0000802481-20-000041 | 10-Q | XBRL Viewer

INVESTMENTS IN SECURITIES (Tables)

3 Months Ended

Mar. 29, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

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


	March 29, 2020						December 29, 2019
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	361,215	$	361,215	$	159,623	$	159,623
Other	34,665		34,665		—		—

CONSOLIDATED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Statement of Financial Position [Abstract]
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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Balance, beginning of period (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	84,125				84,011		114
Other comprehensive income, net of tax	38,908					38,908
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	1,882			1,882
Balance, end of period (in shares) at Mar. 31, 2019		260,855	11,431
Balance, end of period at Mar. 31, 2019	2,144,500	$ 2,609	$ (231,994)	1,947,013	505,899	(88,926)	9,899
Balance, beginning of period (in shares) at Dec. 29, 2019		261,119	11,547
Balance, beginning of period at Dec. 29, 2019	2,536,060	$ 2,611	$ (234,892)	1,955,261	877,812	(75,129)	10,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67,449				67,268		181
Other comprehensive income, net of tax	(99,788)					(99,788)
Share-based compensation plans:
Common stock issued under compensation plans (in shares)		66
Common stock issued under compensation plans	0	$ 1		(1)
Requisite service period recognition	676			676
Common stock purchased under share repurchase program (in shares)			(1,466)
Common stock purchased under share repurchase program	(27,906)		$ (27,906)
Balance, end of period (in shares) at Mar. 29, 2020		261,185	13,013
Balance, end of period at Mar. 29, 2020	$ 2,476,491	$ 2,612	$ (262,798)	$ 1,955,936	$ 945,080	$ (174,917)	$ 10,578

REVENUE RECOGNITION - Contract Balances (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020 USD ($)
Movement in Contract with Customer, Liability [Roll Forward]
Balance, beginning of period	$ 41,770
Revenue recognized	(41,767)
Cash received, excluding amounts recognized as revenue during the period	32,081
Balance, end of period	$ 32,084

DEBT - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($)			3 Months Ended
	Dec. 14, 2018	Jun. 02, 2018	Mar. 29, 2020	Dec. 29, 2019
Debt Instrument [Line Items]
Finance lease obligations			$ 2,030,000	$ 2,150,000
Long-term debt			2,667,824,000	2,324,626,000
Less: Current maturities of long-term debt			(25,877,000)	(26,392,000)
Long-term debt, less current maturities			2,641,947,000	2,298,234,000
Less: Capitalized financing costs			(21,040,000)	(22,205,000)
Long-term debt, less current maturities, net of capitalized financing costs:			2,620,907,000	2,276,029,000
Credit facility \| Term note payable at 2.83%
Debt Instrument [Line Items]
Long-term debt			468,750,000	475,000,000
Credit facility \| Revolving note payable at 2.10%
Debt Instrument [Line Items]
Long-term debt			350,000,000	0
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 \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50%
Debt Instrument [Line Items]
Long-term debt			$ 0	0
Senior notes \| Senior notes payable, net of premium and discount at 5.75%
Debt Instrument [Line Items]
Stated interest rate			5.75%
Long-term debt			$ 1,001,994,000	1,002,095,000
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Stated interest rate			5.875%
Long-term debt			$ 844,613,000	844,433,000
Credit facility \| Credit facility \| Term note payable at 2.83%
Debt Instrument [Line Items]
Stated interest rate			2.83%
Long-term debt			$ 468,800,000
Credit facility \| Credit facility \| Revolving note payable at 2.10%
Debt Instrument [Line Items]
Stated interest rate			2.10%
Credit facility \| 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
Credit facility \| Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.25%	1.25%
Credit facility \| 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 interest rate		2.00%	2.00%
Credit facility \| Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50%
Debt Instrument [Line Items]
Long-term debt			$ 0
Credit facility \| Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%		1.50%
Secured loans with payables at weighted average of 3.34%
Debt Instrument [Line Items]
Weighted average interest rate			3.34%
Long-term debt			$ 437,000	$ 948,000

BUSINESS ACQUISITION

3 Months Ended

Mar. 29, 2020

Business Combinations [Abstract]

BUSINESS ACQUISITION

On October 15, 2019, the Company acquired 100% of the equity of Tulip Limited and its subsidiaries (together, “Tulip”) from Danish Crown AmbA for £311.3 million, or $393.3 million. The acquisition was funded with cash on hand. Tulip is a leading, integrated prepared pork supplier headquartered in Warwick, U.K. The acquisition solidifies Pilgrim's as a leading European food company, creating one of the largest integrated prepared foods businesses in the U.K. The Tulip operations are included in the Company’s U.K. and Europe reportable segment.

Transaction costs incurred in conjunction with the acquisition were approximately $1.5 million. These costs were expensed as incurred.

The results of operations of the acquired business since October 15, 2019 are included in the Company’s Condensed Consolidated Statements of Income. Net sales generated and net loss incurred by the acquired business during the three months ended March 29, 2020 totaled $321.1 million and $3.9 million, respectively.

The assets acquired and liabilities assumed in the Tulip acquisition were measured at their fair values as of October 15, 2019 as set forth below. The excess of the fair values of the net tangible assets and identifiable intangible assets over the purchase price was recorded as gain on bargain purchase in the Company’s U.K. and Europe reportable segment. The fair values recorded were determined based upon various external and internal valuations. The fair values recorded for the assets acquired and liabilities assumed for Tulip are as follows (in thousands):


Cash and cash equivalents	$	6,854
Trade accounts and other receivables	146,423
Inventories	104,211
Prepaid expenses and other current assets	6,579
Operating lease assets	5,613
Property, plant and equipment	329,711
Identified intangible assets	40,418
Other assets	14,647
Total assets acquired	654,456
Accounts payable	110,296
Other current liabilities	55,830
Operating lease liabilities	5,613
Deferred tax liabilities	14,798
Pension obligations	18,435
Other long-term liabilities	1,056
Total liabilities assumed	206,028
Total identifiable net assets	448,428
Gain on bargain purchase	(55,140)
Total consideration transferred	$	393,288

Significant assumptions used in the Company's valuation of the assets and liabilities of Tulip and the bases for their determination are summarized as follows:

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

Customer relationships. The Company valued Tulip customer relationships using the income approach, specifically the multi-period excess earnings model. Under this model, the fair value of the customer relationships asset was determined by estimating the net cash inflows from the relationships discounted to present value. In estimating the fair value of the customer relationships, net sales related to existing Tulip customers were estimated to grow at a rate of 2.0% annually, but we also anticipate losing existing Tulip customers at an attrition rate of 10.0%. Income taxes were estimated at 18.0% of pre-tax income in 2020 and 17.0% of pre-tax income thereafter and net cash flows attributable to our existing customers were discounted using a rate of 22.0%. The resulting customer relationships intangible asset has a fair value of $40.4 million and a useful life of 11 years.

See “Note 9. Goodwill and Intangible Assets” for additional information regarding the goodwill and intangible assets recognized by the Company in the Tulip acquisition.

The following unaudited pro forma information presents the combined financial results for the Company and Tulip as if the acquisition had been completed at the beginning of 2019.


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands, except per share amounts)
Net sales	$	3,074,928	$	3,066,174
Net income attributable to Pilgrim's	68,513		103,736
Net income attributable to Pilgrim's per common share - diluted	0.27		0.42

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

GOODWILL AND INTANGIBLE ASSETS - Estimated Useful Lives of Finite-Lived Intangible Assets (Details)	3 Months Ended
	Mar. 29, 2020
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

PENSION AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details)	3 Months Ended
	Mar. 29, 2020 USD ($) plan	Mar. 31, 2019 USD ($)	Dec. 29, 2019 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses	$ 3,600,000	$ 3,900,000
Accumulated benefit obligation, defined benefit pension plans	$ 327,900,000		$ 369,100,000
Weighted average duration of defined benefit obligation	28 years 1 month 13 days
Expenses related to defined contribution plans	$ 3,600,000
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of defined contribution plans \| plan	2
Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of defined contribution plans \| plan	3
U.K. and Europe
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of defined contribution plans \| plan	2
Fixed income securities \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	50.00%
Fixed income securities \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	35.00%
Fixed income securities \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	28.00%
Equity securities \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	50.00%
Equity securities \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	60.00%
Equity securities \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	62.00%
Real estate \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	5.00%
Real estate \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	10.00%
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Expected contributions, remainder of 2020 (less than for other postretirement plans)	$ 12,400,000
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 2020 (less than for other postretirement plans)	$ 300,000

BUSINESS ACQUISITION - Fair Values of Assets Acquired and Liabilities Assumed (Details) - Tulip Ltd. and Subsidiaries $ in Thousands	Oct. 15, 2019 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 6,854
Trade accounts and other receivables	146,423
Inventories	104,211
Prepaid expenses and other current assets	6,579
Operating lease assets	5,613
Property, plant and equipment	329,711
Identified intangible assets	40,418
Other assets	14,647
Total assets acquired	654,456
Accounts payable	110,296
Other current liabilities	55,830
Operating lease liabilities	5,613
Deferred tax liabilities	14,798
Pension obligations	18,435
Other long-term liabilities	1,056
Total liabilities assumed	206,028
Total identifiable net assets	448,428
Gain on bargain purchase	(55,140)
Total consideration transferred	$ 393,288

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by segment for the three months ended March 29, 2020 was as follows:


	December 29, 2019		Currency Translation		March 29, 2020
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
U.K. and Europe	806,207		(38,484)		767,723
Mexico	125,607		—		125,607
Total	$	973,750	$	(38,484)	$	935,266

Identified intangible assets consisted of the following:


		December 29, 2019		Amortization		Currency Translation		March 29, 2020
	(In thousands)
Cost:
Trade names		$	78,343	$	—	$	—	$	78,343
Customer relationships		292,278		—		(6,285)		285,993
Non-compete agreements		320		—		—		320
Trade names not subject to amortization		391,431		—		(18,222)		373,209
Accumulated amortization:
Trade names		(45,518)		(492)		—		(46,010)
Customer relationships		(120,481)		(4,746)		1,875		(123,352)
Non-compete agreements		(320)				—		(320)
Total		$	596,053	$	(5,238)	$	(22,632)	$	568,183

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 March 29, 2020, 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.

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 973,750
Currency Translation	(38,484)
Goodwill, ending balance	935,266
U.S.
Goodwill [Roll Forward]
Goodwill, beginning balance	41,936
Currency Translation	0
Goodwill, ending balance	41,936
U.K. and Europe
Goodwill [Roll Forward]
Goodwill, beginning balance	806,207
Currency Translation	(38,484)
Goodwill, ending balance	767,723
Mexico
Goodwill [Roll Forward]
Goodwill, beginning balance	125,607
Currency Translation	0
Goodwill, ending balance	$ 125,607

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Benefit Payments) (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2020	$ 20,252
2021	16,706
2022	16,541
2023	16,676
2024	16,668
2025-2029	81,853
Total	168,696
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2020	119
2021	155
2022	150
2023	144
2024	137
2025-2029	565
Total	$ 1,270

RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019
Related Party Transaction [Line Items]
Sales to related party	$ 4,312	$ 3,783
Cost of goods purchased from related parties	39,829	35,054
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	8,081	10,011
Accounts receivable from related parties	743		$ 944
Accounts payable to related parties	7,998		3,819
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related party	3,453	3,658
Cost of goods purchased from related parties	36,897	30,413
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	8,081	10,006
Expenditures paid on behalf of related parties	2,420	2,203
Accounts receivable from related parties	545		643
Accounts payable to related parties	6,552		2,826
Goods in transit	1,300
JBS Global (U.K.) Ltd.
Related Party Transaction [Line Items]
Sales to related party	0	43
Cost of goods purchased from related parties	226	0
Accounts payable to related parties	111		5
JBS Chile Ltda.
Related Party Transaction [Line Items]
Sales to related party	0	78
Expenditures paid by related party on behalf of Pilgrim's Pride Corporation	0	5
Accounts receivable from related parties	130		301
Accounts payable to related parties	34		0
Combo, Mercado de Congelados
Related Party Transaction [Line Items]
Sales to related party	73	4
Accounts receivable from related parties	26		0
JBS Australia
Related Party Transaction [Line Items]
Sales to related party	786	0
Accounts receivable from related parties	42		0
Seara Meats B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	2,643	4,521
Accounts payable to related parties	1,301		$ 988
JBS Toledo NV
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	$ 63	$ 120

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019
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	$ (8,777)
Decrease in Discount Rate of 0.25% - Impact on defined benefit obligation for pension benefits	$ 9,240
Pension Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	2.91%		2.56%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.72%	4.40%
Expected return on plan assets	2.31%	5.50%
Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	2.77%		2.77%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.77%	4.07%

LEASES - Narrative (Details)	3 Months Ended
LEASES - Narrative (Details)	Mar. 29, 2020
Lessee, Lease, Description [Line Items]
Extension term	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	39 years

