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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 26, 2016	Jul. 27, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 26, 2016
Entity Registrant Name	PILGRIMS PRIDE CORP
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-25
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		254,514,687

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 41,047	$ 439,638
Trade accounts and other receivables, less allowance for doubtful accounts	343,255	348,994
Account receivable from related parties	1,797	2,668
Inventories	832,565	801,357
Income taxes receivable	88,358	71,410
Prepaid expenses and other current assets	95,420	75,602
Assets held for sale	6,549	6,555
Total current assets	1,408,991	1,746,224
Other long-lived assets	15,954	15,672
Identified intangible assets, net	42,503	47,453
Goodwill	125,607	156,565
Property, plant and equipment, net	1,414,895	1,352,529
Total assets	3,007,950	3,318,443
Notes payable to banks	0	28,726
Accounts payable	466,783	482,954
Account payable to related parties	4,053	7,000
Accrued expenses and other current liabilities	314,925	314,966
Income taxes payable	38,771	13,228
Current maturities of long-term debt	90	86
Total current liabilities	824,622	846,960
Long-term debt, less current maturities	1,117,979	985,509
Deferred tax liabilities	144,876	131,882
Other long-term liabilities	101,780	92,282
Total liabilities	2,189,257	2,056,633
Common stock	2,597	2,597
Treasury stock	(106,561)	(99,233)
Additional paid-in capital	1,677,543	1,675,674
Accumulated deficit	(689,910)	(261,252)
Accumulated other comprehensive loss	(67,726)	(58,930)
Total Pilgrim’s Pride Corporation stockholders’ equity	815,943	1,258,856
Noncontrolling interest	2,750	2,954
Total stockholders’ equity	818,693	1,261,810
Total liabilities and stockholders’ equity	$ 3,007,950	$ 3,318,443

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Income Statement [Abstract]
Net sales	$ 2,028,315	$ 2,053,876	$ 3,991,252	$ 4,106,795
Cost of sales	1,742,184	1,621,856	3,467,559	3,297,655
Gross profit	286,131	432,020	523,693	809,140
Selling, general and administrative expense	49,520	48,834	98,308	98,341
Administrative restructuring charges	0	4,813	0	4,813
Operating income	236,611	378,373	425,385	705,986
Interest expense, net of capitalized interest	11,548	11,514	23,581	16,369
Interest income	(683)	(1,277)	(1,376)	(2,767)
Foreign currency transaction loss (gain)	(4,744)	2,059	(4,979)	11,033
Miscellaneous, net	(950)	(4,651)	(3,896)	(5,064)
Income before income taxes	231,440	370,728	412,055	686,415
Income tax expense	78,398	129,104	141,002	240,598
Net income	153,042	241,624	271,053	445,817
Less: Net income (loss) attributable to noncontrolling interests	156	135	(204)	113
Net income attributable to Pilgrim’s Pride Corporation	$ 152,886	$ 241,489	$ 271,257	$ 445,704
Weighted average shares of common stock outstanding:
Basic (in shares)	254,554	259,685	254,681	259,669
Effect of dilutive common stock equivalents (in shares)	390	212	364	226
Diluted (in shares)	254,944	259,897	255,045	259,895
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (usd per share)	$ 0.60	$ 0.93	$ 1.07	$ 1.72
Diluted (usd per share)	$ 0.60	$ 0.93	$ 1.06	$ 1.71

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 153,042	$ 241,624	$ 271,053	$ 445,817
Other comprehensive income (loss):
Loss associated with available-for-sale securities, net of tax benefit of $59, $1, $41 and $13, respectively	(97)	(1)	(67)	(20)
Gain (loss) associated with pension and other postretirement benefits, net of tax benefit (expense) of $1,118, $(5,331), $5,294 and $(4,077), respectively	(1,844)	8,792	(8,729)	6,723
Total other comprehensive income (loss), net of tax	(1,941)	8,791	(8,796)	6,703
Comprehensive income	151,101	250,415	262,257	452,520
Less: Comprehensive income (loss) attributable to noncontrolling interests	156	135	(204)	113
Comprehensive income attributable to Pilgrim’s Pride Corporation	$ 150,945	$ 250,280	$ 262,461	$ 452,407

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Statement of Comprehensive Income [Abstract]
Gain (loss) associated with available-for-sale securities, tax benefit (expense)	$ 59	$ 1	$ 41	$ 13
Gain (loss) associated with pension and other postretirement benefits, tax benefit (expense)	$ 1,118	$ (5,331)	$ 5,294	$ (4,077)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest [Member]
Balance, shares at Dec. 28, 2014		259,029	0
Balance at Dec. 28, 2014	$ 2,196,801,000	$ 2,590,000	$ 0	$ 1,662,354,000	$ 591,492,000	$ (62,541,000)	$ 2,906,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	445,817,000				445,704,000		113,000
Other comprehensive loss, net of tax	6,703,000					6,703,000
Share-based compensation plans:
Common stock issued under compensation plans (in shares)		671
Common stock issued under compensation plans	0	$ 7,000		(7,000)
Common stock forfeited under compensation plans (in shares)		(15)
Common stock forfeited under compensation plans	(85,000)			(85,000)
Requisite service period recognition	1,353,000			1,353,000
Tax benefit related to share-based compensation	7,834,000			7,834,000
Special cash dividend	(1,498,470,000)				(1,498,470,000)
Balance, shares at Jun. 28, 2015		259,685	0
Balance at Jun. 28, 2015	1,159,953,000	$ 2,597,000	$ 0	1,671,449,000	(461,274,000)	(55,838,000)	3,019,000
Balance, shares at Dec. 27, 2015		259,685	4,862
Balance at Dec. 27, 2015	1,261,810,000	$ 2,597,000	$ (99,233,000)	1,675,674,000	(261,252,000)	(58,930,000)	2,954,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	271,053,000				271,257,000		(204,000)
Other comprehensive loss, net of tax	(8,796,000)					(8,796,000)
Share-based compensation plans:
Requisite service period recognition	1,869,000			1,869,000
Tax benefit related to share-based compensation				0
Common stock purchased under share repurchase program (in shares)			(309)
Common stock purchased under share repurchase program	(7,328,000)		$ (7,328,000)
Special cash dividend	(699,915,000)				(699,915,000)
Balance, shares at Jun. 26, 2016		259,685	5,171
Balance at Jun. 26, 2016	$ 818,693,000	$ 2,597,000	$ (106,561,000)	$ 1,677,543,000	$ (689,910,000)	$ (67,726,000)	$ 2,750,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015
Cash flows from operating activities:
Net income	$ 271,053	$ 445,817
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	88,683	75,070
Asset impairment	0	4,813
Gain on property disposals	(6,755)	(1,331)
Share-based compensation	1,869	1,268
Deferred income tax benefit	(700)	(4,781)
Changes in operating assets and liabilities:
Trade accounts and other receivables	6,610	35,014
Inventories	(31,208)	3,192
Prepaid expenses and other current assets	(19,817)	7,236
Accounts payable, accrued expenses and other current liabilities	(23,028)	53,960
Income taxes	6,967	(35,554)
Long-term pension and other postretirement obligations	(3,952)	966
Other operating assets and liabilities	(738)	2,433
Cash provided by operating activities	288,984	588,103
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(93,978)	(87,694)
Proceeds from property disposals	8,097	2,115
Cash used in investing activities	(85,881)	(85,579)
Cash flows from financing activities:
Proceeds from note payable to bank	36,838	0
Payments on note payable to bank	(65,564)	0
Proceeds from revolving line of credit and long-term borrowings	351,089	1,680,000
Payments on revolving line of credit, long-term borrowings and capital lease obligations	(219,812)	(683,705)
Proceeds from equity contribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation	3,691	0
Tax benefit related to share-based compensation	0	7,834
Payment of capitalized loan costs	(693)	(10,132)
Purchase of common stock under share repurchase program	(7,328)	0
Payment of special cash dividends	(699,915)	(1,498,470)
Cash used in financing activities	(601,694)	(504,473)
Decrease in cash and cash equivalents	(398,591)	(1,949)
Cash and cash equivalents, beginning of period	439,638	576,143
Cash and cash equivalents, end of period	$ 41,047	$ 574,194

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Jun. 26, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Business Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), Mexico and Puerto Rico. Pilgrim's products are sold to foodservice, retail and frozen entrée customers. The Company's primary distribution is through retailers, foodservice distributors and restaurants throughout the United States and Puerto Rico and in the northern and central regions of Mexico. Additionally, the Company exports chicken products to approximately 90 countries. Pilgrim’s fresh chicken products consist of refrigerated (nonfrozen) whole chickens, whole cut-up chickens and selected chicken parts that are either marinated or non-marinated. The Company’s prepared chicken products include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, some of which are either breaded or non-breaded and either marinated or non-marinated. As a vertically integrated company, we control every phase of the production of our products. We operate feed mills, hatcheries, processing plants and distribution centers in 12 U.S. states, Puerto Rico and Mexico. As of June 26, 2016, Pilgrim’s had approximately 37,700 employees and the capacity to process approximately 37 million birds per five-day work week for a total of approximately 11 billion pounds of live chicken annually. Approximately 4,035 contract growers supply poultry for the Company’s operations. As of June 26, 2016, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned 76.8% of the Company’s outstanding common stock. Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the twenty-six weeks ended June 26, 2016 are not necessarily indicative of the results that may be expected for the year ending December 25, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 27, 2015. Pilgrim’s operates on a 52/53-week fiscal year that ends on the Sunday falling on or before December 31. The reader should assume any reference we make to a particular year (for example, 2016) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation. The Company measures the financial statements of its Mexico subsidiaries as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than non-monetary assets, of the Mexico subsidiaries at current exchange rates. We remeasure non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. We remeasure income and expenses at average exchange rates in effect during the period. Currency exchange gains or losses are included in the line item Foreign currency transaction loss in the Condensed Consolidated Statements of Income. Reportable Segment We operate in one reportable business segment, as a producer and seller of chicken products we either produce or purchase for resale. Revenue Recognition We recognize revenue when all of the following circumstances are satisfied: (i) persuasive evidence of an arrangement exists, (ii) price is fixed or determinable, (iii) collectability is reasonably assured and (iv) delivery has occurred. Delivery occurs in the period in which the customer takes title and assumes the risks and rewards of ownership of the products specified in the customer’s purchase order or sales agreement. Revenue is recorded net of estimated incentive offerings including special pricing agreements, promotions and other volume-based incentives. Revisions to these estimates are charged back to net sales in the period in which the facts that give rise to the revision become known. Book Overdraft The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Condensed Consolidated Statements of Cash Flows. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. In June 2015, the FASB agreed to defer by one year the mandatory effective date of this standard, but will also provide entities the option to adopt the new guidance as of the original effective date. The provisions of the new guidance will be effective as of the beginning of our 2018 fiscal year, but we have the option to adopt the guidance as early as the beginning of our 2017 fiscal year. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected either a transition approach to implement the standard or an adoption date. In July 2015, the FASB issued new accounting guidance on the subsequent measurement of inventory, which, in an effort to simplify unnecessarily complicated accounting guidance that can result in several potential outcomes, requires an entity to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Current accounting guidance requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The provisions of the new guidance will be effective as of the beginning of our 2017 fiscal year. We are currently evaluating the impact of the new guidance on our financial statements. In February 2016, the FASB issued new accounting guidance on lease arrangements, which, in an effort to increase transparency and comparability among organizations utilizing leasing, requires an entity that is a lessee to recognize the assets and liabilities arising from leases on the balance sheet. This guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. In transition, the entity is required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The provisions of the new guidance will be effective as of the beginning of our 2019 fiscal year. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date. In March 2016, the FASB issued new accounting guidance on employee share-based payments, which, in an effort to simplify unnecessarily complicated aspects of accounting and reporting for share-based payment transactions, requires an entity to amend accounting and reporting methodology for areas such as the income tax consequences of share-based payments, classification of share-based awards as either equity or liabilities, and classification of share-based payment transactions in the statement of cash flows. The transition approach will vary depending on the area of accounting and reporting methodology to be amended. The provisions of the new guidance will be effective as of the beginning of our 2017 fiscal year. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date. In June 2016, the FASB issued new accounting guidance on the measurement of credit losses on financial instruments, which, in an effort to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. The provisions of the new guidance will be effective as of the beginning of our 2020 fiscal year. Early adoption is permitted after our 2018 fiscal year. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date.

BUSINESS ACQUISITION

6 Months Ended

Jun. 26, 2016

Business Combinations [Abstract]

BUSINESS ACQUISITION

On June 29, 2015, the Company acquired, indirectly through certain of its Mexican subsidiaries, 100% of the equity of Provemex Holding LLC and its subsidiaries (together, “Tyson Mexico”) from Tyson Foods, Inc. and certain of its subsidiaries for cash. Tyson Mexico is a vertically integrated poultry business based in Gomez Palacio, Durango, Mexico. The acquired business has a production capacity of 2.5 million birds per five-day work week in its three plants and employs approximately 4,500 people in its plants, offices and seven distribution centers. The acquisition further strengthens the Company's strategic position in the Mexico chicken market. The Company plans to keep all current labor contracts in place.

The following table summarizes the consideration paid for Tyson Mexico (in thousands):



Negotiated sales price	$	400,000
Working capital adjustment	(20,933		)
Final purchase price	$	379,067

Transaction costs incurred in conjunction with the purchase were approximately $2.2 million. These costs were expensed as incurred.

The results of operations of the acquired business since June 29, 2015 are included in the Company’s Condensed Consolidated Statements of Operations. Net sales generated by the acquired business during the thirteen and twenty-six weeks ended June 26, 2016 totaled $15.2 million and $118.1 million, respectively. This significant decrease in net sales during the thirteen weeks ended June 26, 2016 resulted from a shift in sales activity from the acquired business to the Company's legacy business operating in Mexico. The acquired business incurred a net loss during the thirteen and twenty-six weeks ended June 26, 2016 totaling $0.2 million and $0.4 million, respectively.

The assets acquired and liabilities assumed in the Tyson Mexico acquisition were measured at their fair values at June 29, 2015 as set forth below. The excess of the purchase price over the fair values of the net tangible assets and identifiable intangible assets was recorded as goodwill. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisition as well the assembled workforce. These benefits include complementary product offerings, an enhanced footprint in Mexico and attractive synergy opportunities and value creation. The Company does not have tax basis in the goodwill, and therefore, the goodwill is not deductible for tax purposes. The fair values recorded were determined based upon various external and internal valuations.

