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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-9273
Entity Registrant Name	PILGRIMS PRIDE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1285071
Entity Address, Address Line One	1770 Promontory Circle
Entity Address, Postal Zip Code	80634-9038
Entity Address, City or Town	Greeley
Entity Address, State or Province	CO
City Area Code	970
Local Phone Number	506-8000
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	PPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		249,307,521
Amendment Flag	false
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 538,227	$ 338,386
Restricted cash and cash equivalents	33,379	23,192
Trade accounts and other receivables, less allowance for doubtful accounts	582,296	561,549
Accounts receivable from related parties	957	1,331
Inventories	1,186,655	1,159,519
Income taxes receivable	22,273	38,479
Prepaid expenses and other current assets	113,409	112,023
Assets held for sale	146	178
Total current assets	2,477,342	2,234,657
Deferred tax assets	4,321	4,248
Other long-lived assets	15,289	16,717
Identified intangible assets, net	552,922	564,128
Goodwill	949,869	949,750
Operating lease assets, net	317,963
Property, plant and equipment, net	2,210,212	2,161,702
Total assets	6,527,918	5,931,202
Accounts payable	816,126	830,059
Accounts payable to related parties	5,938	7,269
Revenue contract liability	23,016	33,328
Accrued expenses and other current liabilities	508,337	386,941
Income taxes payable	8,930	8,221
Current maturities of long-term debt	30,282	30,405
Total current liabilities	1,392,629	1,296,223
Noncurrent operating lease liability, less current maturities	243,661
Long-term debt, less current maturities	2,283,847	2,295,190
Noncurrent income taxes payable	7,731	7,731
Deferred tax liabilities	235,487	237,422
Other long-term liabilities	91,299	75,051
Total liabilities	4,254,654	3,911,617
Common stock	2,609	2,604
Treasury stock	(234,892)	(231,994)
Additional paid-in capital	1,950,348	1,945,136
Retained earnings	675,967	421,888
Accumulated other comprehensive loss	(130,679)	(127,834)
Total Pilgrim’s Pride Corporation stockholders’ equity	2,263,353	2,009,800
Noncontrolling interest	9,911	9,785
Total stockholders’ equity	2,273,264	2,019,585
Total liabilities and stockholders’ equity	$ 6,527,918	$ 5,931,202

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Income Statement [Abstract]
Net sales	$ 2,843,085	$ 2,836,713	$ 5,567,760	$ 5,583,391
Cost of sales	2,475,221	2,562,491	4,980,957	5,021,504
Gross profit	367,864	274,222	586,803	561,887
Selling, general and administrative expense	88,357	87,975	170,281	173,258
Administrative restructuring activities	(43)	1,135	(70)	1,924
Operating income	279,550	185,112	416,592	386,705
Interest expense, net of capitalized interest	33,594	40,267	67,156	90,567
Interest income	(3,444)	(4,834)	(6,784)	(6,424)
Foreign currency transaction loss	2,260	5,630	4,896	3,909
Miscellaneous, net	1,513	(817)	1,156	(2,434)
Income before income taxes	245,627	144,866	350,168	301,087
Income tax expense	75,547	38,522	95,963	75,519
Net income	170,080	106,344	254,205	225,568
Less: Net income (loss) attributable to noncontrolling interests	12	(197)	126	(391)
Net income attributable to Pilgrim’s Pride Corporation	$ 170,068	$ 106,541	$ 254,079	$ 225,959
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic (in shares)	249,400	248,981	249,283	248,909
Effect of dilutive common stock equivalents (in shares)	236	76	320	116
Diluted (in shares)	249,636	249,057	249,603	249,025
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.68	$ 0.43	$ 1.02	$ 0.91
Diluted (in dollars per share)	$ 0.68	$ 0.43	$ 1.02	$ 0.91

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 170,080	$ 106,344	$ 254,205	$ 225,568
Foreign currency translation adjustment
Losses arising during the period	(38,053)	(92,696)	(611)	(40,131)
Income tax effect	0	1,661	0	1,624
Derivative financial instruments designated as cash flow hedges
Gains (losses) arising during the period	1,298	(88)	400	(103)
Reclassification to net earnings of losses (gains) realized	48	222	(173)	472
Available-for-sale securities
Gains arising during the period	172	858	194	1,232
Income tax effect	(42)	(209)	(47)	(300)
Reclassification to net earnings of gains realized	(172)	(727)	(307)	(899)
Income tax effect	42	177	76	219
Defined benefit plans
Gains (losses) arising during the period	(7,171)	693	(3,971)	6,592
Income tax effect	1,877	(171)	1,098	(1,605)
Reclassification to net earnings of losses realized	328	300	656	601
Income tax effect	(80)	(73)	(160)	(146)
Total other comprehensive loss, net of tax	(41,753)	(90,053)	(2,845)	(32,444)
Comprehensive income	128,327	16,291	251,360	193,124
Less: Comprehensive income (loss) attributable to noncontrolling interests	12	(197)	126	(391)
Comprehensive income attributable to Pilgrim's Pride Corporation	$ 128,315	$ 16,488	$ 251,234	$ 193,515

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2017		260,168	11,416
Balance, beginning of period at Dec. 31, 2017	$ 1,855,661	$ 2,602	$ (231,758)	$ 1,932,509	$ 173,943	$ (31,140)	$ 9,505
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	225,568				225,959		(391)
Other comprehensive loss, net of tax	(32,444)					(32,444)
Share-based compensation plans:
Common stock issued under compensation plans (in shares)		228
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	5,633			5,633
Balance (in shares) at Jul. 01, 2018		260,396	11,416
Balance, end of period at Jul. 01, 2018	2,054,418	$ 2,604	$ (231,758)	1,938,140	399,902	(63,584)	9,114
Balance (in shares) at Apr. 01, 2018		260,396	11,416
Balance, beginning of period at Apr. 01, 2018	2,033,767	$ 2,604	$ (231,758)	1,933,780	293,361	26,469	9,311
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	106,344				106,541		(197)
Other comprehensive loss, net of tax	(90,053)					(90,053)
Share-based compensation plans:
Common stock issued under compensation plans (in shares)		0
Common stock issued under compensation plans	0	$ 0		0
Requisite service period recognition	4,360			4,360
Balance (in shares) at Jul. 01, 2018		260,396	11,416
Balance, end of period at Jul. 01, 2018	2,054,418	$ 2,604	$ (231,758)	1,938,140	399,902	(63,584)	9,114
Balance (in shares) at Dec. 30, 2018		260,396	11,431
Balance, beginning of period at Dec. 30, 2018	2,019,585	$ 2,604	$ (231,994)	1,945,136	421,888	(127,834)	9,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	254,205				254,079		126
Other comprehensive loss, net of tax	(2,845)					(2,845)
Share-based compensation plans:
Common stock issued under compensation plans (in shares)		459
Common stock issued under compensation plans	0	$ 5		(5)
Requisite service period recognition	5,217			5,217
Common stock purchased under share repurchase program	(2,898)		$ (2,898)
Common stock purchased under share repurchase program (in shares)			(115,994)
Balance (in shares) at Jun. 30, 2019		260,855	127,425
Balance, end of period at Jun. 30, 2019	2,273,264	$ 2,609	$ (234,892)	1,950,348	675,967	(130,679)	9,911
Balance (in shares) at Mar. 31, 2019		260,855	11,431
Balance, beginning of period at Mar. 31, 2019	2,144,500	$ 2,609	$ (231,994)	1,947,013	505,899	(88,926)	9,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	170,080				170,068		12
Other comprehensive loss, net of tax	(41,753)					(41,753)
Share-based compensation plans:
Common stock issued under compensation plans (in shares)		0
Common stock issued under compensation plans	0	$ 0		0
Requisite service period recognition	3,335			3,335
Common stock purchased under share repurchase program	(2,898)		$ (2,898)
Common stock purchased under share repurchase program (in shares)			(115,994)
Balance (in shares) at Jun. 30, 2019		260,855	127,425
Balance, end of period at Jun. 30, 2019	$ 2,273,264	$ 2,609	$ (234,892)	$ 1,950,348	$ 675,967	$ (130,679)	$ 9,911

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Cash flows from operating activities:
Net income	$ 254,205	$ 225,568
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	138,530	136,087
Share-based compensation	5,217	5,633
Deferred income tax benefit	(3,354)	(11,927)
Loan cost amortization	2,401	3,392
Accretion of discount related to Senior Notes	491	321
Amortization of premium related to Senior Notes	(334)	(334)
Loss on property disposals	230	239
Foreign currency transaction loss related to borrowing arrangements	37	4,221
Gain on equity-method investments	(32)	(32)
Noncash loss on early extinguishment of debt	0	4,918
Asset impairment	0	573
Changes in operating assets and liabilities:
Trade accounts and other receivables	(20,385)	(31,913)
Inventories	(27,212)	60,303
Prepaid expenses and other current assets	(1,339)	(31,099)
Accounts payable, accrued expenses and other current liabilities	20,664	103,991
Income taxes	34,013	(161,571)
Long-term pension and other postretirement obligations	(1,121)	(5,323)
Other operating assets and liabilities	1,353	942
Cash provided by operating activities	403,364	303,989
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(177,609)	(155,188)
Proceeds from property disposals	1,740	1,205
Cash used in investing activities	(175,869)	(153,983)
Cash flows from financing activities:
Payments on revolving line of credit, long-term borrowings and capital lease obligations	(113,079)	(673,452)
Proceeds from revolving line of credit and long-term borrowings	99,636	604,062
Purchase of common stock under share repurchase program	(2,898)	0
Payment of capitalized loan costs	(596)	(5,708)
Proceeds (payment) from equity contribution (distribution) under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim's Pride Corporation	(525)	5,558
Cash used in financing activities	(17,462)	(69,540)
Effect of exchange rate changes on cash and cash equivalents	(5)	4,030
Increase in cash, cash equivalents and restricted cash	210,028	84,496
Cash, cash equivalents and restricted cash, beginning of period	361,578	589,531
Cash, cash equivalents and restricted cash, end of period	$ 571,606	$ 674,027

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico and the Netherlands. 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 countries listed above. Additionally, the Company exports chicken products to approximately 100 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. The Company’s other products include ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts. 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 14 U.S. states, the U.K., Mexico, France, Puerto Rico and the Netherlands. As of June 30, 2019, Pilgrim’s had approximately 52,600 employees and the capacity to process approximately 45.4 million birds per work week for a total of more than 12.9 billion pounds of live chicken annually. Approximately 5,000 contract growers supply poultry for the Company’s operations. As of June 30, 2019, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned 78.4% of the Company’s outstanding common stock.

Condensed Consolidated Financial Statements

The accompanying unaudited condensed 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 thirteen and twenty-six weeks ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 29, 2019. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 30, 2018.

The Company 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, 2019) 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 Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for doubtful accounts, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions and valuations of acquired businesses.

The functional currency of the Company's U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K. and Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company's operations in France and the Netherlands is the euro. For foreign currency-denominated entities other than the Company's Mexico operations, translation from local currencies into U.S. dollars is performed for most assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company's Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical

exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records are reflected in Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, net, Accrued expenses and other current liabilities, and Noncurrent operating lease liabilities, less current maturities, in our Condensed Consolidated Balance Sheet. Finance leases are included in Property, plant and equipment, net, Current portion of long-term debt, and Long-term debt, less current maturities, in our Condensed Consolidated Balance Sheet.

Beginning with the adoption of Accounting Standards Update (“ASU”) 2016-02 on December 31, 2018, operating lease assets and operating lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease asset also includes any lease payments made, including upfront costs and prepayments, and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate a lease when it is reasonably certain that we will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with a corresponding reduction to the operating lease asset.

The Company has lease agreements with lease and non-lease components. Beginning in 2019, lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. The Company's finance lease agreements are immaterial.

Restricted Cash

The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.

The following table reconciles cash, cash equivalents and restricted cash as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:



	June 30, 2019		December 30, 2018
	(In thousands)
Cash and cash equivalents	$	538,227	$	338,386
Restricted cash	33,379		23,192
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	571,606	$	361,578

Recent Accounting Pronouncements Adopted as of June 30, 2019

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842), along with several updates, 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 operating 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 may elect to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach or the beginning of the period of adoption using a cumulative-effect adjustment approach. We adopted the new standard on December 31, 2018 and recognized and measured leases at the beginning of the period of adoption. We elected the package of practical expedients available under the transition guidance which, among other things, allows the carry-forward of historical lease classification. The Company also elected the practical expedient allowing use of hindsight in assessing the lease term. We made an accounting policy election to not apply the new guidance to leases with a term of 12 months or less and will recognize those payments in the Condensed Consolidated Statement of Income on a straight-line basis over the lease term. We implemented a system solution for administering our leases and facilitating compliance with the new guidance. Adoption of the standard had a material impact on our Condensed Consolidated Balance Sheet as a result of the increase in assets and liabilities from recognition of operating lease assets and operating lease liabilities. However, the standard did not have a material impact on our Condensed Consolidated Statement of Income.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, an accounting standard update that simplifies the application of hedge accounting guidance in current GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Among the simplification updates, the standard eliminates the requirement in current GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is permitted. We have adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements.

In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, an accounting standard update that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. The Company will not reclassify the stranded tax effects associated with the U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements.

In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, an accounting standard update to improve non-employee share-based payment accounting. The accounting standard update more closely aligns the accounting for employee and non-employee share based payments. The accounting standards update is effective as of the beginning of our 2019 calendar year with early adoption permitted. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements.

Recent Accounting Pronouncements Not Yet Adopted as of June 30, 2019

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): 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.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, new accounting guidance to improve the effectiveness of disclosures related to fair value measurements. The new guidance removes certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy along with the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. Additions to the disclosure requirements include more quantitative information related to significant unobservable inputs used in Level 3 fair value measurements and gains and losses included in other comprehensive income. The new guidance will be effective as of our 2020 fiscal year with early adoption permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date.

In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, new accounting guidance to improve the effectiveness of disclosures related to defined benefit plans by eliminating certain required disclosures, clarifying existing disclosures, and adding new disclosures. Changes include removing disclosures related to the amounts in accumulated other comprehensive income expected to be recognized in the next fiscal year, adding narrative disclosure of the reasons for significant gains and losses related to changes in the defined benefit obligation, and clarifying the disclosures required for plans with projected and accumulated benefit obligations in excess of plan assets. The new guidance will be effective as of our 2020 fiscal year with early adoption permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date.

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2019

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 30, 2019 and December 30, 2018, 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, commodity options instruments and foreign currency instruments to manage translation and remeasurement risk.

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



	June 30, 2019
	Level 1			Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	3,594		$	3,594
Commodity options instruments	393			393
Foreign currency instruments	1,372			1,372
Fair value liabilities:
Commodity futures instruments	(14,116		)	(14,116		)
Commodity options instruments	(6,519		)	(6,519		)
Foreign currency instruments	(166		)	(166		)



	December 30, 2018
	Level 1			Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	2,244		$	2,244
Foreign currency instruments	1,311			1,311
Fair value liabilities:
Commodity futures instruments	(1,479		)	(1,479		)
Commodity option instruments	(3,312		)	(3,312		)
Foreign currency instruments	(6,649		)	(6,649		)

See “Note 6. Derivative Financial Instruments” 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. For each class of assets and liabilities not measured at fair value in the Condensed Consolidated Balance Sheet but for which fair value is disclosed, the Company is not required to provide the quantitative disclosure about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy.

In addition to the fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim 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.

The carrying amounts and estimated fair values of our fixed-rate debt obligation recorded in the Condensed Consolidated Balance Sheets consisted of the following:



	June 30, 2019						December 30, 2018
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
				(In thousands)
Fixed-rate senior notes payable at 5.75%, at Level 1 inputs	$	(1,002,296	)	$	(1,017,210	)	$	(1,002,497	)	$	(937,300	)
Fixed-rate senior notes payable at 5.875%, at Level 1 inputs	(844,075		)	(881,875		)	(843,717		)	(768,188		)
Secured loans, at Level 3 inputs	(1,942		)	(1,910		)	(319		)	(319		)

See “Note 11. Long-Term Debt and Other Borrowing Arrangements” for additional information.

The carrying amounts of our cash and cash equivalents, derivative trading accounts' margin cash, restricted cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximate their fair values due to their relatively short maturities. 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 Sheet. 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 Sheet. The fair value of the Company’s Level 1 fixed-rate debt obligations was based on the quoted market price at June 30, 2019 or December 30, 2018, as applicable. The fair value of the Company’s Level 3 fixed-rate debt obligation was based on discounted cash flows at June 30, 2019 or December 30, 2018, 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 gains or losses recognized for such assets and liabilities in the period 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. 30, 2019

Accounts Receivable, after Allowance for Credit Loss [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

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



	June 30, 2019			December 30, 2018
	(In thousands)
Trade accounts receivable	$	540,989		$	533,645
Notes receivable - current	4,223			4,630
Other receivables	44,564			31,331
Receivables, gross	589,776			569,606
Allowance for doubtful accounts	(7,480		)	(8,057		)
Receivables, net	$	582,296		$	561,549

Account receivable from related parties^(a)	$	957		$	1,331

(a) Additional information regarding accounts receivable from related parties is included in “Note 19. Related Party Transactions.”

Activity in the allowance for doubtful accounts for the twenty-six weeks ended June 30, 2019 was as follows (in thousands):



Balance, beginning of period	$	(8,057	)
Provision charged to operating results	(724		)
Account write-offs and recoveries	1,186
Effect of exchange rate	115
Balance, end of period	$	(7,480	)

INVENTORIES

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:



	June 30, 2019		December 30, 2018
	(In thousands)
Raw materials and work-in-process	$	710,952	$	747,801
Finished products	377,732		317,410
Operating supplies	43,975		43,825
Maintenance materials and parts	53,996		50,483
Total inventories	$	1,186,655	$	1,159,519

INVESTMENTS IN SECURITIES

6 Months Ended

Jun. 30, 2019

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 30, 2019				December 30, 2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	260,291	$	260,291	$	135,286	$	135,286
Other	88,700		88,700		67,474		67,474

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 during the thirteen and twenty-six weeks ended June 30, 2019 related to the Company’s available-for-sale securities totaled $2.9 million and $5.1 million while gross realized losses were immaterial. Gross realized gains during the thirteen and twenty-six weeks ended July 1, 2018 related to the Company’s available-for-sale securities totaled $1.8 million and $2.9 million while gross realized losses 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 thirteen and twenty-six weeks ended June 30, 2019 and July 1, 2018, respectively. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the twenty-six weeks ended weeks ended June 30, 2019 and July 1, 2018 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 weeks ended June 30, 2019 and July 1, 2018 are disclosed in “Note 15. Stockholders’ Equity”.

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2019

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, wheat 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. 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 Europe (including the U.K.) and, therefore, has exposure to foreign exchange risk when the financial results of those operations are remeasured in U.S. dollars. The Company has purchased foreign currency forward contracts to manage this foreign exchange risk.

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 collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item Restricted cash and cash equivalents on the Condensed Consolidated Balance Sheets.

We have not designated certain derivative financial instruments that we have purchased to mitigate commodity purchase exposures in the U.S. and Mexico or foreign currency transaction exposures on our Mexico operations 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 the commodity derivative financial instruments are included in the line item Cost of sales in the Condensed Consolidated Statements of Income. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction loss and Cost of sales in the Condensed Consolidated Statements of Income.

