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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|
|
|
|
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
March 29, 2020
OR
|
|
|
|
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from _______ to _______
Commission File number
1-9273
PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
|
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|
|
|
|
|
|
|
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|
|
Delaware
|
|
|
75-1285071
|
(State or other jurisdiction of
incorporation or organization)
|
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
1770 Promontory Circle
|
|
|
80634-9038
|
Greeley
|
CO
|
|
|
(Address of principal executive offices)
|
|
|
(Zip code)
|
Registrant’s telephone number, including area code:
(
970
)
506-8000
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
|
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|
|
|
|
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|
Title of each class
|
|
Trading Symbol
|
|
Name of Exchange on which Registered
|
Common Stock, Par Value $0.01
|
|
PPC
|
|
The Nasdaq Stock Market LLC
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
ý
No
¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
ý
No
¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
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|
|
|
|
|
|
Large Accelerated Filer
|
ý
|
|
Accelerated Filer
|
|
¨
|
Non-accelerated Filer
|
¨
|
|
Smaller reporting company
|
|
☐
|
|
|
|
Emerging growth company
|
|
☐
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of April 29, 2020, was
246,737,862
.
INDEX
PILGRIM’S PRIDE CORPORATION
|
|
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|
|
Item 1.
|
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|
|
|
|
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|
|
|
|
|
|
Item 2.
|
|
|
Item 3.
|
|
|
Item 4.
|
|
|
|
|
|
Item 1.
|
|
|
Item 1A.
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 6.
|
|
|
|
|
|
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March 29, 2020
|
|
December 29, 2019
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
Cash and cash equivalents
|
|
$
|
511,183
|
|
|
$
|
260,568
|
|
Restricted cash and cash equivalents
|
|
25,234
|
|
|
20,009
|
|
|
|
|
|
|
Trade accounts and other receivables, less allowance for
doubtful accounts
|
|
754,246
|
|
|
741,281
|
|
Accounts receivable from related parties
|
|
743
|
|
|
944
|
|
Inventories
|
|
1,362,358
|
|
|
1,383,535
|
|
Income taxes receivable
|
|
53,495
|
|
|
60,204
|
|
Prepaid expenses and other current assets
|
|
152,920
|
|
|
131,695
|
|
|
|
|
|
|
Total current assets
|
|
2,860,179
|
|
|
2,598,236
|
|
Deferred tax assets
|
|
4,443
|
|
|
4,426
|
|
Other long-lived assets
|
|
34,511
|
|
|
36,325
|
|
Identified intangible assets, net
|
|
568,183
|
|
|
596,053
|
|
Goodwill
|
|
935,266
|
|
|
973,750
|
|
Operating lease assets, net
|
|
286,606
|
|
|
301,513
|
|
Property, plant and equipment, net
|
|
2,562,794
|
|
|
2,592,061
|
|
Total assets
|
|
$
|
7,251,982
|
|
|
$
|
7,102,364
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
915,663
|
|
|
$
|
993,780
|
|
Accounts payable to related parties
|
|
7,998
|
|
|
3,819
|
|
Revenue contract liability
|
|
32,084
|
|
|
41,770
|
|
Accrued expenses and other current liabilities
|
|
532,509
|
|
|
575,319
|
|
Income taxes payable
|
|
1,951
|
|
|
7,075
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
25,877
|
|
|
26,392
|
|
Total current liabilities
|
|
1,516,082
|
|
|
1,648,155
|
|
Noncurrent operating lease liability, less current maturities
|
|
219,860
|
|
|
235,382
|
|
Long-term debt, less current maturities
|
|
2,620,907
|
|
|
2,276,029
|
|