PROPERTY, PLANT AND EQUIPMENT (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Property, Plant and Equipment [Line Items]
Finance leases	$ 2,182	$ 2,182
PP&E, gross	5,428,786	5,411,362
Accumulated depreciation	(2,865,992)	(2,819,301)
PP&E, net	2,562,794	2,592,061
Land
Property, Plant and Equipment [Line Items]
PP&E	240,336	222,076
Buildings
Property, Plant and Equipment [Line Items]
PP&E	1,887,082	1,754,219
Machinery and equipment
Property, Plant and Equipment [Line Items]
PP&E	3,030,430	3,139,748
Autos and trucks
Property, Plant and Equipment [Line Items]
PP&E	69,607	64,122
Construction-in-progress
Property, Plant and Equipment [Line Items]
PP&E	$ 199,149	$ 229,015

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 29, 2020

RELATED PARTY TRANSACTIONS

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


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Sales to related parties:
JBS USA Food Company^(a)	$	3,453	$	3,658
JBS Global (U.K.) Ltd.	—		43
JBS Chile Ltda.	—		78
Combo, Mercado De Congelados	73		4
JBS Australia	786		—
Total sales to related parties	$	4,312	$	3,783

	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company^(a)	$	36,897	$	30,413
Seara Meats B.V.	2,643		4,521


JBS Toledo NV	63		120
JBS Global (U.K.) Ltd.	226		—
Total cost of goods purchased from related parties	$	39,829	$	35,054

	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company^(b)	$	8,081	$	10,006


JBS Chile Ltda.	—		5


Total expenditures paid by related parties	$	8,081	$	10,011

	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company^(b)	$	2,420	$	2,203


	Three Months Ended
	March 29, 2020		December 29, 2019
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company^(a)	$	545	$	643
JBS Chile Ltda.	130		301
Combo, Mercado de Congelados	26		—


JBS Australia	42		—
Total accounts receivable from related parties	$	743	$	944

	Three Months Ended
	March 29, 2020		December 29, 2019
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company^(a)	$	6,552	$	2,826
JBS Global (U.K.) Ltd.	111		5
Seara Meats B.V.	1,301		988
JBS Chile Ltda.	34		—
Total accounts payable to related parties	$	7,998	$	3,819

(a) The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of March 29, 2020, approximately $1.3 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 combined companies. Under this agreement, the fees associated with procuring SAP licenses and maintenance services are allocated between the Company and JBS USA in proportion to the percentage of licenses used by each company. The agreement expires on the date of expiration, or earlier termination, of the underlying SAP license agreement. The Company also has an agreement with JBS USA to allocate the costs of supporting the business operations by one consolidated corporate team, which have historically been supported by their respective corporate teams. Expenditures paid by JBS USA on behalf of the Company will be reimbursed by the Company and expenditures paid by the Company on behalf of JBS USA will be reimbursed by JBS USA. This agreement expires on December 31, 2020.

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 29, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Additional information regarding reportable segments is as follows:


	Three Months Ended
	March 29, 2020^(a)		March 31, 2019^(b)
	(In thousands)
Net sales:
U.S.	$	1,926,880	$	1,883,591
U.K. and Europe	822,262		514,962
Mexico	325,786		326,122
Total	$	3,074,928	$	2,724,675

(a)For the three months ended March 29, 2020, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $56.6 million. These sales consisted of fresh products, prepared products, and grain.

(b)For the three months ended March 31 2019, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $34.5 million. These sales consisted of fresh products, prepared products, and grain.


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Reportable segment profit:
U.S.	$	85,052	$	114,840
U.K. and Europe	23,190		12,714
Mexico	(23,880)		9,464
Eliminations	24		24
Total 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


	March 29, 2020		December 29, 2019
	(In thousands)
Total assets:
U.S.	$	5,539,187	$	5,207,282
U.K. and Europe	2,694,024		2,824,382
Mexico	978,970		1,020,331
Eliminations	(1,960,199)		(1,949,631)
Total assets	$	7,251,982	$	7,102,364


	March 29, 2020		December 29, 2019
	(In thousands)
Long-lived assets^(a):
U.S.	$	1,791,303	$	1,789,530
U.K. and Europe	760,211		801,887
Mexico	302,118		306,413
Eliminations	(4,232)		(4,256)
Total long-lived assets	$	2,849,400	$	2,893,574

(a)For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with 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.

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020 USD ($)
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (5,238)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Intangible assets, net, beginning balance	596,053
Currency Translation	(22,632)
Intangible assets, net, ending balance	568,183
Trade names
Indefinite-lived Intangible Assets [Rollforward]
Indefinite-lived intangible assets, beginning balance	391,431
Currency Translation	(18,222)
Indefinite-lived intangible assets, ending balance	373,209
Trade names
Finite-lived Intangible Assets [Rollforward]
Finite-lived intangible assets, beginning balance	78,343
Currency Translation	0
Finite-lived intangible assets, ending balance	78,343
Accumulated Amortization Rollforward [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning balance	(45,518)
Amortization	(492)
Currency Translation	0
Finite-lived intangible assets, accumulated amortization, ending balance	(46,010)
Customer relationships
Finite-lived Intangible Assets [Rollforward]
Finite-lived intangible assets, beginning balance	292,278
Currency Translation	(6,285)
Finite-lived intangible assets, ending balance	285,993
Accumulated Amortization Rollforward [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning balance	(120,481)
Amortization	(4,746)
Currency Translation	1,875
Finite-lived intangible assets, accumulated amortization, ending balance	(123,352)
Non-compete agreements
Finite-lived Intangible Assets [Rollforward]
Finite-lived intangible assets, beginning balance	320
Currency Translation	0
Finite-lived intangible assets, ending balance	320
Accumulated Amortization Rollforward [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning balance	(320)
Amortization
Currency Translation	0
Finite-lived intangible assets, accumulated amortization, ending balance	$ (320)

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 29, 2020

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 March 29, 2020 and December 29, 2019, 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:


	March 29, 2020						December 29, 2019
	Level 1		Total		Level 1		Total
	(In thousands)
Assets:
Commodity futures instruments	$	10,602	$	10,602	$	4,147	$	4,147
Commodity options instruments	1,942		1,942		906		906
Foreign currency instruments	12,053		12,053		426		426
Liabilities:
Commodity futures instruments	(12,321)		(12,321)		(4,797)		(4,797)
Commodity options instruments	(5,667)		(5,667)		(633)		(633)
Foreign currency instruments	(98)		(98)		(5,400)		(5,400)

See “Note 5. 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 Sheets 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:


	March 29, 2020						December 29, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Fixed-rate senior notes payable at 5.75%, at Level 1 inputs	$	(1,001,994)	$	(985,000)	$	(1,002,095)	$	(1,034,200)
Fixed-rate senior notes payable at 5.875%, at Level 1 inputs	(844,613)		(851,250)		(844,433)		(919,505)
Secured loans, at Level 3 inputs	(437)		(433)		(948)		(939)

See “Note 13. Debt ” 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 Sheets. Derivative liabilities were recorded at fair value based on quoted market prices and are included in the line item Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The fair value of the Company’s Level 1 fixed-rate debt obligations was based on the quoted market price at March 29, 2020 or December 29, 2019, as applicable. The fair value of the Company’s Level 3 fixed-rate debt obligation was based on discounted cash flows at March 29, 2020 or December 29, 2019, as applicable.

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

- Definition

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

+ References + Details

BUSINESS ACQUISITION - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Net sales	$ 3,074,928	$ 3,066,174
Net income attributable to Pilgrim's	$ 68,513	$ 103,736
Net income attributable to Pilgrim's per common share - diluted (in dollars per share)	$ 0.27	$ 0.42

LEASES - Weighted Average Lease Term and Discount Rate (Details)	Mar. 29, 2020	Mar. 31, 2019
Weighted-average remaining lease term (years):
Operating leases	5 years 7 months 24 days	6 years 4 months 6 days
Finance leases	4 years 3 months 25 days	1 year 9 months
Weighted-average discount rate:
Operating leases	4.74%	4.80%
Finance leases	5.10%	8.51%

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 25,128	$ 23,994
Operating cash flows from finance leases	28	4
Financing cash flows from finance leases	121	27
Operating lease assets obtained in exchange for operating lease liabilities	$ 8,028	$ 22,798

GENERAL - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019	Mar. 31, 2019	Dec. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 511,183	$ 260,568
Restricted cash	25,234	20,009
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 536,417	$ 280,577	$ 398,891	$ 361,578

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 29, 2020	Dec. 29, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade accounts receivable		$ 710,702	$ 696,372
Notes receivable - current		4,495	4,187
Other receivables		48,109	48,189
Receivables, gross		763,306	748,748
Allowance for doubtful accounts	$ (7,467)	(9,060)	(7,467)
Receivables, net		754,246	741,281
Account receivable from related parties		$ 743	$ 944
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	(7,467)
Provision charged to operating results	(2,445)
Account write-offs and recoveries	258
Effect of exchange rate	594
Balance, end of period	$ (9,060)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 38,512	$ 20,416
Effective tax rate	36.30%	19.50%
Other comprehensive income (loss), tax expense (benefit)	$ 2,600	$ (800)

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 29, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income tax expense of $38.5 million, a 36.3% effective tax rate, for the three months ended March 29, 2020 compared to income tax expense of $20.4 million, a 19.5% effective tax rate, for the three months ended March 31, 2019. The increase in income tax expense in 2020 resulted primarily from the effects of foreign currency fluctuations. 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 March 29, 2020, 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 three months ended March 29, 2020 and March 31, 2019, there is a tax effect of $2.6 million and $(0.8) million, respectively, reflected in other comprehensive income. For the three months ended March 29, 2020 and March 31, 2019, 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 our Company and our subsidiaries for years prior to 2011 are no longer subject to examination by tax authorities.

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Plan Asset Allocations) (Details)	Mar. 29, 2020	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Total assets	100.00%	100.00%
Cash and cash equivalents \| Union Plan
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	4.00%
Equity securities \| Union Plan
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	2.00%
Equity securities \| GK Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total assets	17.00%	20.00%
Equity securities \| U.K. Plans
Defined Benefit Plan Disclosure [Line Items]
Total assets	32.00%	40.00%
Fixed income securities \| Union Plan
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	2.00%
Fixed income securities \| GK Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total assets	14.00%	12.00%
Fixed income securities \| U.K. Plans
Defined Benefit Plan Disclosure [Line Items]
Total assets	22.00%	18.00%
Real estate \| GK Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	2.00%
Real estate \| U.K. Plans
Defined Benefit Plan Disclosure [Line Items]
Total assets	7.00%	0.00%

BUSINESS ACQUISITION - Narrative (Details) - Oct. 15, 2019 $ in Thousands, £ in Millions	USD ($)	GBP (£)
Business Acquisition [Line Items]
Cash consideration	$ 393,300	£ 311.3
Tulip Ltd. and Subsidiaries
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%
Transaction costs	$ 1,500
Net sales of acquiree since acquisition date	321,100
Net income (loss) of acquiree since acquisition date	(3,900)
Identified intangible assets	$ 40,418
Tulip Ltd. and Subsidiaries \| Customer relationships
Business Acquisition [Line Items]
Net sales growth rate used in determination of fair value	2.00%	2.00%
Attrition rate for existing customers used in determination of fair value	10.00%	10.00%
Percentage of pre-tax income used to estimate income taxes in 2020	18.00%	18.00%
Percentage of pre-tax income used to estimate income taxes after 2020	17.00%	17.00%
Discount rate	22.00%	22.00%
Identified intangible assets	$ 40,400
Weighted average useful life	11 years	11 years

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 700	$ 1,900
Stock-based compensation, benefit	$ 200	$ 500
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	316,460
Units granted, grant date fair value (in dollars per share)	$ 30.94

COMMITMENTS AND CONTINGENCIES (Details) R$ in Millions, $ in Millions				1 Months Ended	2 Months Ended	22 Months Ended	34 Months Ended
	Oct. 03, 2019 USD ($)	Jun. 05, 2017 BRL (R$)	Jan. 27, 2017 producer	Oct. 13, 2016 producer claim	Oct. 16, 2019 plan	Oct. 22, 2019 claim	Mar. 31, 2020 BRL (R$) payment	Mar. 29, 2020 USD ($)
Joesley Mendonca Batista and Wesley Mendonca Batista \| J&F Investimentos S.A.
Loss Contingencies [Line Items]
Ownership percentage								100.00%
In Re Broiler Chicken Antitrust Limitation
Loss Contingencies [Line Items]
Number of other producers named in lawsuits \| producer			4	13
Number of complaints filed \| claim				3		32
Sciabacucchi v. JBS S.A. et al.
Loss Contingencies [Line Items]
Cash payment from settlement \| $	$ 42.5
Jien v. Perdue Farms, Inc. and Earnest v. Perdue Farms, Inc. et al
Loss Contingencies [Line Items]
Number of complaints filed \| plan					4
Leniency Agreement
Loss Contingencies [Line Items]
Fines to be paid \| R$		R$ 10,300.0
Litigation settlement payment period		25 years
Number of payments made \| payment							5
Periodic payment \| R$							R$ 50.0
Payments litigation settlement \| R$							R$ 250.0
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

INVENTORIES

3 Months Ended

Mar. 29, 2020

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	March 29, 2020		December 29, 2019
	(In thousands)
Raw materials and work-in-process	$	788,229	$	800,749
Finished products	412,684		425,919
Operating supplies	81,503		82,447
Maintenance materials and parts	79,942		74,420
Total inventories	$	1,362,358	$	1,383,535