We have designated certain derivative financial instruments related to our U.K. and Europe segment that we have purchased to mitigate foreign currency transaction exposures as cash flow hedges. Before the settlement date of the financial derivative instruments, we recognize changes in the fair value of the effective portion of the cash flow hedge into accumulated other comprehensive income (“AOCI”) while we recognize changes in the fair value of the ineffective portion immediately in earnings. When the derivative financial instruments associated with the effective portion are settled, the amount in AOCI is then reclassified to 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 losses of $0.5 million and $24.0 million related to changes in the fair value of its derivative financial instruments during the thirteen weeks ended June 30, 2019 and July 1, 2018, respectively. The Company recognized net losses of $8.5 million and $17.6 million related to changes in the fair value of its derivative financial instruments during the twenty-six weeks ended June 30, 2019 and July 1, 2018, respectively. Information regarding the Company’s outstanding derivative instruments and collateral posted with brokers is included in the following table:



	June 30, 2019			December 30, 2018
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	3,987		$	2,263
Commodity derivative liabilities	(20,635		)	(4,791		)
Foreign currency derivative assets	1,372			1,311
Foreign currency derivative liabilities	(166		)	(6,649		)
Collateral posted with brokers^(a)	33,379			23,192
Derivatives coverage^(b):
Corn	27.7		%	6.0		%
Soybean meal	29.6		%	6.0		%
Period through which stated percent of needs are covered:
Corn	July 2020			March 2020
Soybean meal	May 2020			December 2019


(a)	Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents.


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

The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:



	Gain (Loss) Recognized in Other Comprehensive Loss on Derivative
	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Foreign currency derivatives	$	1,303		$	(98	)	$	388	$	(97	)
Total	$	1,303		$	(98	)	$	388	$	(97	)

	Gain (Loss) Reclassified from AOCI into Income
	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Foreign currency derivatives	$	(48	)	$	(222	)	$	173	$	(472	)
Total	$	(48	)	$	(222	)	$	173	$	(472	)

At June 30, 2019, the pre-tax deferred net gains on derivatives recorded in AOCI that are expected to be reclassified to the Condensed Consolidated Statements of Income during the next twelve months are $0.9 million. This expectation is based on the anticipated settlements on the hedged investments in foreign currencies that will occur over the next twelve months, at which time the Company will recognize the deferred gains (losses) to earnings.

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by segment for the twenty-six weeks ended June 30, 2019 was as follows:



	December 30, 2018		Currency Translation		June 30, 2019
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
U.K. and Europe	782,207		119		782,326
Mexico	125,607		—		125,607
Total	$	949,750	$	119	$	949,869

Identified intangible assets consisted of the following:



	December 30, 2018			Amortization			Currency Translation		June 30, 2019
	(In thousands)
Carrying amount:
Trade names	$	78,343		$	—		$	—	$	78,343
Customer relationships	247,706			—			13		247,719
Non-compete agreements	320			—			—		320
Trade names not subject to amortization	380,067			—			56		380,123
Accumulated amortization:
Trade names	(43,552		)	(982		)	—		(44,534		)
Customer relationships	(98,441		)	(10,357		)	68		(108,730		)
Non-compete agreements	(315		)	(4		)	—		(319		)
Total identified intangible assets	$	564,128		$	(11,343	)	$	137	$	552,922

Intangible assets are amortized over the estimated useful lives of the assets as follows:



Customer relationships	5-16 years
Trade names	3-20 years
Non-compete agreements	3 years

At June 30, 2019, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its identified intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its identified intangible assets subject to amortization at that date.

LEASES (Notes)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

LEASES

The Company is party to operating lease agreements for warehouses, office space, vehicle maintenance facilities and livestock growing farms in the U.S., distribution centers, hatcheries and office space in Mexico and farms, processing facilities and office space in the U.K. and Europe. Additionally, the Company leases equipment, over-the-road transportation vehicles and other assets in all three geographic business segments. The Company is also party to a limited number of finance lease agreements in the U.S.

Our leases have remaining lease terms of one year to 16 years, some of which may include options to extend the lease for up to one year and some of which may include options to terminate the lease within one year. The exercise of options to extend lease terms is at our sole discretion. Certain leases also include options to purchase the leased property.

Certain lease agreements include rental payment increases over the lease term that can be either fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index are recognized as incurred. Certain lease agreements contain residual value guarantees, primarily vehicle and transportation equipment leases.

The following table presents components of lease expense. Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, Selling, general and administrative expense and Interest expense, net of capitalized interest in the Condensed Consolidated Statements of Income.



	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	June 30, 2019		June 30, 2019
	(In thousands)
Operating lease cost ^(a)	$	25,804	$	51,467
Amortization of finance lease liabilities	21		48
Interest on finance leases	3		6
Short-term and variable lease cost	11,892		26,110
Net lease cost	$	37,720	$	77,631

(a) Sublease income is immaterial and not included in operating lease costs.

The weighted-average remaining lease term and discount rate for lease liabilities included in our Condensed Consolidated Balance Sheet are as follows:



	June 30, 2019
Weighted-average remaining lease term (years):
Operating leases	5.89
Finance leases	1.36
Weighted-average discount rate:
Operating leases	4.86	%
Finance leases	8.50	%

Supplemental cash flow information related to leases is as follows (in thousands):



	Twenty-Six Weeks Ended
	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	49,987
Financing cash flows from finance leases	48

Operating lease assets obtained in exchange for operating lease liabilities	$	17,565

Future minimum lease payments under noncancellable leases at June 30, 2019 are as follows (in thousands):



	Operating Leases		Finance Leases
For the fiscal years ending December:
Year 1	$	88,181	$	98
Year 2	65,947		43
Year 3	56,513		—
Year 4	47,836		—
Year 5	37,267		—
Thereafter	70,608		—
Total future minimum lease payments	366,352		141
Less: imputed interest	47,716		9
Present value of lease liabilities	$	318,636	$	132

Future minimum lease payments under capital and noncancellable operating leases with terms exceeding one year at December 30, 2018 were as follows (in thousands):



	Capital Lease Obligations			Noncancellable Operating Lease Obligations
For the fiscal years ending December:
Year 1	$	2,971		$	84,220
Year 2	1,033			63,196
Year 3	36			53,908
Year 4	3			45,557
Year 5	—			36,136
Thereafter	—			66,637
Net minimum lease payments	4,043			$	349,654
Amount representing interest	(337		)
Present value of net minimum lease payments	$	3,706

Lease liabilities as of June 30, 2019 are included in our Condensed Consolidated Balance Sheet as follows (in thousands):



	Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	74,975	$	1
Current maturities of long-term debt	—		90
Noncurrent operating lease liability, less current maturities	243,661		—
Long-term debt, less current maturities	—		41
Total lease liabilities	$	318,636	$	132

As of June 30, 2019, the Company's operating and finance leases that have not commenced are immaterial.

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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



	June 30, 2019			December 30, 2018
	(In thousands)
Land	$	197,582		$	196,769
Buildings	1,711,629			1,697,703
Machinery and equipment	2,636,922			2,618,213
Autos and trucks	61,538			59,195
Construction-in-progress	323,020			269,166
PP&E, gross	4,930,691			4,841,046
Accumulated depreciation	(2,720,479		)	(2,679,344		)
PP&E, net	$	2,210,212		$	2,161,702

The Company recognized depreciation expense of $65.7 million and $61.9 million during the thirteen weeks ended June 30, 2019 and July 1, 2018, respectively. The Company recognized depreciation expense of $127.2 million and $122.6 million during the twenty-six weeks ended June 30, 2019 and July 1, 2018, respectively.

During the twenty-six weeks ended June 30, 2019, Pilgrim's spent $177.6 million on capital projects and transferred $116.5 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during the twenty-six weeks ended June 30, 2019 to improve efficiencies and reduce costs. During the twenty-six weeks ended July 1, 2018, the Company spent $155.2 million on capital projects and transferred $109.6 million of completed projects from construction-in-progress to depreciable assets.

During the thirteen and twenty-six weeks ended June 30, 2019, the Company sold certain PP&E for $1.2 million and $1.7 million, respectively, in cash and recognized net losses on these sales of $0.3 million and $0.2 million, respectively. PP&E sold in the twenty-six weeks ended June 30, 2019 included a breeder farm in Texas, vacant land in Minnesota and miscellaneous equipment. During the thirteen and twenty-six weeks ended July 1, 2018, the Company sold certain PP&E for cash of $0.2 million and $1.2 million, respectively, and recognized net losses on these sales of $0.1 million and $0.2 million, respectively. PP&E sold in the twenty-six weeks ended July 1, 2018 included a processing plant in Alabama and miscellaneous equipment.

Management has committed to the sale of miscellaneous equipment that no longer fits into the operating plans of the Company. The Company is actively marketing these assets for immediate sale and believes a sale of each asset can be consummated within the next 12 months. At June 30, 2019 and December 30, 2018, the Company reported assets totaling $0.1 million and $0.2 million, respectively, in the line item Assets held for sale on its Condensed Consolidated Balance Sheets. The fair values of the miscellaneous equipment that were classified as assets held for sale as of June 30, 2019 were based on quoted market prices.

The Company has closed or idled various facilities in the U.S. and in the U.K. 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 30, 2019, the carrying amounts of these idled assets totaled $41.9 million based on depreciable value of $137.1 million and accumulated depreciation of $95.2 million.

At June 30, 2019, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its property, plant and equipment held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its property, plant and equipment held for use at that date.

CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2019

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 30, 2019		December 30, 2018
	(In thousands)
Accounts payable:
Trade accounts	$	736,963	$	744,105
Book overdrafts	63,421		69,475
Other payables	15,742		16,479
Total accounts payable	816,126		830,059
Accounts payable to related parties^(a)	5,938		7,269
Revenue contract liability^(b)	23,016		33,328
Accrued expenses and other current liabilities:
Compensation and benefits	156,809		149,507
Interest and debt-related fees	31,552		33,596
Insurance and self-insured claims	77,801		80,990
Current maturities of operating lease liabilities	74,975		—
Derivative liabilities:
Commodity futures	14,116		1,479
Commodity options	6,519		3,312
Foreign currency derivatives	166		6,649
Other accrued expenses	146,399		111,408
Total accrued expenses and other current liabilities	508,337		386,941
	$	1,353,417	$	1,257,597

(a) Additional information regarding accounts payable to related parties is included in “Note 19. Related Party Transactions.”

(b) Additional information regarding revenue contract liabilities is included in “Note 13. Revenue Recognition.”

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

6 Months Ended

Jun. 30, 2019

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 30, 2019			December 30, 2018
		(In thousands)
Long-term debt and other long-term borrowing arrangements:
Senior notes payable, net of premium and discount at 5.75%	2025	$	1,002,296		$	1,002,497
Senior notes payable, net of discount at 5.875%	2027	844,075			843,717
U.S. Credit Facility (defined below):
Term note payable at 3.69%	2023	487,500			500,000
Revolving note payable at 5.25%	2023	—			—
Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8%	2019	3,387			2,277
Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50%	On Demand	—			88
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00%	2023	—			—
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50%	2023	—			—
Secured loans with payables at weighted average of 3.69%	Various	1,942			319
Finance lease obligations	Various	131			3,707
Long-term debt		2,339,331			2,352,605
Less: Current maturities of long-term debt		(30,282		)	(30,405		)
Long-term debt, less current maturities		2,309,049			2,322,200
Less: Capitalized financing costs		(25,202		)	(27,010		)
Long-term debt, less current maturities, net of capitalized financing costs:		$	2,283,847		$	2,295,190

U.S. 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. On September 29, 2017, the Company completed an add-on offering of $250.0 million of these senior notes. The issuance price of this add-on offering was 102.0%, which created gross proceeds of $255.0 million. The additional $5.0 million will be amortized over the remaining life of the senior notes. On March 7, 2018, the Company completed another add-on offering of $250.0 million of these senior notes (together with the senior notes issued in March 2015 and September 2017, the “Senior Notes due 2025”). The issuance price of this add-on offering was 99.25%, which created gross proceeds of $248.1 million. The $1.9 million discount will be amortized over the remaining life of the senior notes. Each issuance of the Senior Notes due 2025 is treated as a single class for all purposes under the 2015 Indenture (defined below) and have the same terms.

The Senior Notes due 2025 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 “2015 Indenture”). The 2015 Indenture provides, among other things, that the Senior Notes due 2025 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 for the Senior Notes due 2025 that were issued in March 2015 and beginning on March 15, 2018 for the Senior Notes due 2025 that were issued in September 2017 and March 2018.

On September 29, 2017, the Company completed a sale of $600.0 million aggregate principal amount of its 5.875% senior notes due 2027. On March 7, 2018, the Company completed an add-on offering of $250.0 million of these senior notes (together with the senior notes issued in September 2017, the “Senior Notes due 2027”). The issuance price of this add-on offering was 97.25%, which created gross proceeds of $243.1 million. The $6.9 million discount will be amortized over the remaining life of the Senior Notes due 2027. Each issuance of the Senior Notes due 2027 is treated as a single class for all purposes under the 2017 Indenture (defined below) and have the same terms.

The Senior Notes due 2027 are governed by, and were issued pursuant to, an indenture dated as of September 29, 2017 by and among the Company, its guarantor subsidiary and U.S. Bank National Association, as trustee (the “2017 Indenture”). The

2017 Indenture provides, among other things, that the Senior Notes due 2027 bear interest at a rate of 5.875% per annum from the date of issuance until maturity, payable semi-annually in cash in arrears, beginning on March 30, 2018 for the Senior Notes due 2027 that were issued in September 2017 and beginning on March 15, 2018 for the Senior Notes due 2027 that were issued in March 2018.

The Senior Notes due 2025 and the Senior Notes due 2027 are each 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 due 2025 and the Senior Notes due 2027. The Senior Notes due 2025 and the Senior Notes due 2027 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 due 2025, the 2015 Indenture, the Senior Notes due 2027 and the 2017 Indenture also contain customary covenants and events of default, including failure to pay principal or interest on the Senior Notes due 2025 and the Senior Notes due 2027 when due, among others.

U.S. Credit Facility

On July 20, 2018, the Company, and certain of the Company’s subsidiaries entered into a Fourth Amended and Restated Credit Agreement (the “U.S. Credit Facility”) with CoBank, ACB, as administrative agent and collateral agent, and the other lenders party thereto. The U.S. Credit Facility provides for a $750.0 million revolving credit commitment and a term loan commitment of up to $500.0 million (the “Term Loans”). The Company used the proceeds from the term loan commitment under the U.S. Credit Facility, together with cash on hand, to repay the outstanding loans under the Company’s previous credit agreement with Coöperatieve Rabobank U.A., New York Branch, as administrative agent, and the other lenders and financial institutions party thereto.

The U.S. Credit Facility 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 $1.25 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 July 20, 2023. All principal on the Term Loans is due at maturity on July 20, 2023. Installments of principal are required to be made, in an amount equal to 1.25% of the original principal amount of the Term Loans, on a quarterly basis 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. As of June 30, 2019, the Company had Term Loans outstanding totaling $487.5 million and the amount available for borrowing under the revolving loan commitment was $708.4 million. The Company had letters of credit of $41.6 million and no borrowings outstanding under the revolving loan commitment as of June 30, 2019.

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 1.25% through August 2, 2018 and, thereafter, 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 0.25% through August 2, 2018 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.

The U.S. Credit Facility contains customary financial and other various covenants for transactions of this type, including restrictions on the Company's ability to incur additional indebtedness, incur liens, pay dividends, make certain restricted payments, consummate certain asset sales, enter into certain transactions with the Company’s affiliates, or merge, consolidate and/or sell or dispose of all or substantially all of its assets, among other things. 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 the Company may not incur capital expenditures in excess of $500.0 million in any fiscal year.

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 the Company and its non-Mexico subsidiaries, (ii) 100% of the equity interests in the Company's domestic subsidiaries, To-Ricos, Ltd. and To-Ricos Distribution, Ltd., and 65% of the equity interests in its direct foreign subsidiaries and (iii) substantially all of the assets of the Company and the guarantors under the U.S. Credit Facility. The Company is currently in compliance with the covenants under the U.S. Credit Facility.

U.K. and Europe Credit Facilities

Moy Park France Invoice Discounting Facility

In June 2009, Moy Park France Sàrl entered into a €20.0 million invoice discounting facility with GE De Facto (the “Invoice Discounting Facility”). The facility limit was decreased by 50 percent in June 2018. The Invoice Discounting Facility is payable on demand and the term is extended on an annual basis. The agreement can be terminated by either party with three months’ notice. Outstanding borrowings under the Invoice Discounting Facility bear interest at a per annum rate equal to EURIBOR plus a margin of 0.80%. As of June 30, 2019, the U.S. dollar-equivalent loan commitment, borrowing availability, and outstanding borrowings under the Invoice Discounting Facility were $11.4 million, $8.0 million, and $3.4 million, respectively.

The Invoice Discounting Facility contains financial covenants and various other covenants that may adversely affect Moy Park's ability to, among other things, incur additional indebtedness, consummate certain asset 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 Moy Park's assets.

Moy Park Credit Agricole Bank Overdraft

On December 3, 2018, Moy Park entered into an unsecured €0.5 million bank overdraft agreement (the “Overdraft Agreement”) with Credit Agricole. The Overdraft Agreement is payable on demand and can be cancelled anytime by the Company or Credit Agricole. Outstanding borrowings under the Overdraft Agreement bear interest at a per annum rate equal to EURIBOR plus 1.50%. As of June 30, 2019, there were no outstanding borrowings under the Overdraft Agreement.

Moy Park Bank of Ireland Revolving Facility Agreement

On June 2, 2018, Moy Park Holdings (Europe) Ltd. and its subsidiaries entered into an unsecured multicurrency revolving facility agreement (the “Bank of Ireland Facility Agreement”) with the Governor and Company of the Bank of Ireland, as agent, and the other lenders party thereto. The Bank of Ireland Facility Agreement provides for a multicurrency revolving loan commitment of up to £100.0 million. The multicurrency revolving loan commitments under the Bank of Ireland Facility Agreement mature on June 2, 2023. Outstanding borrowings under the Bank of Ireland Facility Agreement bear interest at a rate per annum equal to the sum of (i) LIBOR or, in relation to any loan in euros, EURIBOR, plus (ii) a margin, ranging from 1.25% to 2.00% based on Leverage (as defined in the Bank of Ireland Facility Agreement). All obligations under the Bank of Ireland Facility Agreement are guaranteed by certain of Moy Park's subsidiaries. As of June 30, 2019, both the U.S. dollar-equivalent loan commitment and borrowing availability under the Bank of Ireland Facility Agreement were $127.0 million. As of June 30, 2019, there were no outstanding borrowings under the Bank of Ireland Facility Agreement.

The Bank of Ireland Facility Agreement contains representations and warranties, covenants, indemnities and conditions that the Company believes are customary for transactions of this type. Pursuant to the terms of the Bank of Ireland Facility Agreement, Moy Park is required to meet certain financial and other restrictive covenants. Additionally, Moy Park is prohibited from taking certain actions without consent of the lenders, including, without limitation, incurring additional indebtedness, entering into certain mergers or other business combination transactions, permitting liens or other encumbrances on its assets and making restricted payments, including dividends, in each case except as expressly permitted under the Bank of Ireland Facility Agreement. The Bank of Ireland Facility Agreement contains events of default that the Company believes are customary for transactions of this type. If a default occurs, any outstanding obligations under the Bank of Ireland Facility Agreement may be accelerated.