The fair values recorded for the assets acquired and liabilities assumed for Tyson Mexico are as follows (in thousands):



Cash and cash equivalents	$	5,535
Trade accounts and other receivables	24,173
Inventories	68,130
Prepaid expenses and other current assets	7,661
Property, plant and equipment	209,139
Identifiable intangible assets	26,411
Other long-lived assets	199
Total assets acquired	341,248
Accounts payable	21,550
Other current liabilities	8,707
Long-term deferred tax liabilities	52,376
Other long-term liabilities	5,155
Total liabilities assumed	87,788
Total identifiable net assets	253,460
Goodwill	125,607
Total net assets	$	379,067

The Company performed a valuation of the assets and liabilities of Tyson Mexico at June 29, 2015. Significant assumptions used in the preliminary valuation and the bases for their determination are summarized as follows:

•

Property, plant and equipment, net. Property, plant and equipment at fair value gave consideration to the highest and best use of the assets. The valuation of the Company's real property improvements and the majority of its personal property was based on the cost approach. The valuation of the Company's land, as if vacant, and certain personal property assets was based on the market or sales comparison approach.

•

Indefinite-lived trade names. The Company valued two indefinite-lived trade names using the income approach, specifically the relief from royalty method. Under this method, the asset value of each trade name was determined by estimating the hypothetical royalties that would have to be paid if it was not owned. Royalty rates were selected based on consideration of several factors, including (i) prior transactions involving Tyson Mexico trade names, (ii) incomes derived from license agreements on comparable trade names within the food and non-alcoholic beverages industry and (iii) the relative profitability and perceived contribution of each trade name. Royalty rates used in the determination of the fair values of the two trade names ranged from 4.0% to 5.0% of expected net sales related to the respective trade names and trade name maintenance costs were estimated as 1.4% of the royalty saved. The Company anticipates using both trade names for an indefinite period as demonstrated by the sustained use of each subject trade name. In estimating the fair value of the trade names, net sales related to the respective trade names were estimated to grow at a rate of 3.5% to 4.0% annually with a terminal year growth rate of 3.8%. Income taxes were estimated at 30.0% of pre-tax income, a tax amortization benefit was estimated considering a rate of 15.0% and the hypothetical savings generated by avoiding royalty costs were discounted using a rate of 12.0%. Trade names were valued at $9.7 million under this approach.

•

Customer relationships. The Company valued Tyson Mexico’s customer relationships using the income approach, specifically the multi-period excess earnings model. Under this model, the fair value of the customer relationships asset was determined by estimating the net cash inflows from the relationships discounted to present value. In estimating the fair value of the customer relationships, net sales related to Tyson Mexico's existing customers were estimated to grow at a rate of 4.0% annually, but we also anticipate losing existing Tyson Mexico customers at an attrition rate of 7.9%. Income taxes were estimated at 30.0% of pre-tax income, a tax amortization benefit was estimated considering a rate of 23.4% and net cash flows attributable to our existing customers were discounted using a rate of 13.5%. Customer relationships were valued at $16.7 million under this approach.

The Company recognized the following change in goodwill related to this acquisition during the twenty-six weeks ended June 26, 2016 (in thousands):



Goodwill, beginning of period	$	156,565
Additional fair value attributed to acquired property, plant and equipment	(51,387		)
Deferred tax impact related to additional fair value attributed to acquired property, plant and equipment	15,416
Deferred tax impact related to customer relationship intangibles	5,013
Goodwill, end of period	$	125,607

The following unaudited pro forma information presents the combined financial results for the Company and Tyson Mexico as if the acquisition had been completed at the beginning of the Company’s prior year, December 29, 2014.



	Thirteen Weeks Ended June 28, 2015		Twenty-Six Weeks Ended June 28, 2015
	(In thousands, except per share amount)
Net sales	$	2,212,223	$	4,420,442
Net income attributable to Pilgrim's Pride Corporation	250,023		461,533
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	0.97		1.78

The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what the Company’s results of operations would have been had it completed the acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463

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-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472

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-Section 50
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

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+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 26, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities measured at fair value must be categorized into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation:



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.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety.

As of June 26, 2016 and December 27, 2015, the Company held derivative assets and liabilities that were required to be measured at fair value on a recurring basis. Derivative assets and liabilities consist of long and short positions on exchange-traded commodity futures instruments.

The following items were measured at fair value on a recurring basis:



	June 26, 2016
	Level 1			Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	23,119		$	—	$	—	$	23,119
Fair value liabilities:
Commodity futures instruments	(10,201		)	—		—		(10,201		)
Commodity options instruments	(9,837		)	—		—		(9,837		)



	December 27, 2015
	Level 1			Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	59		$	—	$	—	$	59
Commodity options instruments	1,618			—		—		1,618
Fair value liabilities:
Commodity futures instruments	(5,436		)	—		—		(5,436		)

See “Note 7. Derivative Financial Instruments” for additional information.

Fair value and carrying value for our fixed-rate debt obligation is as follows:



	June 26, 2016						December 27, 2015
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
				(In thousands)
Fixed-rate senior notes payable at 5.75%, at Level 1 inputs	$	(500,000	)	$	(501,405	)	$	(500,000	)	$	(488,750	)

See “Note 10. Long-Term Debt and Other Borrowing Arrangements” for additional information.

The valuation of financial assets and liabilities classified in Level 1 is determined using a market approach, taking into account current interest rates, creditworthiness, and liquidity risks in relation to current market conditions, and is based upon unadjusted quoted prices for identical assets in active markets. The valuation of financial assets and liabilities in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for substantially the full term of the financial instrument. The valuation of financial assets in Level 3 is determined using an income approach based on unobservable inputs such as discounted cash flow models or valuations.

In addition to the fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require periodic disclosures regarding the fair value of all of the Company’s financial instruments. The methods and significant assumptions used to estimate the fair value of financial instruments and any changes in methods or significant assumptions from prior periods are also required to be disclosed.

Derivative assets were recorded at fair value based on quoted market prices and are included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Derivative liabilities were recorded at fair value based on quoted market prices and are included in the line item Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The fair value of the Company’s fixed-rate debt obligation was based on the quoted market price at June 26, 2016 or December 27, 2015, as applicable.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges when required by U.S. GAAP. There were no significant fair value measurement losses recognized for such assets and liabilities in the periods reported.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

TRADE ACCOUNTS AND OTHER RECEIVABLES

6 Months Ended

Jun. 26, 2016

Accounts Receivable, Net [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

Trade accounts and other receivables, less allowance for doubtful accounts, consisted of the following:



	June 26, 2016			December 27, 2015
	(In thousands)
Trade accounts receivable	$	333,265		$	342,466
Notes receivable - current	658			850
Other receivables	14,495			10,578
Receivables, gross	348,418			353,894
Allowance for doubtful accounts	(5,163		)	(4,900		)
Receivables, net	$	343,255		$	348,994

Account receivable from related parties^(a)	$	1,797		$	2,668

(a) Additional information regarding accounts receivable from related parties is included in “Note 15. Related Party Transactions.”

Changes in the allowance for doubtful accounts were as follows:



	Total
	(In thousands)
Balance at December 27, 2015	$	(4,900	)
Provision charged to operating results	(338		)
Account write-offs and recoveries	75
Balance at June 26, 2016	$	(5,163	)

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

INVENTORIES

6 Months Ended

Jun. 26, 2016

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:



	June 26, 2016		December 27, 2015
	(In thousands)
Live chicken and hens	$	390,535	$	365,062
Feed, eggs and other	232,103		215,859
Finished chicken products	195,541		191,988
Total chicken inventories	818,179		772,909
Commercial feed and other	14,386		28,448
Total inventories	$	832,565	$	801,357

INVESTMENTS IN SECURITIES

6 Months Ended

Jun. 26, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN SECURITIES

We recognize investments in available-for-sale securities as cash equivalents, current investments or long-term investments depending upon each security's length to maturity. Additionally, those securities identified by management at the time of purchase for funding operations in less than one year are classified as current.

The following table summarizes our investments in available-for-sale securities:



	June 26, 2016				December 27, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	—	$	—	$	290,795	$	290,795
Other	39		39		54,831		54,831

Securities classified as cash and cash equivalents mature within 90 days. Securities classified as short-term investments mature between 91 and 365 days. Securities classified as long-term investments mature after 365 days. The specific identification method is used to determine the cost of each security sold and each amount reclassified out of accumulated other comprehensive loss to earnings. Gross realized gains and gross realized losses recognized during the thirteen and twenty-six weeks ended June 26, 2016 and June 28, 2015 related to the Company’s available-for-sale securities were immaterial. Proceeds received from the sale or maturity of available-for-sale securities recognized as either short- or long-term investments are historically disclosed in the Condensed Consolidated Statements of Cash Flows. No proceeds were received from the sale or maturity of available-for-sale securities recognized as either short- or long-term investments during the twenty-six weeks ended June 26, 2016 and June 28, 2015. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the twenty-six weeks ended June 26, 2016 and June 28, 2015 that have been included in accumulated other comprehensive loss and the net amount of gains and losses reclassified out of accumulated other comprehensive loss to earnings during the twenty-six weeks ended June 26, 2016 and June 28, 2015 is disclosed in “Note 13. Stockholders’ Equity - Accumulated Other Comprehensive Loss.”

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 26, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes various raw materials in its operations, including corn, soybean meal, soybean oil, sorghum and energy, such as natural gas, electricity and diesel fuel, which are all considered commodities. The Company considers these raw materials generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company purchases derivative financial instruments, specifically exchange-traded futures and options, in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for approximately the next 12 months. The Company may purchase longer-term derivative financial instruments on particular commodities if deemed appropriate.

The Company has operations in Mexico and, therefore, has exposure to translational foreign exchange risk when the financial results of those operations are translated to U.S. dollars.

The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets while the fair value of derivative liabilities is included in the line item Accrued expenses and other current liabilities on the same statements. Our counterparties require that we post cash collateral for changes in the net fair value of the derivative contracts.

We have not designated the derivative financial instruments that we have purchased to mitigate commodity purchase transaction exposures as cash flow hedges. Therefore, we recognized changes in the fair value of these derivative financial instruments immediately in earnings. Gains or losses related to these derivative financial instruments are included in the line item Cost of sales in the Condensed Consolidated Statements of Income. The Company recognized net gains of $1.8 million and net gains of $5.6 million related to changes in the fair value of its derivative financial instruments during the thirteen weeks ended June 26, 2016 and June 28, 2015, respectively. We also recognized net gains of $5.9 million and net gains of $29.0 million related to changes in the fair value of its derivative financial instruments during the twenty-six weeks ended June 26, 2016 and June 28, 2015, respectively. Information regarding the Company’s outstanding derivative instruments and cash collateral posted with (owed to) brokers is included in the following table:



	June 26, 2016			December 27, 2015
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	23,119		$	1,677
Commodity derivative liabilities	(20,038		)	(5,436		)
Cash collateral posted with brokers	10,366			9,381
Derivatives coverage^(a):
Corn	0.8		%	7.0		%
Soybean meal	13.8		%	4.1		%
Period through which stated percent of needs are covered:
Corn	May 2017			March 2017
Soybean meal	August 2017			July 2016


(a)	Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 26, 2016

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment (“PP&E”), net consisted of the following:



	June 26, 2016			December 27, 2015
	(In thousands)
Land	$	107,391		$	105,165
Buildings	1,160,775			1,131,379
Machinery and equipment	1,759,575			1,657,573
Autos and trucks	53,096			53,408
Construction-in-progress	132,619			152,619
PP&E, gross	3,213,456			3,100,144
Accumulated depreciation	(1,798,561		)	(1,747,615		)
PP&E, net	$	1,414,895		$	1,352,529

The Company recognized depreciation expense of $43.5 million and $36.6 million during the thirteen weeks ended June 26, 2016 and June 28, 2015, respectively. The Company recognized depreciation expense of $81.9 million and $70.6 million during the twenty-six weeks ended June 26, 2016 and June 28, 2015, respectively.

During the twenty-six weeks ended June 26, 2016, we spent $94.0 million on capital projects and transferred $128.1 million of completed projects from construction-in-progress to depreciable assets. During the twenty-six weeks ended June 28, 2015, we spent $87.7 million on capital projects and transferred $74.2 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during the twenty-six weeks ended June 26, 2016 to improve efficiencies and reduce costs.

During the thirteen and twenty-six weeks ended June 26, 2016, the Company sold certain PP&E for cash of $7.5 million and $8.1 million, respectively and recognized net gains on these sales of $6.6 million and $6.8 million, respectively. PP&E sold in the twenty-six weeks ended included poultry farms in Mexico and Texas, an office building in Texas, vacant land in Alabama and Texas and miscellaneous equipment. During the thirteen and twenty-six weeks ended June 28, 2015, the Company sold miscellaneous equipment for cash of $1.2 million and $2.1 million and recognized a net gain of $0.4 million and $1.3 million, respectively.

Management has committed to the sale of certain properties and related assets, including, but not limited to, a processing complex in Texas, a processing plant in Louisiana and other miscellaneous assets, which no longer fit into the operating plans of the Company. The Company is actively marketing these properties and related assets for immediate sale and believes a sale of each property can be consummated within the next 12 months. At both June 26, 2016 and December 27, 2015, the Company reported properties and related assets totaling $6.5 million and $6.6 million, respectively, in the line item Assets held for sale on its Condensed Consolidated Balance Sheets. The Company tested the recoverability of its assets held for sale and determined that the aggregate carrying amounts of the Texas processing complex asset group and the Louisiana processing plant asset group were recoverable over the remaining life of the respective primary asset in each asset group.

The Company has closed or idled various processing complexes, processing plants, hatcheries, broiler farms, and feed mills throughout the U.S. Neither the Board of Directors nor JBS has determined if it would be in the best interest of the Company to divest any of these idled assets. Management is therefore not certain that it can or will divest any of these assets within one year, is not actively marketing these assets and, accordingly, has not classified them as assets held for sale. The Company continues to depreciate these assets. At June 26, 2016, the carrying amount of these idled assets was $65.5 million based on depreciable value of $195.4 million and accumulated depreciation of $129.9 million.