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured on a Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Commodity futures instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 10,602	$ 4,147
Derivative liabilities	(12,321)	(4,797)
Commodity futures instruments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	10,602	4,147
Derivative liabilities	(12,321)	(4,797)
Commodity options instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,942	906
Derivative liabilities	(5,667)	(633)
Commodity options instruments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,942	906
Derivative liabilities	(5,667)	(633)
Foreign currency instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	12,053	426
Derivative liabilities	(98)	(5,400)
Foreign currency instruments \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	12,053	426
Derivative liabilities	$ (98)	$ (5,400)

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Net Defined Benefit Pension and Other Postretirement Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 2,039	$ 1,467
Estimated return on plan assets	(3,283)	(1,349)
Other	444	0
Amortization of net loss	376	328
Net costs	(424)	446
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	9	13
Estimated return on plan assets	0	0
Other	0	0
Amortization of net loss	0	0
Net costs	$ 9	$ 13

PENSION AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Mar. 29, 2020

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 such as the Pilgrim's Pride Retirement Plan for Union Employees (the “Union Plan”) the Pilgrim's Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”), the Tulip Limited Pension Plan and the Geo Adams Group Pension Fund (together, the “U.K. Plans”), nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $3.6 million and $3.9 million in the three months ended March 29, 2020 and March 31, 2019, 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:


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of period	$	369,066	$	1,527	$	157,619	$	1,462

Interest cost	2,039		9		1,467		13
Actuarial losses (gains)	(29,447)		(17)		4,235		32
Benefits paid	(4,746)		(40)		(5,611)		(37)


Other	6		—		—		—
Currency translation loss	(9,019)		—		—		—
Projected benefit obligation, end of period	$	327,899	$	1,479	$	157,710	$	1,470


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of period	$	294,589	$	—	$	102,414	$	—
Actual return on plan assets	(37,302)		—		8,816		—
Contributions by employer	2,172		40		1,752		37
Benefits paid	(4,746)		(40)		(5,611)		(37)

Other	(438)		—		—		—
Currency translation loss	(8,226)		—		—		—

Fair value of plan assets, end of period	$	246,049	$	—	$	107,371	$	—


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Funded status:	(In thousands)
Unfunded benefit obligation, end of period	$	(81,850)	$	(1,479)	$	(74,477)	$	(1,527)


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:	(In thousands)
Current liability	$	(11,944)	$	(157)	$	(14,967)	$	(158)
Long-term liability	(69,906)		(1,322)		(59,510)		(1,369)
Recognized liability	$	(81,850)	$	(1,479)	$	(74,477)	$	(1,527)


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Amounts recognized in accumulated other comprehensive loss at end of period:	(In thousands)
Net actuarial loss	$	68,691	$	74	$	58,239	$	91

The accumulated benefit obligation for the Company's defined benefit pension plans was $327.9 million and $369.1 million at March 29, 2020 and December 29, 2019, respectively. Each of the Company's defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both March 29, 2020 and December 29, 2019. As of March 29, 2020, the weighted average duration of the Company's defined benefit pension obligation is 28.12 years.

Net Periodic Benefit Costs

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



	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)

Interest cost	$	2,039	$	9	$	1,467	$	13
Estimated return on plan assets	(3,283)		—		(1,349)		—
Other	444		—		—		—
Amortization of net loss	376		—		328		—
Net costs	$	(424)	$	9	$	446	$	13

Economic Assumptions

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


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	2.91	%	2.77	%	2.56	%	2.77	%


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.72	%	2.77	%	4.40	%	4.07	%

Expected return on plan assets	2.31	%	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 March 29, 2020 and December 29, 2019, all pension and other postretirement benefit plans used variations of the RP2014 mortality table and the MP2015 mortality improvement scale. As of March 29, 2020 and December 29, 2019, the U.K. Plans used variations of the AxC00 mortality table in combination with the CMI_2018 Sk=7.5 mortality improvement scale for pre-retirement employees

and the S3PxA mortality table in combination with the CMI_2018 Sk=7.5 mortality improvement scale for postretirement employees.

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	$	(8,777)	$	9,240

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:


	March 29, 2020		December 29, 2019
Cash and cash equivalents	2	%	4	%
Pooled separate accounts for the Union Plan^(a):
Equity securities	2	%	2	%
Fixed income securities	2	%	2	%
Pooled separate accounts and common collective trust funds for the GK Pension Plan^(a):
Equity securities	17	%	20	%
Fixed income securities	14	%	12	%
Real estate	2	%	2	%
Pooled separate accounts for the UK Plans^(a):
Equity securities	32	%	40	%
Fixed income securities	22	%	18	%
Real estate	7	%	—	%
Total assets	100	%	100	%

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

Absent regulatory or statutory limitations, the target asset allocation for the investment of pension assets in the PSAs for the Union Plan is 50% in each of fixed income securities and equity securities, the target asset allocation for the investment of pension assets in the PSAs and/or CCTs for the GK Pension Plan is 35% in fixed income securities, 60% in equity securities and 5% in real estate and investment of pension assets in the PSAs for the U.K. Plans is 28% in fixed income securities, 62% in equity securities and 10% in real estate. 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 March 29, 2020 and December 29, 2019:


	March 29, 2020														December 29, 2019
	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	$	5,485	$	—	$	—	$	5,485	$	11,582	$	—	$	—	$	11,582
PSAs for the Union Plan:
Large U.S. equity funds^(d)	—		2,420		—		2,420		—		3,071		—		3,071
Small/Mid U.S. equity funds^(e)	—		254		—		254		—		372		—		372
International equity funds^(f)	—		1,365		—		1,365		—		1,878		—		1,878
Fixed income funds^(g)	—		4,236		—		4,236		—		4,452		—		4,452
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds^(d)	—		15,499		—		15,499		—		20,378		—		20,378
Small/Mid U.S. equity funds^(e)	—		8,991		—		8,991		—		12,495		—		12,495
International equity funds^(f)	—		17,810		—		17,810		—		25,149		—		25,149
Fixed income funds^(g)	—		34,774		—		34,774		—		35,627		—		35,627
Real estate^(h)	—		21,026		—		21,026		—		5,613		—		5,613
PSAs for the UK Plans:
Large U.S. equity funds^(d)	—		11,120		—		11,120		—		17,756		—		17,756
International equity funds^(f)	—		69,945		—		69,945		—		102,494		—		102,494
Fixed income funds^(g)	—		53,124		—		53,124		—		53,722		—		53,722
Total assets	$	5,485	$	240,564	$	—	$	246,049	$	11,582	$	283,007	$	—	$	294,589

(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.

(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.

Benefit Payments

The following table reflects the benefits as of March 29, 2020 expected to be paid through 2029 from the Company's pension and other postretirement plans. The Company’s pension plans are primarily funded plans. Therefore, anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. The Company's other postretirement plans are unfunded. Therefore, anticipated benefits with respect to these plans will come from the Company’s own assets.


	Pension Benefits		Other Benefits
	(In thousands)
2020	$	20,252	$	119
2021	16,706		155
2022	16,541		150
2023	16,676		144
2024	16,668		137
2025-2029	81,853		565
Total	$	168,696	$	1,270

As required by funding regulations or laws, the Company anticipates contributing $12.4 million and $0.3 million to its pension plans and other postretirement plans, respectively, during the remainder of 2020.

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:


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	58,239	$	91	$	54,343	$	(34)
Amortization	(376)		—		(328)		—

Actuarial loss (gain)	(29,447)		(17)		4,235		32
Asset loss (gain)	40,578		—		(7,467)		—
Other	(303)		—		—		—
Net actuarial loss (gain), end of period	$	68,691	$	74	$	50,783	$	(2)

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.

Remeasurement

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

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
SEGMENT REPORTING - Narrative (Details)	Mar. 29, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	3

INVESTMENTS IN SECURITIES

3 Months Ended

Mar. 29, 2020

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:


	March 29, 2020						December 29, 2019
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	361,215	$	361,215	$	159,623	$	159,623
Other	34,665		34,665		—		—

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 three months ended March 29, 2020 related to the Company’s available-for-sale securities totaled $1.5 million while gross realized losses were immaterial. Gross realized gains during the three months ended March 31, 2019 related to the Company’s available-for-sale securities totaled $2.3 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. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the three months ended March 29, 2020 and March 31, 2019 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 three months ended March 29, 2020 and March 31, 2019 are disclosed in “Note 14. Stockholders’ Equity”.

STOCKHOLDERS' EQUITY (Schedule of Reclassification from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Cost of sales	$ 2,897,829	$ 2,505,736
Interest income	(1,690)	(3,340)
Miscellaneous, net	34,188	357
Income before income taxes	105,961	104,541
Tax benefit	(38,512)	(20,416)
Net income	67,449	84,125
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Income before income taxes	(1,117)	28
Tax benefit	93	46
Net income	(1,024)	74
Amount Reclassified from Accumulated Other Comprehensive Loss \| Realized gain (loss) on settlement of derivative financial instruments classified as cash flow hedges
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Cost of sales	(742)	221
Amount Reclassified from Accumulated Other Comprehensive Loss \| Realized gain on sale of securities
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Interest income	0	135
Amount Reclassified from Accumulated Other Comprehensive Loss \| Union Plan \| Amortization of defined benefit pension and other postretirement plan actuarial losses
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net	(24)	(18)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Legacy Gold Kits Plans \| Amortization of defined benefit pension and other postretirement plan actuarial losses
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net	$ (351)	$ (310)

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 22,467	$ 24,794
Interest on finance leases	28	4
Amortization of finance lease assets	109	27
Short-term lease cost	16,720	14,218
Variable lease cost	1,042	869
Net lease cost	$ 40,366	39,912
Scenario, Adjustment
Lessee, Lease, Description [Line Items]
Operating lease cost		900
Variable lease cost		$ 900

DEBT (Tables)

3 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	Maturity	March 29, 2020		December 29, 2019
		(In thousands)
Senior notes payable, net of premium and discount at 5.75%	2025	$	1,001,994	$	1,002,095
Senior notes payable, net of discount at 5.875%	2027	844,613		844,433
U.S. Credit Facility (defined below):
Term note payable at 2.83%	2023	468,750		475,000
Revolving note payable at 2.10%	2023	350,000		—
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 plus 1.50%	2023	—		—
Secured loans with payables at weighted average of 3.34%	Various	437		948
Finance lease obligations	Various	2,030		2,150
Long-term debt		2,667,824		2,324,626
Less: Current maturities of long-term debt		(25,877)		(26,392)
Long-term debt, less current maturities		2,641,947		2,298,234
Less: Capitalized financing costs		(21,040)		(22,205)
Long-term debt, less current maturities, net of capitalized financing costs:		$	2,620,907	$	2,276,029

INVENTORIES (Tables)

3 Months Ended

Mar. 29, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	March 29, 2020		December 29, 2019
	(In thousands)
Raw materials and work-in-process	$	788,229	$	800,749
Finished products	412,684		425,919
Operating supplies	81,503		82,447
Maintenance materials and parts	79,942		74,420
Total inventories	$	1,362,358	$	1,383,535

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

3 Months Ended

Mar. 29, 2020

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:


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of period	$	369,066	$	1,527	$	157,619	$	1,462

Interest cost	2,039		9		1,467		13
Actuarial losses (gains)	(29,447)		(17)		4,235		32
Benefits paid	(4,746)		(40)		(5,611)		(37)


Other	6		—		—		—
Currency translation loss	(9,019)		—		—		—
Projected benefit obligation, end of period	$	327,899	$	1,479	$	157,710	$	1,470


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of period	$	294,589	$	—	$	102,414	$	—
Actual return on plan assets	(37,302)		—		8,816		—
Contributions by employer	2,172		40		1,752		37
Benefits paid	(4,746)		(40)		(5,611)		(37)

Other	(438)		—		—		—
Currency translation loss	(8,226)		—		—		—

Fair value of plan assets, end of period	$	246,049	$	—	$	107,371	$	—


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Funded status:	(In thousands)
Unfunded benefit obligation, end of period	$	(81,850)	$	(1,479)	$	(74,477)	$	(1,527)


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:	(In thousands)
Current liability	$	(11,944)	$	(157)	$	(14,967)	$	(158)
Long-term liability	(69,906)		(1,322)		(59,510)		(1,369)
Recognized liability	$	(81,850)	$	(1,479)	$	(74,477)	$	(1,527)


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Amounts recognized in accumulated other comprehensive loss at end of period:	(In thousands)
Net actuarial loss	$	68,691	$	74	$	58,239	$	91

Schedule of Net Defined Benefit Pension and Other Postretirement Costs

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



	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)

Interest cost	$	2,039	$	9	$	1,467	$	13
Estimated return on plan assets	(3,283)		—		(1,349)		—
Other	444		—		—		—
Amortization of net loss	376		—		328		—
Net costs	$	(424)	$	9	$	446	$	13

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:


	March 29, 2020						December 29, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	2.91	%	2.77	%	2.56	%	2.77	%


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.72	%	2.77	%	4.40	%	4.07	%

Expected return on plan assets	2.31	%	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	$	(8,777)	$	9,240