Mexico Credit Facility

On December 14, 2018, certain of the Company's Mexican subsidiaries entered into an unsecured credit agreement (the “Mexico Credit Facility”) with Banco del Bajio, Sociedad Anónima, Institución de Banca Múltiple, as lender. The loan commitment under the Mexico Credit Facility is $1.5 billion Mexican pesos and can be borrowed on a revolving basis. The U.S. dollar-equivalent of the loan commitment under the Mexico Credit Facility is $78.0 million. Outstanding borrowings under the Mexico Credit Facility accrue interest at a rate equal to the 28-Day Interbank Equilibrium Interest Rate plus 1.50%. The Mexico Credit Facility contains covenants and defaults that the Company believes are customary for transactions of this type. The Mexico Credit Facility will be used for general corporate and working capital purposes. The Mexico Credit Facility will mature on December 14, 2023. As of June 30, 2019, there were no outstanding borrowings under the Mexico Credit Facility.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income tax expense of $96.0 million, a 27.4% effective tax rate, for the twenty-six weeks ended June 30, 2019 compared to income tax expense of $75.5 million, a 25.1% effective tax rate, for the twenty-six weeks ended July 1, 2018. The increase in income tax expense in 2019 resulted primarily from an increase in pre-tax income and an increase in unrecognized tax benefits in Mexico. 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 30, 2019, the Company did not believe it had sufficient positive evidence to conclude that realization of a portion of its foreign net deferred tax assets are more likely than not to be realized. For the twenty-six weeks ended June 30, 2019 and July 1, 2018, there are tax effects of ($0.9) million and ($0.2) million, respectively, reflected in other comprehensive loss. For the twenty-six weeks ended June 30, 2019 and July 1, 2018, there are immaterial tax effects reflected in income tax expense due to excess tax benefits and shortfalls related to share-based compensation. The Company and its subsidiaries file a variety of consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In general, tax returns filed by the Company and our subsidiaries for years prior to 2011 are no longer subject to examination by tax authorities. The Mexican tax authorities have assessed a Mexico subsidiary of the Company $16.5 million related to a specific transaction undertaken during tax year 2011. A loss for this amount has been recorded during the twenty-six weeks ended June 30, 2019.

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The vast majority of the Company's revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.

The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company's facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company's performance obligations are typically fulfilled within days to weeks of the acceptance of the order.

The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.

Disaggregated Revenue

Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows.



	Thirteen Weeks Ended June 30, 2019						Twenty-Six Weeks Ended June 30, 2019
	Domestic		Export		Net Sales		Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,847,491	$	69,463	$	1,916,954	$	3,665,637	$	134,907	$	3,800,544
U.K. and Europe	468,882		67,020		535,902		920,681		130,184		1,050,865
Mexico	390,229		—		390,229		716,351		—		716,351
Net Sales	$	2,706,602	$	136,483	$	2,843,085	$	5,302,669	$	265,091	$	5,567,760



	Thirteen Weeks Ended July 1, 2018						Twenty-Six Weeks Ended July 1, 2018
	Domestic		Export		Net Sales		Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,844,662	$	54,773	$	1,899,435	$	3,610,602	$	129,938	$	3,740,540
U.K. and Europe	477,939		85,163		563,102		942,306		165,096		1,107,402
Mexico	374,176		—		374,176		735,449		—		735,449
Net Sales	$	2,696,777	$	139,936	$	2,836,713	$	5,288,357	$	295,034	$	5,583,391

Shipping and Handling Costs

In the rare case when shipping and handling activities are performed after a customer obtains control of the good, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. When revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Shipping and handling costs are recorded within cost of sales.

Contract Costs

The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred.

Taxes

There is no change in accounting for taxes due to the adoption of the new revenue standard, as there is no material change to the timing of revenue recognition. We exclude all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added, and some excise taxes) from the transaction price.

Contract Balances

The Company receives payment from customers based on terms established with the customer. Payments are typically due within two weeks of delivery. There are rarely contract assets related to costs incurred to perform in advance of scheduled billings. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liability relates to customer prepayments and the advanced consideration received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.

Changes in the revenue contract liability balances during the twenty-six weeks ended June 30, 2019 are as follows (in thousands):



Balance, beginning of period	$	33,328
Revenue recognized	(18,590		)
Cash received, excluding amounts recognized as revenue during the period	8,278
Balance, end of period	$	23,016

Accounts Receivable

The Company records accounts receivable when revenue is recognized. The Company records an allowance for doubtful accounts to reduce the receivables balance to an amount it estimates is collectible from customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of customers’ financial condition. The Company writes off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.

PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 30, 2019

Defined Benefit Plan [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 plan. Expenses recognized under all these retirement plans totaled $5.7 million and $3.1 million in the thirteen weeks ended June 30, 2019 and July 1, 2018, respectively, and $9.6 million and $6.2 million in the twenty-six weeks ended June 30, 2019 and July 1, 2018, 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 the defined benefit plans were as follows:



	Twenty-Six Weeks Ended June 30, 2019						Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of period	$	157,619		$	1,462		$	178,247		$	1,603
Interest cost	2,934			26			2,731			23
Actuarial losses (gains)	13,734			96			(9,465		)	(62		)
Benefits paid	(3,020		)	(74		)	(4,473		)	(74		)
Curtailments and settlements	(5,718		)	—			—			—
Projected benefit obligation, end of period	$	165,549		$	1,510		$	167,040		$	1,490



	Twenty-Six Weeks Ended June 30, 2019						Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of period	$	102,414		$	—		$	112,570		$	—
Actual return on plan assets	12,504			—			97			—
Contributions by employer	3,924			74			5,581			74
Benefits paid	(3,020		)	(74		)	(4,473		)	(74		)
Curtailments and settlements	(5,718		)	—			—			—
Fair value of plan assets, end of period	$	110,104		$	—		$	113,775		$	—



	June 30, 2019						December 30, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Funded status:	(In thousands)
Unfunded benefit obligation, end of period	$	(55,445	)	$	(1,510	)	$	(55,205	)	$	(1,462	)



	June 30, 2019						December 30, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:	(In thousands)
Current liability	$	(8,239	)	$	(148	)	$	(8,267	)	$	(149	)
Long-term liability	(47,206		)	(1,362		)	(46,938		)	(1,313		)
Recognized liability	$	(55,445	)	$	(1,510	)	$	(55,205	)	$	(1,462	)



	June 30, 2019				December 30, 2018
	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)	$	55,685	$	62	$	54,343	$	(34	)

The accumulated benefit obligation for the Company's defined benefit pension plans was $165.6 million and $157.6 million at June 30, 2019 and December 30, 2018, respectively. Each of the Company's defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at June 30, 2019 and December 30, 2018. As of June 30, 2019, the weighted average duration of the Company's defined benefit pension obligation is 29.69 years.

Net Periodic Benefit Costs

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



	Thirteen Weeks Ended June 30, 2019					Thirteen Weeks Ended July 1, 2018					Twenty-Six Weeks Ended June 30, 2019					Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits
	(In thousands)
Interest cost	$	1,467		$	13	$	1,365		$	11	$	2,934		$	26	$	2,731		$	23
Estimated return on plan assets	(1,349		)	—		(1,516		)	—		(2,698		)	—		(3,033		)	—
Settlement loss	1,930			—		—			—		1,930			—		—			—
Amortization of net loss	328			—		301			—		656			—		602			—
Net costs	$	2,376		$	13	$	150		$	11	$	2,822		$	26	$	300		$	23

Economic Assumptions

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



	June 30, 2019				December 30, 2018
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.60	%	3.15	%	4.40	%	4.07	%



	Twenty-Six Weeks Ended June 30, 2019				Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.40	%	4.07	%	3.69	%	3.39	%
Expected return on plan assets	5.50	%	NA		5.50	%	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 30, 2019 and December 30, 2018, 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 Sheets.



	Increase in Discount Rate of 0.25%			Decrease in Discount Rate of 0.25%
	(In thousands)
Impact on projected benefit obligation for pension benefits	$	(4,122	)	$	4,329

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 30, 2019		December 30, 2018
Cash and cash equivalents	1	%	—	%
Interest income receivable	—	%	—	%
Pooled separate accounts^(a):
Equity securities	5	%	4	%
Fixed income securities	4	%	5	%
Common collective trust funds^(a):
Equity securities	45	%	45	%
Fixed income securities	40	%	41	%
Real estate	5	%	5	%
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, real estate trusts 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. The Company develops its 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 its plans invest.

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of June 30, 2019 and December 30, 2018:



	June 30, 2019								December 30, 2018
	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	$	966	$	—	$	—	$	966	$	110	$	—	$	—	$	110
Interest income receivable	1		—		—		1		—		—		—		—
Pooled separate accounts:
Large U.S. equity funds^(d)	—		3,036		—		3,036		—		2,491		—		2,491
Small/Mid U.S. equity funds^(e)	—		364		—		364		—		292		—		292
International equity funds^(f)	—		1,730		—		1,730		—		1,489		—		1,489
Fixed income funds^(g)	—		4,670		—		4,670		—		4,763		—		4,763
Common collective trusts funds:
Large U.S. equity funds^(d)	—		20,013		—		20,013		—		17,351		—		17,351
Small U.S. equity funds^(e)	—		6,475		—		6,475		—		5,880		—		5,880
International equity funds^(f)	—		23,376		—		23,376		—		22,516		—		22,516
Fixed income funds^(g)	—		44,003		—		44,003		—		42,217		—		42,217
Real estate^(h)	—		5,470		—		5,470		—		5,305		—		5,305
Total assets	$	967	$	109,137	$	—	$	110,104	$	110	$	102,304	$	—	$	102,414


(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). These investment options typically carry more risk than short-term fixed income investment options, but less overall risk than equities.


(h)	This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.

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 30, 2019 expected to be paid through 2028 from the Company's pension and other postretirement plans. Because its 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 the Company's other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from its own assets.



	Pension Benefits		Other Benefits
	(In thousands)
2019 (remaining)	$	8,986	$	74
2020	11,526		147
2021	11,200		145
2022	10,891		141
2023	10,627		137
2024-2028	48,429		589
Total	$	101,659	$	1,233

The Company anticipates contributing $4.3 million and less than $0.1 million, as required by funding regulations or laws, to its pension plans and other postretirement plans, respectively, during the remainder of 2019.

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 30, 2019						Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	54,343		$	(34	)	$	54,235		$	35
Amortization	(656		)	—			(602		)	—
Curtailment and settlement adjustments	(1,930		)	—			—			—
Actuarial loss (gain)	13,734			96			(9,465		)	(62		)
Asset loss (gain)	(9,806		)	—			2,936			—
Net actuarial loss (gain), end of period	$	55,685		$	62		$	47,104		$	(27	)

The Company expects to recognize in net pension cost throughout the remainder of 2019 an actuarial loss of $0.7 million that was recorded in accumulated other comprehensive loss at June 30, 2019.

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. 30, 2019

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 30, 2019^(a)
	Losses Related to Foreign Currency Translation			Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Losses on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	(55,770	)	$	(683	)	$	(71,463	)	$	82		$	(127,834	)
Other comprehensive income (loss) before reclassifications	(611		)	388			(2,873		)	147			(2,949		)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—			(173		)	496			(231		)	92
Currency translation	—			12			—			—			12
Net current period other comprehensive income (loss)	(611		)	227			(2,377		)	(84		)	(2,845		)
Balance, end of period	$	(56,381	)	$	(456	)	$	(73,840	)	$	(2	)	$	(130,679	)



	Twenty-Six Weeks Ended July 1, 2018^(a)
	Gains Related to Foreign Currency Translation			Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	42,081		$	(1,848	)	$	(71,434	)	$	61		$	(31,140	)
Other comprehensive income (loss) before reclassifications	(38,507		)	(97		)	4,987			932			(32,685		)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—			472			455			(680		)	247
Currency translation	—			(6		)	—			—			(6		)
Net current period other comprehensive income (loss)	(38,507		)	369			5,442			252			(32,444		)
Balance, end of period	$	3,574		$	(1,479	)	$	(65,992	)	$	313		$	(63,584	)


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



	Amounts Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Twenty-Six Weeks Ended June 30, 2019			Twenty-Six Weeks Ended July 1, 2018			Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gain (loss) on settlement of derivative financial instruments classified as cash flow hedges	$	173		$	(472	)	Cost of sales
Realized gain on sale of securities	307			899			Interest income
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Union employees pension plan^(b)(d)	(36		)	(24		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(193		)	(180		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(427		)	(397		)	Selling, general and administrative expense
Total before tax	(176		)	(174		)
Tax benefit	84			(73		)
Total reclassification for the period	$	(92	)	$	(247	)


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


(b)	The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.

(c)

The Company sponsors the GK Pension Plan, 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 SERP Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Directors’ Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors and the Retiree Life Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees (collectively, the “Legacy Gold Kist Plans”).


(d)	These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 14. Pension and Other Postretirement Benefits” to the Condensed Consolidated Financial Statements.

Share Repurchase Program and Treasury Stock

On October 31, 2018, the Company’s Board of Directors approved a $200.0 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 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. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.

Restrictions on Dividends

Both the U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. The Moy Park Bank of Ireland Revolving Facility Agreement restrict Moy Park's ability and the ability of certain of Moy Park's subsidiaries to, among other things, make payments and distributions to the Company.

INCENTIVE COMPENSATION

6 Months Ended

Jun. 30, 2019

INCENTIVE COMPENSATION [Abstract]

INCENTIVE COMPENSATION

The Company sponsors short-term incentive plans that provides the grant of either cash or share-based bonus awards payable upon achievement of specified performance goals. Full-time, salaried exempt employees of the Company's U.S. operations who are selected by the administering committee are eligible to participate in the Pilgrim's Short Term Incentive Plan (“STIP”). Certain full-time, salaried employees of the Company’s Mexico operations are eligible to participate in the Pilgrim’s Mexico Incentive Plan (“PMIP”). The Company assumed responsibility for the JFC LLC Long-Term Equity Incentive Plan dated January 1, 2014, as amended (the “JFC LTIP”) through its acquisition of JFC LLC and its subsidiaries (together, “GNP”) on January 6, 2017. The Company assumed responsibility for the Moy Park Incentive Plan dated January 1, 2013, as amended (the “MPIP”) through its acquisition of Moy Park on September 8, 2017. At June 30, 2019, the Company has accrued $16.0 million, $1.3 million, $1.3 million and $0.8 million related to cash bonus awards that could potentially be awarded under the STIP, JFC LTIP, MPIP and PMIP, respectively, during 2019.

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 liability-based awards to the Company’s officers and other employees, members of the Board of Directors and any consultants (the “LTIP”). Awards that may be granted under the LTIP include “incentive stock options,” within the meaning of the IRC, nonqualified stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”). Equity-based awards are converted into shares of the Company's common stock shortly after award vesting. Compensation cost to be recognized for an equity-based awards grant is determined by multiplying the number of awards granted by the closing price of a share of the Company's common stock on the award grant date. Liability-based awards granted under the LTIP are converted into cash shortly after award vesting. Compensation cost to be recognized for a liability-based awards grant is first determined by multiplying the number of awards granted by the closing price of a share of the Company's common stock on the award grant date. However, the compensation cost to be recognized is adjusted at each subsequent milestone date (i.e., forfeiture date, vesting date or financial reporting date) by multiplying the number of awards granted by the closing price of a share of the Company's common stock on the milestone date. At June 30, 2019, we have in reserve approximately 3.8 million shares of common stock for future issuance under the LTIP. The LTIP will expire pursuant to its terms on December 28, 2019 and no awards will be granted under the LTIP after that date. On May 1, 2019, the Company's stockholders approved the Pilgrim’s Pride Corporation 2019 Long Term Incentive Plan (the “2019 LTIP”) and reserved 2.0 million shares of common stock for awards under the plan. The 2019 LTIP is intended to replace the expiring plan. The 2019 LTIP will be effective as of December 28, 2019.

The following LTIP awards were outstanding during the twenty-six weeks ended June 30, 2019:

Award Type

Awards Granted

Grant Date

Intended Settlement Method

Grant Date Fair Value
per Award

Milestone Date Fair Value per Award

Vesting Condition

Vesting Date

Awards Forfeited to Date

RSU

410,000

2/14/2018

Stock

25.59

Service

1/1/2019

—

RSU

163,764

3/1/2018

Stock

24.93

Service

(a)

45,755

RSU

250,351

3/1/2018

Stock

24.93

Performance / Service

(b)

151,229

RSU

33,174

3/1/2018

Cash

24.93

25.39

Performance / Service

(c)

—

RSU

8,358

5/10/2018

Stock

21.54

Service

(d)

—

RSU

2,786

5/10/2018

Cash

21.54

26.86

Service

5/1/2019

—

RSU

262,500

12/18/2018

Stock

16.06

Service

7/1/2019

—

RSU

396,763

1/7/2019

Stock

16.47

Performance / Service

(e)

89,285

RSU

109,654

1/7/2019

Cash

16.47

25.39

Performance / Service

(f)

—

RSU

200,000

4/30/2019

Stock

26.91

Service

7/1/2020

—


(a)	The restricted stock units vest in ratable tranches on December 31, 2018, December 31, 2019 and December 31, 2020. Expected compensation cost related to these units totals $2.9 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.


(b)	The restricted stock units vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Expected compensation cost related to these units totals $2.5 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.


(c)	The restricted stock units vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Expected compensation cost related to these units totals $0.8 million based on a closing stock price for the Company's common stock of $25.39 per share on June 30, 2019. Compensation cost will be amortized to profit/loss over the remaining vesting period.


(d)	These restricted stock units were granted to the three non-employees who currently serve on the Company's Board of Directors. Each participating director's units will vest upon his departure from the Company's Board of Directors. Compensation cost was recognized in profit/loss upon the grant date.

(e)

If performance conditions related to the Company's 2019 operating results are satisfied, the restricted stock units vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Expected compensation cost related to these units totals $5.1 million based on a closing stock price for the Company's common stock of $16.47 per share on January 7, 2019. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(f)

If performance conditions related to the Company's 2019 operating results are satisfied, the restricted stock units vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Expected compensation cost related to these units totals $2.8 million based on a closing stock price for the Company's common stock of $25.39 per share on June 30, 2019. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

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 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	150	$	117	$	162	$	169
Selling, general and administrative expense	3,185		4,243		5,055		5,464
Total cost	3,335		4,360		5,217		5,633
Income tax benefit	812		1,061		1,270		1,371
Net cost	$	2,523	$	3,299	$	3,947	$	4,262

Liability-based awards compensation cost:
Selling, general and administrative expense	$	228	$	—	$	228	$	—
Income tax benefit	55		—		55		—
Net cost	$	173	$	—	$	173	$	—

The Company’s RSU activity is included below:



	Twenty-Six Weeks Ended June 30, 2019				Twenty-Six Weeks Ended July 1, 2018
	Number		Weighted Average Grant Date Fair Value		Number		Weighted Average Grant Date Fair Value
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of period	1,033		$	22.91	389		$	18.39
Granted	597		19.97		849		25.20
Vested	(459	)	25.52		—		—
Forfeited	(224	)	21.57		(417	)	18.82
Outstanding at end of period	947		$	20.11	821		$	25.21

	Twenty-Six Weeks Ended June 30, 2019				Twenty-Six Weeks Ended July 1, 2018
	Number		Weighted Average Milestone Date Fair Value^(a)		Number		Weighted Average Milestone Date Fair Value^(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of period	—		$	—	—		$	—
Granted	146		16.25		—		—
Vested	(3	)	26.86		—		—
Outstanding at end of period	143		$	25.39	—		$	—


(a)	The milestone date fair value is the closing price of a share of the Company's common stock on the respective milestone date (i.e., grant date, vesting date, forfeiture date or financial reporting date).

The total fair values of equity-based awards and liability-based awards vested during the twenty-six weeks ended June 30, 2019 were $7.1 million and $0.1 million, respectively. No awards vested during the twenty-six weeks ended July 1, 2018.

At June 30, 2019, the total unrecognized compensation cost related to all nonvested equity-based awards was $12.0 million. This cost is expected to be recognized over a weighted average period of 1.74 years. At June 30, 2019, the total unrecognized compensation cost related to all nonvested liability-based awards was $3.5 million. This cost is expected to be recognized over a weighted average period of 2.34 years.

