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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 28, 2020
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______ to _______
Commission File number 1-9273
PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware | | | 75-1285071 |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) |
| | | |
1770 Promontory Circle | | | 80634-9038 |
Greeley | CO | | |
(Address of principal executive offices) | | | (Zip code) |
Registrant’s telephone number, including area code: (970) 506-8000
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol | | Name of Exchange on which Registered |
Common Stock, Par Value $0.01 | | PPC | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ý | | Accelerated Filer | | ¨ |
Non-accelerated Filer | ¨ | | Smaller reporting company | | ☐ |
| | | Emerging growth company | | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of July 29, 2020, was 244,031,578.
INDEX
PILGRIM’S PRIDE CORPORATION
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
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Item 6. | | |
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PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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PILGRIM’S PRIDE CORPORATION | | | | |
CONDENSED CONSOLIDATED BALANCE SHEETS | | | | |
(Unaudited) | | | | |
| | | | |
| | June 28, 2020 | | December 29, 2019 |
| | | | |
| | (In thousands) | | |
Cash and cash equivalents | | $ | 507,442 | | | $ | 260,568 | |
Restricted cash and cash equivalents | | 27,031 | | | 20,009 | |
| | | | |
Trade accounts and other receivables, less allowance for doubtful accounts | | 694,845 | | | 741,281 | |
Accounts receivable from related parties | | 1,109 | | | 944 | |
Inventories | | 1,347,141 | | | 1,383,535 | |
Income taxes receivable | | 73,886 | | | 60,204 | |
Prepaid expenses and other current assets | | 151,532 | | | 131,695 | |
| | | | |
Total current assets | | 2,802,986 | | | 2,598,236 | |
Deferred tax assets | | 4,607 | | | 4,426 | |
Other long-lived assets | | 29,896 | | | 36,325 | |
Identified intangible assets, net | | 558,491 | | | 596,053 | |
Goodwill | | 929,518 | | | 973,750 | |
Operating lease assets, net | | 282,528 | | | 301,513 | |
Property, plant and equipment, net | | 2,548,555 | | | 2,592,061 | |
Total assets | | $ | 7,156,581 | | | $ | 7,102,364 | |
| | | | |
| | | | |
Accounts payable | | $ | 884,423 | | | $ | 993,780 | |
Accounts payable to related parties | | 7,404 | | | 3,819 | |
Revenue contract liability | | 39,425 | | | 41,770 | |
Accrued expenses and other current liabilities | | 528,256 | | | 575,319 | |
Income taxes payable | | 291 | | | 7,075 | |
| | | | |
Current maturities of long-term debt | | 25,566 | | | 26,392 | |
Total current liabilities | | 1,485,365 | | | 1,648,155 | |
Noncurrent operating lease liability, less current maturities | | 213,829 | | | 235,382 | |
Long-term debt, less current maturities | | 2,615,951 | | | 2,276,029 | |
Noncurrent income taxes payable | | 7,731 | | | 7,731 | |
Deferred tax liabilities | | 310,338 | | | 301,907 | |
Other long-term liabilities | | 148,968 | | | 97,100 | |
Total liabilities | | 4,782,182 | | | 4,566,304 | |
Common stock | | 2,612 | | | 2,611 | |
Treasury stock | | (312,771) | | | (234,892) | |
Additional paid-in capital | | 1,958,727 | | | 1,955,261 | |
Retained earnings | | 939,044 | | | 877,812 | |
Accumulated other comprehensive loss | | (223,427) | | | (75,129) | |
Total Pilgrim’s Pride Corporation stockholders’ equity | | 2,364,185 | | | 2,525,663 | |
Noncontrolling interest | | 10,214 | | | 10,397 | |
Total stockholders’ equity | | 2,374,399 | | | 2,536,060 | |
Total liabilities and stockholders’ equity | | $ | 7,156,581 | | | $ | 7,102,364 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