The Company last tested the recoverability of its long-lived assets held and used in December 2015. At that time, the Company determined that the carrying amount of its long-lived assets held and used was recoverable over the remaining life of the primary asset in the group and that long-lived assets held and used passed the Step 1 recoverability test under ASC 360-10-35, Impairment or Disposal of Long-Lived Assets. There were no indicators present during the twenty-six weeks ended June 26, 2016 that required the Company to test its long-lived assets held and used for recoverability.

CURRENT LIABILITIES

6 Months Ended

Jun. 26, 2016

Payables and Accruals [Abstract]

CURRENT LIABILITIES

Current liabilities, other than current notes payable to banks, income taxes and current maturities of long-term debt, consisted of the following components:



	June 26, 2016		December 27, 2015
	(In thousands)
Accounts payable:
Trade accounts	$	407,306	$	436,188
Book overdrafts	55,393		44,145
Other payables	4,084		2,621
Total accounts payable	466,783		482,954
Accounts payable to related parties^(a)	4,053		7,000
Accrued expenses and other current liabilities:
Compensation and benefits	96,350		112,583
Interest and debt-related fees	9,022		8,928
Insurance and self-insured claims	99,210		93,336
Derivative liabilities:
Futures	10,201		5,436
Options	9,837		—
Other accrued expenses	90,305		94,683
Total accrued expenses and other current liabilities	314,925		314,966
	$	785,761	$	804,920

(a) Additional information regarding accounts payable from related parties is included in “Note 15. Related Party Transactions.”

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

6 Months Ended

Jun. 26, 2016

Debt Disclosure [Abstract]

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components:



	Maturity	June 26, 2016			December 27, 2015
		(In thousands)
Long-term debt and other long-term borrowing arrangements:
Senior notes payable at 5.75%	2025	$	500,000		$	500,000
U.S. Credit Facility (defined below):
Term note payable at 1.69%	2020	500,000			500,000
Revolving note payable at 4.25%	2020	52,071			—
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 0.90%	2017	79,248			—
Capital lease obligations	Various	420			462
Long-term debt		1,131,739			1,000,462
Less: Current maturities of long-term debt		(90		)	(86		)
Long-term debt, less current maturities		1,131,649			1,000,376
Less: Capitalized financing costs		(13,670		)	(14,867		)
Long-term debt, less current maturities, net of capitalized financing costs:		$	1,117,979		$	985,509

Current notes payable to banks
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 0.90%	2016	$	—		$	28,726

Senior Notes

On March 11, 2015, the Company completed a sale of $500.0 million aggregate principal amount of its 5.75% senior notes due 2025 (the “Senior Notes”). The Company used the net proceeds from the sale of the Senior Notes to repay $350.0 million and $150.0 million of the term loan indebtedness under the U.S. Credit Facility (defined below) on March 12, 2015 and April 22, 2015, respectively. The Notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

The Senior Notes are governed by, and were issued pursuant to, an indenture dated as of March 11, 2015 by and among the Company, its guarantor subsidiary and Wells Fargo Bank, National Association, as trustee (the “Indenture”). The Indenture provides, among other things, that the Senior Notes bear interest at a rate of 5.75% per annum from the date of issuance until maturity, payable semi-annually in cash in arrears, beginning on September 15, 2015. The Senior Notes are guaranteed on a senior unsecured basis by the Company’s guarantor subsidiary. In addition, any of the Company’s other existing or future domestic restricted subsidiaries that incur or guarantee any other indebtedness (with limited exceptions) must also guarantee the Senior Notes. The Senior Notes and related guarantees are unsecured senior obligations of the Company and its guarantor subsidiary and rank equally with all of the Company’s and its guarantor subsidiary’s other unsubordinated indebtedness. The Senior Notes and the Indenture also contain customary covenants and events of default, including failure to pay principal or interest on the Senior Notes when due, among others.

U.S. Credit Facility

On February 11, 2015, the Company and its subsidiaries, To-Ricos, Ltd. and To-Ricos Distribution, Ltd., entered into a Second Amended and Restated Credit Agreement (the “U.S. Credit Facility”) with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland, New York Branch (“Rabobank”), as administrative agent, and the other lenders party thereto. The U.S. Credit Facility provides for a revolving loan commitment of up to $700.0 million and a term loan commitment of up to $1.0 billion (the “Term Loans”). The U.S. Credit Facility also includes an accordion feature that allows the Company, at any time, to increase the aggregate revolving loan and term loan commitments by up to an additional $1.0 billion, subject to the satisfaction of certain conditions, including obtaining the lenders’ agreement to participate in the increase.

The revolving loan commitment under the U.S. Credit Facility matures on February 10, 2020. All principal on the Term Loans is due at maturity on February 10, 2020. No installments of principal are required to be made prior to the maturity date of the Term Loans. Covenants in the U.S. Credit Facility also require the Company to use the proceeds it receives from certain asset sales and specified debt or equity issuances and upon the occurrence of other events to repay outstanding borrowings under the U.S. Credit Facility. The Company had Term Loans outstanding totaling $500.0 million as of June 26, 2016.

The U.S. Credit Facility includes a $75.0 million sub-limit for swingline loans and a $125.0 million sub-limit for letters of credit. Outstanding borrowings under the revolving loan commitment and the Term Loans bear interest at a per annum rate equal to (i) in the case of LIBOR loans, LIBOR plus 1.50% through June 26, 2016 and, based on the Company’s net senior secured leverage ratio, between LIBOR plus 1.25% and LIBOR plus 2.75% and (ii) in the case of alternate base rate loans, the base rate plus 0.50% through June 26, 2016 and, based on the Company’s net senior secured leverage ratio, between the base rate plus 0.25% and base rate plus 1.75% thereafter.

Actual borrowings by the Company under the revolving loan commitment of the U.S. Credit Facility are subject to a borrowing base, which is a formula based on certain eligible inventory, eligible receivables and restricted cash under the control of Rabobank, in its capacity as administrative agent. The borrowing base formula will be reduced by the sum of (i) inventory reserves, (ii) rent and collateral access reserves, and (iii) any amount more than 15 days past due that is owed by the Company or its subsidiaries to any person on account of the purchase price of agricultural products or services (including poultry and livestock) if that person is entitled to any grower’s or producer’s lien or other security arrangement. As of June 26, 2016, the applicable borrowing base was $665.8 million and the amount available for borrowing under the revolving loan commitment was $571.0 million. The Company had letters of credit of $42.7 million and $52.1 million outstanding borrowings under the revolving loan commitment as of June 26, 2016.

The U.S. Credit Facility contains financial covenants and various other covenants that may adversely affect the Company’s ability to, among other things, incur additional indebtedness, incur liens, pay dividends or make certain restricted payments, consummate certain assets sales, enter into certain transactions with JBS and the Company’s other affiliates, merge, consolidate and/or sell or dispose of all or substantially all of our assets. The U.S. Credit Facility requires the Company to comply with a minimum level of tangible net worth covenant. The U.S. Credit Facility also provides that we may not incur capital expenditures in excess of $500.0 million in any fiscal year. The Company is currently in compliance with the covenants under the U.S. Credit Facility.

All obligations under the U.S. Credit Facility continue to be unconditionally guaranteed by certain of the Company’s subsidiaries and continue to be secured by a first priority lien on (i) the accounts receivable and inventory of our company and its non-Mexico subsidiaries, (ii) 100% of the equity interests in our domestic subsidiaries, To-Ricos, Ltd. and To-Ricos Distribution, Ltd., and 65% of the equity interests in our direct foreign subsidiaries and (iii) substantially all of the assets of the Company and the guarantors under the U.S. Credit Facility.

Mexico Credit Facility

On July 23, 2014, certain of our Mexican subsidiaries entered into an unsecured credit agreement (the “Mexico Credit Facility”) with BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as lender. The loan commitment under the Mexico Credit Facility is $1.5 billion Mexican pesos. Outstanding borrowings under the Mexico Credit Facility will accrue interest at a rate equal to the Interbank Equilibrium Interest Rate plus 0.90%. The Mexico Credit Facility will mature on July 23, 2017. As of June 26, 2016, the U.S. dollar-equivalent loan commitment under the Mexico Credit Facility was $79.2 million, and there were $79.2 million outstanding borrowings under the Mexico Credit Facility that bear interest at a per annum rate of 4.99%. As of June 26, 2016, there was no borrowing availability.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 26, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income tax expense of $141.0 million, a 34.2% effective tax rate, for the twenty-six weeks ended June 26, 2016 compared to income tax expense of $240.6 million, a 35.1% effective tax rate, for the twenty-six weeks ended June 28, 2015. The decrease in income tax expense in 2016 resulted primarily from a decrease in pre-tax income. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of June 26, 2016, the Company did not believe it had sufficient positive evidence to conclude that realization of its federal capital loss carry forwards and a portion of its foreign net deferred tax assets are more likely than not to be realized. For the twenty-six weeks ended June 26, 2016 and June 28, 2015, there is tax effect of $5.3 million and $4.1 million, respectively, reflected in other comprehensive income. For the twenty-six weeks ended June 26, 2016, there is no tax effect reflected in additional paid-in-capital due to excess tax benefits related to compensation. For the twenty-six weeks ended June 28, 2015, there is a tax effect of $7.8 million reflected in additional paid-in-capital due to excess tax benefits related to compensation on dividend equivalent rights and vested stock awards. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by taxing authorities for years prior to 2010 and is no longer subject to Mexico income tax examinations by taxing authorities for years prior to 2009. The United States Fifth Circuit Court of Appeals (the “Fifth Circuit”) rendered judgment in favor of the Company regarding the IRS’ amended proof of claim relating to the tax year ended June 26, 2004 for Gold Kist Inc. (“Gold Kist”). See “Note 16. Commitments and Contingencies” for additional information.

PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 26, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plans. Expenses recognized under all of these retirement plans totaled $1.4 million, $3.0 million, $1.6 million and $6.1 million in the thirteen and twenty-six weeks ended June 26, 2016 and June 28, 2015, respectively.

Defined Benefit Plans Obligations and Assets

The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for these defined benefit plans were as follows:



	Twenty-Six Weeks Ended June 26, 2016						Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of period	$	165,952		$	1,672		$	190,401		$	1,657
Interest cost	2,793			26			3,877			34
Actuarial losses	12,736			72			(7,033		)	(27		)
Benefits paid	(4,581		)	(70		)	(2,981		)	(64		)
Curtailments and settlements	—			—			(13,014		)	—
Projected benefit obligation, end of period	$	176,900		$	1,700		$	171,250		$	1,600



	Twenty-Six Weeks Ended June 26, 2016						Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of period	$	96,947		$	—		$	113,552		$	—
Actual return on plan assets	1,084			—			3,455			—
Contributions by employer	4,412			70			3,177			64
Benefits paid	(4,581		)	(70		)	(2,981		)	(64		)
Curtailments and settlements	—			—			(13,014		)	—
Fair value of plan assets, end of period	$	97,862		$	—		$	104,189		$	—



	June 26, 2016						December 27, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Funded status:	(In thousands)
Unfunded benefit obligation, end of period	$	(79,038	)	$	(1,700	)	$	(69,005	)	$	(1,672	)



	June 26, 2016						December 27, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:	(In thousands)
Current liability	$	(10,769	)	$	(139	)	$	(10,779	)	$	(138	)
Long-term liability	(68,269		)	(1,561		)	(58,226		)	(1,534		)
Recognized liability	$	(79,038	)	$	(1,700	)	$	(69,005	)	$	(1,672	)



	June 26, 2016					December 27, 2015
	Pension Benefits		Other Benefits			Pension Benefits		Other Benefits
Amounts recognized in accumulated other comprehensive loss at end of period:	(In thousands)
Net actuarial loss (gain)	$	52,065	$	(7	)	$	38,115	$	(79	)

The accumulated benefit obligation for our defined benefit pension plans was $176.9 million and $166.0 million at June 26, 2016 and December 27, 2015, respectively. Each of our defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at June 26, 2016 and December 27, 2015, respectively. As of June 26, 2016, the weighted average duration of our defined benefit obligation is 33.5 years.

Net Periodic Benefit Costs

Net defined benefit pension and other postretirement costs included the following components:



	Thirteen Weeks Ended June 26, 2016					Thirteen Weeks Ended June 28, 2015					Twenty-Six Weeks Ended June 26, 2016					Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits
	(In thousands)
Interest cost	$	1,397		$	14	$	1,939		$	17	2,793			26		3,877			34
Estimated return on plan assets	(1,314		)	—		(1,671		)	—		(2,628		)	—		(3,342		)	—
Settlement loss	—			—		210			—		—			—		3,272			—
Amortization of net loss	164			—		178			—		329			—		357			—
Net costs	$	247		$	14	$	656		$	17	$	494		$	26	$	4,164		$	34

Economic Assumptions

The weighted average assumptions used in determining pension and other postretirement plan information were as follows:



	June 26, 2016				December 27, 2015
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.88	%	3.35	%	4.47	%	4.47	%



	Twenty-Six Weeks Ended June 26, 2016				Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.47	%	4.47	%	4.22	%	4.22	%
Expected return on plan assets	5.50	%	NA		6.00	%	NA

The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the Company's pension and other benefit obligations. The weighted average discount rate for each plan was established by comparing the projection of expected benefit payments to the AA Above Median yield curve. The expected benefit payments were discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, the Company extended the curve assuming the discount rate derived in year 30 is extended to the end of the plan's payment expectations. Once the present value of the string of benefit payments was established, the Company determined the single rate on the yield curve, that when applied to all obligations of the plan, would exactly match the previously determined present value. As part of the evaluation of pension and other postretirement assumptions, the Company applied assumptions for mortality that incorporate generational white and blue collar mortality trends. In determining its benefit obligations, the Company used generational tables that take into consideration increases in plan participant longevity. As of June 26, 2016 and December 27, 2015, all pension and other postretirement benefit plans used variations of the RP2014 mortality table and the MP2015 mortality improvement scale.

The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is less than $1,000. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as for calculating the liability recognized in the Condensed Consolidated Balance Sheet.



	Increase in Discount Rate of 0.25%			Decrease in Discount Rate of 0.25%
	(In thousands)
Impact on projected benefit obligation for pension benefits	$	(4,888	)	$	5,197

The expected rate of return on plan assets was primarily based on the determination of an expected return and behaviors for each plan's current asset portfolio that the Company believes are likely to prevail over long periods. This determination was made using assumptions for return and volatility of the portfolio. Asset class assumptions were set using a combination of empirical and forward-looking analysis. To the extent historical results were affected by unsustainable trends or events, the effects of those trends or events were quantified and removed. The Company also considered anticipated asset allocations, investment strategies and the views of various investment professionals when developing this rate.