Noncurrent income taxes payable
|
|
7,731
|
|
|
7,731
|
|
Deferred tax liabilities
|
|
309,471
|
|
|
301,907
|
|
Other long-term liabilities
|
|
101,440
|
|
|
97,100
|
|
Total liabilities
|
|
4,775,491
|
|
|
4,566,304
|
|
Common stock
|
|
2,612
|
|
|
2,611
|
|
Treasury stock
|
|
(
262,798
)
|
|
|
(
234,892
)
|
|
Additional paid-in capital
|
|
1,955,936
|
|
|
1,955,261
|
|
Retained earnings
|
|
945,080
|
|
|
877,812
|
|
Accumulated other comprehensive loss
|
|
(
174,917
)
|
|
|
(
75,129
)
|
|
Total Pilgrim’s Pride Corporation stockholders’ equity
|
|
2,465,913
|
|
|
2,525,663
|
|
Noncontrolling interest
|
|
10,578
|
|
|
10,397
|
|
Total stockholders’ equity
|
|
2,476,491
|
|
|
2,536,060
|
|
Total liabilities and stockholders’ equity
|
|
$
|
7,251,982
|
|
|
$
|
7,102,364
|
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 29, 2020
|
|
March 31, 2019
|
|
|
(In thousands, except per share data)
|
|
|
Net sales
|
|
$
|
3,074,928
|
|
|
$
|
2,724,675
|
|
Cost of sales
|
|
2,897,829
|
|
|
2,505,736
|
|
Gross profit
|
|
177,099
|
|
|
218,939
|
|
Selling, general and administrative expense
|
|
92,713
|
|
|
81,924
|
|
Administrative restructuring activity
|
|
—
|
|
|
(
27
)
|
|
Operating income
|
|
84,386
|
|
|
137,042
|
|
Interest expense, net of capitalized interest
|
|
32,688
|
|
|
33,562
|
|
Interest income
|
|
(
1,690
)
|
|
|
(
3,340
)
|
|
Foreign currency transaction loss (gain)
|
|
(
18,385
)
|
|
|
2,636
|
|
Miscellaneous, net
|
|
(
34,188
)
|
|
|
(
357
)
|
|
|
|
|
|
|
Income before income taxes
|
|
105,961
|
|
|
104,541
|
|
Income tax expense
|
|
38,512
|
|
|
20,416
|
|
Net income
|
|
67,449
|
|
|
84,125
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling
interests
|
|
181
|
|
|
114
|
|
Net income attributable to Pilgrim’s Pride Corporation
|
|
$
|
67,268
|
|
|
$
|
84,011
|
|
|
|
|
|
|
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
|
|
|
|
|
Basic
|
|
249,347
|
|
|
249,167
|
|
Effect of dilutive common stock equivalents
|
|
275
|
|
|
390
|
|
Diluted
|
|
249,622
|
|
|
249,557
|
|
|
|
|
|
|
Net income attributable to Pilgrim’s Pride Corporation
per share of common stock outstanding:
|
|
|
|
|
Basic
|
|
$
|
0.27
|
|
|
$
|
0.34
|
|
Diluted
|
|
$
|
0.27
|
|
|
$
|
0.34
|
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 29, 2020
|
|
March 31, 2019
|
|
|
|
(In thousands)
|
|
|
|
Net income
|
|
$
|
67,449
|
|
|
$
|
84,125
|
|
|
Other comprehensive income:
|
|
|
|
|
|
Foreign currency translation adjustment:
|
|
|
|
|
|
Gains (losses) arising during the period
|
|
(
96,765
)
|
|
|
37,442
|
|
|
|
|
|
|
|
|
Derivative financial instruments designated as cash
flow hedges:
|
|
|
|
|
|
Gains (losses) arising during the period
|
|
4,048
|
|
|
(
898
)
|
|
|
Reclassification to net earnings for losses (gains) realized
|
|
742
|
|
|
(
221
)
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
Gains arising during the period
|
|
12
|
|
|
22
|
|
|
Income tax effect
|
|
(
3
)
|
|
|
(
5
)
|
|
|
Reclassification to net earnings for gains realized
|
|
—
|
|
|
(
135
)
|
|
|
Income tax effect
|
|
—
|
|
|
34
|
|
|
Defined benefit plans:
|
|
|
|
|
|
Gains (losses) arising during the period
|
|
(
10,810
)
|
|
|
3,200
|
|
|
Income tax effect
|
|
2,705
|
|
|
(
779
)
|
|
|
Reclassification to net earnings of losses realized
|
|
376
|
|
|
328
|
|
|
Income tax effect
|
|
(
93
)
|
|
|
(
80
)
|
|
|
Total other comprehensive income (loss), net of tax
|
|
(
99,788
)
|
|
|
38,908
|
|
|
Comprehensive income (loss)
|
|
(
32,339
)
|
|
|
123,033
|
|
|
Less: Comprehensive income attributable to noncontrolling interests
|
|
181
|
|
|
114
|
|
|
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation
|
|
$
|
(
32,520
)
|
|
|
$
|
122,919
|
|