PILGRIM’S PRIDE CORPORATION | | | | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | | | | | | |
(Unaudited) | | | | | | | | |
| | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
| | June 28, 2020 | | June 30, 2019 | | June 28, 2020 | | June 30, 2019 |
| | (In thousands, except per share data) | | | | | | |
Net sales | | $ | 2,824,023 | | | $ | 2,843,085 | | | $ | 5,898,951 | | | $ | 5,567,760 | |
Cost of sales | | 2,704,164 | | | 2,475,221 | | | 5,601,993 | | | 4,980,957 | |
Gross profit | | 119,859 | | | 367,864 | | | 296,958 | | | 586,803 | |
Selling, general and administrative expense | | 92,570 | | | 88,357 | | | 185,283 | | | 170,281 | |
Administrative restructuring activity | | — | | | (43) | | | — | | | (70) | |
Operating income | | 27,289 | | | 279,550 | | | 111,675 | | | 416,592 | |
Interest expense, net of capitalized interest | | 32,323 | | | 33,594 | | | 65,011 | | | 67,156 | |
Interest income | | (1,158) | | | (3,444) | | | (2,848) | | | (6,784) | |
Foreign currency transaction loss (gain) | | 5,525 | | | 2,260 | | | (12,860) | | | 4,896 | |
Miscellaneous, net | | (45) | | | 1,513 | | | (34,233) | | | 1,156 | |
| | | | | | | | |
Income (loss) before income taxes | | (9,356) | | | 245,627 | | | 96,605 | | | 350,168 | |
Income tax expense (benefit) | | (2,956) | | | 75,547 | | | 35,556 | | | 95,963 | |
Net income (loss) | | (6,400) | | | 170,080 | | | 61,049 | | | 254,205 | |
Less: Net income (loss) attributable to noncontrolling interests | | (364) | | | 12 | | | (183) | | | 126 | |
Net income (loss) attributable to Pilgrim’s Pride Corporation | | $ | (6,036) | | | $ | 170,068 | | | $ | 61,232 | | | $ | 254,079 | |
| | | | | | | | |
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding: | | | | | | | | |
Basic | | 246,687 | | | 249,400 | | | 248,017 | | | 249,283 | |
Effect of dilutive common stock equivalents | | 331 | | | 236 | | | 291 | | | 320 | |
Diluted | | 247,018 | | | 249,636 | | | 248,308 | | | 249,603 | |
| | | | | | | | |
Net income (loss) attributable to Pilgrim's Pride Corporation per share of common stock outstanding: | | | | | | | | |
Basic | | $ | (0.02) | | | $ | 0.68 | | | $ | 0.25 | | | $ | 1.02 | |
Diluted | | $ | (0.02) | | | $ | 0.68 | | | $ | 0.25 | | | $ | 1.02 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
PILGRIM’S PRIDE CORPORATION | | | | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | | | | | | | | |
(Unaudited) | | | | | | | | |
| | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
| | June 28, 2020 | | June 30, 2019 | | June 28, 2020 | | June 30, 2019 |
| | (In thousands) | | | | | | |
Net income (loss) | | $ | (6,400) | | | $ | 170,080 | | | $ | 61,049 | | | $ | 254,205 | |
Other comprehensive income: | | | | | | | | |
Foreign currency translation adjustment: | | | | | | | | |
Losses arising during the period | | (18,782) | | | (38,053) | | | (115,547) | | | (611) | |
| | | | | | | | |
Derivative financial instruments designated as cash flow hedges: | | | | | | | | |
Gains (losses) arising during the period | | (2,147) | | | 1,298 | | | 1,901 | | | 400 | |
Reclassification to net earnings for losses (gains) realized | | (162) | | | 48 | | | 580 | | | (173) | |
Available-for-sale securities: | | | | | | | | |
Gains arising during the period | | 2 | | | 172 | | | 14 | | | 194 | |
Income tax effect | | (1) | | | (42) | | | (4) | | | (47) | |
Reclassification to net earnings for gains realized | | (12) | | | (172) | | | (12) | | | (307) | |
Income tax effect | | 3 | | | 42 | | | 3 | | | 76 | |
Defined benefit plans: | | | | | | | | |
Losses arising during the period | | (34,151) | | | (7,171) | | | (44,961) | | | (3,971) | |
Income tax effect | | 6,459 | | | 1,877 | | | 9,164 | | | 1,098 | |
Reclassification to net earnings of losses realized | | 375 | | | 328 | | | 751 | | | 656 | |
Income tax effect | | (94) | | | (80) | | | (187) | | | (160) | |