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

RESTRUCTURING-RELATED ACTIVITIES

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

RESTRUCTURING-RELATED ACTIVITIES

In 2018, the Company elected to close its 40 North Foods product incubator operation located in Boulder, Colorado. Implementation of this restructuring initiative is expected to result in total pre-tax charges of approximately $0.6 million, and approximately $0.5 million of these charges are estimated to result in cash outlays. These activities were initiated in the second quarter of 2018 and are expected to be substantially completed by the third quarter of 2019.

In 2017, the Company initiated a restructuring initiative to capitalize on cost-saving opportunities within its GNP operations located in Luverne, Minnesota and St. Cloud, Minnesota. Implementation of the initiative is expected to result in total pre-tax charges of approximately $6.2 million, and approximately $4.3 million of these charges are estimated to result in cash outlays. These activities were initiated in the first quarter of 2017 and are expected to be substantially completed by the second quarter of 2020.

The following table provides a summary of our estimates of net costs associated with these restructuring initiatives by major type of cost:



Type of Cost	40 North Foods		GNP		Total Estimated Amount Expected to be Incurred
	(In thousands)
Employee termination benefits	$	449	$	4,224	$	4,673
Inventory adjustments	—		472		472
Asset impairments	103		781		884
Other, net^(a)	18		736		754
Total estimated costs, net	$	570	$	6,213	$	6,783


^(a)	Comprised of other costs directly related to the restructuring initiatives, including prepaid software impairment, St. Cloud, Minnesota office lease costs, Luverne, Minnesota plant closure costs, and Boulder, Colorado office lease costs and sublease income.

During the thirteen and twenty-six weeks ended June 30, 2019, the Company recognized the following expenses (income) and paid (received) the following cash related to each restructuring initiative:



	Thirteen Weeks Ended June 30, 2019						Twenty-Six Weeks Ended June 30, 2019
	Expenses (Income)			Cash Outlays (Receipts)			Expenses (Income)			Cash Outlays (Receipts)
	(In thousands)
40 North Foods - Other, net	$	(43	)	$	(15	)	$	(70	)	$	(14	)
GNP - Employee termination benefits	—			19			—			53
	$	(43	)	$	4		$	(70	)	$	39

The expenses (income) are reported in the line item Administrative restructuring activities on the Condensed Consolidated Statements of Income and are recognized in the U.S. segment.

The following table reconciles liabilities and reserves associated with each restructuring initiative from initiative inception to June 30, 2019. Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. The ending reserve balance for inventory impairments is reported in the line item Inventories in our Condensed Consolidated Balance Sheets.



	40 North Foods									GNP
	Employee Termination Benefits			Other, Net			Total			Employee Termination Benefits			Inventory Impairments			Other, Net			Total
	(In thousands)
Restructuring charges incurred	$	—		$	—		$	—		$	3,381		$	699		$	752		$	4,832
Cash payments and disposals	—			—			—			(2,581		)	—			—			(2,581		)
Liability or reserve at December 31, 2017	—			—			—			800			699			752			2,251
Restructuring charges incurred	449			150			599			936			(227		)	(17		)	692
Restructuring income recognized	—			(35		)	(35		)	—			—			—			—
Cash payments and disposals	(449		)	(65		)	(514		)	(1,500		)	(472		)	(735		)	(2,707		)
Cash received	—			36			36			—			—			—			—
Liability or reserve at December 30, 2018	—			86			86			236			—			—			236
Restructuring income recognized	—			(70		)	(70		)	—			—			—			—
Cash payments and disposals	—			(56		)	(56		)	(53		)	—			—			(53		)
Cash received	—			70			70			—			—			—			—
Liability or reserve at June 30, 2019	$	—		$	30		$	30		$	183		$	—		$	—		$	183

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES General The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its financial condition, results of operations and cash flows. Financial Instruments The Company’s loan agreements generally obligate the Company to reimburse the applicable lender for incremental increased costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements. In addition, some of the Company’s loan agreements contain a withholding tax provision that requires the Company to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. These increased costs and withholding tax provisions continue for the entire term of the applicable transaction, and there is no limitation on the maximum additional amounts the Company could be obligated to pay under such provisions. Any failure to pay amounts due under such provisions generally would trigger an event of default, and, in a secured financing transaction, would entitle the lender to foreclose upon the collateral to realize the amount due. Litigation The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its 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 A Mexico subsidiary of the Company is currently appealing an unfavorable tax adjustment proposed by Mexican tax authorities due to an examination of a specific transaction undertaken by the Mexico subsidiary during tax years 2009 and 2010. Amounts under appeal are $24.3 million and $16.1 million for tax years 2009 and 2010, respectively. No loss has been recorded for these amounts at this time. Other Claims and Proceedings Between September 2, 2016 and October 13, 2016, a series of purported federal class action lawsuits styled as In re Broiler Chicken Antitrust Litigation, Case No. 1:16-cv-08637 were filed with the U.S. District Court for the Northern District of Illinois against PPC and 13 other producers by and on behalf of direct and indirect purchasers of broiler chickens alleging violations of federal and state antitrust and unfair competition laws. The complaints seek, among other relief, treble damages for an alleged conspiracy among defendants to reduce output and increase prices of broiler chickens from the period of January 2008 to the present. The class plaintiffs have filed three consolidated amended complaints: one on behalf of direct purchasers and two on behalf of distinct groups of indirect purchasers. Between December 8, 2017 and June 21, 2019, 26 individual direct action complaints (Affiliated Foods, Inc., et al. v. Claxton Poultry Farms, Inc., et al., Case No. 1:17-cv-08850; Sysco Corp. v. Tyson Foods Inc., et al., Case No. 1:18-cv-00700; U.S. Foods Inc. v. Tyson Foods Inc., et al., Case No. 1:18-cv-00702; Action Meat Distributors, Inc., et al. v. Claxton Poultry Farms, Inc., et al., Case No. 1:18-cv-03471; Jetro Holdings, LLC, v. Tyson Foods, Inc. et al., Case No. 1:18-cv-04000; Associated Grocers of the South, Inc., et al. v. Tyson Foods, Inc., et al., Case No. 1:18-cv-4616; The Kroger Co., et al. v. Tyson Foods, Inc., et al., Case No. 1:18-cv-04534; Ahold Delhaize USA, Inc. v. Koch Foods, Inc., et al., Case No. 1:18-cv-05351; Samuels as Trustee In Bankruptcy for Central Grocers, Inc. et al. v. Norman W. Fries, Inc., d/b/a Claxton Poultry Farms, Inc. et al., Case No. 1:18-cv-05341; W. Lee Flowers & Company, Inc. v. Norman W. Fries, Inc., d/b/a Claxton Poultry Farms, Inc. et al., Case No. 1:18-cv-05345; BJ’s Wholesale Club, Inc. v. Tyson Foods, Inc., et al., Case No. 1:18-cv-05877; United Supermarkets LLC, et al. v. Tyson Foods Inc., et al., Case No. 1:18-cv-06693; Associated Wholesale Grocers, Inc. v. Koch Foods, Inc., et al., Case No. 1:18-cv-06316 (transferred from the U.S. District Court for the District of Kansas on September 17, 2018, following Defendants’ successful motion to transfer); Shamrock Foods Company et al. v. Tyson Foods, Inc., et al., Case No. 1:18-cv-7284; Winn-Dixie Stores, Inc., et al. v. Koch Foods, Inc., et al., Case No. 1:18-cv-00245; Quirch Foods, LLC, f/k/a Quirch Foods Co. v. Koch Foods, Inc., et al., Case No. 1:18-cv-08511; Sherwood Food Distributors, L.L.C., et al. v. Tyson Foods, Inc., et al., Case No. 1:19-cv-00354, Hooters of America, LLC v. Tyson Foods, Inc., et al., Case No. 1:19-cv-00390; Darden Restaurants, Inc. v. Tyson Foods, Inc., et al., Case No. 1:19-cv-00530; Associated Grocers, Inc., et al. v. Norman W. Fries, Inc., d/b/a Claxton Poultry Farms, et al., Case No. 1:19-cv-00638; Checkers Drive-In Restaurants, Inc. v. Tyson Foods, Inc. et al., Case No. 1:19- cv-01283; Conagra Brands, Inc. et al. v. Tyson Foods, Inc. et al., Case No. 1:19-cv-02190; Giant Eagle, Inc. v. Norman W. Fries, Inc., d/b/a Claxton Poultry Farms et al., Case No. 1:19-cv-02758; Save Mart Supermarkets v. Tyson Foods, Inc., et al., Case No. 1:19-cv-02805; Walmart Inc., et al. v. Pilgrim’s Pride Corporation, et al., Case No. 1:19-cv-03915 (transferred from the U.S. District Court for the Western District of Arkansas on June 11, 2019, following Plaintiffs’ unopposed motion to transfer); and Services Group of America, Inc. v. Tyson Food, Inc., et al., Case No. 1:19-cv-04194) were filed with the U.S. District Court for the Northern District of Illinois by individual direct purchaser entities naming PPC as a defendant, the allegations of which largely mirror those in the class action complaints. On June 20, 2019, an additional direct action complaint (Commonwealth of Puerto Rico v. Koch Foods, Inc., et al., Case No. 3:19-cv-01605) was filed with U.S. District Court for the District of Puerto Rico by the Commonwealth of Puerto Rico, the allegations of which also largely mirror those in the class action complaints. Substantial completion of document discovery for most defendants, including PPC, occurred on July 18, 2018. The Court’s scheduling order currently requires completion of fact discovery on March 13, 2020, class certification briefing and expert reports proceeding from April 13, 2020 to December 14, 2020, and summary judgment to proceed 60 days after the Court rules on motions for class certification. The Court has ordered the parties to coordinate scheduling of the direct action complaints with the class complaints with any necessary modifications to reflect time of filing. Discovery will be consolidated. On June 21, 2019, the United States Department of Justice filed a motion to intervene and stay discovery in the In re Broiler Chicken Antitrust Litigation for a period of 6 months. Following a hearing on June 27, 2019, on June 28, 2019, the Court granted the government’s motion to intervene, and ordered a limited 3-month stay of discovery until September 27, 2019. On July 1, 2019, the Department of Justice issued a subpoena to PPC in connection with its investigation. On October 10, 2016, Patrick Hogan, acting on behalf of himself and a putative class of persons who purchased shares of PPC’s stock between February 21, 2014 and October 6, 2016, filed a class action complaint in the U.S. District Court for the District of Colorado against PPC and its named executive officers. The complaint alleges, among other things, that PPC’s SEC filings contained statements that were rendered materially false and misleading by PPC’s failure to disclose that (i) PPC colluded with several of its industry peers to fix prices in the broiler-chicken market as alleged in the In re Broiler Chicken Antitrust Litigation, (ii) its conduct constituted a violation of federal antitrust laws, (iii) PPC’s revenues during the class period were the result of illegal conduct and (iv) that PPC lacked effective internal control over financial reporting. The complaint also states that PPC’s industry was anticompetitive. On April 4, 2017, the Court appointed another stockholder, George James Fuller, as lead plaintiff. On May 11, 2017, the plaintiff filed an amended complaint, which extended the end date of the putative class period to November 17, 2017. PPC and the other defendants moved to dismiss on June 12, 2017, and the plaintiff filed its opposition on July 12, 2017. PPC and the other defendants filed their reply on August 1, 2017. On March 14, 2018, the Court dismissed the plaintiff’s complaint without prejudice and issued final judgment in favor of PPC and the other defendants. On April 11, 2018, the plaintiff moved for reconsideration of the Court’s decision and for permission to file a Second Amended Complaint. PPC and the other defendants filed a response to the plaintiff’s motion on April 25, 2018. On November 19, 2018, the Court denied the plaintiff’s motion for reconsideration and granted plaintiff leave to file a Second Amended Complaint. As of the date of this quarterly report, the plaintiff has not yet filed a Second Amended Complaint. On January 27, 2017, a purported class action on behalf of broiler chicken farmers was brought against PPC and four other producers in the Eastern District of Oklahoma, alleging, among other things, a conspiracy to reduce competition for grower services and depress the price paid to growers. Plaintiffs allege violations of the Sherman Act and the Packers and Stockyards Act and seek, among other relief, treble damages. The complaint was consolidated with a subsequently filed consolidated amended class action complaint styled as In re Broiler Chicken Grower Litigation, Case No. CIV-17-033-RJS, or the Grower Litigation. The defendants (including PPC) jointly moved to dismiss the consolidated amended complaint on September 9, 2017. The Court initially held oral argument on January 19, 2018, during which it considered and granted only certain other defendants’ motions challenging jurisdiction. Oral argument on the remaining pending motions in the Oklahoma court occurred on April 20, 2018. Rulings on the motion are pending. In addition, on March 12, 2018, the Northern District of Texas, Fort Worth Division, or the Bankruptcy Court, enjoined plaintiffs from litigating the Grower Litigation complaint as pled against PPC because allegations in the consolidated complaint violate the confirmation order relating to PPC’s bankruptcy proceedings in 2008 and 2009. Specifically, the 2009 bankruptcy confirmation order bars any claims against PPC based on conduct occurring before December 28, 2009. On March 13, 2018, PPC notified the trial court of the Bankruptcy Court’s injunction. To date, plaintiffs have not amended the consolidated complaint to comply with the Bankruptcy Court’s injunction order or the confirmation order. On March 9, 2017, a stockholder derivative action styled as DiSalvio v. Lovette, et al., No. 2017 cv. 30207, was brought against all of PPC’s directors and its Chief Financial Officer, Fabio Sandri, in the District Court for the County of Weld in Colorado. The complaint alleges, among other things, that the named defendants breached their fiduciary duties by failing to prevent PPC and its officers from engaging in an antitrust conspiracy as alleged in the In re Broiler Chicken Antitrust Litigation, and issuing false and misleading statements as alleged in the Hogan class action litigation. On April 17, 2017, a related stockholder derivative action styled Brima v. Lovette, et al., No. 2017 cv. 30308, was brought against all of PPC’s directors and its Chief Financial Officer in the District Court for the County of Weld in Colorado. The Brima complaint contains largely the same allegations as the DiSalvio complaint. On May 4, 2017, the plaintiffs in both the DiSalvio and Brima actions moved to (i) consolidate the two stockholder derivative cases, (ii) stay the consolidated action until the resolution of the motion to dismiss in the Hogan putative securities class action, and (iii) appoint co-lead counsel. The Court granted the motion on May 8, 2017, staying the proceedings pending resolution of the motion to dismiss in the Hogan action. In January 2018, a stockholder derivative action entitled Raul v. Nogueira de Souza, et al., was filed in the U.S. District Court for the District of Colorado against PPC, as nominal defendant, as well as PPC’s directors, its Chief Financial Officer, and majority shareholder, JBS S.A. The complaint alleges, among other things, that (i) defendants permitted PPC to omit material information from its proxy statements filed in 2014 through 2017 related to the conduct of Wesley Mendonça Batista and Joesley Mendonça Batista, (ii) the individual defendants and JBS S.A. breached their fiduciary duties by failing to prevent PPC and its officers from engaging in an antitrust conspiracy as alleged in the Broiler Litigation and (iii) issuing false and misleading statements as alleged in the Hogan class action litigation. On May 17, 2018, the plaintiffs filed an unopposed motion to stay proceedings pending a final resolution of the Hogan class action litigation. The court-ordered deadline for the defendants to file an answer or otherwise respond to the complaint was originally set for July 30, 2018. This deadline was extended to August 31, 2018, at which time the plaintiffs filed an unopposed motion to voluntarily dismiss the complaint without prejudice. The Court granted the plaintiffs’ motion on September 4, 2018. On January 24, 2018 a stockholder derivative action styled as Sciabacucchi v. JBS S.A. et al. was brought against all of PPC’s directors, JBS S.A., JBS USA Holding and several members of the Batista family, in the Court of Chancery of the State of Delaware, or the Chancery Court. The complaint alleges, among other things, that the named defendants breached their fiduciary duties arising out of PPC’s acquisition of Moy Park. On May 24, 2018, Employees Retirement System of the City of St. Louis filed a derivative complaint, which was virtually identical to the Sciabacucchi complaint. On July 2, 2018, the Chancery Court granted a stipulation consolidating the cases and making the first complaint (Sciabacucchi) the operative complaint. Also by stipulation, various defendants have been voluntarily dismissed from the case without prejudice. The remaining defendants are JBS S.A., JBS USA Holding, and directors Lovette, Nogueira de Souza, Tomazoni, and Molina. PPC also remains in the case as a nominal defendant. On March 15, 2019, the Chancery Court denied the non-PPC defendants’ motion to dismiss. As a result, the case is proceeding to discovery, with fact discovery scheduled to close in February 2020, expert discovery scheduled to close in May 2020, and, subject to the Chancery Court’s availability, trial commencing in November 2020. The Company believes it has strong defenses in each of the above litigations and intends to contest them vigorously. The Company cannot predict the outcome of these actions nor when they will be resolved. If the plaintiffs were to prevail in any of these litigations, the Company could be liable for damages, which could be material and could adversely affect its financial condition or results of operations. J&F Investigation On May 3, 2017, certain officers of J&F Investimentos S.A. (“J&F,” and together with the companies controlled by J&F, the “J&F Group”), a company organized in Brazil and an indirect controlling stockholder of the Company, including a former senior executive and former board members of the Company, entered into plea bargain agreements (collectively, the “Plea Bargain Agreements”) with the Brazilian Federal Prosecutor’s Office (Ministério Público Federal) (the “MPF”) in connection with certain misconduct by J&F and such individuals acting in their capacity as J&F executives. The details of such misconduct are set forth in separate annexes to the Plea Bargain Agreements, and include admissions of payments to politicians and political parties in Brazil during a ten-year period in exchange for receiving, or attempting to receive, favorable treatment for certain J&F Group companies in Brazil. On June 5, 2017, J&F, for itself and as the controlling shareholder of the J&F Group companies, entered into a leniency agreement (the “Leniency Agreement”) with the MPF, whereby J&F assumed responsibility for the conduct that was described in the annexes to the Plea Bargain Agreements. In connection with the Leniency Agreement, J&F has agreed to pay a fine of 10.3 billion Brazilian reais, adjusted for inflation, over a 25-year period. Various proceedings by Brazilian governmental authorities remain pending against J&F and certain of its former or current officers to potentially invalidate the Plea Bargain Agreements and impose more severe penalties for additional alleged misconduct that were not disclosed in the annexes to the Plea Bargain Agreements. J&F is conducting an internal investigation in accordance with the terms of the Leniency Agreement, and has engaged outside advisors to assist in conducting this investigation, which is ongoing, and with which we are fully cooperating. JBS S.A. and the Company have engaged outside U.S. legal counsel to: (i) conduct an independent investigation in connection with matters disclosed in the Leniency Agreement and the Plea Bargain Agreements; and (ii) communicate with relevant U.S. authorities, including the Department of Justice regarding the factual findings of that investigation. Additionally, JBS S.A. and the Company have taken, and are continuing to take, measures to enhance their compliance programs, including to prevent and detect bribery and corruption. We cannot predict when the J&F and JBS S.A. investigations will be completed or the results of such investigations, including whether any litigation will be brought against us or the outcome or impact of any resulting litigation. We will monitor the results of the investigations. Any proceedings that require us to make substantial payments, affect our reputation or otherwise interfere with our business operations could have a material adverse effect on our business, financial condition and operating results. Any further developments in these, or other, matters involving the controlling shareholders, directors, or officers of J&F, or other parties affiliated with us, could subject JBS S.A. and its subsidiaries (including the Company) to potential fines or penalties, may materially adversely affect the public perception or reputation of JBS S.A. and its subsidiaries (including the Company) and could have a material adverse effect on JBS S.A. and its subsidiaries (including the Company).