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
Treasury Stock
|
|
|
|
Additional
Paid-in
Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interest
|
|
Total
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 29, 2019
|
|
261,119
|
|
|
$
|
2,611
|
|
|
(
11,547
)
|
|
|
$
|
(
234,892
)
|
|
|
$
|
1,955,261
|
|
|
$
|
877,812
|
|
|
$
|
(
75,129
)
|
|
|
$
|
10,397
|
|
|
$
|
2,536,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,268
|
|
|
—
|
|
|
181
|
|
|
67,449
|
|
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
99,788
)
|
|
|
—
|
|
|
(
99,788
)
|
|
Share-based compensation plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued under compensation plans
|
|
66
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(
1
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Requisite service period recognition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
676
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
676
|
|
Common stock purchased under share repurchase program
|
|
—
|
|
|
—
|
|
|
(
1,466
)
|
|
|
(
27,906
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
27,906
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 29, 2020
|
|
261,185
|
|
|
$
|
2,612
|
|
|
(
13,013
)
|
|
|
$
|
(
262,798
)
|
|
|
$
|
1,955,936
|
|
|
$
|
945,080
|
|
|
$
|
(
174,917
)
|
|
|
$
|
10,578
|
|
|
$
|
2,476,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018
|
|
260,396
|
|
|
$
|
2,604
|
|
|
(
11,431
)
|
|
|
$
|
(
231,994
)
|
|
|
$
|
1,945,136
|
|
|
$
|
421,888
|
|
|
$
|
(
127,834
)
|
|
|
$
|
9,785
|
|
|
$
|
2,019,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84,011
|
|
|
—
|
|
|
114
|
|
|
84,125
|
|
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,908
|
|
|
—
|
|
|
38,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued under compensation plans
|
|
459
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
(
5
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Requisite service period recognition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,882
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
260,855
|
|
|
$
|
2,609
|
|
|
(
11,431
)
|
|
|
$
|
(
231,994
)
|
|
|
$
|
1,947,013
|
|
|
$
|
505,899
|
|
|
$
|
(
88,926
)
|
|
|
$
|
9,899
|
|
|
$
|
2,144,500
|
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 29, 2020
|
|
March 31, 2019
|
|
|
(In thousands)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
|
$
|
67,449
|
|
|
$
|
84,125
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
79,773
|
|
|
67,182
|
|
Deferred income tax expense (benefit)
|
|
17,023
|
|
|
(
4,089
)
|
|
Negative adjustment to previously recognized gain on bargain purchase
|
|
1,740
|
|
|
—
|
|
Loan cost amortization
|
|
1,212
|
|
|
1,201
|
|
Share-based compensation
|
|
676
|
|
|
1,882
|
|
Gain on property disposals
|
|
(
521
)
|
|
|
(
108
)
|
|
Loss (gain) on equity-method investments
|
|
309
|
|
|
(
16
)
|
|
Accretion of discount related to Senior Notes
|
|
246
|
|
|
246
|
|
Amortization of premium related to Senior Notes
|
|
(
167
)
|
|
|
(
167
)
|
|
Foreign currency transaction gain related to borrowing arrangements
|
|
—
|
|
|
(
1,034
)
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Trade accounts and other receivables
|
|
(
26,296
)
|
|
|
2,381
|
|
Inventories
|
|
9,333
|
|
|
(
1,368
)
|
|
Prepaid expenses and other current assets
|
|
(
22,419
)
|
|
|
(
11,479
)
|
|
Accounts payable, accrued expenses and other current liabilities
|
|
(
108,004
)
|
|
|
(
21,968
)
|
|
Income taxes
|
|
(
16
)
|
|
|
6,579
|
|
|
|
|
|
|
Long-term pension and other postretirement obligations
|
|
(
6,282
)
|
|
|
(
1,315
)
|
|
Other operating assets and liabilities
|
|
7,008
|
|
|
(
1,683
)
|
|
Cash provided by operating activities
|
|
21,064