Schedule of Plan Asset Allocations

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


	March 29, 2020		December 29, 2019
Cash and cash equivalents	2	%	4	%
Pooled separate accounts for the Union Plan^(a):
Equity securities	2	%	2	%
Fixed income securities	2	%	2	%
Pooled separate accounts and common collective trust funds for the GK Pension Plan^(a):
Equity securities	17	%	20	%
Fixed income securities	14	%	12	%
Real estate	2	%	2	%
Pooled separate accounts for the UK Plans^(a):
Equity securities	32	%	40	%
Fixed income securities	22	%	18	%
Real estate	7	%	—	%
Total assets	100	%	100	%

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 March 29, 2020 and December 29, 2019:


	March 29, 2020														December 29, 2019
	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	$	5,485	$	—	$	—	$	5,485	$	11,582	$	—	$	—	$	11,582
PSAs for the Union Plan:
Large U.S. equity funds^(d)	—		2,420		—		2,420		—		3,071		—		3,071
Small/Mid U.S. equity funds^(e)	—		254		—		254		—		372		—		372
International equity funds^(f)	—		1,365		—		1,365		—		1,878		—		1,878
Fixed income funds^(g)	—		4,236		—		4,236		—		4,452		—		4,452
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds^(d)	—		15,499		—		15,499		—		20,378		—		20,378
Small/Mid U.S. equity funds^(e)	—		8,991		—		8,991		—		12,495		—		12,495
International equity funds^(f)	—		17,810		—		17,810		—		25,149		—		25,149
Fixed income funds^(g)	—		34,774		—		34,774		—		35,627		—		35,627
Real estate^(h)	—		21,026		—		21,026		—		5,613		—		5,613
PSAs for the UK Plans:
Large U.S. equity funds^(d)	—		11,120		—		11,120		—		17,756		—		17,756
International equity funds^(f)	—		69,945		—		69,945		—		102,494		—		102,494
Fixed income funds^(g)	—		53,124		—		53,124		—		53,722		—		53,722
Total assets	$	5,485	$	240,564	$	—	$	246,049	$	11,582	$	283,007	$	—	$	294,589

(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.

(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.

Schedule of Benefit Payments


	Pension Benefits		Other Benefits
	(In thousands)
2020	$	20,252	$	119
2021	16,706		155
2022	16,541		150
2023	16,676		144
2024	16,668		137
2025-2029	81,853		565
Total	$	168,696	$	1,270

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:


	Three Months Ended March 29, 2020						Three Months Ended March 31, 2019
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	58,239	$	91	$	54,343	$	(34)
Amortization	(376)		—		(328)		—

Actuarial loss (gain)	(29,447)		(17)		4,235		32
Asset loss (gain)	40,578		—		(7,467)		—
Other	(303)		—		—		—
Net actuarial loss (gain), end of period	$	68,691	$	74	$	50,783	$	(2)

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 29, 2020	Apr. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2020
Document Transition Report	false
Entity File Number	1-9273
Entity Registrant Name	PILGRIM’S PRIDE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1285071
Entity Address, Address Line One	1770 Promontory Circle
Entity Address, City or Town	Greeley
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80634-9038
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		246,737,862
Amendment Flag	false
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-27
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

LEASES (Tables)

3 Months Ended

Mar. 29, 2020

Leases [Abstract]

Components of Lease Expense

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.


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Operating lease cost^(a)	$	22,467	$	24,794
Amortization of finance lease assets	109		27
Interest on finance leases	28		4
Short-term lease cost	16,720		14,218
Variable lease cost^(a)	1,042		869
Net lease cost	$	40,366	$	39,912

(a)Variable lease cost of $0.9 million was previously presented in Operating lease cost on our interim report on Form 10-Q for the quarterly period ended March 31, 2019 that was reclassified to conform to Variable lease cost presented as of March 29, 2020.

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,128	$	23,994
Operating cash flows from finance leases	28		4
Financing cash flows from finance leases	121		27
Operating lease assets obtained in exchange for operating lease liabilities	8,028		22,798

Balance Sheet Information Related to Leases

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


	Three Months Ended
	March 29, 2020	March 31, 2019
Weighted-average remaining lease term (years):
Operating leases	5.65	6.35
Finance leases	4.32	1.75
Weighted-average discount rate:
Operating leases	4.74%	4.80%
Finance leases	5.10%	8.51%

Lease liabilities as of March 29, 2020 are included in our Condensed Consolidated Balance Sheets as follows:


	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	64,262	$	—
Current maturities of long-term debt	—		469
Noncurrent operating lease liability, less current maturities	219,860		—
Long-term debt, less current maturities	—		1,561
Total lease liabilities	$	284,122	$	2,030

Lease liabilities as of December 29, 2019 are included in our Condensed Consolidated Balance Sheets as follows:


	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	66,239	$	—
Current maturities of long-term debt	—		486
Noncurrent operating lease liability, less current maturities	235,382		—
Long-term debt, less current maturities	—		1,664
Total lease liabilities	$	301,621	$	2,150

Maturities of Finance Lease Liability

Future minimum lease payments under noncancellable leases at March 29, 2020 are as follows:


	Operating Leases		Finance Leases
	(In thousands)
Future minimum lease payments:
Year 1	$	76,240	$	562
Year 2	64,417		494
Year 3	54,918		494
Year 4	44,389		494
Year 5	31,797		223
Thereafter	52,712		—
Total future minimum lease payments	324,473		2,267
Less: imputed interest	(40,351)		(237)
Present value of lease liabilities	$	284,122	$	2,030

Maturities of Operating Lease Liability

Future minimum lease payments under noncancellable leases at March 29, 2020 are as follows:


	Operating Leases		Finance Leases
	(In thousands)
Future minimum lease payments:
Year 1	$	76,240	$	562
Year 2	64,417		494
Year 3	54,918		494
Year 4	44,389		494
Year 5	31,797		223
Thereafter	52,712		—
Total future minimum lease payments	324,473		2,267
Less: imputed interest	(40,351)		(237)
Present value of lease liabilities	$	284,122	$	2,030

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 29, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

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


	Three Months Ended March 29, 2020^(a)
	Losses Related to Foreign Currency Translation		Unrealized Gains 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	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)

Other comprehensive income (loss) before reclassifications	(96,765)		4,123		(8,105)		9		(100,738)
Amounts reclassified from accumulated other comprehensive loss to net income	—		742		283		—		1,025
Currency translation	—		(75)		—		—		(75)
Net current period other comprehensive loss	(96,765)		4,790		(7,822)		9		(99,788)
Balance, end of period	$	(97,873)	$	2,384	$	(79,437)	$	9	$	(174,917)


	Three Months Ended March 31, 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 before reclassifications	37,442		(915)		2,421		17		$	38,965
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—		(221)		248		(101)		$	(74)
Currency translation	—		17		—		—		17
Net current period other comprehensive income	37,442		(1,119)		2,669		(84)		38,908
Balance, end of period	$	(18,328)	$	(1,802)	$	(68,794)	$	(2)	$	(88,926)

(a) All amounts are net of tax. Amounts in parentheses represent income (expenses) related to results of operations.


	Amount Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 29, 2020		Three Months Ended March 31, 2019		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	$	(742)	$	221	Cost of sales
Realized gain on sale of securities	—		135		Interest income
Amortization of pension and other postretirement plan actuarial losses:
Union Plan^(b)	(24)		(18)		Miscellaneous, net
Legacy Gold Kist Plans^(b)(c)	(351)		(310)		Miscellaneous, net
Total before tax	(1,117)		28
Tax benefit	93		46
Total reclassification for the period	$	(1,024)	$	74

(a) Amounts in parentheses represent income (expenses) related to results of operations.

(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 15. Pension and Other Postretirement Benefits” to the Condensed Consolidated Financial Statements.

(c) The Company sponsors the GK Pension Plan, the SERP Plan, the Directors' Emeriti Plan and the Retiree Life Plan (collectively, the “Legacy Gold Kist Plans”).

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. As of March 29, 2020, the Company had repurchased approximately 1.6 million shares under this program with a market value of approximately $31.0 million. 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. Additionally, the Moy Park Multicurrency Revolving Facility Agreement restricts 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.

STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) shares in Millions	3 Months Ended	17 Months Ended
	Mar. 29, 2020	Mar. 31, 2020	Oct. 31, 2018
Equity [Abstract]
Share repurchase, authorized amount			$ 200,000,000.0
Common stock purchased under share repurchase program (in shares)		1.6
Common stock purchased under share repurchase program	$ 27,906,000	$ 31,000,000.0

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Income Statement [Abstract]
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	0	(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 (in shares)	249,347	249,167
Effect of dilutive common stock equivalents (in shares)	275	390
Diluted (in shares)	249,622	249,557
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.27	$ 0.34
Diluted (in dollars per share)	$ 0.27	$ 0.34

GENERAL

3 Months Ended

Mar. 29, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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	$	511,183	$	260,568
Restricted cash	25,234		20,009
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	536,417	$	280,577

Recent Accounting Pronouncements Adopted as of March 29, 2020

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 adoption of this guidance did not have a material impact on our financial statements.

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 adoption of this guidance did not have a material impact on our financial statements.

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 adoption of this guidance did not have a material impact on our financial statements.

Recent Accounting Pronouncements Not Yet Adopted as of March 29, 2020

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general

principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that the ASU 2019-12 will have on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to the application of current GAAP to existing contracts, hedging relationships and other transactions affected by reference rate reform. The new guidance will ease the transition to new reference rates by allowing entities to update contracts and hedging relationships without applying many of the contract modification requirements specific to those contracts. The provisions of the new guidance will be effective beginning March 12, 2020, extending through December 31, 2022 with the option to apply the guidance at any point during that time period. Once an entity elects an expedient or exception it must be applied to all eligible contracts or transactions. We currently have debt agreements that reference LIBOR and will apply the new guidance as these contracts are modified to reference other rates.

CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 29, 2020

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:


	March 29, 2020		December 29, 2019
	(In thousands)
Accounts payable:
Trade accounts	$	836,052	$	875,374
Book overdrafts	59,836		98,267
Other payables	19,775		20,139
Total accounts payable	915,663		993,780
Accounts payable to related parties^(a)	7,998		3,819
Revenue contract liability^(b)	32,084		41,770
Accrued expenses and other current liabilities:
Compensation and benefits	132,935		164,946
Taxes	44,256		41,901
Interest and debt-related fees	29,040		31,183
Insurance and self-insured claims	67,502		67,332
Current maturities of operating lease liabilities	64,262		66,239
Derivative liability	18,086		10,830

Other accrued expenses	176,428		192,888

Total accrued expenses and other current liabilities	532,509		575,319
Total accounts payable, accrued expenses and other current liabilities	$	1,488,254	$	1,614,688

(a) Additional information regarding accounts payable to related parties is included in “Note 18. Related Party Transactions.”

(b) Additional information regarding revenue contract liabilities is included in “Note 3. Revenue Recognition.”

SEGMENT REPORTING

3 Months Ended

Mar. 29, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

REPORTABLE SEGMENTS

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 the Mexico and U.K. and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. reportable segment.

U.S. Reportable Segment

We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.

U.K. and Europe Reportable Segment

The U.K. and Europe reportable segment processes primarily chicken and pork products that are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. On October 15, 2019, the Company completed the acquisition of Tulip, a leading integrated pork supplier operating within the U.K., from Danish Crown AmbA.

Mexico Reportable Segment

The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.

Additional information regarding reportable segments is as follows:


	Three Months Ended
	March 29, 2020^(a)		March 31, 2019^(b)
	(In thousands)
Net sales:
U.S.	$	1,926,880	$	1,883,591
U.K. and Europe	822,262		514,962
Mexico	325,786		326,122
Total	$	3,074,928	$	2,724,675


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Reportable segment profit:
U.S.	$	85,052	$	114,840
U.K. and Europe	23,190		12,714
Mexico	(23,880)		9,464
Eliminations	24		24
Total 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


	March 29, 2020		December 29, 2019
	(In thousands)
Total assets:
U.S.	$	5,539,187	$	5,207,282
U.K. and Europe	2,694,024		2,824,382
Mexico	978,970		1,020,331
Eliminations	(1,960,199)		(1,949,631)
Total assets	$	7,251,982	$	7,102,364


	March 29, 2020		December 29, 2019
	(In thousands)
Long-lived assets^(a):
U.S.	$	1,791,303	$	1,789,530
U.K. and Europe	760,211		801,887
Mexico	302,118		306,413
Eliminations	(4,232)		(4,256)
Total long-lived assets	$	2,849,400	$	2,893,574

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

3 Months Ended

Mar. 29, 2020

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:


	March 29, 2020		December 29, 2019
	(In thousands)
Trade accounts receivable	$	710,702	$	696,372

Notes receivable - current	4,495		4,187
Other receivables	48,109		48,189
Receivables, gross	763,306		748,748
Allowance for doubtful accounts	(9,060)		(7,467)
Receivables, net	$	754,246	$	741,281

Accounts receivable from related parties^(a)	$	743	$	944

(a) Additional information regarding accounts receivable from related parties is included in “Note 18. Related Party Transactions.”