Plan Assets

The following table reflects the pension plans’ actual asset allocations:



	June 26, 2016		December 27, 2015
Cash and cash equivalents	—	%	—	%
Pooled separate accounts^(a):
Equity securities	6	%	7	%
Fixed income securities	7	%	7	%
Common collective trust funds^(a):
Equity securities	57	%	57	%
Fixed income securities	30	%	29	%
Total assets	100	%	100	%

(a)

Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.

Absent regulatory or statutory limitations, the target asset allocation for the investment of pension assets in the pooled separate accounts is 50% in each of fixed income securities and equity securities and the target asset allocation for the investment of pension assets in the common collective trust funds is 30% in fixed income securities and 70% in equity securities. The plans only invest in fixed income and equity instruments for which there is a readily available public market. We develop our expected long-term rate of return assumptions based on the historical rates of returns for equity and fixed income securities of the type in which our plans invest.

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of June 26, 2016 and December 27, 2015:



	June 26, 2016								December 27, 2015
	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	$	105	$	—	$	—	$	105	$	147	$	—	$	—	$	147
Pooled separate accounts:
Large U.S. equity funds^(d)	—		4,301		—		4,301		—		3,816		—		3,816
Small/Mid U.S. equity funds^(e)	—		536		—		536		—		969		—		969
International equity funds^(f)	—		1,539		—		1,539		—		1,606		—		1,606
Fixed income funds^(g)	—		6,435		—		6,435		—		6,337		—		6,337
Common collective trusts funds:
Large U.S. equity funds^(d)	—		22,919		—		22,919		—		22,069		—		22,069
Small U.S. equity funds^(e)	—		16,483		—		16,483		—		16,843		—		16,843
International equity funds^(f)	—		16,574		—		16,574		—		16,629		—		16,629
Fixed income funds^(g)	—		28,970		—		28,970		—		28,531		—		28,531
Total assets	$	105	$	97,757	$	—	$	97,862	$	147	$	96,800	$	—	$	96,947


(a)	Unadjusted quoted prices in active markets for identical assets are used to determine fair value.


(b)	Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.


(c)	Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.


(d)	This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.


(e)	This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.


(f)	This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.

(g)

This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities.

The valuation of plan assets in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for substantially the full term of the financial instrument. Level 2 securities primarily include equity and fixed income securities funds.

Benefit Payments

The following table reflects the benefits as of June 26, 2016 expected to be paid through 2025 from our pension and other postretirement plans. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets.



	Pension Benefits		Other Benefits
	(In thousands)
2016 (remaining)	$	7,102	$	69
2017	11,660		139
2018	11,406		140
2019	11,063		139
2020	11,075		138
2021-2025	49,795		643
Total	$	102,101	$	1,268

We anticipate contributing $7.5 million and $0.1 million, as required by funding regulations or laws, to our pension plans and other postretirement plans, respectively, during the remainder of 2016.

Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss

The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:



	Twenty-Six Weeks Ended June 26, 2016						Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	38,115		$	(79	)	$	43,907		$	(127	)
Amortization	(329		)	—			(357		)	—
Curtailment and settlement adjustments	—			—			(3,272		)	—
Actuarial loss	12,736			72			(7,033		)	(26		)
Asset loss (gain)	1,543			—			(112		)	—
Net actuarial loss (gain), end of period	$	52,065		$	(7	)	$	33,133		$	(153	)

The Company expects to recognize in net pension cost throughout the remainder of 2016 an actuarial loss of $0.3 million that was recorded in accumulated other comprehensive loss at June 26, 2016.

Risk Management

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

Asset volatility. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets under perform this yield, this will create a deficit. The pension plans hold a significant proportion of equities, which are expected to outperform corporate bonds in the long-term while contributing volatility and risk in the short-term. The Company monitors the level of investment risk but has no current plan to significantly modify the mixture of investments. The investment position is discussed more below.

Changes in bond yields. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings.

The investment position is managed and monitored by a committee of individuals from various departments. This group actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The group has not changed the processes used to manage its risks from previous periods. The group does not use derivatives to manage its risk. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. The majority of equities are in U.S. large and small cap companies with some global diversification into international entities. The plans are not exposed to significant foreign currency risk.

Remeasurement

The Company remeasures both plan assets and obligations on a quarterly basis.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 26, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss:



	Twenty-Six Weeks Ended June 26, 2016^(a)									Twenty-Six Weeks Ended June 28, 2015^(a)
	Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	(58,997	)	$	67		$	(58,930	)	$	(62,572	)	$	31		$	(62,541	)
Other comprehensive income (loss) before reclassifications	(8,934		)	265			(8,669		)	6,501			43			6,544
Amounts reclassified from accumulated other comprehensive loss to net income	205			(332		)	(127		)	222			(63		)	159
Net current period other comprehensive income (loss)	(8,729		)	(67		)	(8,796		)	6,723			(20		)	6,703
Balance, end of period	$	(67,726	)	$	—		$	(67,726	)	$	(55,849	)	$	11		$	(55,838	)


(a)	All amounts are net of tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.



	Amount Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Twenty-Six Weeks Ended June 26, 2016			Twenty-Six Weeks Ended June 28, 2015			Affected Line Item in the Condensed Consolidated Statements of Operations
	(In thousands)
Realized gain on sale of securities	$	534		$	101		Interest income
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Union employees pension plan^(b)(d)	(10		)	(12		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(100		)	(108		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(220		)	(237		)	Selling, general and administrative expense
Total before tax	204			(256		)
Tax benefit (expense)	(77		)	97
Total reclassification for the period	$	127		$	(159	)


(a)	Amounts in parentheses represent debits to results of operations.


(b)	The Company sponsors the Pilgrim’s Pride Retirement Plan for Union Employees, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.

(c)

The Company sponsors the Pilgrim’s Pride Plan for Legacy Gold Kist Employees, a qualified defined benefit pension plan covering certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007, the Former Gold Kist Inc. Supplemental Executive Retirement Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Former Gold Kist Inc. Directors’ Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors, and the Gold Kist Inc. Retiree Life Insurance Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees.


(d)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See “Note 12. Pension and Other Postretirement Benefits” to the Condensed Consolidated Financial Statements.

Share Repurchase Program and Treasury Stock

On July 28, 2015, the Company’s Board of Directors approved a $150.0 million share repurchase authorization. The Company plans to repurchase shares through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs. The share repurchase program was originally scheduled to expire on July 27, 2016. On February 10, 2016, the Company’s Board of Directors approved an increase of the share repurchase authorization to $300.0 million and an extension of the expiration to February 9, 2017. The extent to which the Company repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the Company’s management team. The Company reserves the right to limit or terminate the repurchase program at any time without notice. As of June 26, 2016, the Company had repurchased approximately 5.2 million shares under this program with a market value of approximately $106.6 million. The Company accounted for the shares repurchased using the cost method.

Special Cash Dividends

On May 18, 2016, the Company paid a special cash dividend from retained earnings of approximately $700.0 million, or $2.75 per share, to stockholders of record on May 10, 2016. The Company used proceeds from the U.S. Credit Facility, along with cash on hand, to fund the special cash dividend.

On February 17, 2015, the Company paid a special cash dividend from retained earnings of approximately $1.5 billion, or $5.77 per share, to stockholders of record as of January 30, 2015. The Company used proceeds from the U.S. Credit Facility, along with cash on hand, to fund the special cash dividend.

Restrictions on Dividends

Both the U.S. Credit Facility and the Indenture governing the Senior Notes restrict, but do not prohibit, the Company from declaring dividends.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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+ Details

INCENTIVE COMPENSATION

6 Months Ended

Jun. 26, 2016

INCENTIVE COMPENSATION [Abstract]

INCENTIVE COMPENSATION

The Company sponsors a short-term incentive plan that provides the grant of either cash or share-based bonus awards payable upon achievement of specified performance goals (the “STIP”). Full-time, salaried exempt employees of the Company and its affiliates who are selected by the administering committee are eligible to participate in the STIP. The Company has accrued $12.6 million in costs related to the STIP at June 26, 2016 related to cash bonus awards that could potentially be awarded during the remainder of 2016 and 2017.

The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and cash-based awards to the Company’s officers and other employees, members of the Board of Directors and any consultants (the “LTIP”). The equity-based awards that may be granted under the LTIP include “incentive stock options,” within the meaning of the Internal Revenue Code, nonqualified stock options, stock appreciation rights, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). At June 26, 2016, we have reserved approximately 5.1 million shares of common stock for future issuance under the LTIP.

The following awards were outstanding during the twenty-six weeks ended June 26, 2016:

Award Type

Benefit

Plan

Awards Granted

Grant

Date

Grant Date Fair Value per Award^(a)

Vesting Condition

Vesting Date

Estimated Forfeiture Rate

Awards Forfeited to Date

Settlement Method

RSU

LTIP

449,217

02/19/2014

16.70

Service

12/31/2016

13.49

86,458

Stock

RSU

LTIP

269,662

03/03/2014

17.18

Performance / Service

12/31/2017

12.34

55,516

Stock

RSU

LTIP

158,226

02/26/2015

27.51

Performance / Service

12/31/2018

(b)

158,226

Stock

RSU

LTIP

251,136

03/30/2016

25.36

Performance / Service

12/31/2019

(c)

—

Stock


(a)	The fair value of each RSA and RSU granted or vested represents the closing price of the Company's common stock on the respective grant date or vesting date.


(b)	Performance conditions associated with these awards were not satisfied. Therefore, 100% of the awards were forfeited.


(c)	The estimated forfeiture rate for these awards will be set if or when performance conditions associated with the awards are satisfied.

Compensation costs and the income tax benefit recognized for our share-based compensation arrangements are included below:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 26, 2016		June 28, 2015		June 26, 2016		June 28, 2015
	(In thousands)
Share-based compensation cost:
Cost of sales	$	162	$	152	$	261	$	265
Selling, general and administrative expense	827		319		1,608		1,003
Total	$	989	$	471	$	1,869	$	1,268

Income tax benefit	$	293	$	116	$	550	$	359

The Company’s RSA and RSU activity is included below:



	Twenty-Six Weeks Ended June 26, 2016				Twenty-Six Weeks Ended June 28, 2015
	Number		Weighted Average Grant Date Fair Value		Number		Weighted Average Grant Date Fair Value
	(In thousands, except weighted average fair values)
RSAs:
Outstanding at beginning of period	—		$	—	30		$	8.72
Vested	—		—		(15	)	8.72
Forfeited	—		—		(15	)	8.72
Outstanding at end of period	—		$	—	—		$	—

RSUs:
Outstanding at beginning of period	774		$	18.78	1,120		$	11.97
Granted	251		25.36		428		21.00
Vested	—		—		(671	)	8.81
Forfeited	(193	)	24.51		(85	)	18.51
Outstanding at end of period	832		$	19.44	792		$	18.83

The total fair value of awards vested during the twenty-six weeks ended June 28, 2015 was $22.4 million. No awards vested during the twenty-six weeks ended June 26, 2016.

At June 26, 2016, the total unrecognized compensation cost related to all nonvested awards was $9.6 million. That cost is expected to be recognized over a weighted average period of 2.72 years.

Historically, we have issued new shares to satisfy award conversions.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 26, 2016

RELATED PARTY TRANSACTIONS

Pilgrim’s has been and, in some cases, continues to be a party to certain transactions with affiliated companies.



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 26, 2016		June 28, 2015		June 26, 2016		June 28, 2015
	(In thousands)
JBS USA Food Company Holdings:
Letter of credit fees^(a)	$	—	$	317	$	202	$	634
JBS USA Food Company:
Purchases from JBS USA Food Company^(b)	26,377		26,714		$	46,888	$	54,294
Expenditures paid by JBS USA Food Company on behalf of Pilgrim’s Pride Corporation^(c)	8,722		8,389		16,326		16,968
Sales to JBS USA Food Company^(b)	4,114		5,377		7,416		12,245
Expenditures paid by Pilgrim’s Pride Corporation on behalf of JBS USA Food Company^(c)	1,725		315		8,688		2,029
JBS Chile Ltda.:
Sales to JBS Chile Ltda.	107		69		312		234
JBS Global (UK) Ltd.:
Sales to JBS Global (UK) Ltd.	—		—		122		—

(a)

JBS USA Food Company Holdings (“JBS USA Holdings”) arranged for letters of credit to be issued on its account in the aggregate amount of $56.5 million to an insurance company on behalf of the Company in order to allow that insurance company to return cash it held as collateral against potential workers’ compensation, auto liability and general liability claims. In return for providing this letter of credit, the Company has agreed to reimburse JBS USA Holdings for the letter of credit fees the Company would otherwise incur under its U.S. Credit Facility. The letter of credit arrangements for $40.0 million and $16.5 million were terminated on March 7, 2016 and April 1, 2016, respectively. For the twenty-six weeks ended June 26, 2016, the Company reimbursed JBS USA Holdings $0.1 million for letter of credit fees.

(b)

We routinely execute transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of June 26, 2016 and December 27, 2015, the outstanding payable to JBS USA was $4.1 million and $7.0 million, respectively. As of June 26, 2016 and December 27, 2015, the outstanding receivable from JBS USA was $1.8 million and $2.6 million, respectively. As of June 26, 2016, approximately $0.1 million of goods from JBS USA were in transit and not reflected on our Condensed Consolidated Balance Sheet.

(c)

The Company has an agreement with JBS USA to allocate costs associated with JBS USA’s procurement of SAP licenses and maintenance services for its combined companies. Under this agreement, the fees associated with procuring SAP licenses and maintenance services are allocated between the Company and JBS USA in proportion to the percentage of licenses used by each company. The agreement expires on the date of expiration, or earlier termination, of the underlying SAP license agreement. The Company also has an agreement with JBS USA to allocate the costs of supporting the business operations by one consolidated corporate team, which have historically been supported by their respective corporate teams. Expenditures paid by JBS USA on behalf of the Company will be reimbursed by the Company and expenditures paid by the Company on behalf of JBS USA will be reimbursed by JBS USA. This agreement expires on December 31, 2016.