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2019

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 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Sales to related parties:
JBS USA Food Company^(a)	$	3,511	$	4,479	$	7,169	$	6,008
JBS Five Rivers	—		—		—		7,096
JBS Global (UK) Ltd.	43		—		86		—
JBS Chile Ltda.	54		—		132		60
Combo, Mercado De Congelados	24		—		28		—
Total sales to related parties	$	3,632	$	4,479	$	7,415	$	13,164

Cost of goods purchased from related parties:
JBS USA Food Company^(a)	$	32,828	$	34,003	$	63,241	$	61,827
Seara Meats B.V.	4,369		13,437		8,890		17,677
JBS Aves Ltda.	—		380		—		1,083
JBS Toledo NV	88		125		208		290
JBS Global (UK) Ltd.	—		21		—		21
Total cost of goods purchased from related parties	$	37,285	$	47,966	$	72,339	$	80,898

Expenditures paid by related parties:
JBS USA Food Company^(b)	$	8,103	$	28,763	$	18,109	$	39,262
Seara Alimentos	7		—		7		—
JBS Chile Ltda.	1		3		6		3
Total expenditures paid by related parties	$	8,111	$	28,766	$	18,122	$	39,265

Expenditures paid on behalf of related parties:
JBS USA Food Company^(b)	$	1,776	$	2,625	$	3,979	$	4,913
JBS S.A.	—		164		—		164
Seara International Ltd.	—		11		—		31
Total expenditures paid on behalf of related parties	$	1,776	$	2,800	$	3,979	$	5,108



	June 30, 2019		December 30, 2018
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company^(a)	$	904	$	1,236
JBS Chile Ltda.	50		—
Combo, Mercado de Congelados	—		79
Seara International Ltd.	3		16
Total accounts receivable from related parties	$	957	$	1,331

Accounts payable to related parties:
JBS USA Food Company^(a)	$	4,261	$	5,121
Seara Meats B.V.	1,655		2,142
JBS Toledo NV	22		—
JBS Chile Ltda.	—		6
Total accounts payable to related parties	$	5,938	$	7,269


(a)	The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of June 30, 2019, approximately $1.2 million of goods purchased from JBS USA were in transit and not reflected on our Condensed Consolidated Balance Sheet.

(b)

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 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, 2019.

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company operates in three reportable segments: U.S., U.K. and Europe, and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to Mexico based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S.

Information on segments and a reconciliation to income before income taxes are as follows:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
Net Sales	(In thousands)
U.S.	$	1,916,954	$	1,899,435	$	3,800,544	$	3,740,540
U.K. and Europe	535,902		563,102		1,050,865		1,107,402
Mexico	390,229		374,176		716,351		735,449
Total net sales	$	2,843,085	$	2,836,713	$	5,567,760	$	5,583,391



	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
Operating Income	(In thousands)
U.S.	$	186,960		$	99,469		$	301,800		$	226,755
U.K. and Europe	24,194			23,662			36,908			45,075
Mexico	68,372			61,997			77,836			114,867
Elimination	24			(16		)	48			8
Total operating income	279,550			185,112			416,592			386,705
Interest expense, net of capitalized interest	33,594			40,267			67,156			90,567
Interest income	(3,444		)	(4,834		)	(6,784		)	(6,424		)
Foreign currency transaction losses (gains)	2,260			5,630			4,896			3,909
Miscellaneous, net	1,513			(817		)	1,156			(2,434		)
Income before income taxes	$	245,627		$	144,866		$	350,168		$	301,087

In addition to the net sales reported above, the U.S. segment also generated intersegment net sales of $32.5 million and $45.6 million in the thirteen weeks ended June 30, 2019 and July 1, 2018, respectively, from transactions with the Mexico segment and intersegment net sales of $67.5 million and $72.1 million in the twenty-six weeks ended June 30, 2019 and July 1, 2018, respectively, from transactions with the Mexico segment. These intersegment net sales were transacted at market prices.



	June 30, 2019		December 30, 2018
Long-Lived Assets^(a)	(In thousands)
U.S.	$	1,562,325	$	1,506,217
U.K. and Europe	358,782		359,621
Mexico	289,105		295,864
Total assets	$	2,210,212	$	2,161,702

(a)

For this disclosure, we exclude financial instruments, deferred tax assets, operating lease assets and intangible assets in accordance with Accounting Standards Codification (“ASC”) 280-10-50-41, Segment Reporting. Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited condensed 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 thirteen and twenty-six weeks ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 29, 2019. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 30, 2018. The Company 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, 2019) 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 Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for doubtful accounts, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions and valuations of acquired businesses.
Foreign Currency Transactions and Translations	The functional currency of the Company's U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K. and Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company's operations in France and the Netherlands is the euro. For foreign currency-denominated entities other than the Company's Mexico operations, translation from local currencies into U.S. dollars is performed for most assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company's Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records are reflected in Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, net, Accrued expenses and other current liabilities, and Noncurrent operating lease liabilities, less current maturities, in our Condensed Consolidated Balance Sheet. Finance leases are included in Property, plant and equipment, net, Current portion of long-term debt, and Long-term debt, less current maturities, in our Condensed Consolidated Balance Sheet. Beginning with the adoption of Accounting Standards Update (“ASU”) 2016-02 on December 31, 2018, operating lease assets and operating lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease asset also includes any lease payments made, including upfront costs and prepayments, and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate a lease when it is reasonably certain that we will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with a corresponding reduction to the operating lease asset. The Company has lease agreements with lease and non-lease components. Beginning in 2019, lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component.
Restricted Cash	Restricted Cash The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted as of June 30, 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842), along with several updates, 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 operating 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 may elect to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach or the beginning of the period of adoption using a cumulative-effect adjustment approach. We adopted the new standard on December 31, 2018 and recognized and measured leases at the beginning of the period of adoption. We elected the package of practical expedients available under the transition guidance which, among other things, allows the carry-forward of historical lease classification. The Company also elected the practical expedient allowing use of hindsight in assessing the lease term. We made an accounting policy election to not apply the new guidance to leases with a term of 12 months or less and will recognize those payments in the Condensed Consolidated Statement of Income on a straight-line basis over the lease term. We implemented a system solution for administering our leases and facilitating compliance with the new guidance. Adoption of the standard had a material impact on our Condensed Consolidated Balance Sheet as a result of the increase in assets and liabilities from recognition of operating lease assets and operating lease liabilities. However, the standard did not have a material impact on our Condensed Consolidated Statement of Income. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, an accounting standard update that simplifies the application of hedge accounting guidance in current GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Among the simplification updates, the standard eliminates the requirement in current GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is permitted. We have adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, an accounting standard update that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. The Company will not reclassify the stranded tax effects associated with the U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, an accounting standard update to improve non-employee share-based payment accounting. The accounting standard update more closely aligns the accounting for employee and non-employee share based payments. The accounting standards update is effective as of the beginning of our 2019 calendar year with early adoption permitted. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements. Recent Accounting Pronouncements Not Yet Adopted as of June 30, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): 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. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, new accounting guidance to improve the effectiveness of disclosures related to fair value measurements. The new guidance removes certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy along with the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. Additions to the disclosure requirements include more quantitative information related to significant unobservable inputs used in Level 3 fair value measurements and gains and losses included in other comprehensive income. The new guidance will be effective as of our 2020 fiscal year with early adoption permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, new accounting guidance to improve the effectiveness of disclosures related to defined benefit plans by eliminating certain required disclosures, clarifying existing disclosures, and adding new disclosures. Changes include removing disclosures related to the amounts in accumulated other comprehensive income expected to be recognized in the next fiscal year, adding narrative disclosure of the reasons for significant gains and losses related to changes in the defined benefit obligation, and clarifying the disclosures required for plans with projected and accumulated benefit obligations in excess of plan assets. The new guidance will be effective as of our 2020 fiscal year with early adoption permitted. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected an adoption date.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents



	June 30, 2019		December 30, 2018
	(In thousands)
Cash and cash equivalents	$	538,227	$	338,386
Restricted cash	33,379		23,192
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	571,606	$	361,578

Schedule of Restricted Cash and Cash Equivalents



	June 30, 2019		December 30, 2018
	(In thousands)
Cash and cash equivalents	$	538,227	$	338,386
Restricted cash	33,379		23,192
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	571,606	$	361,578

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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 30, 2019
	Level 1			Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	3,594		$	3,594
Commodity options instruments	393			393
Foreign currency instruments	1,372			1,372
Fair value liabilities:
Commodity futures instruments	(14,116		)	(14,116		)
Commodity options instruments	(6,519		)	(6,519		)
Foreign currency instruments	(166		)	(166		)



	December 30, 2018
	Level 1			Total
	(In thousands)
Fair value assets:
Commodity futures instruments	$	2,244		$	2,244
Foreign currency instruments	1,311			1,311
Fair value liabilities:
Commodity futures instruments	(1,479		)	(1,479		)
Commodity option instruments	(3,312		)	(3,312		)
Foreign currency instruments	(6,649		)	(6,649		)

Schedule of Fair Value and Carrying Value of Debt Obligations

The carrying amounts and estimated fair values of our fixed-rate debt obligation recorded in the Condensed Consolidated Balance Sheets consisted of the following:



	June 30, 2019						December 30, 2018
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
				(In thousands)
Fixed-rate senior notes payable at 5.75%, at Level 1 inputs	$	(1,002,296	)	$	(1,017,210	)	$	(1,002,497	)	$	(937,300	)
Fixed-rate senior notes payable at 5.875%, at Level 1 inputs	(844,075		)	(881,875		)	(843,717		)	(768,188		)
Secured loans, at Level 3 inputs	(1,942		)	(1,910		)	(319		)	(319		)

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2019

Accounts Receivable, after Allowance for Credit Loss [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 30, 2019			December 30, 2018
	(In thousands)
Trade accounts receivable	$	540,989		$	533,645
Notes receivable - current	4,223			4,630
Other receivables	44,564			31,331
Receivables, gross	589,776			569,606
Allowance for doubtful accounts	(7,480		)	(8,057		)
Receivables, net	$	582,296		$	561,549

Account receivable from related parties^(a)	$	957		$	1,331

(a) Additional information regarding accounts receivable from related parties is included in “Note 19. Related Party Transactions.”

Activity in the allowance for doubtful accounts for the twenty-six weeks ended June 30, 2019 was as follows (in thousands):



Balance, beginning of period	$	(8,057	)
Provision charged to operating results	(724		)
Account write-offs and recoveries	1,186
Effect of exchange rate	115
Balance, end of period	$	(7,480	)

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:



	June 30, 2019		December 30, 2018
	(In thousands)
Raw materials and work-in-process	$	710,952	$	747,801
Finished products	377,732		317,410
Operating supplies	43,975		43,825
Maintenance materials and parts	53,996		50,483
Total inventories	$	1,186,655	$	1,159,519

INVESTMENTS IN SECURITIES (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

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



	June 30, 2019				December 30, 2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	260,291	$	260,291	$	135,286	$	135,286
Other	88,700		88,700		67,474		67,474

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments and Cash Collateral

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



	June 30, 2019			December 30, 2018
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	3,987		$	2,263
Commodity derivative liabilities	(20,635		)	(4,791		)
Foreign currency derivative assets	1,372			1,311
Foreign currency derivative liabilities	(166		)	(6,649		)
Collateral posted with brokers^(a)	33,379			23,192
Derivatives coverage^(b):
Corn	27.7		%	6.0		%
Soybean meal	29.6		%	6.0		%
Period through which stated percent of needs are covered:
Corn	July 2020			March 2020
Soybean meal	May 2020			December 2019


(a)	Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents.

(b)

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

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:



	Gain (Loss) Recognized in Other Comprehensive Loss on Derivative
	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Foreign currency derivatives	$	1,303		$	(98	)	$	388	$	(97	)
Total	$	1,303		$	(98	)	$	388	$	(97	)

	Gain (Loss) Reclassified from AOCI into Income
	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Foreign currency derivatives	$	(48	)	$	(222	)	$	173	$	(472	)
Total	$	(48	)	$	(222	)	$	173	$	(472	)

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The activity in goodwill by segment for the twenty-six weeks ended June 30, 2019 was as follows:



	December 30, 2018		Currency Translation		June 30, 2019
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
U.K. and Europe	782,207		119		782,326
Mexico	125,607		—		125,607
Total	$	949,750	$	119	$	949,869

Finite-Lived Intangible Assets

Identified intangible assets consisted of the following:



	December 30, 2018			Amortization			Currency Translation		June 30, 2019
	(In thousands)
Carrying amount:
Trade names	$	78,343		$	—		$	—	$	78,343
Customer relationships	247,706			—			13		247,719
Non-compete agreements	320			—			—		320
Trade names not subject to amortization	380,067			—			56		380,123
Accumulated amortization:
Trade names	(43,552		)	(982		)	—		(44,534		)
Customer relationships	(98,441		)	(10,357		)	68		(108,730		)
Non-compete agreements	(315		)	(4		)	—		(319		)
Total identified intangible assets	$	564,128		$	(11,343	)	$	137	$	552,922

Intangible assets are amortized over the estimated useful lives of the assets as follows:



Customer relationships	5-16 years
Trade names	3-20 years
Non-compete agreements	3 years

LEASES (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Components of Lease Expense

Supplemental cash flow information related to leases is as follows (in thousands):



	Twenty-Six Weeks Ended
	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	49,987
Financing cash flows from finance leases	48

Operating lease assets obtained in exchange for operating lease liabilities	$	17,565



	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	June 30, 2019		June 30, 2019
	(In thousands)
Operating lease cost ^(a)	$	25,804	$	51,467
Amortization of finance lease liabilities	21		48
Interest on finance leases	3		6
Short-term and variable lease cost	11,892		26,110
Net lease cost	$	37,720	$	77,631

(a) Sublease income is immaterial and not included in operating lease costs.

Balance Sheet Information Related to Leases

The weighted-average remaining lease term and discount rate for lease liabilities included in our Condensed Consolidated Balance Sheet are as follows:



	June 30, 2019
Weighted-average remaining lease term (years):
Operating leases	5.89
Finance leases	1.36
Weighted-average discount rate:
Operating leases	4.86	%
Finance leases	8.50	%

Lease liabilities as of June 30, 2019 are included in our Condensed Consolidated Balance Sheet as follows (in thousands):



	Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	74,975	$	1
Current maturities of long-term debt	—		90
Noncurrent operating lease liability, less current maturities	243,661		—
Long-term debt, less current maturities	—		41
Total lease liabilities	$	318,636	$	132

Maturities of Finance Lease Liability

Future minimum lease payments under noncancellable leases at June 30, 2019 are as follows (in thousands):



	Operating Leases		Finance Leases
For the fiscal years ending December:
Year 1	$	88,181	$	98
Year 2	65,947		43
Year 3	56,513		—
Year 4	47,836		—
Year 5	37,267		—
Thereafter	70,608		—
Total future minimum lease payments	366,352		141
Less: imputed interest	47,716		9
Present value of lease liabilities	$	318,636	$	132

Maturities of Operating Lease Liability

Future minimum lease payments under noncancellable leases at June 30, 2019 are as follows (in thousands):



	Operating Leases		Finance Leases
For the fiscal years ending December:
Year 1	$	88,181	$	98
Year 2	65,947		43
Year 3	56,513		—
Year 4	47,836		—
Year 5	37,267		—
Thereafter	70,608		—
Total future minimum lease payments	366,352		141
Less: imputed interest	47,716		9
Present value of lease liabilities	$	318,636	$	132

Maturities of Capital Lease Liability

Future minimum lease payments under capital and noncancellable operating leases with terms exceeding one year at December 30, 2018 were as follows (in thousands):



	Capital Lease Obligations			Noncancellable Operating Lease Obligations
For the fiscal years ending December:
Year 1	$	2,971		$	84,220
Year 2	1,033			63,196
Year 3	36			53,908
Year 4	3			45,557
Year 5	—			36,136
Thereafter	—			66,637
Net minimum lease payments	4,043			$	349,654
Amount representing interest	(337		)
Present value of net minimum lease payments	$	3,706

Noncancellable Operating Lease Obligations

Future minimum lease payments under capital and noncancellable operating leases with terms exceeding one year at December 30, 2018 were as follows (in thousands):



	Capital Lease Obligations			Noncancellable Operating Lease Obligations
For the fiscal years ending December:
Year 1	$	2,971		$	84,220
Year 2	1,033			63,196
Year 3	36			53,908
Year 4	3			45,557
Year 5	—			36,136
Thereafter	—			66,637
Net minimum lease payments	4,043			$	349,654
Amount representing interest	(337		)
Present value of net minimum lease payments	$	3,706

PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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



	June 30, 2019			December 30, 2018
	(In thousands)
Land	$	197,582		$	196,769
Buildings	1,711,629			1,697,703
Machinery and equipment	2,636,922			2,618,213
Autos and trucks	61,538			59,195
Construction-in-progress	323,020			269,166
PP&E, gross	4,930,691			4,841,046
Accumulated depreciation	(2,720,479		)	(2,679,344		)
PP&E, net	$	2,210,212		$	2,161,702

CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2019

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 30, 2019		December 30, 2018
	(In thousands)
Accounts payable:
Trade accounts	$	736,963	$	744,105
Book overdrafts	63,421		69,475
Other payables	15,742		16,479
Total accounts payable	816,126		830,059
Accounts payable to related parties^(a)	5,938		7,269
Revenue contract liability^(b)	23,016		33,328
Accrued expenses and other current liabilities:
Compensation and benefits	156,809		149,507
Interest and debt-related fees	31,552		33,596
Insurance and self-insured claims	77,801		80,990
Current maturities of operating lease liabilities	74,975		—
Derivative liabilities:
Commodity futures	14,116		1,479
Commodity options	6,519		3,312
Foreign currency derivatives	166		6,649
Other accrued expenses	146,399		111,408
Total accrued expenses and other current liabilities	508,337		386,941
	$	1,353,417	$	1,257,597

(a) Additional information regarding accounts payable to related parties is included in “Note 19. Related Party Transactions.”

(b) Additional information regarding revenue contract liabilities is included in “Note 13. Revenue Recognition.”

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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 30, 2019			December 30, 2018
		(In thousands)
Long-term debt and other long-term borrowing arrangements:
Senior notes payable, net of premium and discount at 5.75%	2025	$	1,002,296		$	1,002,497
Senior notes payable, net of discount at 5.875%	2027	844,075			843,717
U.S. Credit Facility (defined below):
Term note payable at 3.69%	2023	487,500			500,000
Revolving note payable at 5.25%	2023	—			—
Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8%	2019	3,387			2,277
Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50%	On Demand	—			88
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00%	2023	—			—
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50%	2023	—			—
Secured loans with payables at weighted average of 3.69%	Various	1,942			319
Finance lease obligations	Various	131			3,707
Long-term debt		2,339,331			2,352,605
Less: Current maturities of long-term debt		(30,282		)	(30,405		)
Long-term debt, less current maturities		2,309,049			2,322,200
Less: Capitalized financing costs		(25,202		)	(27,010		)
Long-term debt, less current maturities, net of capitalized financing costs:		$	2,283,847		$	2,295,190

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows.



