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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13171829&doc=11

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
75-1285071
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
1770 Promontory Circle
 
80634-9038
Greeley
CO
 
 
(Address of principal executive offices)
 
(Zip code)
Registrant’s telephone number, including area code: (970506-8000 
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of Exchange on Which Registered
Common Stock, Par Value $0.01
 
PPC
 
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
  
Accelerated Filer
 
Non-accelerated Filer
 
  
Smaller reporting company
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of October 30, 2019, was 249,570,421.




INDEX
PILGRIM’S PRIDE CORPORATION
 
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

1


Table of Contents

PART I.
FINANCIAL INFORMATION
ITEM 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
September 29, 2019
 
December 30, 2018
 
 
(In thousands)
Cash and cash equivalents
 
$
598,054

 
$
338,386

Restricted cash and cash equivalents
 
26,950

 
23,192

Trade accounts and other receivables, less allowance for doubtful accounts
 
602,038

 
561,549

Accounts receivable from related parties
 
1,573

 
1,331

Inventories
 
1,261,362

 
1,159,519

Income taxes receivable
 
16,143

 
38,479

Prepaid expenses and other current assets
 
107,398

 
112,201

     Total current assets
 
2,613,518

 
2,234,657

Deferred tax assets
 
4,286

 
4,248

Other long-lived assets
 
15,211

 
16,717

Identified intangible assets, net
 
533,733

 
564,128

Goodwill
 
924,766

 
949,750

Operating lease assets, net
 
300,495

 

Property, plant and equipment, net
 
2,211,124

 
2,161,702

     Total assets
 
$
6,603,133

 
$
5,931,202

 
 
 
 
 
Accounts payable
 
$
846,200

 
$
830,059

Accounts payable to related parties
 
5,157

 
7,269

Revenue contract liability
 
39,743

 
33,328

Accrued expenses and other current liabilities
 
494,247

 
386,941

Income taxes payable
 
25,762

 
8,221

Current maturities of long-term debt
 
26,636

 
30,405

     Total current liabilities
 
1,437,745

 
1,296,223

Noncurrent operating lease liability, less current maturities
 
231,018

 

Long-term debt, less current maturities
 
2,279,871

 
2,295,190

Noncurrent income taxes payable
 
7,731

 
7,731

Deferred tax liabilities
 
235,357

 
237,422

Other long-term liabilities
 
81,307

 
75,051

     Total liabilities
 
4,273,029

 
3,911,617

Common stock
 
2,611

 
2,604

Treasury stock
 
(234,892
)
 
(231,994
)
Additional paid-in capital
 
1,952,451

 
1,945,136

Retained earnings
 
785,732

 
421,888

Accumulated other comprehensive loss
 
(186,040
)
 
(127,834
)
     Total Pilgrim’s Pride Corporation stockholders’ equity
 
2,319,862

 
2,009,800

Noncontrolling interest
 
10,242

 
9,785

     Total stockholders’ equity
 
2,330,104

 
2,019,585

          Total liabilities and stockholders’ equity
 
$
6,603,133

 
$
5,931,202

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

2



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
 
 
 
 
Thirteen Weeks Ended
 
Thirty-Nine Weeks Ended
 
 
September 29, 2019
 
September 30, 2018
 
September 29, 2019
 
September 30, 2018
 
 
(In thousands, except per share data)
Net sales
 
$
2,777,970

 
$
2,697,604

 
$
8,345,730

 
$
8,280,995

Cost of sales
 
2,495,773

 
2,527,863

 
7,476,731

 
7,549,367

     Gross profit
 
282,197

 
169,741

 
868,999

 
731,628

Selling, general and administrative expense
 
94,032

 
84,138

 
264,313

 
257,396

Administrative restructuring activities
 
(20
)
 
257

 
(90
)
 
2,181

     Operating income
 
188,185

 
85,346

 
604,776

 
472,051

Interest expense, net of capitalized interest
 
32,028

 
35,334

 
99,184

 
125,901

Interest income
 
(4,698
)
 