The Company entered into a tax sharing agreement during 2014 with JBS USA Holdings effective for tax years starting in 2010. The net tax receivable of $3.7 million for tax year 2015 was accrued in 2015 and paid in January 2016. The net tax receivable of $3.8 million for tax years 2010 through 2014 was accrued in 2014 and paid in January 2015.

On June 25, 2015, the Company signed an intercompany revolving note to its indirect wholly-owned subsidiary, Pilgrim’s Pride S. de R.L. de C.V., in a principal amount of $100.0 million. The note bears interest based on three-month LIBOR plus a margin of 2.5% and had a maturity date of June 24, 2020. The agreement was terminated in May 2016. The proceeds of the note were used to fund a portion of the purchase price of the acquisition of Tyson Mexico (as defined in “Note 2. Business Acquisition”). Interest is payable quarterly and principal is due upon maturity. The outstanding note balance eliminates upon consolidation. As of June 26, 2016, there was no outstanding borrowings.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 26, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are a party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks. Among other considerations, we have not recorded a liability for any of these indemnities as based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on our financial condition, results of operations and cash flows. The Company is subject to various legal proceedings and claims which arise in the ordinary course of business. In the Company’s opinion, it has made appropriate and adequate accruals for claims where necessary; however, the ultimate liability for these matters is uncertain, and if significantly different than the amounts accrued, the ultimate outcome could have a material effect on the financial condition or results of operations of the Company. For a discussion of the material legal proceedings and claims, see Part II, Item 1. “Legal Proceedings.” Below is a summary of some of these material proceedings and claims. The Company believes it has substantial defenses to the claims made and intends to vigorously defend these cases. Tax Claims and Proceedings In 2009, the IRS asserted claims against the Company totaling $74.7 million. We entered into two Stipulations of Settled Issues agreements with the IRS on December 12, 2012 that accounted for approximately $29.3 million of the claims and should result in no additional tax due. In connection with the remaining $45.4 million claimed by the IRS, we filed a petition in the U.S. Tax Court (“Tax Court”) on May 26, 2010 in response to a Notice of Deficiency that was issued to the Company as the successor in interest to Gold Kist. The Notice of Deficiency and the Tax Court proceeding related to an ordinary loss that Gold Kist claimed for its tax year ended June 26, 2004. On December 11, 2013, the Tax Court issued its opinion in the Tax Court case holding the loss that Gold Kist claimed for its tax year ended June 26, 2004 was capital in nature. On April 14, 2014, the Company appealed the Tax Court’s findings of fact and conclusions of law to the Fifth Circuit. On February 25, 2015, the Fifth Circuit issued its opinion, which reversed the Tax Court’s judgment and rendered judgment in favor of the Company. The IRS did not appeal the Fifth Circuit’s decision, which has become final, and no additional tax should be due in connection with this matter. ERISA Claims and Proceedings Claims have been brought against certain current and former directors, executive officers and employees of the Company, the Pilgrim’s Pride Administrative Committee and the Pilgrim’s Pride Pension Committee seeking unspecified damages under section 502 of the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §1132. These claims were brought by individual participants in the Pilgrim’s Pride Retirement Savings Plan, individually and on behalf of a putative class, alleging that the defendants breached fiduciary duties to plan participants and beneficiaries or otherwise violated ERISA. Although the Company is not a named defendant in these claims, our bylaws require us to indemnify our current and former directors and officers from any liabilities and expenses incurred by them in connection with actions they took in good faith while serving as an officer or director. In these actions, the plaintiffs assert claims in excess of $35.0 million. The likelihood of an unfavorable outcome or the amount or range of any possible loss to the Company cannot be determined at this time.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 26, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Financial Statements	Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the twenty-six weeks ended June 26, 2016 are not necessarily indicative of the results that may be expected for the year ending December 25, 2016. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 27, 2015. Pilgrim’s operates on a 52/53-week fiscal year that ends on the Sunday falling on or before December 31. The reader should assume any reference we make to a particular year (for example, 2016) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation.
Foreign Currency Transactions and Translations	The Company measures the financial statements of its Mexico subsidiaries as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than non-monetary assets, of the Mexico subsidiaries at current exchange rates. We remeasure non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. We remeasure income and expenses at average exchange rates in effect during the period. Currency exchange gains or losses are included in the line item Foreign currency transaction loss in the Condensed Consolidated Statements of Income.
Reportable Segment	Reportable Segment We operate in one reportable business segment, as a producer and seller of chicken products we either produce or purchase for resale.
Revenue Recognition	Revenue Recognition We recognize revenue when all of the following circumstances are satisfied: (i) persuasive evidence of an arrangement exists, (ii) price is fixed or determinable, (iii) collectability is reasonably assured and (iv) delivery has occurred. Delivery occurs in the period in which the customer takes title and assumes the risks and rewards of ownership of the products specified in the customer’s purchase order or sales agreement. Revenue is recorded net of estimated incentive offerings including special pricing agreements, promotions and other volume-based incentives. Revisions to these estimates are charged back to net sales in the period in which the facts that give rise to the revision become known.
Book Overdraft	Book Overdraft The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Condensed Consolidated Statements of Cash Flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. In June 2015, the FASB agreed to defer by one year the mandatory effective date of this standard, but will also provide entities the option to adopt the new guidance as of the original effective date. The provisions of the new guidance will be effective as of the beginning of our 2018 fiscal year, but we have the option to adopt the guidance as early as the beginning of our 2017 fiscal year. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected either a transition approach to implement the standard or an adoption date. In July 2015, the FASB issued new accounting guidance on the subsequent measurement of inventory, which, in an effort to simplify unnecessarily complicated accounting guidance that can result in several potential outcomes, requires an entity to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Current accounting guidance requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The provisions of the new guidance will be effective as of the beginning of our 2017 fiscal year. We are currently evaluating the impact of the new guidance on our financial statements. In February 2016, the FASB issued new accounting guidance on lease arrangements, which, in an effort to increase transparency and comparability among organizations utilizing leasing, requires an entity that is a lessee to recognize the assets and liabilities arising from leases on the balance sheet. This guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. In transition, the entity is required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The provisions of the new guidance will be effective as of the beginning of our 2019 fiscal year. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date. In March 2016, the FASB issued new accounting guidance on employee share-based payments, which, in an effort to simplify unnecessarily complicated aspects of accounting and reporting for share-based payment transactions, requires an entity to amend accounting and reporting methodology for areas such as the income tax consequences of share-based payments, classification of share-based awards as either equity or liabilities, and classification of share-based payment transactions in the statement of cash flows. The transition approach will vary depending on the area of accounting and reporting methodology to be amended. The provisions of the new guidance will be effective as of the beginning of our 2017 fiscal year. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date. In June 2016, the FASB issued new accounting guidance on the measurement of credit losses on financial instruments, which, in an effort to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. The provisions of the new guidance will be effective as of the beginning of our 2020 fiscal year. Early adoption is permitted after our 2018 fiscal year. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date.

BUSINESS ACQUISITION (Tables)

6 Months Ended

Jun. 26, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions, Consideration Paid

The following table summarizes the consideration paid for Tyson Mexico (in thousands):



Negotiated sales price	$	400,000
Working capital adjustment	(20,933		)
Final purchase price	$	379,067

Schedule of Business Acquisitions, Fair Values of Assets Acquired and Liabilities Assumed

The fair values recorded for the assets acquired and liabilities assumed for Tyson Mexico are as follows (in thousands):



Cash and cash equivalents	$	5,535
Trade accounts and other receivables	24,173
Inventories	68,130
Prepaid expenses and other current assets	7,661
Property, plant and equipment	209,139
Identifiable intangible assets	26,411
Other long-lived assets	199
Total assets acquired	341,248
Accounts payable	21,550
Other current liabilities	8,707
Long-term deferred tax liabilities	52,376
Other long-term liabilities	5,155
Total liabilities assumed	87,788
Total identifiable net assets	253,460
Goodwill	125,607
Total net assets	$	379,067

Schedule of Business Acquisitions, Goodwill

The Company recognized the following change in goodwill related to this acquisition during the twenty-six weeks ended June 26, 2016 (in thousands):



Goodwill, beginning of period	$	156,565
Additional fair value attributed to acquired property, plant and equipment	(51,387		)
Deferred tax impact related to additional fair value attributed to acquired property, plant and equipment	15,416
Deferred tax impact related to customer relationship intangibles	5,013
Goodwill, end of period	$	125,607

Schedule of Business Acquisitions, Pro Forma Information



	Thirteen Weeks Ended June 28, 2015		Twenty-Six Weeks Ended June 28, 2015
	(In thousands, except per share amount)
Net sales	$	2,212,223	$	4,420,442
Net income attributable to Pilgrim's Pride Corporation	250,023		461,533
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	0.97		1.78

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 26, 2016

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on a Recurring Basis

The following items were measured at fair value on a recurring basis:



	June 26, 2016
	Level 1			Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	23,119		$	—	$	—	$	23,119
Fair value liabilities:
Commodity futures instruments	(10,201		)	—		—		(10,201		)
Commodity options instruments	(9,837		)	—		—		(9,837		)



	December 27, 2015
	Level 1			Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	59		$	—	$	—	$	59
Commodity options instruments	1,618			—		—		1,618
Fair value liabilities:
Commodity futures instruments	(5,436		)	—		—		(5,436		)

Schedule of Fair Value and Carrying Value of Debt Obligations

Fair value and carrying value for our fixed-rate debt obligation is as follows:



	June 26, 2016						December 27, 2015
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
				(In thousands)
Fixed-rate senior notes payable at 5.75%, at Level 1 inputs	$	(500,000	)	$	(501,405	)	$	(500,000	)	$	(488,750	)

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

6 Months Ended

Jun. 26, 2016

Accounts Receivable, Net [Abstract]

Schedule of Trade Accounts and Other Receivables, and Allowance for Doubtful Accounts

Trade accounts and other receivables, less allowance for doubtful accounts, consisted of the following:



	June 26, 2016			December 27, 2015
	(In thousands)
Trade accounts receivable	$	333,265		$	342,466
Notes receivable - current	658			850
Other receivables	14,495			10,578
Receivables, gross	348,418			353,894
Allowance for doubtful accounts	(5,163		)	(4,900		)
Receivables, net	$	343,255		$	348,994

Account receivable from related parties^(a)	$	1,797		$	2,668

(a) Additional information regarding accounts receivable from related parties is included in “Note 15. Related Party Transactions.”

Changes in the allowance for doubtful accounts were as follows:



	Total
	(In thousands)
Balance at December 27, 2015	$	(4,900	)
Provision charged to operating results	(338		)
Account write-offs and recoveries	75
Balance at June 26, 2016	$	(5,163	)

INVENTORIES (Tables)

6 Months Ended

Jun. 26, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:



	June 26, 2016		December 27, 2015
	(In thousands)
Live chicken and hens	$	390,535	$	365,062
Feed, eggs and other	232,103		215,859
Finished chicken products	195,541		191,988
Total chicken inventories	818,179		772,909
Commercial feed and other	14,386		28,448
Total inventories	$	832,565	$	801,357

INVESTMENTS IN SECURITIES (Tables)

6 Months Ended

Jun. 26, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

The following table summarizes our investments in available-for-sale securities:



	June 26, 2016				December 27, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	—	$	—	$	290,795	$	290,795
Other	39		39		54,831		54,831

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 26, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments and Cash Collateral

Information regarding the Company’s outstanding derivative instruments and cash collateral posted with (owed to) brokers is included in the following table:



	June 26, 2016			December 27, 2015
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	23,119		$	1,677
Commodity derivative liabilities	(20,038		)	(5,436		)
Cash collateral posted with brokers	10,366			9,381
Derivatives coverage^(a):
Corn	0.8		%	7.0		%
Soybean meal	13.8		%	4.1		%
Period through which stated percent of needs are covered:
Corn	May 2017			March 2017
Soybean meal	August 2017			July 2016


(a)	Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.

PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Jun. 26, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment (“PP&E”), net consisted of the following:



	June 26, 2016			December 27, 2015
	(In thousands)
Land	$	107,391		$	105,165
Buildings	1,160,775			1,131,379
Machinery and equipment	1,759,575			1,657,573
Autos and trucks	53,096			53,408
Construction-in-progress	132,619			152,619
PP&E, gross	3,213,456			3,100,144
Accumulated depreciation	(1,798,561		)	(1,747,615		)
PP&E, net	$	1,414,895		$	1,352,529

CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 26, 2016

Payables and Accruals [Abstract]

Schedule of Current Liabilities

Current liabilities, other than current notes payable to banks, income taxes and current maturities of long-term debt, consisted of the following components:



	June 26, 2016		December 27, 2015
	(In thousands)
Accounts payable:
Trade accounts	$	407,306	$	436,188
Book overdrafts	55,393		44,145
Other payables	4,084		2,621
Total accounts payable	466,783		482,954
Accounts payable to related parties^(a)	4,053		7,000
Accrued expenses and other current liabilities:
Compensation and benefits	96,350		112,583
Interest and debt-related fees	9,022		8,928
Insurance and self-insured claims	99,210		93,336
Derivative liabilities:
Futures	10,201		5,436
Options	9,837		—
Other accrued expenses	90,305		94,683
Total accrued expenses and other current liabilities	314,925		314,966
	$	785,761	$	804,920

(a) Additional information regarding accounts payable from related parties is included in “Note 15. Related Party Transactions.”

