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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

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
  ppc-20200329_g1.jpg
ppc-20200329_g2.jpg
PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 75-1285071
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1770 Promontory Circle 80634-9038
Greeley CO
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: ( 970 506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of Exchange on which Registered
Common Stock, Par Value $0.01 PPC The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    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.
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
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.

1


Table of Contents
PART I.  FINANCIAL INFORMATION
ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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.
2




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.

3




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.


4




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.
5




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.
6



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
7


Table of Contents
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 $ 511,183     $ 260,568    
Restricted cash