	Thirteen Weeks Ended June 30, 2019						Twenty-Six Weeks Ended June 30, 2019
	Domestic		Export		Net Sales		Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,847,491	$	69,463	$	1,916,954	$	3,665,637	$	134,907	$	3,800,544
U.K. and Europe	468,882		67,020		535,902		920,681		130,184		1,050,865
Mexico	390,229		—		390,229		716,351		—		716,351
Net Sales	$	2,706,602	$	136,483	$	2,843,085	$	5,302,669	$	265,091	$	5,567,760



	Thirteen Weeks Ended July 1, 2018						Twenty-Six Weeks Ended July 1, 2018
	Domestic		Export		Net Sales		Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,844,662	$	54,773	$	1,899,435	$	3,610,602	$	129,938	$	3,740,540
U.K. and Europe	477,939		85,163		563,102		942,306		165,096		1,107,402
Mexico	374,176		—		374,176		735,449		—		735,449
Net Sales	$	2,696,777	$	139,936	$	2,836,713	$	5,288,357	$	295,034	$	5,583,391

Contract Balances

Changes in the revenue contract liability balances during the twenty-six weeks ended June 30, 2019 are as follows (in thousands):



Balance, beginning of period	$	33,328
Revenue recognized	(18,590		)
Cash received, excluding amounts recognized as revenue during the period	8,278
Balance, end of period	$	23,016

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

6 Months Ended

Jun. 30, 2019

Defined Benefit Plan [Abstract]

Schedule of Defined Benefit Plan 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 the defined benefit plans were as follows:



	Twenty-Six Weeks Ended June 30, 2019						Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of period	$	157,619		$	1,462		$	178,247		$	1,603
Interest cost	2,934			26			2,731			23
Actuarial losses (gains)	13,734			96			(9,465		)	(62		)
Benefits paid	(3,020		)	(74		)	(4,473		)	(74		)
Curtailments and settlements	(5,718		)	—			—			—
Projected benefit obligation, end of period	$	165,549		$	1,510		$	167,040		$	1,490



	Twenty-Six Weeks Ended June 30, 2019						Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of period	$	102,414		$	—		$	112,570		$	—
Actual return on plan assets	12,504			—			97			—
Contributions by employer	3,924			74			5,581			74
Benefits paid	(3,020		)	(74		)	(4,473		)	(74		)
Curtailments and settlements	(5,718		)	—			—			—
Fair value of plan assets, end of period	$	110,104		$	—		$	113,775		$	—



	June 30, 2019						December 30, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Funded status:	(In thousands)
Unfunded benefit obligation, end of period	$	(55,445	)	$	(1,510	)	$	(55,205	)	$	(1,462	)



	June 30, 2019						December 30, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:	(In thousands)
Current liability	$	(8,239	)	$	(148	)	$	(8,267	)	$	(149	)
Long-term liability	(47,206		)	(1,362		)	(46,938		)	(1,313		)
Recognized liability	$	(55,445	)	$	(1,510	)	$	(55,205	)	$	(1,462	)



	June 30, 2019				December 30, 2018
	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)	$	55,685	$	62	$	54,343	$	(34	)

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 30, 2019					Thirteen Weeks Ended July 1, 2018					Twenty-Six Weeks Ended June 30, 2019					Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits
	(In thousands)
Interest cost	$	1,467		$	13	$	1,365		$	11	$	2,934		$	26	$	2,731		$	23
Estimated return on plan assets	(1,349		)	—		(1,516		)	—		(2,698		)	—		(3,033		)	—
Settlement loss	1,930			—		—			—		1,930			—		—			—
Amortization of net loss	328			—		301			—		656			—		602			—
Net costs	$	2,376		$	13	$	150		$	11	$	2,822		$	26	$	300		$	23

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 30, 2019				December 30, 2018
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.60	%	3.15	%	4.40	%	4.07	%



	Twenty-Six Weeks Ended June 30, 2019				Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.40	%	4.07	%	3.69	%	3.39	%
Expected return on plan assets	5.50	%	NA		5.50	%	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	$	(4,122	)	$	4,329

Schedule of Plan Asset Allocations

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



	June 30, 2019		December 30, 2018
Cash and cash equivalents	1	%	—	%
Interest income receivable	—	%	—	%
Pooled separate accounts^(a):
Equity securities	5	%	4	%
Fixed income securities	4	%	5	%
Common collective trust funds^(a):
Equity securities	45	%	45	%
Fixed income securities	40	%	41	%
Real estate	5	%	5	%
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 30, 2019 and December 30, 2018:



	June 30, 2019								December 30, 2018
	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	$	966	$	—	$	—	$	966	$	110	$	—	$	—	$	110
Interest income receivable	1		—		—		1		—		—		—		—
Pooled separate accounts:
Large U.S. equity funds^(d)	—		3,036		—		3,036		—		2,491		—		2,491
Small/Mid U.S. equity funds^(e)	—		364		—		364		—		292		—		292
International equity funds^(f)	—		1,730		—		1,730		—		1,489		—		1,489
Fixed income funds^(g)	—		4,670		—		4,670		—		4,763		—		4,763
Common collective trusts funds:
Large U.S. equity funds^(d)	—		20,013		—		20,013		—		17,351		—		17,351
Small U.S. equity funds^(e)	—		6,475		—		6,475		—		5,880		—		5,880
International equity funds^(f)	—		23,376		—		23,376		—		22,516		—		22,516
Fixed income funds^(g)	—		44,003		—		44,003		—		42,217		—		42,217
Real estate^(h)	—		5,470		—		5,470		—		5,305		—		5,305
Total assets	$	967	$	109,137	$	—	$	110,104	$	110	$	102,304	$	—	$	102,414


(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). These investment options typically carry more risk than short-term fixed income investment options, but less overall risk than equities.

(h)

This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.

Schedule of Benefit Payments



	Pension Benefits		Other Benefits
	(In thousands)
2019 (remaining)	$	8,986	$	74
2020	11,526		147
2021	11,200		145
2022	10,891		141
2023	10,627		137
2024-2028	48,429		589
Total	$	101,659	$	1,233

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 30, 2019						Twenty-Six Weeks Ended July 1, 2018
	Pension Benefits			Other Benefits			Pension Benefits			Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	54,343		$	(34	)	$	54,235		$	35
Amortization	(656		)	—			(602		)	—
Curtailment and settlement adjustments	(1,930		)	—			—			—
Actuarial loss (gain)	13,734			96			(9,465		)	(62		)
Asset loss (gain)	(9,806		)	—			2,936			—
Net actuarial loss (gain), end of period	$	55,685		$	62		$	47,104		$	(27	)

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2019

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 30, 2019^(a)
	Losses Related to Foreign Currency Translation			Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Losses on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	(55,770	)	$	(683	)	$	(71,463	)	$	82		$	(127,834	)
Other comprehensive income (loss) before reclassifications	(611		)	388			(2,873		)	147			(2,949		)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—			(173		)	496			(231		)	92
Currency translation	—			12			—			—			12
Net current period other comprehensive income (loss)	(611		)	227			(2,377		)	(84		)	(2,845		)
Balance, end of period	$	(56,381	)	$	(456	)	$	(73,840	)	$	(2	)	$	(130,679	)



	Twenty-Six Weeks Ended July 1, 2018^(a)
	Gains Related to Foreign Currency Translation			Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	42,081		$	(1,848	)	$	(71,434	)	$	61		$	(31,140	)
Other comprehensive income (loss) before reclassifications	(38,507		)	(97		)	4,987			932			(32,685		)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—			472			455			(680		)	247
Currency translation	—			(6		)	—			—			(6		)
Net current period other comprehensive income (loss)	(38,507		)	369			5,442			252			(32,444		)
Balance, end of period	$	3,574		$	(1,479	)	$	(65,992	)	$	313		$	(63,584	)

(a)

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

Schedule of Reclassification from Accumulated Other Comprehensive Loss



	Amounts Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Twenty-Six Weeks Ended June 30, 2019			Twenty-Six Weeks Ended July 1, 2018			Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gain (loss) on settlement of derivative financial instruments classified as cash flow hedges	$	173		$	(472	)	Cost of sales
Realized gain on sale of securities	307			899			Interest income
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Union employees pension plan^(b)(d)	(36		)	(24		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(193		)	(180		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(427		)	(397		)	Selling, general and administrative expense
Total before tax	(176		)	(174		)
Tax benefit	84			(73		)
Total reclassification for the period	$	(92	)	$	(247	)


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


(b)	The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.

(c)


(d)	These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 14. Pension and Other Postretirement Benefits” to the Condensed Consolidated Financial Statements.

INCENTIVE COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2019

INCENTIVE COMPENSATION [Abstract]

Schedule of Awards

The following LTIP awards were outstanding during the twenty-six weeks ended June 30, 2019:

Award Type

Awards Granted

Grant Date

Intended Settlement Method

Grant Date Fair Value
per Award

Milestone Date Fair Value per Award

Vesting Condition

Vesting Date

Awards Forfeited to Date

RSU

410,000

2/14/2018

Stock

25.59

Service

1/1/2019

—

RSU

163,764

3/1/2018

Stock

24.93

Service

(a)

45,755

RSU

250,351

3/1/2018

Stock

24.93

Performance / Service

(b)

151,229

RSU

33,174

3/1/2018

Cash

24.93

25.39

Performance / Service

(c)

—

RSU

8,358

5/10/2018

Stock

21.54

Service

(d)

—

RSU

2,786

5/10/2018

Cash

21.54

26.86

Service

5/1/2019

—

RSU

262,500

12/18/2018

Stock

16.06

Service

7/1/2019

—

RSU

396,763

1/7/2019

Stock

16.47

Performance / Service

(e)

89,285

RSU

109,654

1/7/2019

Cash

16.47

25.39

Performance / Service

(f)

—

RSU

200,000

4/30/2019

Stock

26.91

Service

7/1/2020

—


(a)	The restricted stock units vest in ratable tranches on December 31, 2018, December 31, 2019 and December 31, 2020. Expected compensation cost related to these units totals $2.9 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.


(b)	The restricted stock units vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Expected compensation cost related to these units totals $2.5 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.


(c)	The restricted stock units vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Expected compensation cost related to these units totals $0.8 million based on a closing stock price for the Company's common stock of $25.39 per share on June 30, 2019. Compensation cost will be amortized to profit/loss over the remaining vesting period.


(d)	These restricted stock units were granted to the three non-employees who currently serve on the Company's Board of Directors. Each participating director's units will vest upon his departure from the Company's Board of Directors. Compensation cost was recognized in profit/loss upon the grant date.

(e)

(f)

If performance conditions related to the Company's 2019 operating results are satisfied, the restricted stock units vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Expected compensation cost related to these units totals $2.8 million based on a closing stock price for the Company's common stock of $25.39 per share on June 30, 2019. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

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 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	150	$	117	$	162	$	169
Selling, general and administrative expense	3,185		4,243		5,055		5,464
Total cost	3,335		4,360		5,217		5,633
Income tax benefit	812		1,061		1,270		1,371
Net cost	$	2,523	$	3,299	$	3,947	$	4,262

Liability-based awards compensation cost:
Selling, general and administrative expense	$	228	$	—	$	228	$	—
Income tax benefit	55		—		55		—
Net cost	$	173	$	—	$	173	$	—

Schedule of Restricted Share and Restricted Stock Unit Activity

The Company’s RSU activity is included below:



	Twenty-Six Weeks Ended June 30, 2019				Twenty-Six Weeks Ended July 1, 2018
	Number		Weighted Average Grant Date Fair Value		Number		Weighted Average Grant Date Fair Value
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of period	1,033		$	22.91	389		$	18.39
Granted	597		19.97		849		25.20
Vested	(459	)	25.52		—		—
Forfeited	(224	)	21.57		(417	)	18.82
Outstanding at end of period	947		$	20.11	821		$	25.21

	Twenty-Six Weeks Ended June 30, 2019				Twenty-Six Weeks Ended July 1, 2018
	Number		Weighted Average Milestone Date Fair Value^(a)		Number		Weighted Average Milestone Date Fair Value^(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of period	—		$	—	—		$	—
Granted	146		16.25		—		—
Vested	(3	)	26.86		—		—
Outstanding at end of period	143		$	25.39	—		$	—

(a)

The milestone date fair value is the closing price of a share of the Company's common stock on the respective milestone date (i.e., grant date, vesting date, forfeiture date or financial reporting date).

RESTRUCTURING-RELATED ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table provides a summary of our estimates of net costs associated with these restructuring initiatives by major type of cost:



Type of Cost	40 North Foods		GNP		Total Estimated Amount Expected to be Incurred
	(In thousands)
Employee termination benefits	$	449	$	4,224	$	4,673
Inventory adjustments	—		472		472
Asset impairments	103		781		884
Other, net^(a)	18		736		754
Total estimated costs, net	$	570	$	6,213	$	6,783


^(a)	Comprised of other costs directly related to the restructuring initiatives, including prepaid software impairment, St. Cloud, Minnesota office lease costs, Luverne, Minnesota plant closure costs, and Boulder, Colorado office lease costs and sublease income.

During the thirteen and twenty-six weeks ended June 30, 2019, the Company recognized the following expenses (income) and paid (received) the following cash related to each restructuring initiative:



	Thirteen Weeks Ended June 30, 2019						Twenty-Six Weeks Ended June 30, 2019
	Expenses (Income)			Cash Outlays (Receipts)			Expenses (Income)			Cash Outlays (Receipts)
	(In thousands)
40 North Foods - Other, net	$	(43	)	$	(15	)	$	(70	)	$	(14	)
GNP - Employee termination benefits	—			19			—			53
	$	(43	)	$	4		$	(70	)	$	39

Schedule of Restructuring Reserve

June 30, 2019. Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. The ending reserve balance for inventory impairments is reported in the line item Inventories in our Condensed Consolidated Balance Sheets.



	40 North Foods									GNP
	Employee Termination Benefits			Other, Net			Total			Employee Termination Benefits			Inventory Impairments			Other, Net			Total
	(In thousands)
Restructuring charges incurred	$	—		$	—		$	—		$	3,381		$	699		$	752		$	4,832
Cash payments and disposals	—			—			—			(2,581		)	—			—			(2,581		)
Liability or reserve at December 31, 2017	—			—			—			800			699			752			2,251
Restructuring charges incurred	449			150			599			936			(227		)	(17		)	692
Restructuring income recognized	—			(35		)	(35		)	—			—			—			—
Cash payments and disposals	(449		)	(65		)	(514		)	(1,500		)	(472		)	(735		)	(2,707		)
Cash received	—			36			36			—			—			—			—
Liability or reserve at December 30, 2018	—			86			86			236			—			—			236
Restructuring income recognized	—			(70		)	(70		)	—			—			—			—
Cash payments and disposals	—			(56		)	(56		)	(53		)	—			—			(53		)
Cash received	—			70			70			—			—			—			—
Liability or reserve at June 30, 2019	$	—		$	30		$	30		$	183		$	—		$	—		$	183

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2019

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 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Sales to related parties:
JBS USA Food Company^(a)	$	3,511	$	4,479	$	7,169	$	6,008
JBS Five Rivers	—		—		—		7,096
JBS Global (UK) Ltd.	43		—		86		—
JBS Chile Ltda.	54		—		132		60
Combo, Mercado De Congelados	24		—		28		—
Total sales to related parties	$	3,632	$	4,479	$	7,415	$	13,164

Cost of goods purchased from related parties:
JBS USA Food Company^(a)	$	32,828	$	34,003	$	63,241	$	61,827
Seara Meats B.V.	4,369		13,437		8,890		17,677
JBS Aves Ltda.	—		380		—		1,083
JBS Toledo NV	88		125		208		290
JBS Global (UK) Ltd.	—		21		—		21
Total cost of goods purchased from related parties	$	37,285	$	47,966	$	72,339	$	80,898

Expenditures paid by related parties:
JBS USA Food Company^(b)	$	8,103	$	28,763	$	18,109	$	39,262
Seara Alimentos	7		—		7		—
JBS Chile Ltda.	1		3		6		3
Total expenditures paid by related parties	$	8,111	$	28,766	$	18,122	$	39,265

Expenditures paid on behalf of related parties:
JBS USA Food Company^(b)	$	1,776	$	2,625	$	3,979	$	4,913
JBS S.A.	—		164		—		164
Seara International Ltd.	—		11		—		31
Total expenditures paid on behalf of related parties	$	1,776	$	2,800	$	3,979	$	5,108



	June 30, 2019		December 30, 2018
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company^(a)	$	904	$	1,236
JBS Chile Ltda.	50		—
Combo, Mercado de Congelados	—		79
Seara International Ltd.	3		16
Total accounts receivable from related parties	$	957	$	1,331

Accounts payable to related parties:
JBS USA Food Company^(a)	$	4,261	$	5,121
Seara Meats B.V.	1,655		2,142
JBS Toledo NV	22		—
JBS Chile Ltda.	—		6
Total accounts payable to related parties	$	5,938	$	7,269


(a)	The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of June 30, 2019, approximately $1.2 million of goods purchased from JBS USA were in transit and not reflected on our Condensed Consolidated Balance Sheet.

(b)

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Information on segments and a reconciliation to income before income taxes are as follows:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
Net Sales	(In thousands)
U.S.	$	1,916,954	$	1,899,435	$	3,800,544	$	3,740,540
U.K. and Europe	535,902		563,102		1,050,865		1,107,402
Mexico	390,229		374,176		716,351		735,449
Total net sales	$	2,843,085	$	2,836,713	$	5,567,760	$	5,583,391



	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
Operating Income	(In thousands)
U.S.	$	186,960		$	99,469		$	301,800		$	226,755
U.K. and Europe	24,194			23,662			36,908			45,075
Mexico	68,372			61,997			77,836			114,867
Elimination	24			(16		)	48			8
Total operating income	279,550			185,112			416,592			386,705
Interest expense, net of capitalized interest	33,594			40,267			67,156			90,567
Interest income	(3,444		)	(4,834		)	(6,784		)	(6,424		)
Foreign currency transaction losses (gains)	2,260			5,630			4,896			3,909
Miscellaneous, net	1,513			(817		)	1,156			(2,434		)
Income before income taxes	$	245,627		$	144,866		$	350,168		$	301,087



	June 30, 2019		December 30, 2018
Long-Lived Assets^(a)	(In thousands)
U.S.	$	1,562,325	$	1,506,217
U.K. and Europe	358,782		359,621
Mexico	289,105		295,864
Total assets	$	2,210,212	$	2,161,702

(a)

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Additional Information (Details) bird / WK in Millions, lb in Billions	6 Months Ended
	Jun. 30, 2019 employee bird / WK state grower country lb
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity exports products \| country	100
Number of states in which entity operates \| state	14
Number of employees \| employee	52,600
Maximum processing capacity of employees per week (in birds per week) \| bird / WK	45.4
Maximum annual processing capacity of employees (in pounds) (more than) \| lb	12.9
Number of contract growers \| grower	5,000
Percentage of beneficial ownership by holding company	78.40%

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 538,227	$ 338,386
Restricted cash	33,379	23,192
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 571,606	$ 361,578	$ 674,027	$ 589,531

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Commodity futures instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 3,594	$ 2,244
Derivative liabilities	(14,116)	(1,479)
Commodity futures instruments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,594	2,244
Derivative liabilities	(14,116)	(1,479)
Commodity options instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	393
Derivative liabilities	(6,519)	(3,312)
Commodity options instruments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	393
Derivative liabilities	(6,519)	(3,312)
Foreign currency instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,372	1,311
Derivative liabilities	(166)	(6,649)
Foreign currency instruments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,372	1,311
Derivative liabilities	$ (166)	$ (6,649)

FAIR VALUE MEASUREMENTS - Schedule of Fair Value and Carrying Amount of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Sep. 29, 2017	Mar. 11, 2015
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.75%			5.75%
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.875%		5.875%
Senior notes \| Level 1 \| Carrying Amount \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	$ (1,002,296)	$ (1,002,497)
Senior notes \| Level 1 \| Carrying Amount \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	(844,075)	(843,717)
Senior notes \| Level 1 \| Fair Value \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	(1,017,210)	(937,300)
Senior notes \| Level 1 \| Fair Value \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	(881,875)	(768,188)
Secured loans \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	(1,942)	(319)
Secured loans \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate senior notes payable	$ (1,910)	$ (319)