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 26, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt and Other Borrowing Arrangements

Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components:



	Maturity	June 26, 2016			December 27, 2015
		(In thousands)
Long-term debt and other long-term borrowing arrangements:
Senior notes payable at 5.75%	2025	$	500,000		$	500,000
U.S. Credit Facility (defined below):
Term note payable at 1.69%	2020	500,000			500,000
Revolving note payable at 4.25%	2020	52,071			—
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 0.90%	2017	79,248			—
Capital lease obligations	Various	420			462
Long-term debt		1,131,739			1,000,462
Less: Current maturities of long-term debt		(90		)	(86		)
Long-term debt, less current maturities		1,131,649			1,000,376
Less: Capitalized financing costs		(13,670		)	(14,867		)
Long-term debt, less current maturities, net of capitalized financing costs:		$	1,117,979		$	985,509

Current notes payable to banks
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 0.90%	2016	$	—		$	28,726

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

6 Months Ended

Jun. 26, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Defined Benefit Plan Obligations and Assets



	Twenty-Six Weeks Ended June 26, 2016						Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of period	$	165,952		$	1,672		$	190,401		$	1,657
Interest cost	2,793			26			3,877			34
Actuarial losses	12,736			72			(7,033		)	(27		)
Benefits paid	(4,581		)	(70		)	(2,981		)	(64		)
Curtailments and settlements	—			—			(13,014		)	—
Projected benefit obligation, end of period	$	176,900		$	1,700		$	171,250		$	1,600



	Twenty-Six Weeks Ended June 26, 2016						Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of period	$	96,947		$	—		$	113,552		$	—
Actual return on plan assets	1,084			—			3,455			—
Contributions by employer	4,412			70			3,177			64
Benefits paid	(4,581		)	(70		)	(2,981		)	(64		)
Curtailments and settlements	—			—			(13,014		)	—
Fair value of plan assets, end of period	$	97,862		$	—		$	104,189		$	—



	June 26, 2016						December 27, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Funded status:	(In thousands)
Unfunded benefit obligation, end of period	$	(79,038	)	$	(1,700	)	$	(69,005	)	$	(1,672	)



	June 26, 2016						December 27, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:	(In thousands)
Current liability	$	(10,769	)	$	(139	)	$	(10,779	)	$	(138	)
Long-term liability	(68,269		)	(1,561		)	(58,226		)	(1,534		)
Recognized liability	$	(79,038	)	$	(1,700	)	$	(69,005	)	$	(1,672	)



	June 26, 2016					December 27, 2015
	Pension Benefits		Other Benefits			Pension Benefits		Other Benefits
Amounts recognized in accumulated other comprehensive loss at end of period:	(In thousands)
Net actuarial loss (gain)	$	52,065	$	(7	)	$	38,115	$	(79	)

Schedule of Net Defined Benefit Pension and Other Postretirement Costs

Net defined benefit pension and other postretirement costs included the following components:



	Thirteen Weeks Ended June 26, 2016					Thirteen Weeks Ended June 28, 2015					Twenty-Six Weeks Ended June 26, 2016					Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits
	(In thousands)
Interest cost	$	1,397		$	14	$	1,939		$	17	2,793			26		3,877			34
Estimated return on plan assets	(1,314		)	—		(1,671		)	—		(2,628		)	—		(3,342		)	—
Settlement loss	—			—		210			—		—			—		3,272			—
Amortization of net loss	164			—		178			—		329			—		357			—
Net costs	$	247		$	14	$	656		$	17	$	494		$	26	$	4,164		$	34

Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation

The weighted average assumptions used in determining pension and other postretirement plan information were as follows:



	June 26, 2016				December 27, 2015
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.88	%	3.35	%	4.47	%	4.47	%



	Twenty-Six Weeks Ended June 26, 2016				Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.47	%	4.47	%	4.22	%	4.22	%
Expected return on plan assets	5.50	%	NA		6.00	%	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	$	(4,888	)	$	5,197

Schedule of Plan Asset Allocations

The following table reflects the pension plans’ actual asset allocations:



	June 26, 2016		December 27, 2015
Cash and cash equivalents	—	%	—	%
Pooled separate accounts^(a):
Equity securities	6	%	7	%
Fixed income securities	7	%	7	%
Common collective trust funds^(a):
Equity securities	57	%	57	%
Fixed income securities	30	%	29	%
Total assets	100	%	100	%

(a)

Schedule of Fair Value Measurements of Plan Assets

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of June 26, 2016 and December 27, 2015:



	June 26, 2016								December 27, 2015
	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	$	105	$	—	$	—	$	105	$	147	$	—	$	—	$	147
Pooled separate accounts:
Large U.S. equity funds^(d)	—		4,301		—		4,301		—		3,816		—		3,816
Small/Mid U.S. equity funds^(e)	—		536		—		536		—		969		—		969
International equity funds^(f)	—		1,539		—		1,539		—		1,606		—		1,606
Fixed income funds^(g)	—		6,435		—		6,435		—		6,337		—		6,337
Common collective trusts funds:
Large U.S. equity funds^(d)	—		22,919		—		22,919		—		22,069		—		22,069
Small U.S. equity funds^(e)	—		16,483		—		16,483		—		16,843		—		16,843
International equity funds^(f)	—		16,574		—		16,574		—		16,629		—		16,629
Fixed income funds^(g)	—		28,970		—		28,970		—		28,531		—		28,531
Total assets	$	105	$	97,757	$	—	$	97,862	$	147	$	96,800	$	—	$	96,947


(a)	Unadjusted quoted prices in active markets for identical assets are used to determine fair value.


(b)	Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.


(c)	Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.


(d)	This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.


(e)	This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.


(f)	This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.

(g)

Schedule of Benefit Payments



	Pension Benefits		Other Benefits
	(In thousands)
2016 (remaining)	$	7,102	$	69
2017	11,660		139
2018	11,406		140
2019	11,063		139
2020	11,075		138
2021-2025	49,795		643
Total	$	102,101	$	1,268

Schedule of Unrecognized Benefit Amounts

The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:



	Twenty-Six Weeks Ended June 26, 2016						Twenty-Six Weeks Ended June 28, 2015
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	38,115		$	(79	)	$	43,907		$	(127	)
Amortization	(329		)	—			(357		)	—
Curtailment and settlement adjustments	—			—			(3,272		)	—
Actuarial loss	12,736			72			(7,033		)	(26		)
Asset loss (gain)	1,543			—			(112		)	—
Net actuarial loss (gain), end of period	$	52,065		$	(7	)	$	33,133		$	(153	)

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 26, 2016

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss:



	Twenty-Six Weeks Ended June 26, 2016^(a)									Twenty-Six Weeks Ended June 28, 2015^(a)
	Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	(58,997	)	$	67		$	(58,930	)	$	(62,572	)	$	31		$	(62,541	)
Other comprehensive income (loss) before reclassifications	(8,934		)	265			(8,669		)	6,501			43			6,544
Amounts reclassified from accumulated other comprehensive loss to net income	205			(332		)	(127		)	222			(63		)	159
Net current period other comprehensive income (loss)	(8,729		)	(67		)	(8,796		)	6,723			(20		)	6,703
Balance, end of period	$	(67,726	)	$	—		$	(67,726	)	$	(55,849	)	$	11		$	(55,838	)


(a)	All amounts are net of tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.

Schedule of Reclassification from Accumulated Other Comprehensive Loss



	Amount Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Twenty-Six Weeks Ended June 26, 2016			Twenty-Six Weeks Ended June 28, 2015			Affected Line Item in the Condensed Consolidated Statements of Operations
	(In thousands)
Realized gain on sale of securities	$	534		$	101		Interest income
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Union employees pension plan^(b)(d)	(10		)	(12		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(100		)	(108		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(220		)	(237		)	Selling, general and administrative expense
Total before tax	204			(256		)
Tax benefit (expense)	(77		)	97
Total reclassification for the period	$	127		$	(159	)


(a)	Amounts in parentheses represent debits to results of operations.


(b)	The Company sponsors the Pilgrim’s Pride Retirement Plan for Union Employees, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.

(c)


(d)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See “Note 12. Pension and Other Postretirement Benefits” to the Condensed Consolidated Financial Statements.

INCENTIVE COMPENSATION (Tables)

6 Months Ended

Jun. 26, 2016

INCENTIVE COMPENSATION [Abstract]

Schedule of Awards

The following awards were outstanding during the twenty-six weeks ended June 26, 2016:

Award Type

Benefit

Plan

Awards Granted

Grant

Date

Grant Date Fair Value per Award^(a)

Vesting Condition

Vesting Date

Estimated Forfeiture Rate

Awards Forfeited to Date

Settlement Method

RSU

LTIP

449,217

02/19/2014

16.70

Service

12/31/2016

13.49

86,458

Stock

RSU

LTIP

269,662

03/03/2014

17.18

Performance / Service

12/31/2017

12.34

55,516

Stock

RSU

LTIP

158,226

02/26/2015

27.51

Performance / Service

12/31/2018

(b)

158,226

Stock

RSU

LTIP

251,136

03/30/2016

25.36

Performance / Service

12/31/2019

(c)

—

Stock


(a)	The fair value of each RSA and RSU granted or vested represents the closing price of the Company's common stock on the respective grant date or vesting date.


(b)	Performance conditions associated with these awards were not satisfied. Therefore, 100% of the awards were forfeited.


(c)	The estimated forfeiture rate for these awards will be set if or when performance conditions associated with the awards are satisfied.

Schedule of Compensation Cost and Income Tax Benefit

Compensation costs and the income tax benefit recognized for our share-based compensation arrangements are included below:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 26, 2016		June 28, 2015		June 26, 2016		June 28, 2015
	(In thousands)
Share-based compensation cost:
Cost of sales	$	162	$	152	$	261	$	265
Selling, general and administrative expense	827		319		1,608		1,003
Total	$	989	$	471	$	1,869	$	1,268

Income tax benefit	$	293	$	116	$	550	$	359

Schedule of Restricted Share and Restricted Stock Unit Activity

The Company’s RSA and RSU activity is included below:



	Twenty-Six Weeks Ended June 26, 2016				Twenty-Six Weeks Ended June 28, 2015
	Number		Weighted Average Grant Date Fair Value		Number		Weighted Average Grant Date Fair Value
	(In thousands, except weighted average fair values)
RSAs:
Outstanding at beginning of period	—		$	—	30		$	8.72
Vested	—		—		(15	)	8.72
Forfeited	—		—		(15	)	8.72
Outstanding at end of period	—		$	—	—		$	—

RSUs:
Outstanding at beginning of period	774		$	18.78	1,120		$	11.97
Granted	251		25.36		428		21.00
Vested	—		—		(671	)	8.81
Forfeited	(193	)	24.51		(85	)	18.51
Outstanding at end of period	832		$	19.44	792		$	18.83

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 26, 2016

Schedule of Related Party Transactions

Pilgrim’s has been and, in some cases, continues to be a party to certain transactions with affiliated companies.



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 26, 2016		June 28, 2015		June 26, 2016		June 28, 2015
	(In thousands)
JBS USA Food Company Holdings:
Letter of credit fees^(a)	$	—	$	317	$	202	$	634
JBS USA Food Company:
Purchases from JBS USA Food Company^(b)	26,377		26,714		$	46,888	$	54,294
Expenditures paid by JBS USA Food Company on behalf of Pilgrim’s Pride Corporation^(c)	8,722		8,389		16,326		16,968
Sales to JBS USA Food Company^(b)	4,114		5,377		7,416		12,245
Expenditures paid by Pilgrim’s Pride Corporation on behalf of JBS USA Food Company^(c)	1,725		315		8,688		2,029
JBS Chile Ltda.:
Sales to JBS Chile Ltda.	107		69		312		234
JBS Global (UK) Ltd.:
Sales to JBS Global (UK) Ltd.	—		—		122		—

(a)

(b)

(c)

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) bird / WK in Millions, lb in Billions	6 Months Ended
	Jun. 26, 2016 employee bird / WK state grower country segment lb
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity exports products \| country	90
Number of states in which entity operates \| state	12
Number of employees \| employee	37,700
Maximum processing capacity of employees per week (in birds per week) (more than) \| bird / WK	37
Maximum annual processing capacity of employees (in pounds) (more than) \| lb	11
Number of contract growers \| grower	4,035
Percentage of beneficial ownership by holding company	76.80%
Number of reportable segments \| segment	1

BUSINESS ACQUISITION (Narrative) (Details) bird / WK in Millions, $ in Millions		3 Months Ended	6 Months Ended
	Jun. 29, 2015 USD ($) employee bird / WK trade_name distribution_center plant	Jun. 26, 2016 USD ($) employee bird / WK	Jun. 26, 2016 USD ($) employee bird / WK
Business Acquisition [Line Items]
Maximum processing capacity of employees per week (in birds per week) \| bird / WK		37.0	37.0
Number of employees of acquiree \| employee		37,700	37,700
Tyson Mexico [Member]
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%
Maximum processing capacity of employees per week (in birds per week) \| bird / WK	2.5
Number of processing plants acquired \| plant	3
Number of employees of acquiree \| employee	4,500
Number of distribution centers acquired \| distribution_center	7
Transaction costs	$ 2.2
Net sales of acquiree since acquisition date		$ 15.2	$ 118.1
Net loss of acquiree since acquisition date		$ 0.2	$ 0.4
Tyson Mexico [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Indefinite-lived trade names acquired, number of trade names valued using the income approach \| trade_name	2
Indefinite-lived trade names acquired, royalty rate saved used in determination of fair value	1.40%
Indefinite-lived trade names acquired, net sales growth rate used in determination of fair value, terminal year	3.80%
Indefinite-lived trade names acquired, income tax rate used in determination of fair value	30.00%
Indefinite-lived trade names acquired, income tax amortization benefit rate used in determination of fair value	15.00%
Indefinite-lived trade names acquired, discount rate used in determination of fair value	12.00%
Indefinite-lived trade names acquired, fair value	$ 9.7
Tyson Mexico [Member] \| Trade Names [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Indefinite-lived trade names acquired, royalty rates used in determination of fair value	4.00%
Indefinite-lived trade names acquired, net sales growth rate used in determination of fair value	3.50%
Tyson Mexico [Member] \| Trade Names [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Indefinite-lived trade names acquired, royalty rates used in determination of fair value	5.00%
Indefinite-lived trade names acquired, net sales growth rate used in determination of fair value	4.00%
Tyson Mexico [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-lived customer relationships acquired, net sales growth rate	4.00%
Finite-lived customer relationships acquired, customer attrition rate	7.90%
Finite-lived customer relationships acquired, income tax rate	30.00%
Finite-lived customer relationships acquired, income tax amortization benefit rate	23.40%
Finite-lived customer relationships acquired, discount rate	13.50%
Finite-lived customer relationships acquired, fair value	$ 16.7

BUSINESS ACQUISITION (Consideration Paid) (Details) - Tyson Mexico [Member] $ in Thousands	Jun. 29, 2015 USD ($)
Business Acquisition [Line Items]
Negotiated sales price	$ 400,000
Working capital adjustment	(20,933)
Final purchase price	$ 379,067