Total other comprehensive loss, net of tax | | (48,510) | | | (41,753) | | | (148,298) | | | (2,845) | |
Comprehensive income (loss) | | (54,910) | | | 128,327 | | | (87,249) | | | 251,360 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | | (364) | | | 12 | | | (183) | | | 126 | |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | | $ | (54,546) | | | $ | 128,315 | | | $ | (87,066) | | | $ | 251,234 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PILGRIM’S PRIDE CORPORATION | | | | | | | | | | | | | | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Six Months Ended June 28, 2020 | | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| | Shares | | Amount | | Shares | | Amount | | | | | | | | | | |
| | (In thousands) | | | | | | | | | | | | | | | | |
Balance at December 29, 2019 | | 261,119 | | | $ | 2,611 | | | (11,547) | | | $ | (234,892) | | | $ | 1,955,261 | | | $ | 877,812 | | | $ | (75,129) | | | $ | 10,397 | | | $ | 2,536,060 | |
Net income (loss) | | — | | | — | | | — | | | — | | | — | | | 61,232 | | | — | | | (183) | | | 61,049 | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (148,298) | | | — | | | (148,298) | |
Stock-based compensation plans: | | | | | | | | | | | | | | | | | | |
Common stock issued under compensation plans | | 66 | | | 1 | | | — | | | — | | | (1) | | | — | | | — | | | — | | | — | |
Requisite service period recognition | | — | | | — | | | — | | | — | | | 3,467 | | | — | | | — | | | — | | | 3,467 | |
Common stock purchased under share repurchase program | | — | | | — | | | (4,121) | | | (77,879) | | | — | | | — | | | — | | | — | | | (77,879) | |
| | | | | | | | | | | | | | | | | | |
Balance at June 28, 2020 | | 261,185 | | | $ | 2,612 | | | (15,668) | | | $ | (312,771) | | | $ | 1,958,727 | | | $ | 939,044 | | | $ | (223,427) | | | $ | 10,214 | | | $ | 2,374,399 | |
| | | | | | | | | | | | | | | | | | |
Three Months Ended June 28, 2020 | | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interest | | Total |
| | Shares | | Amount | | Shares | | Amount | | | | | | | | | | |
| | (In thousands) | | | | | | | | | | | | | | | | |
Balance at March 29, 2020 | | 261,185 | | | $ | 2,612 | | | (13,013) | | | $ | (262,798) | | | $ | 1,955,936 | | | $ | 945,080 | | | $ | (174,917) | | | $ | 10,578 | | | $ | 2,476,491 | |
Net loss | | — | | | — | | | — | | | — | | | — | | | (6,036) | | | — | | | (364) | | | (6,400) | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (48,510) | | | — | | | (48,510) | |
Stock-based compensation plans: | | | | | | | | | | | | | | | | | | |
Common stock issued under compensation plans | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Requisite service period recognition | | — | | | — | | | — | | | — | | | 2,791 | | | — | | | — | | | — | | | 2,791 | |
Common stock purchased under share repurchase program | | — | | | — | | | (2,655) | | | (49,973) | | | — | | | — | | | — | | | — | | | (49,973) | |
| | | | | | | | | | | | | | | | | | |
Balance at June 28, 2020 | | 261,185 | | | $ | 2,612 | | | (15,668) | | | $ | (312,771) | | | $ | 1,958,727 | | | $ | 939,044 | | | $ | (223,427) | | | $ | 10,214 | | | $ | 2,374,399 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PILGRIM’S PRIDE CORPORATION | | | | | | | | | | | | | | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued) | | | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2019 | | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interest | | Total |
| | Shares | | Amount | | Shares | | Amount | | | | | | | | | | |
| | (In thousands) | | | | | | | | | | | | | | | | |
Balance at December 30, 2018 | | 260,396 | | | $ | 2,604 | | | (11,431) | | | $ | (231,994) | | | $ | 1,945,136 | | | $ | 421,888 | | | $ | (127,834) | | | $ | 9,785 | | | $ | 2,019,585 | |
Net income | | — | | | — | | | — | | | — | | | — | | | 254,079 | | | — | | | 126 | | | 254,205 | |
Other comprehensive loss, net of tax | | — | | | |