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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q

☒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
☐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
 https://cdn.kscope.io/fe1a5761bfceab5197bad1a8b5975339-ppc-20200628_g1.jpg
https://cdn.kscope.io/fe1a5761bfceab5197bad1a8b5975339-ppc-20200628_g2.jpg
PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1285071
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1770 Promontory Circle80634-9038
GreeleyCO
(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 classTrading SymbolName of Exchange on which Registered
Common Stock, Par Value $0.01PPCThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated 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
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.

1

Table of Contents
PART I.  FINANCIAL INFORMATION
ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 28, 2020December 29, 2019
 (In thousands)
Cash and cash equivalents$507,442  $260,568  
Restricted cash and cash equivalents27,031  20,009  
Trade accounts and other receivables, less allowance for
doubtful accounts		694,845  741,281  
Accounts receivable from related parties1,109  944  
Inventories1,347,141  1,383,535  
Income taxes receivable73,886  60,204  
Prepaid expenses and other current assets151,532  131,695  
Total current assets2,802,986  2,598,236  
Deferred tax assets4,607  4,426  
Other long-lived assets29,896  36,325  
Identified intangible assets, net558,491  596,053  
Goodwill929,518  973,750  
Operating lease assets, net282,528  301,513  
Property, plant and equipment, net2,548,555  2,592,061  
Total assets$7,156,581  $7,102,364  
Accounts payable$884,423  $993,780  
Accounts payable to related parties7,404  3,819  
Revenue contract liability39,425  41,770  
Accrued expenses and other current liabilities528,256  575,319  
Income taxes payable291  7,075  
Current maturities of long-term debt25,566  26,392  
Total current liabilities1,485,365  1,648,155  
Noncurrent operating lease liability, less current maturities213,829  235,382  
Long-term debt, less current maturities2,615,951  2,276,029  
Noncurrent income taxes payable7,731  7,731  
Deferred tax liabilities310,338  301,907  
Other long-term liabilities148,968  97,100  
Total liabilities4,782,182  4,566,304  
Common stock2,612  2,611  
Treasury stock(312,771) (234,892) 
Additional paid-in capital1,958,727  1,955,261  
Retained earnings939,044  877,812  
Accumulated other comprehensive loss(223,427) (75,129) 
Total Pilgrim’s Pride Corporation stockholders’ equity2,364,185  2,525,663  
Noncontrolling interest10,214  10,397  
Total stockholders’ equity2,374,399  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.
2



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedSix Months Ended
 June 28, 2020June 30, 2019June 28, 2020June 30, 2019
 (In thousands, except per share data)
Net sales$2,824,023  $2,843,085  $5,898,951  $5,567,760  
Cost of sales2,704,164  2,475,221  5,601,993  4,980,957  
Gross profit119,859  367,864  296,958  586,803  
Selling, general and administrative expense92,570  88,357  185,283  170,281  
Administrative restructuring activity—  (43) —  (70) 
Operating income27,289  279,550  111,675  416,592  
Interest expense, net of capitalized interest32,323  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  $254,079  
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic246,687  249,400  248,017  249,283  
Effect of dilutive common stock equivalents331  236  291  320  
Diluted247,018  249,636  248,308  249,603  
Net income (loss) attributable to Pilgrim's Pride
Corporation per share of common stock outstanding:
Basic$(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.

3



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months EndedSix Months Ended
June 28, 2020June 30, 2019June 28, 2020June 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 period2  172  14  194  
Income tax effect(1) (42) (4) (47) 
Reclassification to net earnings for gains realized(12) (172) (12) (307) 
Income tax effect3  42  3  76  
Defined benefit plans:
Losses arising during the period(34,151) (7,171) (44,961) (3,971) 
Income tax effect6,459  1,877  9,164  1,098  
Reclassification to net earnings of losses realized375  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.


4



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Six Months Ended June 28, 2020Common StockTreasury StockAdditional
Paid-in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
SharesAmountSharesAmount
(In thousands)
Balance at December 29, 2019261,119  $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 plans66  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, 2020261,185  $2,612  (15,668) $(312,771) $1,958,727  $939,044  $(223,427) $10,214  $2,374,399  
Three Months Ended June 28, 2020Common StockTreasury StockAdditional
Paid-in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interest		Total
SharesAmountSharesAmount
(In thousands)
Balance at March 29, 2020261,185  $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, 2020261,185  $2,612  (15,668) $(312,771) $1,958,727  $939,044  $(223,427) $10,214  $2,374,399  


5



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
Six Months Ended June 30, 2019Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNoncontrolling InterestTotal
SharesAmountSharesAmount
(In thousands)
Balance at December 30, 2018260,396  $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—  —  —