BUSINESS ACQUISITION (Fair Values of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015	Jun. 29, 2015
Business Acquisition [Line Items]
Goodwill	$ 125,607	$ 156,565
Tyson Mexico [Member]
Business Acquisition [Line Items]
Cash and cash equivalents			$ 5,535
Trade accounts and other receivables			24,173
Inventories			68,130
Prepaid expenses and other current assets			7,661
Property, plant and equipment			209,139
Identifiable intangible assets			26,411
Other long-lived assets			199
Total assets acquired			341,248
Accounts payable			21,550
Other current liabilities			8,707
Long-term deferred tax liabilities			52,376
Other long-term liabilities			5,155
Total liabilities assumed			87,788
Total identifiable net assets			253,460
Goodwill	$ 125,607	$ 156,565	125,607
Total net assets			$ 379,067

BUSINESS ACQUISITION (Changes in Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 26, 2016 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 156,565
Goodwill, end of period	125,607
Tyson Mexico [Member]
Goodwill [Roll Forward]
Goodwill, beginning of period	156,565
Additional fair value attributed to acquired property, plant and equipment	(51,387)
Goodwill, end of period	125,607
Tyson Mexico [Member] \| Property, Plant and Equipment [Member]
Goodwill [Roll Forward]
Deferred tax impact	15,416
Tyson Mexico [Member] \| Finite-Lived Intangible Assets [Member]
Goodwill [Roll Forward]
Deferred tax impact	$ 5,013

BUSINESS ACQUISITION (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 28, 2015	Jun. 26, 2016
Business Combinations [Abstract]
Net sales	$ 2,212,223	$ 4,420,442
Net income attributable to Pilgrim's Pride Corporation	$ 250,023	$ 461,533
Net income attributable to Pilgrim's Pride Corporation per common share - diluted (in usd per share)	$ 0.97	$ 1.78

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured on a Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015
Commodity futures instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 23,119	$ 59
Derivative liabilities	(10,201)	(5,436)
Commodity options instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1,618
Derivative liabilities	(9,837)
Level 1 [Member] \| Commodity futures instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	23,119	59
Derivative liabilities	(10,201)	(5,436)
Level 1 [Member] \| Commodity options instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1,618
Derivative liabilities	(9,837)
Level 2 [Member] \| Commodity futures instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Level 2 [Member] \| Commodity options instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0
Derivative liabilities	0
Level 3 [Member] \| Commodity futures instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Level 3 [Member] \| Commodity options instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		$ 0
Derivative liabilities	$ 0

FAIR VALUE MEASUREMENTS (Schedule of Fair Value and Carrying Amount of Debt Obligations) (Details) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015	Mar. 11, 2015
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	$ (500,000)	$ (500,000)
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	$ (501,405)	$ (488,750)
Senior Notes [Member] \| Senior Notes 5.75% Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.75%		5.75%

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2016	Jun. 26, 2016	Dec. 27, 2015
Accounts Receivable, Net [Abstract]
Trade accounts receivable		$ 333,265	$ 342,466
Notes receivable - current		658	850
Other receivables		14,495	10,578
Receivables, gross		348,418	353,894
Allowance for doubtful accounts	$ (4,900)	(5,163)	(4,900)
Receivables, net		343,255	348,994
Account receivable from related parties		$ 1,797	$ 2,668
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at December 27, 2015	(4,900)
Provision charged to operating results	(338)
Account write-offs and recoveries	75
Balance at June 26, 2016	$ (5,163)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015
Inventory [Line Items]
Total inventories	$ 832,565	$ 801,357
Live Chicken and Hens [Member]
Inventory [Line Items]
Total inventories	390,535	365,062
Feed, Eggs and Other [Member]
Inventory [Line Items]
Total inventories	232,103	215,859
Finished Chicken Products [Member]
Inventory [Line Items]
Total inventories	195,541	191,988
Chicken Inventories [Member]
Inventory [Line Items]
Total inventories	818,179	772,909
Commercial Feed and Other [Member]
Inventory [Line Items]
Total inventories	$ 14,386	$ 28,448

INVESTMENTS IN SECURITIES (Details) - USD ($)	6 Months Ended
INVESTMENTS IN SECURITIES (Details) - USD ($)	Jun. 26, 2016	Jun. 28, 2015	Dec. 27, 2015
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale or maturity of available-for-sale securities	$ 0	$ 0
Fixed income securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed income securities, Amortized Cost	0		$ 290,795,000
Fixed income securities, Fair Value	0		290,795,000
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed income securities, Amortized Cost	39,000		54,831,000
Fixed income securities, Fair Value	$ 39,000		$ 54,831,000

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gains (losses) on derivative financial instruments	$ 1.8	$ 5.6	$ 5.9	$ 29.0

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Instruments and Cash Collateral) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 26, 2016	Dec. 27, 2015
Fair values:
Cash collateral posted with brokers	$ 10,366	$ 9,381
Corn [Member]
Derivatives Coverage:
Derivatives coverage (as a percentage)	0.80%	7.00%
Period through which stated percent of needs are covered:
Maturity date	May 31, 2017	Mar. 31, 2017
Soybean Meal [Member]
Derivatives Coverage:
Derivatives coverage (as a percentage)	13.80%	4.10%
Period through which stated percent of needs are covered:
Maturity date	Aug. 31, 2017	Jul. 31, 2016
Commodity [Member]
Fair values:
Derivative assets, gross	$ 23,119	$ 1,677
Derivative liabilities, gross	$ (20,038)	$ (5,436)

PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015	Dec. 27, 2015
Property, Plant and Equipment [Abstract]
Depreciation	$ 43,500	$ 36,600	$ 81,900	$ 70,600
Payments for capital projects			93,978	87,694
Transfer of property, plant and equipment			128,100	74,200
Proceeds from property disposals	7,500	1,200	8,097	2,115
Net gain (loss) on property disposals	6,600	$ 400	6,755	$ 1,331
Assets held for sale	6,549		6,549		$ 6,555
Idled assets, carrying amount	65,500		65,500
Idled assets, depreciable value	195,400		195,400
Idled assets, accumulated depreciation	$ 129,900		$ 129,900

PROPERTY, PLANT AND EQUIPMENT (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015
Property, Plant and Equipment [Line Items]
PP&E, gross	$ 3,213,456	$ 3,100,144
Accumulated depreciation	(1,798,561)	(1,747,615)
PP&E, net	1,414,895	1,352,529
Land [Member]
Property, Plant and Equipment [Line Items]
PP&E, gross	107,391	105,165
Buildings [Member]
Property, Plant and Equipment [Line Items]
PP&E, gross	1,160,775	1,131,379
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
PP&E, gross	1,759,575	1,657,573
Autos and trucks [Member]
Property, Plant and Equipment [Line Items]
PP&E, gross	53,096	53,408
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
PP&E, gross	$ 132,619	$ 152,619

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015
Accounts payable:
Trade accounts	$ 407,306	$ 436,188
Book overdrafts	55,393	44,145
Other payables	4,084	2,621
Total accounts payable	466,783	482,954
Accounts payable to related parties	4,053	7,000
Accrued expenses and other current liabilities:
Compensation and benefits	96,350	112,583
Interest and debt-related fees	9,022	8,928
Insurance and self-insured claims	99,210	93,336
Derivative liabilities:
Other accrued expenses	90,305	94,683
Total accrued expenses and other current liabilities	314,925	314,966
Total accounts payable, accrued expenses and other current liabilities	785,761	804,920
Futures [Member]
Derivative liabilities:
Derivative liabilities	10,201	5,436
Options [Member]
Derivative liabilities:
Derivative liabilities	$ 9,837	$ 0

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Narrative) (Details)					6 Months Ended
	Apr. 22, 2015 USD ($)	Mar. 12, 2015 USD ($)	Feb. 11, 2015 USD ($)	Jul. 23, 2014 MXN ($)	Jun. 26, 2016 USD ($)	Dec. 27, 2015 USD ($)	Mar. 11, 2015 USD ($)
Debt Instrument [Line Items]
Long-term debt					$ 1,131,739,000	$ 1,000,462,000
Short-term borrowings under credit facility					$ 0	28,726,000
2015 US Credit Facility Revolver [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Stated interest rate					4.25%
Long-term debt					$ 52,071,000	0
2015 US Credit Facility Term Loans [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Stated interest rate					1.69%
Long-term debt					$ 500,000,000	500,000,000
Mexico Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,500,000,000.0	79,200,000
Long-term debt					79,248,000	0
Current borrowing capacity					0
Short-term borrowings under credit facility					$ 79,200,000
Interest rate on short-term credit facility amounts outstanding					4.99%
Mexico Credit Facility [Member] \| TIIE Rate [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.90%	0.90%
Senior Notes [Member] \| Senior Notes 5.75% Due 2025 [Member]
Debt Instrument [Line Items]
Aggregate principal amount							$ 500,000,000
Stated interest rate					5.75%		5.75%
Long-term debt					$ 500,000,000	$ 500,000,000
Radobank [Member] \| 2015 US Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Repayments of lines of credit		$ 350,000,000
Maximum borrowing capacity					665,800,000.0
Available increase to aggregate revolving loan commitment			$ 1,000,000,000.0
Number of days past due (more than)			15 days
Current borrowing capacity					571,000,000
Letters of credit outstanding					42,700,000
Credit facility, capital expenditures limit			$ 500,000,000.0
Radobank [Member] \| 2015 US Credit Facility [Member] \| Swingline Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			75,000,000.0
Radobank [Member] \| 2015 US Credit Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 125,000,000.0
Radobank [Member] \| 2015 US Credit Facility [Member] \| US and Puerto Rico Subsidiaries [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Percentage of equity interest guaranteed for debt			100.00%
Radobank [Member] \| 2015 US Credit Facility [Member] \| Foreign Subsidiaries [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Percentage of equity interest guaranteed for debt			65.00%
Radobank [Member] \| 2015 US Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Radobank [Member] \| 2015 US Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Radobank [Member] \| 2015 US Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Radobank [Member] \| 2015 US Credit Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Radobank [Member] \| 2015 US Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
Radobank [Member] \| 2015 US Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Radobank [Member] \| 2015 US Credit Facility Revolver [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 700,000,000.0
Outstanding borrowings					52,100,000
Radobank [Member] \| 2015 US Credit Facility Term Loans [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Repayments of lines of credit	$ 150,000,000
Maximum borrowing capacity			$ 1,000,000,000.0
Long-term debt					$ 500,000,000

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Schedule of Long-term Debt and Other Borrowing Arrangements) (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 23, 2014	Jun. 26, 2016	Dec. 27, 2015	Mar. 11, 2015
Debt Instrument [Line Items]
Long-term debt		$ 1,131,739	$ 1,000,462
Less: Current maturities of long-term debt		(90)	(86)
Long-term debt, less current maturities		1,131,649	1,000,376
Less: Capitalized financing costs		(13,670)	(14,867)
Long-term debt, less current maturities, net of capitalized financing costs:		$ 1,117,979	985,509
Line of Credit [Member] \| 2015 US Credit Facility Term Loans [Member]
Debt Instrument [Line Items]
Stated interest rate		1.69%
Long-term debt		$ 500,000	500,000
Line of Credit [Member] \| 2015 US Credit Facility Revolver [Member]
Debt Instrument [Line Items]
Stated interest rate		4.25%
Long-term debt		$ 52,071	0
Line of Credit [Member] \| Mexico Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt		79,248	0
Current notes payable to banks		$ 0	28,726
Line of Credit [Member] \| Mexico Credit Facility [Member] \| TIIE Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%	0.90%
Senior Notes [Member] \| Senior Notes 5.75% Due 2025 [Member]
Debt Instrument [Line Items]
Stated interest rate		5.75%		5.75%
Long-term debt		$ 500,000	500,000
Other Long Term Debt [Member]
Debt Instrument [Line Items]
Long-term debt		$ 420	$ 462

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 78,398,000	$ 129,104,000	$ 141,002,000	$ 240,598,000
Effective income tax rate			34.20%	35.10%
Gain (loss) associated with pension and other postretirement benefits, tax benefit (expense)	$ 1,118,000	$ (5,331,000)	$ 5,294,000	$ (4,077,000)
Tax benefit related to share-based compensation				7,834,000
Additional Paid-in Capital [Member]
Operating Loss Carryforwards [Line Items]
Tax benefit related to share-based compensation			$ 0	$ 7,834,000

PENSION AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015	Dec. 27, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses	$ 1,400	$ 1,600	$ 3,000	$ 6,100
Weighted average duration of defined benefit obligation			33 years 6 months
Accumulated benefit obligation, defined benefit pension plans	$ 176,900		$ 176,900		$ 166,000
Actuarial gain (loss) expected to be recognized in net pension cost, remainder of 2015			(300)
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Expected contributions, remainder of 2015			7,500
Other Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Impact of 0.25% change in discount rate on projected benefit obligation			1
Expected contributions, remainder of 2015			$ 100
Fixed income securities [Member] \| Pooled separate accounts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations			50.00%
Fixed income securities [Member] \| Common collective trusts funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations			30.00%
Equity securities [Member] \| Common collective trusts funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations			70.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Defined Benefit Plan Obligations and Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015	Dec. 27, 2015	Dec. 28, 2014
Change in plan assets:
Fair value of plan assets, beginning of period			$ 96,947
Fair value of plan assets, end of period	$ 97,862		97,862
Pension Benefits [Member]
Change in projected benefit obligation:
Projected benefit obligation, beginning of period			165,952	$ 190,401
Interest cost	1,397	$ 1,939	2,793	3,877
Actuarial losses			12,736	(7,033)
Benefits paid			(4,581)	(2,981)
Curtailments and settlements			0	(13,014)
Projected benefit obligation, end of period	176,900	171,250	176,900	171,250
Change in plan assets:
Fair value of plan assets, beginning of period			96,947	113,552
Actual return on plan assets			1,084	3,455
Contributions by employer			4,412	3,177
Benefits paid			(4,581)	(2,981)
Curtailments and settlements			0	(13,014)
Fair value of plan assets, end of period	97,862	104,189	97,862	104,189
Funded status:
Unfunded benefit obligation, end of period	(79,038)		(79,038)		$ (69,005)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(10,769)		(10,769)		(10,779)
Long-term liability	(68,269)		(68,269)		(58,226)
Recognized liability	(79,038)		(79,038)		(69,005)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	52,065	33,133	52,065	33,133	38,115	$ 43,907
Other Benefits [Member]
Change in projected benefit obligation:
Projected benefit obligation, beginning of period			1,672	1,657
Interest cost	14	17	26	34
Actuarial losses			72	(27)
Benefits paid			(70)	(64)
Curtailments and settlements			0	0
Projected benefit obligation, end of period	1,700	1,600	1,700	1,600
Change in plan assets:
Fair value of plan assets, beginning of period			0	0
Actual return on plan assets			0	0
Contributions by employer			70	64
Benefits paid			(70)	(64)
Curtailments and settlements			0	0
Fair value of plan assets, end of period	0	0	0	0
Funded status:
Unfunded benefit obligation, end of period	(1,700)		(1,700)		(1,672)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(139)		(139)		(138)
Long-term liability	(1,561)		(1,561)		(1,534)
Recognized liability	(1,700)		(1,700)		(1,672)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$ (7)	$ (153)	$ (7)	$ (153)	$ (79)	$ (127)