Activity in the allowance for doubtful accounts for the three months ended March 29, 2020 was as follows (in thousands):




Balance, beginning of period	$	(7,467)
Provision charged to operating results	(2,445)

Account write-offs and recoveries	258

Effect of exchange rate	594
Balance, end of period	$	(9,060)

CURRENT LIABILITIES

3 Months Ended

Mar. 29, 2020

Payables and Accruals [Abstract]

CURRENT LIABILITIES

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:


	March 29, 2020		December 29, 2019
	(In thousands)
Accounts payable:
Trade accounts	$	836,052	$	875,374
Book overdrafts	59,836		98,267
Other payables	19,775		20,139
Total accounts payable	915,663		993,780
Accounts payable to related parties^(a)	7,998		3,819
Revenue contract liability^(b)	32,084		41,770
Accrued expenses and other current liabilities:
Compensation and benefits	132,935		164,946
Taxes	44,256		41,901
Interest and debt-related fees	29,040		31,183
Insurance and self-insured claims	67,502		67,332
Current maturities of operating lease liabilities	64,262		66,239
Derivative liability	18,086		10,830

Other accrued expenses	176,428		192,888

Total accrued expenses and other current liabilities	532,509		575,319
Total accounts payable, accrued expenses and other current liabilities	$	1,488,254	$	1,614,688

(a) Additional information regarding accounts payable to related parties is included in “Note 18. Related Party Transactions.”

(b) Additional information regarding revenue contract liabilities is included in “Note 3. Revenue Recognition.”

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 29, 2020
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 (1) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (2) any tax, duty or other charge with respect to the loan (except standard income tax) or (3) 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 cost 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 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.” The Company believes it has substantial defenses to the claims made and intends to vigorously defend these cases. Tax Claims and Proceedings During 2014 and 2015 the Mexican Tax Authorities opened a review of Avícola Pilgrim’s Pride de Mexico, S.A. de C.V. (“APPM”) in regards to tax years 2009 and 2010, respectively. In both instances, the Mexican Tax Authorities claim that controlled company status did not exist for certain subsidiaries because APPM did not own 50% of the shares in voting rights of Incubadora Hidalgo, S. de R.L de C.V. and Commercializadora de Carnes de México S. de R.L de C.V. (both in 2009) and Pilgrim’s Pride, S. de R. L. de C.V. (in 2010). As a result, APPM should have considered dividends paid out of these subsidiaries partially taxable since a portion of the dividend amount was not paid from the net tax profit account (CUFIN). APPM is currently appealing. 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 October 22, 2019, 32 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); Services Group of America, Inc. v. Tyson Food, Inc., et al., Case No. 1:19-cv-04194; Restaurants of America, Inc., et al. v. Tyson Foods, Inc., et al., No. 19-cv-04824; Anaheim Wings, d/b/a Hooters of Anaheim, et al. v. Tyson Foods, Inc., et al., No. 19- cv-05229; Amigos Meat Distributors, LP, et al. v. Tyson Foods, Inc., et al., No. 19-cv-05424; PJ Food Service, Inc. v. Tyson Foods, Inc., et al., No. 19-cv-6141; The Golub Corporation, et al. v. Norman W. Fries, Inc., d/b/a Claxton Poultry Farms, et al., Case No. 19-cv-06955; and Commonwealth of Puerto Rico v. Koch Foods, Inc., et al., Case No. 3:19-cv-01605 (transferred from the U.S. District Court for the District of Puerto Rico) 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. 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 U.S. Department of Justice (the “DOJ”) filed a motion to intervene and stay discovery in the In re Broiler Chicken Antitrust Litigation for a period of six months. Following a hearing on June 27, 2019, on June 28, 2019, the Court granted the government’s motion to intervene, ordering a limited stay first until September 27, 2019, and then, following a subsequent request for an extension by the DOJ, to June 27, 2020. On July 1, 2019, the DOJ issued a subpoena to PPC in connection with its investigation. PPC is currently in the process of complying with the subpoena. On December 18, 2019, the Court reset the date for the lifting of the stay to March 31, 2020. On January 29, 2020, the Court issued a scheduling order through trial, which contemplates class certification briefing and related expert reports proceeding from June 18, 2020 to November 25, 2020, the close of all merits fact discovery on December 18, 2020, and summary judgment briefing and related expert reports proceeding from January 15, 2021 to August 10, 2021. The Court has set a trial date of April 4, 2022. The U.S. District Court for the Northern District of Illinois issued General Orders in re Coronavirus (“COVID-19”) Public Emergency on March 17, 2020, March 20, 2020 and March 30, 2020, which extended all deadlines in all civil cases first 21 and then 28 days. Further revisions to the schedule are anticipated in the coming weeks. 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 (1) 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, (2) its conduct constituted a violation of federal antitrust laws, (3) PPC’s revenues during the class period were the result of illegal conduct and (4) that PPC lacked effective internal control over financial reporting. The complaint also states that PPC’s industry was anticompetitive and seeks compensatory damages. 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 these financial statements, 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 (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. In addition, on March 12, 2018, the Northern District of Texas, Fort Worth Division (“Bankruptcy Court”) enjoined the 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. On January 6, 2020, the Court held a motion hearing and denied the pending Rule 12 motion and lifted the stay on discovery. A status conference was held on April 6, 2020 and a case schedule is pending. 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 (1) consolidate the two stockholder derivative cases, (2) stay the consolidated action until the resolution of the motion to dismiss in the Hogan putative securities class action, and (3) 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. 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 Holdings and several members of the Batista family, in the Court of Chancery of the State of Delaware (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. Both complaints sought compensatory damages. 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 proceeded to discovery, and trial was scheduled to commence in November 2020. On October 3, 2019, the parties entered into a stipulation agreeing to settle the dispute for (1) a cash payment to PPC by the non-PPC defendants of $42.5 million less any fees and expenses awarded to the plaintiffs’ counsel, as well as any applicable taxes (the “Settlement Amount”), and (2) corporate governance changes to be implemented by PPC. No portion of the settlement amount will be paid by PPC to the non-PPC defendants. The settlement was approved by the Court of Chancery on January 28, 2020. On March 2, 2020, the Settlement Amount was transferred to PPC. Between August 30, 2019 and October 16, 2019, four purported class action lawsuits were filed in the U.S. District Court for the District of Maryland against PPC and a number of other chicken producers, as well as WMS (Webber, Meng, Sahl and Company) and Agri Stats. The plaintiffs seek to represent a nationwide class of processing plant production and maintenance workers (“Plant Workers”). They allege that the defendants conspired to fix and depress the compensation paid to Plant Workers in violation of the Sherman Act and seek damages from January 1, 2009 to the present. The four cases are Jien v. Perdue Farms, Inc., Case No. 19-cv-2521; Earnest v. Perdue Farms, Inc. et al., Case No. 19-cv-02680; Robinson v. Tyson Foods, Inc. et al., Case No. 19-cv-02960; and Avila v. Perdue Farms, Inc., et al., Case No. 19-cv-03018 (together, the “Wages Litigation”). On November 12, 2019, the Court ordered the consolidation of the four cases for pretrial purposes. The defendants (including PPC) jointly moved to dismiss the consolidated complaint on November 22, 2019. Shortly thereafter, the plaintiffs informed the defendants and the Court they would be amending their complaint, which they did on December 20, 2019. The consolidated amended complaint asserts largely similar allegations to the pleadings in the consolidated complaint extended to include more class members and turkey processors as well as chicken. The defendants filed motions to dismiss the consolidated amended complaint on March 2, 2020, with oppositions originally due on April 24, 2020 and replies on May 21, 2020. The U.S. District Court for the District of Maryland has issued a series of Standing Orders related to the exigent circumstances created by COVID-19, which extended filing deadlines by 84 days, including the deadlines for the response briefings related to defendants' motions to dismiss. PPC believes it has strong defenses in each of the above litigations and intends to contest them vigorously. PPC cannot predict the outcome of these actions nor when they will be resolved. If the plaintiffs were to prevail in any of these litigations, PPC 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 cooperation agreements (acordos de colaboração) (collectively, the “Cooperation Agreements”) with the Office of the Prosecutor General (Procuradoria-Geral da República), or PGR, in connection with certain illicit conduct by J&F and such individuals acting in their capacity as J&F executives. The details of such illicit conduct are set forth in separate annexes to the Cooperation Agreements, and include admissions of improper 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 Federal Prosecution Service (Ministério Público Federal), or MPF, whereby J&F assumed responsibility for the conduct that was described in the annexes to the Cooperation Agreements. In connection with the Leniency Agreement, J&F has agreed to pay a fine of 10.3 billion Brazilian reais (R$), adjusted for inflation, over a 25-year period. J&F has made five R$50.0 million payments, representing R$250.0 million of the total fine, which payments have been accepted by the MPF. Various proceedings by Brazilian governmental authorities remain pending against J&F and certain of its former or current officers seeking to invalidate the Cooperation Agreements and impose more severe penalties for additional alleged illicit conduct that was not disclosed in the annexes to the Cooperation Agreements. On December 11, 2017, the PGR requested that the Federal Supreme Court in Brazil (Supremo Tribunal Federal), or the STF, terminate the Cooperation Agreements executed by Joesley Mendonça Batista and a former executive of J&F in light of allegations that included, among others, their receipt of improper support from a member of the PGR on the negotiation of their Cooperation Agreements. On May 17, 2018, the PGR requested that the STF terminate the Cooperation Agreements executed by Wesley Mendonça Batista and another J&F executive on the same grounds. As part of such proceedings, on December 17, 2018, the STF issued a ruling that there is no necessary link between the termination of the Cooperation Agreements, on the one hand, and the Leniency Agreement on the other hand, and that the termination of the Cooperation Agreements would not automatically invalidate the Leniency Agreement. However, a final decision by the STF on the termination of the Cooperation Agreements may change such ruling and directly impact the Leniency Agreement. On April 30, 2019, in connection with an administrative proceeding relating to the Leniency Agreement, the MPF argued that if the STF terminated the Cooperation Agreements, such termination could have repercussions with respect to the Leniency Agreement. According to the MPF, such repercussions could include termination of the Leniency Agreement and the inclusion of additional fines or other obligations that would be payable by J&F. We cannot assure you that the Leniency Agreement will not be impacted by the termination of any of the Cooperation Agreements or that the MPF will not continue to argue to the STF that the termination of the Cooperation Agreements by the STF should affect the Leniency Agreement. If the Leniency Agreement is terminated or nullified, the facts included therein could be exposed to potential proceedings and sanctions by Brazilian governmental authorities, which could have a material adverse effect on our business, reputation and financial condition. In accordance with the terms of the Leniency Agreement, J&F is conducting internal investigations and has engaged outside advisors to assist in conducting these investigations, which are ongoing, and with which we are fully cooperating. In addition, JBS S.A., JBS USA and the Company have (1) conducted an independent investigation in connection with matters disclosed in the Leniency Agreement and the Cooperation Agreements; and (2) communicated with relevant U.S. authorities, including the Department of Justice and the Securities and Exchange Commission, regarding the factual findings of these investigations. Additionally, JBS S.A., JBS USA 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 these 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, nor can we predict any potential actions that may be taken by such relevant U.S. authorities, which could include substantial fines and penalties, violations that impact our disclosure, and which could also result in litigations by shareholders against us. In addition, we cannot guarantee that the investigations will not uncover other instances of prior illicit conduct by any of the parties to the Leniency Agreement or to the Cooperation Agreements, or by other parties affiliated with us (including, without limitation, any of our shareholders, directors, officers, employees, agents or third parties acting in our name) which are not party to the Leniency Agreement or the Cooperation Agreements. It is possible that other facts not covered by the Leniency Agreement or the Cooperation Agreements will be discovered in the future. If that occurs, Brazilian authorities may bring proceedings and impose sanctions, fines or other penalties in relation to any such additional uncovered facts and may seek to use such discoveries to invalidate or terminate the Leniency Agreement or the Cooperation Agreements. Separately, Joesley Mendonça Batista and Wesley Mendonça Batista (who equally and indirectly own 100% of the equity interests in J&F), JBS S.A. and other defendants are party to administrative proceedings initiated by the Brazilian Securities Commission (Comissao de Valores Mobiliarios), or CVM. The matters under investigation with respect to Joesley Mendonça Batista and Wesley Mendonça Batista include possible violations of Brazilian laws regarding the following: insider trading in regulated market transactions, management due diligence obligations in connection with internal controls, misuse of JBS S.A.’s assets and conflicts of interest in approving management accounts. On September 25, 2018, the Board of Commissioners of the CVM rejected the settlement proposal submitted jointly by Joesley Mendonça Batista and Wesley Mendonça Batista, JBS S.A. and the other defendants to end the administrative proceedings related to insider trading in regulated market transactions and management due diligence obligations in connection with internal controls. On December 3, 2019, the Board of Commissioners of the CVM rejected their settlement proposal to close the administrative proceeding regarding the misuse of JBS S.A.’s assets. These proceedings in Brazil are ongoing and their results cannot be predicted. Any further adverse developments in these, or other, matters involving Joesley Mendonça Batista and Wesley Mendonça Batista or other parties affiliated with us (including, without limitation, any of our shareholders, directors, officers, employees, agents or third parties acting in our name), could subject us to potential fines or penalties set forth under applicable law, materially adversely affect our public perception or reputation and could have a material adverse effect on us, including: (1) threatening our ability to obtain new financing, which could impair our ability to operate our business; and (2) shifting management’s focus to these matters, which could harm our ability to meet our strategic objectives. Additionally, while we have taken, and are continuing to take, measures to enhance our compliance programs, which are intended to assist us in detecting and preventing bribery and corruption, there can be no assurance that these efforts will enable us to detect or prevent all such activities. We will monitor the results of the investigations and J&F will continue to engage in dialogue with the relevant U.S. authorities. 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.