(4,241
)
 
(11,481
)
 
(10,665
)
Foreign currency transaction loss (gain)
 
3,027

 
(6,711
)
 
7,923

 
(2,802
)
Miscellaneous, net
 
1,367

 
653

 
2,521

 
(1,781
)
     Income before income taxes
 
156,461

 
60,311

 
506,629

 
361,398

Income tax expense
 
46,365

 
30,848

 
142,328

 
106,367

     Net income
 
110,096

 
29,463

 
364,301

 
255,031

Less: Net income (loss) attributable to noncontrolling
     interests
 
331

 
153

 
457

 
(238
)
     Net income attributable to Pilgrim’s Pride Corporation
 
$
109,765

 
$
29,310

 
$
363,844

 
$
255,269

 
 
 
 
 
 
 
 
 
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
 
 
 
 
 
 
 
 
     Basic
 
249,467

 
248,981

 
249,344

 
248,933

     Effect of dilutive common stock equivalents
 
262

 
198

 
308

 
143

     Diluted
 
249,729

 
249,179

 
249,652

 
249,076

 
 
 
 
 
 
 
 
 
Net income attributable to Pilgrim’s Pride Corporation
     per share of common stock outstanding:
 
 
 
 
 
 
 
 
     Basic
 
$
0.44

 
$
0.12

 
$
1.46

 
$
1.03

     Diluted
 
$
0.44

 
$
0.12

 
$
1.46

 
$
1.03

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


3



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
Thirty-Nine Weeks Ended
 
 
September 29, 2019
 
September 30, 2018
 
September 29, 2019
 
September 30, 2018
 
 
(In thousands)
Net income
 
$
110,096

 
$
29,463
 
 
$
364,301

 
$
255,031

Other comprehensive loss:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
Losses arising during the period
 
(50,213
)
 
(20,385
)
 
(50,824
)
 
(60,516
)
Income tax effect
 

 
 
 

 
1,624

Derivative financial instruments designated as cash
flow hedges
 
 
 
 
 
 
 
 
Gains (losses) arising during the period
 
(1,669
)
 
131
 
 
(1,269
)
 
28

Reclassification to net earnings of losses (gains)
     realized
 
247

 
(144
)
 
74

 
329

Available-for-sale securities
 
 
 
 
 
 
 
 
Gains arising during the period
 
312

 
70
 
 
506

 
1,302

Income tax effect
 
(76
)
 
(17
)
 
(123
)
 
(317
)
Reclassification to net earnings of gains realized
 
(159
)
 
(364
)
 
(466
)
 
(1,263
)
Income tax effect
 
37

 
89
 
 
113

 
307

Defined benefit plans
 
 
 
 
 
 
 
 
Gains (losses) arising during the period
 
(5,231
)
 
566
 
 
(9,202
)
 
7,158

Income tax effect
 
1,142

 
(138
)
 
2,240

 
(1,743
)
Reclassification to net earnings of losses realized
 
328

 
301
 
 
984

 
902

Income tax effect
 
(79
)
 
(73
)
 
(239
)
 
(219
)
Total other comprehensive loss, net of tax
 
(55,361
)
 
(19,964
)
 
(58,206
)
 
(52,408
)
Comprehensive income
 
54,735

 
9,499
 
 
306,095

 
202,623

Less: Comprehensive income (loss) attributable to
       noncontrolling interests
 
331

 
153
 
 
457

 
(238
)
Comprehensive income attributable to Pilgrim's Pride
       Corporation
 
$
54,404

 
$
9,346
 
 
$
305,638

 
$
202,861

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



4



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 
For the thirty-nine weeks ended September 29, 2019
 
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 30, 2018
 
260,396

 
$
2,604

 
(11,431
)
 
$
(231,994
)
 
$
1,945,136

 
$
421,888

 
$
(127,834
)
 