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Net Defined Benefit Pension and Other Postretirement Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 1,397	$ 1,939	$ 2,793	$ 3,877
Estimated return on plan assets	(1,314)	(1,671)	(2,628)	(3,342)
Settlement loss	0	210	0	3,272
Amortization of net loss	164	178	329	357
Net costs	247	656	494	4,164
Other Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	14	17	26	34
Estimated return on plan assets	0	0	0	0
Settlement loss	0	0	0	0
Amortization of net loss	0	0	0	0
Net costs	$ 14	$ 17	$ 26	$ 34

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Dec. 27, 2015
Assumptions used to measure net pension and other postretirement cost:
Increase in Discount Rate of 0.25% - Impact on defined benefit obligation for pension benefits	$ 4,888
Decrease in Discount Rate of 0.25% - Impact on defined benefit obligation for pension benefits	$ 5,197
Pension Benefits [Member]
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.88%		4.47%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.47%	4.22%
Expected return on plan assets	5.50%	6.00%
Other Benefits [Member]
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.35%		4.47%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.47%	4.22%

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Plan Asset Allocations) (Details)	Jun. 26, 2016	Dec. 27, 2015
Defined Benefit Plan Disclosure [Line Items]
Total assets	100.00%	100.00%
Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	0.00%	0.00%
Equity securities [Member] \| Pooled separate accounts [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	6.00%	7.00%
Equity securities [Member] \| Common collective trusts funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	57.00%	57.00%
Fixed income securities [Member] \| Pooled separate accounts [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	7.00%	7.00%
Fixed income securities [Member] \| Common collective trusts funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets	30.00%	29.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Benefit Payments) (Details) $ in Thousands	Jun. 26, 2016 USD ($)
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2016 (remaining)	$ 7,102
2017	11,660
2018	11,406
2019	11,063
2020	11,075
2021-2025	49,795
Total	102,101
Other Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2016 (remaining)	69
2017	139
2018	140
2019	139
2020	138
2021-2025	643
Total	$ 1,268

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Unrecognized Benefit Amounts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Actuarial loss	$ 1,844	$ (8,792)	$ 8,729	$ (6,723)
Pension Benefits [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period			38,115	43,907
Amortization			(329)	(357)
Curtailment and settlement adjustments			0	(3,272)
Actuarial loss			12,736	(7,033)
Asset loss (gain)			1,543	(112)
Net actuarial loss (gain), end of period	52,065	33,133	52,065	33,133
Other Benefits [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period			(79)	(127)
Amortization			0	0
Curtailment and settlement adjustments			0	0
Actuarial loss			72	(26)
Asset loss (gain)			0	0
Net actuarial loss (gain), end of period	$ (7)	$ (153)	$ (7)	$ (153)

STOCKHOLDERS' EQUITY (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance			$ 1,261,810	$ 2,196,801
Amounts reclassified from accumulated other comprehensive loss to net income			(127)	159
Total other comprehensive income (loss), net of tax	$ (1,941)	$ 8,791	(8,796)	6,703
Balance	818,693	1,159,953	818,693	1,159,953
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance			(58,930)	(62,541)
Other comprehensive income (loss) before reclassifications			(8,669)	6,544
Amounts reclassified from accumulated other comprehensive loss to net income			(127)	159
Total other comprehensive income (loss), net of tax			(8,796)	6,703
Balance	(67,726)	(55,838)	(67,726)	(55,838)
Losses Related to Pension and Other Postretirement Benefits [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance			(58,997)	(62,572)
Other comprehensive income (loss) before reclassifications			(8,934)	6,501
Amounts reclassified from accumulated other comprehensive loss to net income			205	222
Total other comprehensive income (loss), net of tax			(8,729)	6,723
Balance	(67,726)	(55,849)	(67,726)	(55,849)
Unrealized Holding Gains on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance			67	31
Other comprehensive income (loss) before reclassifications			265	43
Amounts reclassified from accumulated other comprehensive loss to net income			(332)	(63)
Total other comprehensive income (loss), net of tax			(67)	(20)
Balance	$ 0	$ 11	$ 0	$ 11

STOCKHOLDERS' EQUITY (Schedule of Reclassification from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Realized gain on sale of securities	$ 683	$ 1,277	$ 1,376	$ 2,767
Amortization of defined benefit pension and other postretirement plan actuarial losses	(1,742,184)	(1,621,856)	(3,467,559)	(3,297,655)
Amortization of defined benefit pension and other postretirement plan actuarial losses	$ (49,520)	$ (48,834)	(98,308)	(98,341)
Total before tax			204	(256)
Tax benefit (expense)			(77)	97
Net income			127	(159)
Amount Reclassified from Accumulated Other Comprehensive Loss [Member]
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Realized gain on sale of securities			534	101
Amount Reclassified from Accumulated Other Comprehensive Loss [Member] \| Union Plan [Member]
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Amortization of defined benefit pension and other postretirement plan actuarial losses			(10)	(12)
Amount Reclassified from Accumulated Other Comprehensive Loss [Member] \| Legacy Gold Kist Plans [Member]
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Amortization of defined benefit pension and other postretirement plan actuarial losses			(100)	(108)
Amortization of defined benefit pension and other postretirement plan actuarial losses			$ (220)	$ (237)

STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions	May 18, 2016	Feb. 17, 2015	Jun. 26, 2016	Feb. 10, 2016	Dec. 27, 2015	Jul. 28, 2015
Equity [Abstract]
Share repurchase, authorized amount				$ 300,000,000.0		$ 150,000,000.0
Shares repurchased under program (in shares)			5.2
Market value of shares repurchased under program			$ 106,561,000		$ 99,233,000
Special cash dividends	$ 700,000,000	$ 1,500,000,000
Special cash dividends paid (in dollars per share)	$ 2.75	$ 5.77

INCENTIVE COMPENSATION (Narrative) (Details) - USD ($) shares in Millions	6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Fair value of awards vested	$ 0	$ 22,400,000
Total unrecognized compensation cost related to all nonvested awards	$ 9,600,000
Weighted average period unrecognized compensation cost is expected to be recognized	2 years 8 months 19 days
Incentive Plan [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Accrued costs related to the STIP	$ 12,600,000
Reserved shares of common stock for future issuance under the LTIP (in shares)	5.1

INCENTIVE COMPENSATION (Schedule of Awards) (Details)	6 Months Ended
INCENTIVE COMPENSATION (Schedule of Awards) (Details)	Jun. 26, 2016 $ / shares shares
RSU 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	449,217
Grant Date	Feb. 19, 2014
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 16.70
Vesting Date	Dec. 31, 2016
Estimated Forfeiture Rate	13.49%
Awards Forfeited to Date (in shares)	86,458
RSU 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	269,662
Grant Date	Mar. 03, 2014
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 17.18
Vesting Date	Dec. 31, 2017
Estimated Forfeiture Rate	12.34%
Awards Forfeited to Date (in shares)	55,516
RSU 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	158,226
Grant Date	Feb. 26, 2015
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 27.51
Vesting Date	Dec. 31, 2018
Awards Forfeited to Date (in shares)	158,226
Percentage of awards forfeited	100.00%
RSU 4 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	251,136
Grant Date	Mar. 30, 2016
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 25.36
Vesting Date	Dec. 31, 2019
Awards Forfeited to Date (in shares)	0

INCENTIVE COMPENSATION (Schedule of Compensation Cost and Income Tax Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 989	$ 471	$ 1,869	$ 1,268
Income tax benefit	293	116	550	359
Cost of goods sold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	162	152	261	265
Selling, general and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 827	$ 319	$ 1,608	$ 1,003

INCENTIVE COMPENSATION (Schedule of Restricted Share and Restricted Stock Unit Activity) (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015
Restricted Stock Awards (RSA) [Member]
Number
Outstanding at beginning of period (in shares)	0	30
Vested (in shares)	0	(15)
Forfeited (in shares)	0	(15)
Outstanding at end of period (in shares)	0	0
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 0.00	$ 8.72
Vested (in dollars per share)	0.00	8.72
Forfeited (in dollars per share)	0.00	8.72
Outstanding at end of period (in dollars per share)	$ 0.00	$ 0.00
Restricted Stock Units (RSU) [Member]
Number
Outstanding at beginning of period (in shares)	774	1,120
Granted (in shares)	251	428
Vested (in shares)	0	(671)
Forfeited (in shares)	(193)	(85)
Outstanding at end of period (in shares)	832	792
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 18.78	$ 11.97
Granted (in dollars per share)	25.36	21.00
Vested (in dollars per share)	0.00	8.81
Forfeited (in dollars per share)	24.51	18.51
Outstanding at end of period (in dollars per share)	$ 19.44	$ 18.83

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)	Jun. 25, 2015	Jun. 26, 2016	Dec. 27, 2015	Dec. 28, 2014
Related Party Transaction [Line Items]
Issuance of intercompany loan receivable	$ 100,000,000.0
Intercompany note receivable		$ 0
Three-month LIBOR [Member]
Related Party Transaction [Line Items]
Margin on variable interest rate	2.50%
Related Party Transaction, Tax Sharing Agreement [Member] \| JBS Food Company Holdings [Member]
Related Party Transaction [Line Items]
Net tax receivable			$ 3,700,000	$ 3,800,000

RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2016	Jun. 28, 2015	Jun. 26, 2016	Jun. 28, 2015	Apr. 01, 2016	Mar. 07, 2016	Dec. 27, 2015	Oct. 26, 2011
Related Party Transaction [Line Items]
Accounts payable to related parties	$ 4,053		$ 4,053				$ 7,000
JBS Food Company Holdings [Member]
Related Party Transaction [Line Items]
Letter of credit fees	0	$ 317	202	$ 634
Letter of credit, terminated					$ 16,500	$ 40,000
Interest paid			100
JBS Food Company Holdings [Member] \| Letter of Credit [Member]
Related Party Transaction [Line Items]
Agreed repayment of debt								$ 56,500
JBS USA Food Company [Member]
Related Party Transaction [Line Items]
Purchases from related parties	26,377	26,714	46,888	54,294
Expenditures paid	8,722	8,389	16,326	16,968
Sales to related party	4,114	5,377	7,416	12,245
Accounts payable to related parties	4,100		4,100				7,000
Account receivable from related parties	1,800		1,800				$ 2,600
Goods in transit	100		100
JBS USA Food Company [Member] \| Expenses Paid By Company On Behalf Of Related Party [Member]
Related Party Transaction [Line Items]
Expenditures paid	1,725	315	8,688	2,029
JBS Chile Ltda. [Member]
Related Party Transaction [Line Items]
Sales to related party	107	69	312	234
JBS Global (UK) Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related party	$ 0	$ 0	$ 122	$ 0

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions		6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 12, 2012 USD ($)	Jun. 26, 2016 USD ($)	Dec. 27, 2009 USD ($) settlement_agreement
Due To Internal Revenue Service [Member]
Loss Contingencies [Line Items]
Damages sought	$ 29.3		$ 74.7
Number of Stipulations of Settled Issued \| settlement_agreement			2
Due To Internal Revenue Service [Member] \| Proceeding Accounts [Member]
Loss Contingencies [Line Items]
Damages sought		$ 45.4
ERISA Litigation [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Damages sought		$ 35.0

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Fair Value Assumptions of Plan Assets) (Details) - USD ($) $ in Thousands	Jun. 26, 2016	Dec. 27, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 97,862	$ 96,947
Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	105	147
Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	97,757	96,800
Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	105	147
Cash and cash equivalents [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	105	147
Cash and cash equivalents [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds [Member] \| Pooled separate accounts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	4,301	3,816
Large U.S. equity funds [Member] \| Pooled separate accounts [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds [Member] \| Pooled separate accounts [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	4,301	3,816
Large U.S. equity funds [Member] \| Pooled separate accounts [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds [Member] \| Common collective trusts funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	22,919	22,069
Large U.S. equity funds [Member] \| Common collective trusts funds [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds [Member] \| Common collective trusts funds [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	22,919	22,069
Large U.S. equity funds [Member] \| Common collective trusts funds [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds [Member] \| Pooled separate accounts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	536	969
Small/Mid U.S. equity funds [Member] \| Pooled separate accounts [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds [Member] \| Pooled separate accounts [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	536	969
Small/Mid U.S. equity funds [Member] \| Pooled separate accounts [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds [Member] \| Common collective trusts funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,483	16,843
Small/Mid U.S. equity funds [Member] \| Common collective trusts funds [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds [Member] \| Common collective trusts funds [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,483	16,843
Small/Mid U.S. equity funds [Member] \| Common collective trusts funds [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds [Member] \| Pooled separate accounts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,539	1,606
International equity funds [Member] \| Pooled separate accounts [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds [Member] \| Pooled separate accounts [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,539	1,606
International equity funds [Member] \| Pooled separate accounts [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds [Member] \| Common collective trusts funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,574	16,629
International equity funds [Member] \| Common collective trusts funds [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds [Member] \| Common collective trusts funds [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,574	16,629
International equity funds [Member] \| Common collective trusts funds [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds [Member] \| Pooled separate accounts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	6,435	6,337
Fixed income funds [Member] \| Pooled separate accounts [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds [Member] \| Pooled separate accounts [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	6,435	6,337
Fixed income funds [Member] \| Pooled separate accounts [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds [Member] \| Common collective trusts funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	28,970	28,531
Fixed income funds [Member] \| Common collective trusts funds [Member] \| Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds [Member] \| Common collective trusts funds [Member] \| Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	28,970	28,531
Fixed income funds [Member] \| Common collective trusts funds [Member] \| Level 3 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 0	$ 0