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 30, 2018
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade accounts receivable		$ 540,989	$ 533,645
Notes receivable - current		4,223	4,630
Other receivables		44,564	31,331
Receivables, gross		589,776	569,606
Allowance for doubtful accounts	$ (7,480)	(7,480)	(8,057)
Receivables, net		582,296	561,549
Account receivable from related parties		$ 957	$ 1,331
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	(8,057)
Provision charged to operating results	(724)
Account write-offs and recoveries	1,186
Effect of exchange rate	115
Balance, end of period	$ (7,480)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 710,952	$ 747,801
Finished products	377,732	317,410
Operating supplies	43,975	43,825
Maintenance materials and parts	53,996	50,483
Total inventories	$ 1,186,655	$ 1,159,519

INVESTMENTS IN SECURITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
INVESTMENTS IN SECURITIES (Details) - USD ($)	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
Debt Securities, Available-for-sale [Line Items]
Gross realized gains	$ 2,900,000	$ 1,800,000	$ 5,100,000	$ 2,900,000
Proceeds from sale or maturity of available-for-sale securities	0		0
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	260,291,000		260,291,000		$ 135,286,000
Fair Value	260,291,000		260,291,000		135,286,000
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	88,700,000		88,700,000		67,474,000
Fair Value	$ 88,700,000		$ 88,700,000		$ 67,474,000

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gains (losses) on derivative financial instruments	$ (0.5)	$ (24.0)	$ (8.5)	$ 17.6
Cash flow hedge gain (loss) to be reclassified within twelve months			$ 0.9

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 30, 2018
Fair values:
Collateral posted with brokers	$ 33,379	$ 23,192
Corn
Derivatives Coverage:
Derivatives coverage (as a percentage)	27.70%	6.00%
Soybean meal
Derivatives Coverage:
Derivatives coverage (as a percentage)	29.60%	6.00%
Commodity
Fair values:
Derivative assets, gross	$ 3,987	$ 2,263
Derivative liabilities, gross	(20,635)	(4,791)
Foreign currency
Fair values:
Derivative assets, gross	1,372	1,311
Derivative liabilities, gross	$ (166)	$ (6,649)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedges Included in AOCI (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Loss on Derivative	$ 1,303	$ (98)	$ 388	$ (97)
Gain (Loss) Reclassified from AOCI into Income	(48)	(222)	173	(472)
Foreign currency derivatives
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Loss on Derivative	1,303	(98)	388	(97)
Gain (Loss) Reclassified from AOCI into Income	$ (48)	$ (222)	$ 173	$ (472)

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Goodwill [Roll Forward]
Balance, beginning of period	$ 949,750
Currency Translation	119
Balance, end of period	949,869
U.S.
Goodwill [Roll Forward]
Balance, beginning of period	41,936
Currency Translation	0
Balance, end of period	41,936
U.K. and Europe
Goodwill [Roll Forward]
Balance, beginning of period	782,207
Currency Translation	119
Balance, end of period	782,326
Mexico
Goodwill [Roll Forward]
Balance, beginning of period	125,607
Currency Translation	0
Balance, end of period	$ 125,607

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (11,343)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
December 30, 2018	564,128
Currency Translation	137
June 30, 2019	552,922
Trade names
Indefinite-lived Intangible Assets [Rollforward]
December 30, 2018	380,067
Currency Translation	56
June 30, 2019	380,123
Trade names
Finite-lived Intangible Assets [Rollforward]
December 30, 2018	78,343
Currency Translation	0
June 30, 2019	78,343
Accumulated Amortization Rollforward [Roll Forward]
December 30, 2018	(43,552)
Amortization	(982)
Currency Translation	0
June 30, 2019	(44,534)
Customer relationships
Finite-lived Intangible Assets [Rollforward]
December 30, 2018	247,706
Currency Translation	13
June 30, 2019	247,719
Accumulated Amortization Rollforward [Roll Forward]
December 30, 2018	(98,441)
Amortization	(10,357)
Currency Translation	68
June 30, 2019	(108,730)
Non-compete agreements
Finite-lived Intangible Assets [Rollforward]
December 30, 2018	320
Currency Translation	0
June 30, 2019	320
Accumulated Amortization Rollforward [Roll Forward]
December 30, 2018	(315)
Amortization	(4)
Currency Translation	0
June 30, 2019	$ (319)

GOODWILL AND INTANGIBLE ASSETS - Estimated Useful Lives of Finite-Lived Intangible Assets (Details)	6 Months Ended
	Jun. 30, 2019
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	16 years
Trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	3 years
Trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	3 years

LEASES - Narrative (Details)	6 Months Ended
LEASES - Narrative (Details)	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Termination term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	16 years

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 25,804	$ 51,467
Amortization of finance lease liabilities	21	48
Interest on finance leases	3	6
Short-term and variable lease cost	11,892	26,110
Net lease cost	$ 37,720	$ 77,631

LEASES - Weighted Average Lease Term and Discount Rate (Details)	Jun. 30, 2019
Weighted-average remaining lease term (years):
Operating leases	5 years 10 months 20 days
Finance leases	1 year 4 months 9 days
Weighted-average discount rate:
Operating leases	4.86%
Finance leases	8.50%

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 49,987
Financing cash flows from finance leases	48
Operating lease assets obtained in exchange for operating lease liabilities	$ 17,565

LEASES - Future Minimum Lease Payments on Non-cancellable Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Operating Leases
Year 1	$ 88,181
Year 2	65,947
Year 3	56,513
Year 4	47,836
Year 5	37,267
Thereafter	70,608
Total future minimum lease payments	366,352
Less: imputed interest	47,716
Present value of lease liabilities	318,636
Finance Leases
Year 1	98
Year 2	43
Year 3	0
Year 4	0
Year 5	0
Thereafter	0
Total future minimum lease payments	141
Less: imputed interest	9
Present value of lease liabilities	$ 132
Capital Lease Obligations
Year 1		$ 2,971
Year 2		1,033
Year 3		36
Year 4		3
Year 5		0
Thereafter		0
Net minimum lease payments		4,043
Amount representing interest		(337)
Present value of net minimum lease payments		3,706
Noncancellable Operating Lease Obligations
Year 1		84,220
Year 2		63,196
Year 3		53,908
Year 4		45,557
Year 5		36,136
Thereafter		66,637
Net minimum lease payments		$ 349,654

LEASES - Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating Leases	$ 318,636
Finance Leases	132
Accrued expenses and other current liabilities
Lessee, Lease, Description [Line Items]
Operating Leases	74,975
Finance Leases	1
Current maturities of long-term debt
Lessee, Lease, Description [Line Items]
Operating Leases	0
Finance Leases	90
Noncurrent operating lease liability, less current maturities
Lessee, Lease, Description [Line Items]
Operating Leases	243,661
Finance Leases	0
Long-term debt, less current maturities
Lessee, Lease, Description [Line Items]
Operating Leases	0
Finance Leases	$ 41

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Property, Plant and Equipment [Line Items]
PP&E, gross	$ 4,930,691	$ 4,841,046
Accumulated depreciation	(2,720,479)	(2,679,344)
PP&E, net	2,210,212	2,161,702
Land
Property, Plant and Equipment [Line Items]
PP&E, gross	197,582	196,769
Buildings
Property, Plant and Equipment [Line Items]
PP&E, gross	1,711,629	1,697,703
Machinery and equipment
Property, Plant and Equipment [Line Items]
PP&E, gross	2,636,922	2,618,213
Autos and trucks
Property, Plant and Equipment [Line Items]
PP&E, gross	61,538	59,195
Construction-in-progress
Property, Plant and Equipment [Line Items]
PP&E, gross	$ 323,020	$ 269,166

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation	$ 65,700	$ 61,900	$ 127,200	$ 122,600
Payments for capital projects			177,609	155,188
Transfer of property, plant and equipment			116,500	109,600
Proceeds from property disposals	1,200	200	1,740	1,205
Gain (loss) on property disposals	(300)	$ (100)	(230)	$ (239)
Assets held for sale	146		146		$ 178
Idled assets, carrying amount	41,900		41,900
Idled assets, depreciable value	137,100		137,100
Idled assets, accumulated depreciation	$ 95,200		$ 95,200

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Accounts payable:
Trade accounts	$ 736,963	$ 744,105
Book overdrafts	63,421	69,475
Other payables	15,742	16,479
Total accounts payable	816,126	830,059
Accounts payable to related parties	5,938	7,269
Revenue contract liability	23,016	33,328
Accrued expenses and other current liabilities:
Compensation and benefits	156,809	149,507
Interest and debt-related fees	31,552	33,596
Insurance and self-insured claims	77,801	80,990
Current maturities of operating lease liabilities	74,975
Derivative liabilities:
Other accrued expenses	146,399	111,408
Total accrued expenses and other current liabilities	508,337	386,941
Total accounts payable, accrued expenses and other current liabilities	1,353,417	1,257,597
Commodity futures
Derivative liabilities:
Derivative liabilities	14,116	1,479
Commodity options
Derivative liabilities:
Derivative liabilities	6,519	3,312
Foreign currency derivatives
Derivative liabilities:
Derivative liabilities	$ 166	$ 6,649

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands			6 Months Ended
	Dec. 14, 2018	Jun. 02, 2018	Jun. 30, 2019	Dec. 30, 2018	Sep. 29, 2017	Mar. 11, 2015
Debt Instrument [Line Items]
Finance lease obligations			$ 131
Finance lease obligations				$ 3,707
Long-term debt			2,339,331	2,352,605
Less: Current maturities of long-term debt			(30,282)	(30,405)
Long-term debt, less current maturities			2,309,049	2,322,200
Less: Capitalized financing costs			(25,202)	(27,010)
Long-term debt, less current maturities, net of capitalized financing costs:			$ 2,283,847	2,295,190
Credit facility \| Revolving note payable at 5.25%
Debt Instrument [Line Items]
Stated interest rate			5.25%
Long-term debt			$ 0	0
Credit facility \| Term note payable at 3.69%
Debt Instrument [Line Items]
Stated interest rate			3.69%
Long-term debt			$ 487,500	500,000
Credit facility \| Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8%
Debt Instrument [Line Items]
Long-term debt			$ 3,387	2,277
Credit facility \| Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8% \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.80%
Credit facility \| Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50%
Debt Instrument [Line Items]
Long-term debt			$ 0	88
Credit facility \| Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50% \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00%
Debt Instrument [Line Items]
Long-term debt			$ 0	0
Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%	2.00%
Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%	1.25%
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50%
Debt Instrument [Line Items]
Long-term debt			$ 0	0
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%		1.50%
Senior notes \| Senior notes payable, net of premium and discount at 5.75%
Debt Instrument [Line Items]
Stated interest rate			5.75%			5.75%
Long-term debt			$ 1,002,296	1,002,497
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Stated interest rate			5.875%		5.875%
Long-term debt			$ 844,075	843,717
Secured loans with payables at weighted average of 3.69%
Debt Instrument [Line Items]
Weighted average interest rate			3.69%
Long-term debt			$ 1,942	$ 319

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Narrative (Details)							1 Months Ended		6 Months Ended
	Dec. 14, 2018 USD ($)	Dec. 03, 2018 EUR (€)	Jul. 20, 2018 USD ($)	Jun. 02, 2018	Mar. 07, 2018 USD ($)	Sep. 29, 2017 USD ($)	Jun. 30, 2018	Jun. 30, 2009 EUR (€)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)	Dec. 30, 2018 USD ($)	Mar. 11, 2015 USD ($)
Senior notes payable, net of premium and discount at 5.75% \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 250,000,000.0	$ 250,000,000.0						$ 500,000,000.0
Stated interest rate									5.75%	5.75%		5.75%
Add on offering, percent of face value					99.25%	102.00%
Proceeds from issuance of debt					$ 248,100,000	$ 255,000,000.0
Unamortized premium						5,000,000.0
Unamortized discount					1,900,000
Long-term debt									$ 1,002,296,000		$ 1,002,497,000
Senior notes payable, net of discount at 5.875% \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 250,000,000.0	$ 600,000,000.0
Stated interest rate						5.875%			5.875%	5.875%
Add on offering, percent of face value					97.25%
Proceeds from issuance of debt					$ 243,100,000
Unamortized discount					$ 6,900,000
Long-term debt									$ 844,075,000		843,717,000
Revolving note payable at 5.25% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate									5.25%	5.25%
Long-term debt									$ 0		0
Revolving note payable at 5.25% \| CoBank, ACB \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 750,000,000.0
Outstanding borrowings									$ 0
Term note payable at 3.69% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate									3.69%	3.69%
Long-term debt									$ 487,500,000		500,000,000
Term note payable at 3.69% \| CoBank, ACB \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			500,000,000.0
Long-term debt									487,500,000
US Credit Facility \| CoBank, ACB \| Credit facility
Debt Instrument [Line Items]
Available increase to aggregate revolving loan commitment			$ 1,250,000,000
Quarterly principal payment required, percent of original principal amount			1.25%
Current borrowing capacity									708,400,000
Letters of credit outstanding									41,600,000
Credit facility, capital expenditures limit			$ 500,000,000.0
US Credit Facility \| CoBank, ACB \| Credit facility \| U.S. and Puerto Rico Subsidiaries
Debt Instrument [Line Items]
Percentage of equity interest guaranteed for debt			100.00%
US Credit Facility \| CoBank, ACB \| Credit facility \| Foreign Subsidiaries
Debt Instrument [Line Items]
Percentage of equity interest guaranteed for debt			65.00%
US Credit Facility \| Credit facility \| CoBank, ACB \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
US Credit Facility \| Credit facility \| CoBank, ACB \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
US Credit Facility \| Credit facility \| CoBank, ACB \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
US Credit Facility \| Credit facility \| CoBank, ACB \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
US Credit Facility \| Credit facility \| CoBank, ACB \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
US Credit Facility \| Credit facility \| CoBank, ACB \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
US Credit Facility \| Credit facility \| CoBank, ACB \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 75,000,000.0
US Credit Facility \| Credit facility \| CoBank, ACB \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 125,000,000.0
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility
Debt Instrument [Line Items]
Long-term debt									$ 0		0
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%					1.25%
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%					2.00%
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Governor and the Company of the Bank of Ireland \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| £										£ 100,000,000.0
Current borrowing capacity									$ 127,000,000.0
Outstanding borrowings									0
Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8% \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity									11,400,000
Long-term debt									3,387,000		2,277,000
Current borrowing capacity									8,000,000.0
Outstanding borrowings									$ 3,400,000
Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8% \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate									0.80%
Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8% \| Credit facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| €								€ 20,000,000.0
Line of credit facility increase decrease percent							0.50
Moy Park France Invoice Discounting Revolver with payables at EURIBOR plus 0.8% \| Credit facility \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate								0.80%
Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Long-term debt									$ 0		88,000
Outstanding borrowings									$ 0
Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50% \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate									1.50%
Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50% \| Credit facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| €		€ 500,000
Moy Park Credit Agricole Bank Overdraft with notes payable at EURIBOR plus 1.50% \| Credit facility \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000								$ 78,000,000.0
Long-term debt									0		$ 0
Outstanding borrowings									$ 0
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%								1.50%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 75,547	$ 38,522	$ 95,963	$ 75,519
Effective income tax rate			27.40%	25.10%
Other comprehensive income (loss), tax expense (benefit)			$ (900)	$ (200)
Foreign Tax Authority \| Mexican Tax Authority \| Tax Year 2011
Income Tax Contingency [Line Items]
Loss in period			$ 16,500

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Disaggregation of Revenue [Line Items]
Net Sales	$ 2,843,085	$ 2,836,713	$ 5,567,760	$ 5,583,391
U.S.
Disaggregation of Revenue [Line Items]
Net Sales	1,916,954	1,899,435	3,800,544	3,740,540
U.K. and Europe
Disaggregation of Revenue [Line Items]
Net Sales	535,902	563,102	1,050,865	1,107,402
Mexico
Disaggregation of Revenue [Line Items]
Net Sales	390,229	374,176	716,351	735,449
Domestic
Disaggregation of Revenue [Line Items]
Net Sales	2,706,602	2,696,777	5,302,669	5,288,357
Domestic \| U.S.
Disaggregation of Revenue [Line Items]
Net Sales	1,847,491	1,844,662	3,665,637	3,610,602
Domestic \| U.K. and Europe
Disaggregation of Revenue [Line Items]
Net Sales	468,882	477,939	920,681	942,306
Domestic \| Mexico
Disaggregation of Revenue [Line Items]
Net Sales	390,229	374,176	716,351	735,449
Export
Disaggregation of Revenue [Line Items]
Net Sales	136,483	139,936	265,091	295,034
Export \| U.S.
Disaggregation of Revenue [Line Items]
Net Sales	69,463	54,773	134,907	129,938
Export \| U.K. and Europe
Disaggregation of Revenue [Line Items]
Net Sales	67,020	85,163	130,184	165,096
Export \| Mexico
Disaggregation of Revenue [Line Items]
Net Sales	$ 0	$ 0	$ 0	$ 0

REVENUE RECOGNITION - Contract Balances (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Balance, beginning of period	$ 33,328
Revenue recognized	(18,590)
Cash received, excluding amounts recognized as revenue during the period	8,278
Balance, end of period	$ 23,016

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses	$ 5,700,000	$ 3,100,000	$ 9,600,000	$ 6,200,000
Accumulated benefit obligation, defined benefit pension plans	165,600,000		$ 165,600,000		$ 157,600,000
Weighted average duration of defined benefit obligation			29 years 8 months 8 days
Actuarial loss expected to be recognized in net pension cost, remainder of 2018	$ 700,000		$ 700,000
Fixed income securities \| Pooled separate accounts
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	50.00%		50.00%
Fixed income securities \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	30.00%		30.00%
Equity securities \| Pooled separate accounts
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	50.00%		50.00%
Equity securities \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	70.00%		70.00%
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Expected contributions, remainder of 2019 (less than for other postretirement plans)	$ 4,300,000		$ 4,300,000
Maximum \| Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Impact of 0.25% change in discount rate on projected benefit obligation			1,000
Expected contributions, remainder of 2019 (less than for other postretirement plans)	$ 100,000		$ 100,000

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Defined Benefit Plan Obligations and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018	Dec. 31, 2017
Change in plan assets:
Fair value of plan assets, beginning of period			$ 102,414
Fair value of plan assets, end of period	$ 110,104		110,104
Pension Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of period			157,619	$ 178,247
Interest cost	1,467	$ 1,365	2,934	2,731
Actuarial losses (gains)			13,734	(9,465)
Benefits paid			(3,020)	(4,473)
Curtailments and settlements			(5,718)	0
Projected benefit obligation, end of period	165,549	167,040	165,549	167,040
Change in plan assets:
Fair value of plan assets, beginning of period			102,414	112,570
Actual return on plan assets			12,504	97
Contributions by employer			3,924	5,581
Benefits paid			(3,020)	(4,473)
Fair value of plan assets, end of period	110,104	113,775	110,104	113,775
Funded status:
Unfunded benefit obligation, end of period	(55,445)		(55,445)		$ (55,205)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(8,239)		(8,239)		(8,267)
Long-term liability	(47,206)		(47,206)		(46,938)
Recognized liability	(55,445)		(55,445)		(55,205)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	55,685	47,104	55,685	47,104	54,343	$ 54,235
Other Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of period			1,462	1,603
Interest cost	13	11	26	23
Actuarial losses (gains)			96	(62)
Benefits paid			(74)	(74)
Curtailments and settlements			0	0
Projected benefit obligation, end of period	1,510	1,490	1,510	1,490
Change in plan assets:
Fair value of plan assets, beginning of period			0	0
Actual return on plan assets			0	0
Contributions by employer			74	74
Benefits paid			(74)	(74)
Fair value of plan assets, end of period	0	0	0	0
Funded status:
Unfunded benefit obligation, end of period	(1,510)		(1,510)		(1,462)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(148)		(148)		(149)
Long-term liability	(1,362)		(1,362)		(1,313)
Recognized liability	(1,510)		(1,510)		(1,462)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$ 62	$ (27)	$ 62	$ (27)	$ (34)	$ 35

