||||
3/15/18 | ||||
3/14/18 | ||||
3/7/18 | ||||
12/8/17 | ||||
9/29/17 | ||||
9/9/17 | ||||
6/12/17 | ||||
5/11/17 | 8-K | |||
5/4/17 | 10-Q, 8-K, 8-K/A | |||
4/17/17 | ||||
4/4/17 | ||||
3/9/17 | 4 | |||
2/21/17 | ||||
2/9/17 | 10-K, 8-K | |||
1/27/17 | ||||
11/17/16 | ||||
10/20/16 | ||||
10/13/16 | ||||
10/6/16 | ||||
9/2/16 | ||||
2/21/14 | 10-K, 8-K | |||
1/1/09 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/19/23 Pilgrim’s Pride Corp. 424B3 1:567K Donnelley … Solutions/FA 12/23/22 Pilgrim’s Pride Corp. S-4 16:2.4M Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/03/21 Pilgrim’s Pride Corp. 8-K:5,9 4/28/21 14:15M |