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 29, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	March 29, 2020		December 29, 2019
	(In thousands)
Land	$	240,336	$	222,076
Buildings	1,887,082		1,754,219
Machinery and equipment	3,030,430		3,139,748
Autos and trucks	69,607		64,122
Finance leases	2,182		2,182
Construction-in-progress	199,149		229,015
PP&E, gross	5,428,786		5,411,362
Accumulated depreciation	(2,865,992)		(2,819,301)
PP&E, net	$	2,562,794	$	2,592,061

The Company recognized depreciation expense of $74.5 million and $61.5 million during the three months ended March 29, 2020 and March 31, 2019, respectively.

During the three months ended March 29, 2020, Pilgrim's spent $77.2 million on capital projects and transferred $87.2 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during the three months ended March 29, 2020 to improve efficiencies and reduce costs. During the three months ended ended March 31, 2019, the Company spent $87.9 million on capital projects and transferred $56.1 million of completed projects from construction-in-progress to depreciable assets.

During the three months ended March 29, 2020, the Company sold miscellaneous equipment for $0.6 million in cash and recognized a net gain on these sales of $0.5 million. During the three months ended March 31, 2019, the Company sold miscellaneous equipment for cash of $0.5 million and recognized a net gain on these sales of $0.1 million.

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. As of March 29, 2020, the carrying amounts of these idled assets totaled $42.0 million based on depreciable value of $221.1 million and accumulated depreciation of $179.1 million.

As of March 29, 2020, 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.

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 29, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATIONFor the three months ended March 29, 2020 and three months ended March 31, 2019, we recognized total stock-based compensation expense of $0.7 million and $1.9 million, respectively. For the three months ended March 29, 2020 and three months ended March 31, 2019, the total income tax benefit recognized in the income statement for share-based compensation arrangements was $0.2 million and $0.5 million, respectively.During the three months ended March 29, 2020, we granted 316,460 performance-based restricted stock units at a weighted average grant date price of $30.94 per unit. These awards will convert to time-vesting restricted stock units in the first quarter of 2021 if or when the Compensation Committee of the Company's Board of Directors certifies the achievement of 2020 performance targets. Once converted to time-vesting restricted stock units, the awards will vest ratably on December 31, 2021, December 31, 2022, and December 31, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 67,449	$ 84,125
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	0	(135)
Income tax effect	0	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

LEASES - Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Lessee, Lease, Description [Line Items]
Operating Leases	$ 284,122	$ 301,621
Finance Leases	2,030	2,150
Accrued expenses and other current liabilities
Lessee, Lease, Description [Line Items]
Operating Leases	64,262	66,239
Finance Leases	0	0
Current maturities of long-term debt
Lessee, Lease, Description [Line Items]
Operating Leases	0	0
Finance Leases	469	486
Noncurrent operating lease liability, less current maturities
Lessee, Lease, Description [Line Items]
Operating Leases	219,860	235,382
Finance Leases	0	0
Long-term debt, less current maturities
Lessee, Lease, Description [Line Items]
Operating Leases	0	0
Finance Leases	$ 1,561	$ 1,664

STOCKHOLDERS' EQUITY (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 2,536,060	$ 2,019,585
Other comprehensive income (loss) before reclassifications	(100,738)	38,965
Amounts reclassified from accumulated other comprehensive loss to net income	1,025	(74)
Currency translation	(75)	17
Total other comprehensive income (loss), net of tax	(99,788)	38,908
Balance, end of period	2,476,491	2,144,500
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(75,129)	(127,834)
Total other comprehensive income (loss), net of tax	(99,788)	38,908
Balance, end of period	(174,917)	(88,926)
Losses Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(1,108)	(55,770)
Other comprehensive income (loss) before reclassifications	(96,765)	37,442
Amounts reclassified from accumulated other comprehensive loss to net income	0	0
Currency translation	0	0
Total other comprehensive income (loss), net of tax	(96,765)	37,442
Balance, end of period	(97,873)	(18,328)
Unrealized Gains on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(2,406)	(683)
Other comprehensive income (loss) before reclassifications	4,123	(915)
Amounts reclassified from accumulated other comprehensive loss to net income	742	(221)
Currency translation	(75)	17
Total other comprehensive income (loss), net of tax	4,790	(1,119)
Balance, end of period	2,384	(1,802)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(71,615)	(71,463)
Other comprehensive income (loss) before reclassifications	(8,105)	2,421
Amounts reclassified from accumulated other comprehensive loss to net income	283	248
Currency translation	0	0
Total other comprehensive income (loss), net of tax	(7,822)	2,669
Balance, end of period	(79,437)	(68,794)
Unrealized Holding Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	0	82
Other comprehensive income (loss) before reclassifications	9	17
Amounts reclassified from accumulated other comprehensive loss to net income	0	(101)
Currency translation	0	0
Total other comprehensive income (loss), net of tax	9	(84)
Balance, end of period	$ 9	$ (2)

PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 74,500	$ 61,500
Payments for capital projects	77,168	87,941
Transfer of property, plant and equipment	87,200	56,100
Proceeds from property disposals	632	539
Gain (loss) on property disposals	521	$ 108
Idled assets, carrying amount	42,000
Idled assets, depreciable value	221,100
Idled assets, accumulated depreciation	$ 179,100

DEBT

3 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

DEBT

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


	Maturity	March 29, 2020		December 29, 2019
		(In thousands)
Senior notes payable, net of premium and discount at 5.75%	2025	$	1,001,994	$	1,002,095
Senior notes payable, net of discount at 5.875%	2027	844,613		844,433
U.S. Credit Facility (defined below):
Term note payable at 2.83%	2023	468,750		475,000
Revolving note payable at 2.10%	2023	350,000		—
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 plus 1.50%	2023	—		—
Secured loans with payables at weighted average of 3.34%	Various	437		948
Finance lease obligations	Various	2,030		2,150
Long-term debt		2,667,824		2,324,626
Less: Current maturities of long-term debt		(25,877)		(26,392)
Long-term debt, less current maturities		2,641,947		2,298,234
Less: Capitalized financing costs		(21,040)		(22,205)
Long-term debt, less current maturities, net of capitalized financing costs:		$	2,620,907	$	2,276,029

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 subsidiaries and U.S. 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 subsidiaries 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 subsidiaries. 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 subsidiaries and rank equally with all of the Company’s and its guarantor subsidiaries’ 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, respectively, 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 March 29, 2020, the Company had outstanding borrowings under the term loan commitment of $468.8 million. As of March 29, 2020, the Company had outstanding borrowings, outstanding letters of credit and available borrowings under the revolving credit commitment of $350.0 million, $40.4 million and $359.6 million, respectively.

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 (1) 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 (2) 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 (1) the accounts receivable and inventory of the Company and its non-Mexico subsidiaries, (2) 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 (3) 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.

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 (1) LIBOR or, in relation to any loan in euros, EURIBOR, plus (2) 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 March 29, 2020, the U.S. dollar-equivalent loan commitment and borrowing availability were both $124.6 million. As of March 29, 2020, 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. Outstanding borrowings under the Mexico Credit Facility accrue interest at a rate equal to the 28-Day Interbank Equilibrium Interest Rate plus 1.5%. 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 March 29, 2020, the U.S. dollar-equivalent of the loan commitment and borrowing availability

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Instruments and Cash Collateral) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 29, 2020	Dec. 29, 2019
Fair values:
Cash collateral posted with brokers	$ 25,234	$ 20,009
Corn
Derivatives Coverage:
Derivatives coverage (as a percentage)	16.00%	12.00%
Soybean meal
Derivatives Coverage:
Derivatives coverage (as a percentage)	8.00%	44.00%
Commodity
Fair values:
Derivative assets, gross	$ 12,544	$ 5,053
Derivative liabilities, gross	(17,988)	(5,430)
Foreign currency
Fair values:
Derivative assets, gross	12,053	426
Derivative liabilities, gross	$ (98)	$ (5,400)

GENERAL (Tables)

3 Months Ended

Mar. 29, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents


	March 29, 2020		December 29, 2019
	(In thousands)
Cash and cash equivalents	$	511,183	$	260,568
Restricted cash	25,234		20,009
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	536,417	$	280,577

Schedule of Restricted Cash and Cash Equivalents


	March 29, 2020		December 29, 2019
	(In thousands)
Cash and cash equivalents	$	511,183	$	260,568
Restricted cash	25,234		20,009
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	536,417	$	280,577

REVENUE RECOGNITION

3 Months Ended

Mar. 29, 2020

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.


	Three Months Ended March 29, 2020
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,868,027	$	58,853	$	1,926,880
U.K. and Europe	745,099		77,163		822,262
Mexico	325,786		—		325,786
Net sales	$	2,938,912	$	136,016	$	3,074,928


	Three Months Ended March 31, 2019
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,818,146	$	65,445	$	1,883,591
U.K. and Europe	451,799		63,163		514,962
Mexico	326,122		—		326,122
Net sales	$	2,596,067	$	128,608	$	2,724,675

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 ASU 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018 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 are as follows:


	Three Months Ended
	March 29, 2020
	(In thousands)
Balance, beginning of period	$	41,770
Revenue recognized	(41,767)
Cash received, excluding amounts recognized as revenue during the period	32,081
Balance, end of period	$	32,084

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.

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 29, 2020

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

The Company has operations in Mexico, the U.K., France and the Netherlands. Therefore, it has exposure to translational 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 translational 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. The Company’s counterparties require that it 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.

The Company has not designated certain derivative financial instruments that it has 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, the Company 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 (gain) and Cost of sales in the Condensed Consolidated Statements of Income.

The Company has designated certain derivative financial instruments related to its U.K. and Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures as cash flow hedges. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the effective portion of the cash flow hedge into accumulated other comprehensive income (“AOCI”) while it 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 gains of $27.8 million and net losses of $8.0 million related to changes in the fair value of its derivative financial instruments during the three months ended March 29, 2020 and March 31, 2019, respectively. Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:


	March 29, 2020			December 29, 2019
	(In thousands)
Fair values:
Commodity derivative assets	$	12,544		$	5,053
Commodity derivative liabilities	(17,988)			(5,430)
Foreign currency derivative assets	12,053			426
Foreign currency derivative liabilities	(98)			(5,400)
Cash collateral posted with brokers^(a)	25,234			20,009
Derivatives coverage^(b):
Corn	16.0		%	12.0		%
Soybean meal	8.0		%	44.0		%

Period through which stated percent of needs are covered:
Corn	December 2020			December 2020
Soybean meal	December 2020			July 2020

(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 Income on Derivative
	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Foreign currency derivatives	$	4,123	$	(915)
Total	$	4,123	$	(915)








	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Foreign currency derivatives	$	(742)	$	221
Total	$	(742)	$	221

At March 29, 2020, the pre-tax deferred net losses on derivatives recorded in AOCI that are expected to be reclassified to the Condensed Consolidated Statements of Income during the next twelve months are $3.8 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.

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gains (losses) on derivative financial instruments	$ 27.8	$ (8.0)
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 3.8

SEGMENT REPORTING - Schedule of Segment Reporting, Goodwill and Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Segment Reporting Information [Line Items]
Assets	$ 7,251,982	$ 7,102,364
Long-lived assets	2,849,400	2,893,574
Eliminations
Segment Reporting Information [Line Items]
Assets	(1,960,199)	(1,949,631)
Long-lived assets	(4,232)	(4,256)
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Assets	5,539,187	5,207,282
Long-lived assets	1,791,303	1,789,530
U.K. and Europe \| Operating Segments
Segment Reporting Information [Line Items]
Assets	2,694,024	2,824,382
Long-lived assets	760,211	801,887
Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Assets	978,970	1,020,331
Long-lived assets	$ 302,118	$ 306,413

GENERAL - Additional Information (Details) bird in Thousands, lb in Millions	3 Months Ended
	Mar. 29, 2020 employee country state bird grower 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
Chicken
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees	53,300
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in birds per week) \| bird	44,900
Maximum annual processing capacity of employees (in pounds) (more than) \| lb	13,000.0
Number of contract growers \| grower	4,800
Number of employees	53,300
Pork
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees	5,300
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in birds per week) \| bird	43
Maximum annual processing capacity of employees (in pounds) (more than) \| lb	413.1
Number of contract growers \| grower	290
Number of employees	5,300
JBS SA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of beneficial ownership by holding company	78.80%

BUSINESS ACQUISITION (Tables)

3 Months Ended

Mar. 29, 2020

Business Combinations [Abstract]

Fair Values for Assets Acquired and Liabilities Assumed


Cash and cash equivalents	$	6,854
Trade accounts and other receivables	146,423
Inventories	104,211
Prepaid expenses and other current assets	6,579
Operating lease assets	5,613
Property, plant and equipment	329,711
Identified intangible assets	40,418
Other assets	14,647
Total assets acquired	654,456
Accounts payable	110,296
Other current liabilities	55,830
Operating lease liabilities	5,613
Deferred tax liabilities	14,798
Pension obligations	18,435
Other long-term liabilities	1,056
Total liabilities assumed	206,028
Total identifiable net assets	448,428
Gain on bargain purchase	(55,140)
Total consideration transferred	$	393,288

Business Acquisition, Pro Forma Information

The following unaudited pro forma information presents the combined financial results for the Company and Tulip as if the acquisition had been completed at the beginning of 2019.