|
|
|
120,369
|
|
Cash flows from investing activities:
|
|
|
|
|
Acquisitions of property, plant and equipment
|
|
(
77,168
)
|
|
|
(
87,941
)
|
|
Purchase of acquired business, net of cash acquired
|
|
(
1,740
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from property disposals
|
|
632
|
|
|
539
|
|
Cash used in investing activities
|
|
(
78,276
)
|
|
|
(
87,402
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from revolving line of credit and long-term borrowings
|
|
356,547
|
|
|
67,193
|
|
Purchase of common stock under share repurchase program
|
|
(
27,906
)
|
|
|
—
|
|
Payments on revolving line of credit, long-term borrowings and finance lease obligations
|
|
(
13,396
)
|
|
|
(
62,293
)
|
|
Payment from equity distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation
|
|
—
|
|
|
(
525
)
|
|
|
|
|
|
|
|
|
|
|
|
Payment of capitalized loan costs
|
|
—
|
|
|
(
458
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by financing activities
|
|
315,245
|
|
|
3,917
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(
2,193
)
|
|
|
429
|
|
Increase in cash, cash equivalents and restricted cash
|
|
255,840
|
|
|
37,313
|
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
280,577
|
|
|
361,578
|
|
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
536,417
|
|
|
$
|
398,891
|
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.
GENERAL
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 and pork products to approximately
100
countries. Pilgrim’s fresh products consist of refrigerated (nonfrozen) whole chickens, whole cut-up chickens, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork and pork ribs. The Company’s prepared 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, processed sausages, bacon, slow-cooked, smoked meat and gammon joints. The Company’s other products include ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts, pre-packed meats, sandwich, deli counter meats, pulled pork balls, meat balls and coated foods. 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 March 29, 2020, Pilgrim’s had approximately
53,300
employees and the capacity to process approximately
44.9
million birds per work week for a total of more than
13.0
billion pounds of live chicken annually. Approximately
4,800
contract growers supply poultry for the Company’s operations. As of March 29, 2020, Pilgrim's had
5,300
employees and the capacity to process more than
43,000
pigs per week for a total of
413.1
million pounds of live pork annually. Approximately
290
contract growers supply pork for the Company's operations. As of March 29, 2020, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned
78.8
% 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 three months ended March 29, 2020 are not necessarily indicative of the results that may be expected for the year ending December 27, 2020. For further information, refer to the consolidated and combined financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 29, 2019.
The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2020) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The three months ended March 29, 2020 represents the period from December 30, 2019 through March 29, 2020. The three months ended March 31, 2019 represents the period from December 31, 2018 through March 31, 2019.
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, as well as foreign currency transaction gains and losses, are reflected in
Foreign currency transaction loss (gain)
in the Condensed Consolidated Statements of Income.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 29, 2020
|
|
December 29, 2019
|
|
|
(In thousands)
|
|
|
Cash and cash equivalents
|
|
$
|
|