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. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 1,467	$ 1,365	$ 2,934	$ 2,731
Estimated return on plan assets	(1,349)	(1,516)	(2,698)	(3,033)
Settlement loss	1,930	0	1,930	0
Amortization of net loss	328	301	656	602
Net costs	2,376	150	2,822	300
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	13	11	26	23
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	$ 13	$ 11	$ 26	$ 23

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. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
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	$ (4,122)
Decrease in Discount Rate of 0.25% - Impact on defined benefit obligation for pension benefits	$ 4,329
Pension Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.60%		4.40%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.40%	3.69%
Expected return on plan assets	5.50%	5.50%
Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	3.15%		4.07%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.07%	3.39%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Plan Asset Allocations (Details)	Jun. 30, 2019	Dec. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Total assets	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets	1.00%	0.00%
Interest income receivable
Defined Benefit Plan Disclosure [Line Items]
Total assets	0.00%	0.00%
Equity securities \| Pooled separate accounts
Defined Benefit Plan Disclosure [Line Items]
Total assets	5.00%	4.00%
Equity securities \| Common collective trusts funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	45.00%	45.00%
Fixed income securities \| Pooled separate accounts
Defined Benefit Plan Disclosure [Line Items]
Total assets	4.00%	5.00%
Fixed income securities \| Common collective trusts funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	40.00%	41.00%
Real estate \| Common collective trusts funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	5.00%	5.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Benefit Payments (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2019 (remaining)	$ 8,986
2020	11,526
2021	11,200
2022	10,891
2023	10,627
2024-2028	48,429
Total	101,659
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2019 (remaining)	74
2020	147
2021	145
2022	141
2023	137
2024-2028	589
Total	$ 1,233

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Unrecognized Benefit Amounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Pension Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	$ 54,343	$ 54,235
Amortization	(656)	(602)
Curtailment and settlement adjustments	(1,930)	0
Actuarial loss (gain)	13,734	(9,465)
Asset loss (gain)	(9,806)	2,936
Net actuarial loss (gain), end of period	55,685	47,104
Other Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	(34)	35
Amortization	0	0
Curtailment and settlement adjustments	0	0
Actuarial loss (gain)	96	(62)
Asset loss (gain)	0	0
Net actuarial loss (gain), end of period	$ 62	$ (27)

STOCKHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 2,144,500	$ 2,033,767	$ 2,019,585	$ 1,855,661
Other comprehensive income (loss) before reclassifications			(2,949)	(32,685)
Amounts reclassified from accumulated other comprehensive income (loss) to net income			92	247
Currency translation			12	(6)
Total other comprehensive loss, net of tax	(41,753)	(90,053)	(2,845)	(32,444)
Balance, end of period	2,273,264	2,054,418	2,273,264	2,054,418
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(88,926)	26,469	(127,834)	(31,140)
Total other comprehensive loss, net of tax	(41,753)	(90,053)	(2,845)	(32,444)
Balance, end of period	(130,679)	(63,584)	(130,679)	(63,584)
Gains (Losses) Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(55,770)	42,081
Other comprehensive income (loss) before reclassifications			(611)	(38,507)
Amounts reclassified from accumulated other comprehensive income (loss) to net income			0	0
Currency translation			0	0
Total other comprehensive loss, net of tax			(611)	(38,507)
Balance, end of period	(56,381)	3,574	(56,381)	3,574
Unrealized Gains (Losses) on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(683)	(1,848)
Other comprehensive income (loss) before reclassifications			388	(97)
Amounts reclassified from accumulated other comprehensive income (loss) to net income			(173)	472
Currency translation			12	(6)
Total other comprehensive loss, net of tax			227	369
Balance, end of period	(456)	(1,479)	(456)	(1,479)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(71,463)	(71,434)
Other comprehensive income (loss) before reclassifications			(2,873)	4,987
Amounts reclassified from accumulated other comprehensive income (loss) to net income			496	455
Currency translation			0	0
Total other comprehensive loss, net of tax			(2,377)	5,442
Balance, end of period	(73,840)	(65,992)	(73,840)	(65,992)
Unrealized Holding Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			82	61
Other comprehensive income (loss) before reclassifications			147	932
Amounts reclassified from accumulated other comprehensive income (loss) to net income			(231)	(680)
Currency translation			0	0
Total other comprehensive loss, net of tax			(84)	252
Balance, end of period	$ (2)	$ 313	$ (2)	$ 313

STOCKHOLDERS' EQUITY - Schedule of Reclassification from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Cost of sales	$ 2,475,221	$ 2,562,491	$ 4,980,957	$ 5,021,504
Interest income	(3,444)	(4,834)	(6,784)	(6,424)
Amortization of defined benefit pension and other postretirement plan actuarial losses	$ 88,357	$ 87,975	170,281	173,258
Total before tax			(176)	(174)
Tax benefit			84	(73)
Net income			(92)	(247)
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Cost of sales			173	(472)
Interest income			307	899
Amount Reclassified from Accumulated Other Comprehensive Loss \| Union Plan
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Cost of sales			(36)	(24)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Legacy Gold Kist Plans
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Cost of sales			(193)	(180)
Amortization of defined benefit pension and other postretirement plan actuarial losses			$ (427)	$ (397)

STOCKHOLDERS' EQUITY - Narrative (Details)	Oct. 31, 2018 USD ($)
Equity [Abstract]
Share repurchase, authorized amount	$ 200,000,000.0

INCENTIVE COMPENSATION - Narrative (Details) - USD ($) shares in Millions	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	May 01, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Reserved shares of common stock for future issuance under the LTIP (in shares)			2.0
Fair value of awards vested		$ 0
STIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Accrued costs under incentive plan	$ 16,000,000.0
JFC LLC LTIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Accrued costs under incentive plan	1,300,000
PMIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Accrued costs under incentive plan	800,000
MPIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Accrued costs under incentive plan	$ 1,300,000
LTIP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Reserved shares of common stock for future issuance under the LTIP (in shares)	3.8
Equity-Based RSU
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Fair value of awards vested	$ 7,100,000
Total unrecognized compensation cost related to all nonvested awards	$ 12,000,000.0
Weighted average period unrecognized compensation cost is expected to be recognized	1 year 8 months 26 days
Liability-Based RSU
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Fair value of awards vested	$ 100,000
Total unrecognized compensation cost related to all nonvested awards	$ 3,500,000
Weighted average period unrecognized compensation cost is expected to be recognized	2 years 4 months 2 days

INCENTIVE COMPENSATION - Schedule of Awards (Details) - Restricted Stock Units (RSU) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares
Awards Granted February 14, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	410,000
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 25.59
Awards Forfeited to Date (in shares)	0
Awards Granted March 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	163,764
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 24.93
Awards Forfeited to Date (in shares)	45,755
Expected compensation cost \| $	$ 2.9
Awards Granted March 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	250,351
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 24.93
Awards Forfeited to Date (in shares)	151,229
Expected compensation cost \| $	$ 2.5
Awards Granted March 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	33,174
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 24.93
Milestone Date Fair Value per Award (in dollars per share) \| $ / shares	$ 25.39
Awards Forfeited to Date (in shares)	0
Expected compensation cost \| $	$ 0.8
Awards Granted May 10, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	8,358
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 21.54
Awards Forfeited to Date (in shares)	0
Awards Granted May 10, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	2,786
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 21.54
Milestone Date Fair Value per Award (in dollars per share) \| $ / shares	$ 26.86
Awards Forfeited to Date (in shares)	0
Awards Granted, December 18, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	262,500
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 16.06
Awards Forfeited to Date (in shares)	0
Awards Granted, January 7, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	396,763
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 16.47
Awards Forfeited to Date (in shares)	89,285
Expected compensation cost \| $	$ 5.1
Awards Granted, January 7, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	109,654
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 16.47
Milestone Date Fair Value per Award (in dollars per share) \| $ / shares	$ 25.39
Awards Forfeited to Date (in shares)	0
Expected compensation cost \| $	$ 2.8
Awards Granted April 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Granted (in shares)	200,000
Grant Date Fair Value per Award (in dollars per share) \| $ / shares	$ 26.91
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. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 3,335	$ 4,360	$ 5,217	$ 5,633
Income tax benefit	812	1,061	1,270	1,371
Net cost	2,523	3,299	3,947	4,262
Equity-Based RSU \| Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	150	117	162	169
Equity-Based RSU \| Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	3,185	4,243	5,055	5,464
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	55	0	55	0
Net cost	173	0	173	0
Liability-Based RSU \| Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 228	$ 0	$ 228	$ 0

INCENTIVE COMPENSATION - Schedule of Restricted Share and Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Equity-Based RSU
Number
Outstanding at beginning of period (in shares)	1,033	389
Granted (in shares)	597	849
Vested (in shares)	(459)	0
Forfeited (in shares)	(224)	(417)
Outstanding at end of period (in shares)	947	821
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 22.91	$ 18.39
Granted (in dollars per share)	19.97	25.20
Vested (in dollars per share)	25.52	0
Forfeited (in dollars per share)	21.57	18.82
Outstanding at end of period (in dollars per share)	$ 20.11	$ 25.21
Liability-Based RSU
Number
Outstanding at beginning of period (in shares)	0	0
Granted (in shares)	146	0
Vested (in shares)	(3)	0
Outstanding at end of period (in shares)	143	0
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 0	$ 0
Granted (in dollars per share)	16.25	0
Vested (in dollars per share)	26.86	0
Outstanding at end of period (in dollars per share)	$ 25.39	$ 0

RESTRUCTURING-RELATED ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2018	Dec. 31, 2017	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges			$ 6,783
40 North Foods
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 600		570
Expected future payments for restructuring	$ 500
GNP
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges		$ 6,200	$ 6,213
Expected future payments for restructuring		$ 4,300

RESTRUCTURING-RELATED ACTIVITIES - Estimated Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	$ 6,783
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	4,673
Inventory adjustments
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	472
Asset impairments
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	884
Other
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	754
40 North Foods
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	570	$ 600
40 North Foods \| Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	449
40 North Foods \| Inventory adjustments
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	0
40 North Foods \| Asset impairments
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	103
40 North Foods \| Other
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	18
GNP
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	6,213		$ 6,200
GNP \| Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	4,224
GNP \| Inventory adjustments
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	472
GNP \| Asset impairments
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	781
GNP \| Other
Restructuring Cost and Reserve [Line Items]
Total Estimated Amount Expected to be Incurred	$ 736

RESTRUCTURING-RELATED ACTIVITIES - Costs Incurred and Cash Outlays (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Restructuring Cost and Reserve [Line Items]
Expenses (Income)	$ (43)	$ 1,135	$ (70)	$ 1,924
Cash Outlays (Receipts)	4		39
40 North Foods
Restructuring Cost and Reserve [Line Items]
Expenses (Income)	(43)		(70)
Cash Outlays (Receipts)	(15)		(14)
GNP \| Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Expenses (Income)	0		0
Cash Outlays (Receipts)	$ 19		$ 53

RESTRUCTURING-RELATED ACTIVITIES - Restructuring Reserve (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 30, 2018	Dec. 31, 2017
40 North Foods
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	$ 86	$ 0
Restructuring charges incurred		599	$ 0
Restructuring charges incurred	(70)	(35)
Cash payments and disposals	(56)	(514)	0
Cash received	70	36
Ending liability or reserve	30	86	0
40 North Foods \| Employee termination benefits
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	0
Restructuring charges incurred		449	0
Restructuring charges incurred	0	0
Cash payments and disposals	0	(449)	0
Cash received	0	0
Ending liability or reserve	0	0	0
40 North Foods \| Other
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	86	0
Restructuring charges incurred		150	0
Restructuring charges incurred	(70)	(35)
Cash payments and disposals	(56)	(65)	0
Cash received	70	36
Ending liability or reserve	30	86	0
GNP
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	236	2,251
Restructuring charges incurred		692	4,832
Restructuring charges incurred	0	0
Cash payments and disposals	(53)	(2,707)	(2,581)
Cash received	0	0
Ending liability or reserve	183	236	2,251
GNP \| Employee termination benefits
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	236	800
Restructuring charges incurred		936	3,381
Restructuring charges incurred	0	0
Cash payments and disposals	(53)	(1,500)	(2,581)
Cash received	0	0
Ending liability or reserve	183	236	800
GNP \| Inventory adjustments
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	699
Restructuring charges incurred		(227)	699
Restructuring charges incurred	0	0
Cash payments and disposals	0	(472)	0
Cash received	0	0
Ending liability or reserve	0	0	699
GNP \| Other
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	752
Restructuring charges incurred		(17)	752
Restructuring charges incurred	0	0
Cash payments and disposals	0	(735)	0
Cash received	0	0
Ending liability or reserve	$ 0	$ 0	$ 752

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions, R$ in Billions			8 Months Ended
	Jun. 05, 2017 BRL (R$)	Jan. 27, 2017 claim	Jul. 31, 2018 producer	Jun. 30, 2019 USD ($)
Loss Contingencies [Line Items]
Number of other producers named in lawsuits \| claim		26
Pending claims \| producer			13
Leniency Agreement
Loss Contingencies [Line Items]
Fines to be paid \| R$	R$ 10.3
Litigation settlement payment period	25 years
Mexican Tax Authority \| Tax Year 2009 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss				$ 24.3
Mexican Tax Authority \| Tax Year 2010 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss				$ 16.1

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
Related Party Transaction [Line Items]
Sales to related party	$ 3,632	$ 4,479	$ 7,415	$ 13,164
Cost of goods purchased from related parties	37,285	47,966	72,339	80,898
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	8,111	28,766	18,122	39,265
Expenditures paid on behalf of related parties	1,776	2,800	3,979	5,108
Accounts receivable from related parties	957		957		$ 1,331
Accounts payable to related parties	5,938		5,938		7,269
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related party	3,511	4,479	7,169	6,008
Cost of goods purchased from related parties	32,828	34,003	63,241	61,827
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	8,103	28,763	18,109	39,262
Expenditures paid on behalf of related parties	1,776	2,625	3,979	4,913
Accounts receivable from related parties	904		904		1,236
Accounts payable to related parties	4,261		4,261		5,121
Inventory in transit	1,200		1,200
JBS Five Rivers
Related Party Transaction [Line Items]
Sales to related party	0	0	0	7,096
JBS Global (UK) Ltd.
Related Party Transaction [Line Items]
Sales to related party	43	0	86	0
Cost of goods purchased from related parties	0	21	0	21
JBS Chile Ltda.
Related Party Transaction [Line Items]
Sales to related party	54	0	132	60
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	1	3	6	3
Accounts receivable from related parties	50		50		0
Accounts payable to related parties	0		0		6
Combo, Mercado De Congelados
Related Party Transaction [Line Items]
Sales to related party	24	0	28	0
Accounts receivable from related parties	0		0		79
Seara Meats B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	4,369	13,437	8,890	17,677
Accounts payable to related parties	1,655		1,655		2,142
JBS Aves Ltda.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	0	380	0	1,083
JBS Toledo NV
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	88	125	208	290
Accounts payable to related parties	22		22		0
JBS S.A.
Related Party Transaction [Line Items]
Expenditures paid on behalf of related parties	0	164	0	164
Seara Alimentos
Related Party Transaction [Line Items]
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	7	0	7	0
Seara International Ltd.
Related Party Transaction [Line Items]
Expenditures paid on behalf of related parties	0	$ 11	0	$ 31
Accounts receivable from related parties	$ 3		$ 3		$ 16

SEGMENT REPORTING - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT REPORTING - Narrative (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jul. 01, 2018 USD ($)	Jun. 30, 2019 USD ($) segment	Jul. 01, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Net sales	$ 2,843,085	$ 2,836,713	$ 5,567,760	$ 5,583,391
Intersegment Net Sales Transactions Between U.S. And Mexico \| Elimination
Segment Reporting Information [Line Items]
Net sales	$ 32,500	$ 45,600	$ 67,500	$ 72,100

SEGMENT REPORTING - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Segment Reporting Information [Line Items]
Net sales	$ 2,843,085	$ 2,836,713	$ 5,567,760	$ 5,583,391
Operating income	279,550	185,112	416,592	386,705
Interest expense, net of capitalized interest	33,594	40,267	67,156	90,567
Interest income	(3,444)	(4,834)	(6,784)	(6,424)
Foreign currency transaction losses (gains)	2,260	5,630	4,896	3,909
Miscellaneous, net	1,513	(817)	1,156	(2,434)
Income before income taxes	245,627	144,866	350,168	301,087
U.S.
Segment Reporting Information [Line Items]
Net sales	1,916,954	1,899,435	3,800,544	3,740,540
U.K. and Europe
Segment Reporting Information [Line Items]
Net sales	535,902	563,102	1,050,865	1,107,402
Mexico
Segment Reporting Information [Line Items]
Net sales	390,229	374,176	716,351	735,449
Segments \| U.S.
Segment Reporting Information [Line Items]
Operating income	186,960	99,469	301,800	226,755
Segments \| U.K. and Europe
Segment Reporting Information [Line Items]
Operating income	24,194	23,662	36,908	45,075
Segments \| Mexico
Segment Reporting Information [Line Items]
Operating income	68,372	61,997	77,836	114,867
Elimination
Segment Reporting Information [Line Items]
Operating income	$ 24	$ (16)	$ 48	$ 8

SEGMENT REPORTING - Schedule of Segment Reporting, Goodwill and Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Segment Reporting Information [Line Items]
Long-lived assets	$ 2,210,212	$ 2,161,702
U.S. \| Segments
Segment Reporting Information [Line Items]
Long-lived assets	1,562,325	1,506,217
U.K. and Europe \| Segments
Segment Reporting Information [Line Items]
Long-lived assets	358,782	359,621
Mexico \| Segments
Segment Reporting Information [Line Items]
Long-lived assets	$ 289,105	$ 295,864

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Fair Value Assumptions of Plan Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 110,104	$ 102,414
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	967	110
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	109,137	102,304
Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	966	110
Cash and cash equivalents \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	966	110
Cash and cash equivalents \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Interest income receivable
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1	0
Interest income receivable \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1	0
Interest income receivable \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Interest income receivable \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Pooled separate accounts
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,036	2,491
Large U.S. equity funds \| Pooled separate accounts \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Pooled separate accounts \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,036	2,491
Large U.S. equity funds \| Pooled separate accounts \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	20,013	17,351
Large U.S. equity funds \| Common collective trusts funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Common collective trusts funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	20,013	17,351
Large U.S. equity funds \| Common collective trusts funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Pooled separate accounts
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	364	292
Small/Mid U.S. equity funds \| Pooled separate accounts \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Pooled separate accounts \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	364	292
Small/Mid U.S. equity funds \| Pooled separate accounts \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	6,475	5,880
Small/Mid U.S. equity funds \| Common collective trusts funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Common collective trusts funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	6,475	5,880
Small/Mid U.S. equity funds \| Common collective trusts funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Pooled separate accounts
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,730	1,489
International equity funds \| Pooled separate accounts \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Pooled separate accounts \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,730	1,489
International equity funds \| Pooled separate accounts \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	23,376	22,516
International equity funds \| Common collective trusts funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Common collective trusts funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	23,376	22,516
International equity funds \| Common collective trusts funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds \| Pooled separate accounts
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	4,670	4,763
Fixed income funds \| Pooled separate accounts \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds \| Pooled separate accounts \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	4,670	4,763
Fixed income funds \| Pooled separate accounts \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	44,003	42,217
Fixed income funds \| Common collective trusts funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income funds \| Common collective trusts funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	44,003	42,217
Fixed income funds \| Common collective trusts funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Real estate \| Common collective trusts funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,470	5,305
Real estate \| Common collective trusts funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Real estate \| Common collective trusts funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,470	5,305
Real estate \| Common collective trusts funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 0	$ 0