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands, except per share amounts)
Net sales	$	3,074,928	$	3,066,174
Net income attributable to Pilgrim's	68,513		103,736
Net income attributable to Pilgrim's per common share - diluted	0.27		0.42

LEASES - Future Minimum Lease Payments on Non-cancellable Leases (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Operating Leases
Year 1	$ 76,240
Year 2	64,417
Year 3	54,918
Year 4	44,389
Year 5	31,797
Thereafter	52,712
Total future minimum lease payments	324,473
Less: imputed interest	(40,351)
Present value of lease liabilities	284,122	$ 301,621
Finance Leases
Year 1	562
Year 2	494
Year 3	494
Year 4	494
Year 5	223
Thereafter	0
Total future minimum lease payments	2,267
Less: imputed interest	(237)
Present value of lease liabilities	$ 2,030	$ 2,150

GENERAL (Policies)	3 Months Ended
GENERAL (Policies)	Mar. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated and Combined 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 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.
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, 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	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 March 29, 2020 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 adoption of this guidance did not have a material impact on our financial statements. 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 adoption of this guidance did not have a material impact on our financial statements. 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 adoption of this guidance did not have a material impact on our financial statements. Recent Accounting Pronouncements Not Yet Adopted as of March 29, 2020 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that the ASU 2019-12 will have on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to the application of current GAAP to existing contracts, hedging relationships and other transactions affected by reference rate reform. The new guidance will ease the transition to new reference rates by allowing entities to update contracts and hedging relationships without applying many of the contract modification requirements specific to those contracts. The provisions of the new guidance will be effective beginning March 12, 2020, extending through December 31, 2022 with the option to apply the guidance at any point during that time period. Once an entity elects an expedient or exception it must be applied to all eligible contracts or transactions. We currently have debt agreements that reference LIBOR and will apply the new guidance as these contracts are modified to reference other rates.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
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	0
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	0	(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)	0
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)	0
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	0	(525)
Payment of capitalized loan costs	0	(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

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 29, 2020

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

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


	Three Months Ended March 29, 2020^(a)
	Losses Related to Foreign Currency Translation		Unrealized Gains 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	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)

Other comprehensive income (loss) before reclassifications	(96,765)		4,123		(8,105)		9		(100,738)
Amounts reclassified from accumulated other comprehensive loss to net income	—		742		283		—		1,025
Currency translation	—		(75)		—		—		(75)
Net current period other comprehensive loss	(96,765)		4,790		(7,822)		9		(99,788)
Balance, end of period	$	(97,873)	$	2,384	$	(79,437)	$	9	$	(174,917)


	Three Months Ended March 31, 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 before reclassifications	37,442		(915)		2,421		17		$	38,965
Amounts reclassified from accumulated other comprehensive income (loss) to net income	—		(221)		248		(101)		$	(74)
Currency translation	—		17		—		—		17
Net current period other comprehensive income	37,442		(1,119)		2,669		(84)		38,908
Balance, end of period	$	(18,328)	$	(1,802)	$	(68,794)	$	(2)	$	(88,926)

(a) All amounts are net of tax. Amounts in parentheses represent income (expenses) related to results of operations.

Schedule of Reclassification from Accumulated Other Comprehensive Loss


	Amount Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 29, 2020		Three Months Ended March 31, 2019		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	$	(742)	$	221	Cost of sales
Realized gain on sale of securities	—		135		Interest income
Amortization of pension and other postretirement plan actuarial losses:
Union Plan^(b)	(24)		(18)		Miscellaneous, net
Legacy Gold Kist Plans^(b)(c)	(351)		(310)		Miscellaneous, net
Total before tax	(1,117)		28
Tax benefit	93		46
Total reclassification for the period	$	(1,024)	$	74

(a) Amounts in parentheses represent income (expenses) related to results of operations.

(c) The Company sponsors the GK Pension Plan, the SERP Plan, the Directors' Emeriti Plan and the Retiree Life Plan (collectively, the “Legacy Gold Kist Plans”).

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 29, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments and Cash Collateral

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


	March 29, 2020			December 29, 2019
	(In thousands)
Fair values:
Commodity derivative assets	$	12,544		$	5,053
Commodity derivative liabilities	(17,988)			(5,430)
Foreign currency derivative assets	12,053			426
Foreign currency derivative liabilities	(98)			(5,400)
Cash collateral posted with brokers^(a)	25,234			20,009
Derivatives coverage^(b):
Corn	16.0		%	12.0		%
Soybean meal	8.0		%	44.0		%

Period through which stated percent of needs are covered:
Corn	December 2020			December 2020
Soybean meal	December 2020			July 2020

(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 Income on Derivative
	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Foreign currency derivatives	$	4,123	$	(915)
Total	$	4,123	$	(915)








	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Foreign currency derivatives	$	(742)	$	221
Total	$	(742)	$	221

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Unrecognized Benefit Amounts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Pension Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	$ 58,239	$ 54,343
Amortization	(376)	(328)
Actuarial loss (gain)	(29,447)	4,235
Asset loss (gain)	40,578	(7,467)
Net actuarial loss (gain), end of period	68,691	50,783
Other Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	91	(34)
Amortization	0	0
Actuarial loss (gain)	(17)	32
Asset loss (gain)	0	0
Net actuarial loss (gain), end of period	$ 74	$ (2)

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 29, 2020

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:


	March 29, 2020						December 29, 2019
	Level 1		Total		Level 1		Total
	(In thousands)
Assets:
Commodity futures instruments	$	10,602	$	10,602	$	4,147	$	4,147
Commodity options instruments	1,942		1,942		906		906
Foreign currency instruments	12,053		12,053		426		426
Liabilities:
Commodity futures instruments	(12,321)		(12,321)		(4,797)		(4,797)
Commodity options instruments	(5,667)		(5,667)		(633)		(633)
Foreign currency instruments	(98)		(98)		(5,400)		(5,400)

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:


	March 29, 2020						December 29, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Fixed-rate senior notes payable at 5.75%, at Level 1 inputs	$	(1,001,994)	$	(985,000)	$	(1,002,095)	$	(1,034,200)
Fixed-rate senior notes payable at 5.875%, at Level 1 inputs	(844,613)		(851,250)		(844,433)		(919,505)
Secured loans, at Level 3 inputs	(437)		(433)		(948)		(939)

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Defined Benefit Plan Obligations and Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019	Dec. 30, 2018
Change in plan assets:
Fair value of plan assets, beginning of period	$ 294,589
Fair value of plan assets, end of period	246,049
Pension Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	369,066	$ 157,619
Interest cost	2,039	1,467
Actuarial losses (gains)	(29,447)	4,235
Benefits paid	(4,746)	(5,611)
Other	6	0
Currency translation loss	(9,019)	0
Projected benefit obligation, end of period	327,899	157,710
Change in plan assets:
Fair value of plan assets, beginning of period	294,589	102,414
Actual return on plan assets	(37,302)	8,816
Contributions by employer	2,172	1,752
Benefits paid	(4,746)	(5,611)
Other	(438)	0
Currency translation loss	(8,226)	0
Fair value of plan assets, end of period	246,049	107,371
Funded status:
Unfunded benefit obligation, end of period	(81,850)		$ (74,477)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(11,944)		(14,967)
Long-term liability	(69,906)		(59,510)
Recognized liability	(81,850)		(74,477)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss	68,691	50,783	58,239	$ 54,343
Other Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	1,527	1,462
Interest cost	9	13
Actuarial losses (gains)	(17)	32
Benefits paid	(40)	(37)
Other	0	0
Currency translation loss	0	0
Projected benefit obligation, end of period	1,479	1,470
Change in plan assets:
Fair value of plan assets, beginning of period	0	0
Actual return on plan assets	0	0
Contributions by employer	40	37
Benefits paid	(40)	(37)
Other	0	0
Currency translation loss	0	0
Fair value of plan assets, end of period	0	0
Funded status:
Unfunded benefit obligation, end of period	(1,479)		(1,527)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(157)		(158)
Long-term liability	(1,322)		(1,369)
Recognized liability	(1,479)		(1,527)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss	$ 74	$ (2)	$ 91	$ (34)

INVESTMENTS IN SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019
Debt Securities, Available-for-sale [Line Items]
Gross realized gains (loss)	$ 1,500	$ 2,300
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	361,215		$ 159,623
Fair Value	361,215		159,623
Other
Debt Securities, Available-for-sale [Line Items]
Cost	34,665		0
Fair Value	$ 34,665		$ 0

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The activity in goodwill by segment for the three months ended March 29, 2020 was as follows:


	December 29, 2019		Currency Translation		March 29, 2020
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
U.K. and Europe	806,207		(38,484)		767,723
Mexico	125,607		—		125,607
Total	$	973,750	$	(38,484)	$	935,266

Finite-Lived Intangible Assets

Identified intangible assets consisted of the following:


		December 29, 2019		Amortization		Currency Translation		March 29, 2020
	(In thousands)
Cost:
Trade names		$	78,343	$	—	$	—	$	78,343
Customer relationships		292,278		—		(6,285)		285,993
Non-compete agreements		320		—		—		320
Trade names not subject to amortization		391,431		—		(18,222)		373,209
Accumulated amortization:
Trade names		(45,518)		(492)		—		(46,010)
Customer relationships		(120,481)		(4,746)		1,875		(123,352)
Non-compete agreements		(320)				—		(320)
Total		$	596,053	$	(5,238)	$	(22,632)	$	568,183

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

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 3,074,928	$ 2,724,675
U.S.
Disaggregation of Revenue [Line Items]
Net sales	1,926,880	1,883,591
U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales	822,262	514,962
Mexico
Disaggregation of Revenue [Line Items]
Net sales	325,786	326,122
Domestic
Disaggregation of Revenue [Line Items]
Net sales	2,938,912	2,596,067
Domestic \| U.S.
Disaggregation of Revenue [Line Items]
Net sales	1,868,027	1,818,146
Domestic \| U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales	745,099	451,799
Domestic \| Mexico
Disaggregation of Revenue [Line Items]
Net sales	325,786	326,122
Export
Disaggregation of Revenue [Line Items]
Net sales	136,016	128,608
Export \| U.S.
Disaggregation of Revenue [Line Items]
Net sales	58,853	65,445
Export \| U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales	77,163	63,163
Export \| Mexico
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0

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
	Mar. 29, 2020	Mar. 31, 2019
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income on Derivative	$ 4,123	$ (915)
Gain (Loss) Reclassified from AOCI into Income	(742)	221
Foreign currency derivatives
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income on Derivative	4,123	(915)
Gain (Loss) Reclassified from AOCI into Income	$ (742)	$ 221

LEASES

3 Months Ended

Mar. 29, 2020

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 39 years, some of which may include options to extend the lease for up to one year and some 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.


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Operating lease cost^(a)	$	22,467	$	24,794
Amortization of finance lease assets	109		27
Interest on finance leases	28		4
Short-term lease cost	16,720		14,218
Variable lease cost^(a)	1,042		869
Net lease cost	$	40,366	$	39,912

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


	Three Months Ended
	March 29, 2020	March 31, 2019
Weighted-average remaining lease term (years):
Operating leases	5.65	6.35
Finance leases	4.32	1.75
Weighted-average discount rate:
Operating leases	4.74%	4.80%
Finance leases	5.10%	8.51%

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,128	$	23,994
Operating cash flows from finance leases	28		4
Financing cash flows from finance leases	121		27
Operating lease assets obtained in exchange for operating lease liabilities	8,028		22,798

Future minimum lease payments under noncancellable leases at March 29, 2020 are as follows:


	Operating Leases		Finance Leases
	(In thousands)
Future minimum lease payments:
Year 1	$	76,240	$	562
Year 2	64,417		494
Year 3	54,918		494
Year 4	44,389		494
Year 5	31,797		223
Thereafter	52,712		—
Total future minimum lease payments	324,473		2,267
Less: imputed interest	(40,351)		(237)
Present value of lease liabilities	$	284,122	$	2,030

Lease liabilities as of March 29, 2020 are included in our Condensed Consolidated Balance Sheets as follows:


	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	64,262	$	—
Current maturities of long-term debt	—		469
Noncurrent operating lease liability, less current maturities	219,860		—
Long-term debt, less current maturities	—		1,561
Total lease liabilities	$	284,122	$	2,030

Lease liabilities as of December 29, 2019 are included in our Condensed Consolidated Balance Sheets as follows:


	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	66,239	$	—
Current maturities of long-term debt	—		486
Noncurrent operating lease liability, less current maturities	235,382		—
Long-term debt, less current maturities	—		1,664
Total lease liabilities	$	301,621	$	2,150

As of March 29, 2020, the Company had immaterial operating leases and did not have finance leases that have not commenced.