$
9,785

 
$
2,019,585

Net income
 

 

 

 

 

 
363,844

 

 
457

 
364,301

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(58,206
)
 

 
(58,206
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock issued under compensation plans
 
722

 
7

 

 

 
(7
)
 

 

 

 

Requisite service period recognition
 

 

 

 

 
7,322

 

 

 

 
7,322

Common stock purchased under share repurchase
program
 

 

 
(116
)
 
(2,898
)
 

 

 

 

 
(2,898
)
Balance at September 29, 2019
 
261,118

 
$
2,611

 
(11,547
)
 
$
(234,892
)
 
$
1,952,451

 
$
785,732

 
$
(186,040
)
 
$
10,242

 
$
2,330,104



For the thirteen weeks ended September 29, 2019
 
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 June 30, 2019
 
260,855

 
$
2,609

 
(11,547
)
 
$
(234,892
)
 
$
1,950,348

 
$
675,967

 
$
(130,679
)
 
$
9,911

 
$
2,273,264

Net income
 

 

 

 

 

 
109,765

 

 
331

 
110,096

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(55,361
)
 

 
(55,361
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock issued under compensation plans
 
263

 
2

 

 

 
(2
)
 

 

 

 

  Requisite service period recognition
 

 

 

 

 
2,105

 

 

 

 
2,105

Common stock purchased under share repurchase
program
 

 

 

 

 

 

 

 

 

Balance at September 29, 2019
 
261,118

 
$
2,611

 
(11,547
)
 
$
(234,892
)
 
$
1,952,451

 
$
785,732

 
$
(186,040
)
 
$
10,242

 
$
2,330,104




5



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
For the thirty-nine weeks ended September 30, 2018
 
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 31, 2017
 
260,168

 
$
2,602

 
(11,416
)
 
$
(231,758
)
 
$
1,932,509

 
$
173,943

 
$
(31,140
)
 
$
9,505

 
$
1,855,661

Net income (loss)
 

 

 

 

 

 
255,269

 

 
(238
)
 
255,031

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(52,408
)
 

 
(52,408
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock issued under compensation plans
 
228

 
2

 

 

 
(2
)
 

 

 

 

  Requisite service period recognition
 

 

 

 

 
9,259

 

 

 

 
9,259

Balance at September 30, 2018
 
260,396

 
$
2,604

 
(11,416
)
 
$
(231,758
)
 
$
1,941,766

 
$
429,212

 
$
(83,548
)
 
$
9,267

 
$
2,067,543



For the thirteen weeks ended September 30, 2018
 
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 July 1, 2018
 
260,396

 
$
2,604

 
(11,416
)
 
$
(231,758
)
 
$
1,938,140

 
$
399,902

 
$
(63,584
)
 
$
9,114

 
$
2,054,418

Net income
 

 

 

 

 

 
29,310

 

 
153

 
29,463

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(19,964
)
 

 
(19,964
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock issued under compensation plans
 

 

 

 

 

 

 

 

 

  Requisite service period recognition
 

 

 

 

 
3,626

 

 

 

 
3,626

Balance at September 30, 2018
 
260,396

 
$
2,604

 
(11,416
)
 
$
(231,758
)
 
$
1,941,766

 
$
429,212

 
$
(83,548
)
 
$
9,267

 
$
2,067,543

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
 
Thirty-Nine Weeks Ended
 
 
September 29, 2019
 
September 30, 2018
 
 
(In thousands)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
364,301

 
$
255,031

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
210,381

 
207,113

Share-based compensation
 
7,322

 
9,259

Deferred income tax expense (benefit)
 
2,396

 
(2,147
)
Loan cost amortization
 
3,609

 
4,337

Accretion of discount related to Senior Notes
 
737

 
567

Amortization of premium related to Senior Notes
 
(501
)
 
(501
)
Gain on property disposals
 
(9,546
)
 
(452
)
Foreign currency transaction loss related to borrowing arrangements