LEASES


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Operating lease cost^(a)	$	22,467	$	24,794
Amortization of finance lease assets	109		27
Interest on finance leases	28		4
Short-term lease cost	16,720		14,218
Variable lease cost^(a)	1,042		869
Net lease cost	$	40,366	$	39,912

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


	Three Months Ended
	March 29, 2020	March 31, 2019
Weighted-average remaining lease term (years):
Operating leases	5.65	6.35
Finance leases	4.32	1.75
Weighted-average discount rate:
Operating leases	4.74%	4.80%
Finance leases	5.10%	8.51%

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,128	$	23,994
Operating cash flows from finance leases	28		4
Financing cash flows from finance leases	121		27
Operating lease assets obtained in exchange for operating lease liabilities	8,028		22,798

Future minimum lease payments under noncancellable leases at March 29, 2020 are as follows:


	Operating Leases		Finance Leases
	(In thousands)
Future minimum lease payments:
Year 1	$	76,240	$	562
Year 2	64,417		494
Year 3	54,918		494
Year 4	44,389		494
Year 5	31,797		223
Thereafter	52,712		—
Total future minimum lease payments	324,473		2,267
Less: imputed interest	(40,351)		(237)
Present value of lease liabilities	$	284,122	$	2,030

Lease liabilities as of March 29, 2020 are included in our Condensed Consolidated Balance Sheets as follows:


	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	64,262	$	—
Current maturities of long-term debt	—		469
Noncurrent operating lease liability, less current maturities	219,860		—
Long-term debt, less current maturities	—		1,561
Total lease liabilities	$	284,122	$	2,030

Lease liabilities as of December 29, 2019 are included in our Condensed Consolidated Balance Sheets as follows:


	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	66,239	$	—
Current maturities of long-term debt	—		486
Noncurrent operating lease liability, less current maturities	235,382		—
Long-term debt, less current maturities	—		1,664
Total lease liabilities	$	301,621	$	2,150

As of March 29, 2020, the Company had immaterial operating leases and did not have finance leases that have not commenced.

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 29, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	March 29, 2020		December 29, 2019
	(In thousands)
Land	$	240,336	$	222,076
Buildings	1,887,082		1,754,219
Machinery and equipment	3,030,430		3,139,748
Autos and trucks	69,607		64,122
Finance leases	2,182		2,182
Construction-in-progress	199,149		229,015
PP&E, gross	5,428,786		5,411,362
Accumulated depreciation	(2,865,992)		(2,819,301)
PP&E, net	$	2,562,794	$	2,592,061

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5,238

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 788,229	$ 800,749
Finished products	412,684	425,919
Operating supplies	81,503	82,447
Maintenance materials and parts	79,942	74,420
Total inventories	$ 1,362,358	$ 1,383,535

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 29, 2020

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.


	Three Months Ended March 29, 2020
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,868,027	$	58,853	$	1,926,880
U.K. and Europe	745,099		77,163		822,262
Mexico	325,786		—		325,786
Net sales	$	2,938,912	$	136,016	$	3,074,928


	Three Months Ended March 31, 2019
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	1,818,146	$	65,445	$	1,883,591
U.K. and Europe	451,799		63,163		514,962
Mexico	326,122		—		326,122
Net sales	$	2,596,067	$	128,608	$	2,724,675

Contract Balances

Changes in the revenue contract liability balances are as follows:


	Three Months Ended
	March 29, 2020
	(In thousands)
Balance, beginning of period	$	41,770
Revenue recognized	(41,767)
Cash received, excluding amounts recognized as revenue during the period	32,081
Balance, end of period	$	32,084

TRADE ACCOUNTS AND OTHER RECEIVABLES

3 Months Ended

Mar. 29, 2020

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:


	March 29, 2020		December 29, 2019
	(In thousands)
Trade accounts receivable	$	710,702	$	696,372

Notes receivable - current	4,495		4,187
Other receivables	48,109		48,189
Receivables, gross	763,306		748,748
Allowance for doubtful accounts	(9,060)		(7,467)
Receivables, net	$	754,246	$	741,281

Accounts receivable from related parties^(a)	$	743	$	944

(a) Additional information regarding accounts receivable from related parties is included in “Note 18. Related Party Transactions.”

Activity in the allowance for doubtful accounts for the three months ended March 29, 2020 was as follows (in thousands):




Balance, beginning of period	$	(7,467)
Provision charged to operating results	(2,445)

Account write-offs and recoveries	258

Effect of exchange rate	594
Balance, end of period	$	(9,060)

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 29, 2020

Schedule of Related Party Transactions

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


	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Sales to related parties:
JBS USA Food Company^(a)	$	3,453	$	3,658
JBS Global (U.K.) Ltd.	—		43
JBS Chile Ltda.	—		78
Combo, Mercado De Congelados	73		4
JBS Australia	786		—
Total sales to related parties	$	4,312	$	3,783

	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company^(a)	$	36,897	$	30,413
Seara Meats B.V.	2,643		4,521


JBS Toledo NV	63		120
JBS Global (U.K.) Ltd.	226		—
Total cost of goods purchased from related parties	$	39,829	$	35,054

	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company^(b)	$	8,081	$	10,006


JBS Chile Ltda.	—		5


Total expenditures paid by related parties	$	8,081	$	10,011

	Three Months Ended
	March 29, 2020		March 31, 2019
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company^(b)	$	2,420	$	2,203


	Three Months Ended
	March 29, 2020		December 29, 2019
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company^(a)	$	545	$	643
JBS Chile Ltda.	130		301
Combo, Mercado de Congelados	26		—


JBS Australia	42		—
Total accounts receivable from related parties	$	743	$	944

	Three Months Ended
	March 29, 2020		December 29, 2019
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company^(a)	$	6,552	$	2,826
JBS Global (U.K.) Ltd.	111		5
Seara Meats B.V.	1,301		988
JBS Chile Ltda.	34		—
Total accounts payable to related parties	$	7,998	$	3,819

SEGMENT REPORTING - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 3,074,928	$ 2,724,675
Reportable segment profit:	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
Eliminations
Segment Reporting Information [Line Items]
Net sales	56,600	34,500
Reportable segment profit:	24	24
U.S.
Segment Reporting Information [Line Items]
Net sales	1,926,880	1,883,591
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit:	85,052	114,840
U.K. and Europe
Segment Reporting Information [Line Items]
Net sales	822,262	514,962
U.K. and Europe \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit:	23,190	12,714
Mexico
Segment Reporting Information [Line Items]
Net sales	325,786	326,122
Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit:	$ (23,880)	$ 9,464

DEBT - Narrative (Details)						3 Months Ended
DEBT - Narrative (Details)	Dec. 14, 2018 MXN ($)	Jul. 20, 2018 USD ($)	Jun. 02, 2018 GBP (£)	Mar. 07, 2018 USD ($)	Sep. 29, 2017 USD ($)	Mar. 29, 2020 USD ($)	Dec. 29, 2019 USD ($)	Mar. 11, 2015 USD ($)
US Credit Facility \| Credit facility \| US and Puerto Rico Subsidiaries
Debt Instrument [Line Items]
Percentage of equity interest guaranteed for debt		100.00%
US Credit Facility \| Credit facility \| Foreign Subsidiaries
Debt Instrument [Line Items]
Percentage of equity interest guaranteed for debt		65.00%
Term note payable at 2.83% \| Credit facility
Debt Instrument [Line Items]
Debt outstanding						$ 468,750,000	$ 475,000,000
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]
Debt outstanding						0	0
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Debt outstanding						$ 0	0
Senior notes \| Senior notes payable, net of premium and discount at 5.75%
Debt Instrument [Line Items]
Principal amount				$ 250,000,000.0	$ 250,000,000.0			$ 500,000,000.0
Stated interest rate						5.75%
Add-on issuance percentage of face value				99.25%	102.00%
Gross amount				$ 248,100,000	$ 255,000,000.0
Debt premium					5,000,000.0
Debt discount				1,900,000
Debt outstanding						$ 1,001,994,000	1,002,095,000
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Principal amount				$ 250,000,000.0	$ 600,000,000.0
Stated interest rate						5.875%
Add-on issuance percentage of face value				97.25%
Gross amount				$ 243,100,000
Debt discount				$ 6,900,000
Debt outstanding						$ 844,613,000	$ 844,433,000
Credit facility \| US Credit Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000.0
Debt outstanding						350,000,000.0
Letters of credit issued						40,400,000
Current borrowing capacity						$ 359,600,000
Credit facility, capital expenditures limit		$ 500,000,000.0
Credit facility \| US Credit Facility \| Credit facility \| LIBOR Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.25%
Credit facility \| US Credit Facility \| Credit facility \| LIBOR Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.75%
Credit facility \| US Credit Facility \| Credit facility \| Alternate base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.25%
Credit facility \| US Credit Facility \| Credit facility \| Alternate base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.75%
Credit facility \| US Credit Facility \| Swingline loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000.0
Credit facility \| US Credit Facility \| Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		125,000,000.0
Credit facility \| Term note payable at 2.83% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate						2.83%
Maximum borrowing capacity		$ 500,000,000.0
Quarterly principal payment, percent of original principal amount		1.25%
Debt outstanding						$ 468,800,000
Credit facility \| US Credit Facility and Term Note Payable at 2.83%
Debt Instrument [Line Items]
Feature to increase revolving loan commitment		$ 1,250,000,000
Credit facility \| 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]
Maximum borrowing capacity \| £			£ 100,000,000.0
Debt outstanding						0
Current borrowing capacity						$ 124,600,000
Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.25%			1.25%
Credit facility \| 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 interest rate			2.00%			2.00%
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Debt outstanding						$ 0
Current borrowing capacity						$ 64,300,000
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%					1.50%

FAIR VALUE MEASUREMENTS (Schedule of Fair Value and Carrying Amount of Debt Obligations) (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
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%
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%
Senior notes \| Carrying Amount \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ (1,001,994)	$ (1,002,095)
Senior notes \| Carrying Amount \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(844,613)	(844,433)
Senior notes \| Fair Value \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(985,000)	(1,034,200)
Senior notes \| Fair Value \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(851,250)	(919,505)
Secured loans \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(437)	(948)
Secured loans \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ (433)	$ (939)

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Accounts payable:
Trade accounts	$ 836,052	$ 875,374
Book overdrafts	59,836	98,267
Other payables	19,775	20,139
Total 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:
Compensation and benefits	132,935	164,946
Taxes	44,256	41,901
Interest and debt-related fees	29,040	31,183
Insurance and self-insured claims	67,502	67,332
Current maturities of operating lease liabilities	64,262	66,239
Derivative liability	18,086	10,830
Other accrued expenses	176,428	192,888
Total accrued expenses and other current liabilities	532,509	575,319
Total accounts payable, accrued expenses and other current liabilities	$ 1,488,254	$ 1,614,688

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Fair Value Assumptions of Plan Assets) (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 29, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 246,049	$ 294,589
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,485	11,582
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	240,564	283,007
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	5,485	11,582
Cash and cash equivalents \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,485	11,582
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
Large U.S. equity funds \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	2,420	3,071
Large U.S. equity funds \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	15,499	20,378
Large U.S. equity funds \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	11,120	17,756
Large U.S. equity funds \| Level 1 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Level 1 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Level 1 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Level 2 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	2,420	3,071
Large U.S. equity funds \| Level 2 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	15,499	20,378
Large U.S. equity funds \| Level 2 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	11,120	17,756
Large U.S. equity funds \| Level 3 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Level 3 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Large U.S. equity funds \| Level 3 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	254	372
Small/Mid U.S. equity funds \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	8,991	12,495
Small/Mid U.S. equity funds \| Level 1 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Level 1 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Level 2 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	254	372
Small/Mid U.S. equity funds \| Level 2 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	8,991	12,495
Small/Mid U.S. equity funds \| Level 3 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Small/Mid U.S. equity funds \| Level 3 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,365	1,878
International equity funds \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	17,810	25,149
International equity funds \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	69,945	102,494
International equity funds \| Level 1 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Level 1 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Level 1 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Level 2 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,365	1,878
International equity funds \| Level 2 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	17,810	25,149
International equity funds \| Level 2 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	69,945	102,494
International equity funds \| Level 3 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Level 3 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
International equity funds \| Level 3 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income securities \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	4,236	4,452
Fixed income securities \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	34,774	35,627
Fixed income securities \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	53,124	53,722
Fixed income securities \| Level 1 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income securities \| Level 1 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income securities \| Level 1 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income securities \| Level 2 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	4,236	4,452
Fixed income securities \| Level 2 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	34,774	35,627
Fixed income securities \| Level 2 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	53,124	53,722
Fixed income securities \| Level 3 \| Union Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income securities \| Level 3 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Fixed income securities \| Level 3 \| U.K. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Real estate \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	21,026	5,613
Real estate \| Level 1 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Real estate \| Level 2 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	21,026	5,613
Real estate \| Level 3 \| GK Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 0	$ 0