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ppc-20200927
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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 September 27, 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/7b8b06e215eccd5bbb91ddd2aee1c6d3-ppc-20200927_g1.jpg
https://cdn.kscope.io/7b8b06e215eccd5bbb91ddd2aee1c6d3-ppc-20200927_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 October 28, 2020, was 243,553,038.




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.


Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 27, 2020December 29, 2019
 (In thousands)
Cash and cash equivalents$768,031 $260,568 
Restricted cash and cash equivalents17,105 20,009 
Trade accounts and other receivables, less allowance for
doubtful accounts		706,123 741,281 
Accounts receivable from related parties616 944 
Inventories1,328,704 1,383,535 
Income taxes receivable77,651 60,204 
Prepaid expenses and other current assets159,643 131,695 
Total current assets3,057,873 2,598,236 
Deferred tax assets4,126 4,426 
Other long-lived assets15,079 36,325 
Operating lease assets, net284,820 301,513 
Identified intangible assets, net566,696 596,053 
Goodwill955,087 973,750 
Property, plant and equipment, net2,585,818 2,592,061 
Total assets$7,469,499 $7,102,364 
Accounts payable$915,661 $993,780 
Accounts payable to related parties5,752 3,819 
Revenue contract liability57,221 41,770 
Accrued expenses and other current liabilities691,329 575,319 
Income taxes payable— 7,075 
Current maturities of long-term debt25,485 26,392 
Total current liabilities1,695,448 1,648,155 
Noncurrent operating lease liability, less current maturities215,924 235,382 
Long-term debt, less current maturities2,610,668 2,276,029 
Noncurrent income taxes payable7,731 7,731 
Deferred tax liabilities339,051 301,907 
Other long-term liabilities169,365 97,100 
Total liabilities5,038,187 4,566,304 
Common stock2,612 2,611 
Treasury stock(342,698)(234,892)
Additional paid-in capital1,953,969 1,955,261 
Retained earnings972,490 877,812 
Accumulated other comprehensive loss(165,520)(75,129)
Total Pilgrim’s Pride Corporation stockholders’ equity2,420,853 2,525,663 
Noncontrolling interest10,459 10,397 
Total stockholders’ equity2,431,312 2,536,060 
Total liabilities and stockholders’ equity$7,469,499 $7,102,364 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
1



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months EndedNine Months Ended
 September 27, 2020September 29, 2019September 27, 2020September 29, 2019
 (In thousands, except per share data)
Net sales$3,075,121 $2,777,970 $8,974,072 $8,345,730 
Cost of sales2,761,279 2,495,773 8,363,272 7,476,731 
Gross profit313,842 282,197 610,800 868,999 
Selling, general and administrative expense219,554 94,032 404,837 264,313 
Administrative restructuring activity— (20)— (90)
Operating income94,288 188,185 205,963 604,776 
Interest expense, net of capitalized interest30,564 32,028 95,575 99,184 
Interest income(1,763)(4,698)(4,611)(11,481)
Foreign currency transaction loss (gain)9,092 3,027 (3,768)7,923 
Miscellaneous, net360 1,367 (33,873)2,521 
Income before income taxes56,035 156,461 152,640 506,629 
Income tax expense22,344 46,365 57,900 142,328 
Net income 33,691 110,096 94,740 364,301 
Less: Net income attributable to noncontrolling
interests		245 331 62 457 
Net income attributable to Pilgrim’s Pride Corporation$33,446 $109,765 $94,678 $363,844 
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic244,186 249,467 246,740 249,344 
Effect of dilutive common stock equivalents190 262 158 308 
Diluted244,376 249,729 246,898 249,652 
Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:
Basic$0.14 $0.44 $0.38 $1.46 
Diluted$0.14 $0.44 $0.38 $1.46 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

2



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedNine Months Ended
September 27, 2020September 29, 2019September 27, 2020September 29, 2019
(In thousands)
Net income$33,691 $110,096 $94,740 $364,301 
Other comprehensive income:
Foreign currency translation adjustment:
Gains (losses) arising during the period66,626 (50,213)(48,921)(50,824)
Derivative financial instruments designated as cash
flow hedges:
Gains (losses) arising during the period1,281 (1,669)3,182 (1,269)
Income tax effect194 — 194 — 
Reclassification to net earnings for losses (gains) realized(1,619)247 (1,039)74 
Available-for-sale securities:
Gains (losses) arising during the period(8)312 6 506 
Income tax effect— (76)(4)(123)
Reclassification to net earnings for gains realized(6)(159)(18)(466)
Income tax effect1 37 4 113 
Defined benefit plans:
Losses arising during the period1,250 (5,231)(43,711)(9,202)
Income tax effect(10,094)1,142 (930)2,240 
Reclassification to net earnings of losses realized376 328 1,127 984 
Income tax effect(94)(79)(281)(239)
Total other comprehensive income (loss), net of tax57,907 (55,361)(90,391)(58,206)
Comprehensive income91,598 54,735 4,349 306,095 
Less: Comprehensive income attributable to noncontrolling interests245 331 62 457 
Comprehensive income attributable to Pilgrim's Pride Corporation$91,353 $54,404 $4,287 $305,638 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Nine Months Ended September 27, 2020Common StockTreasury StockAdditional
Paid-in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interest		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— — — — — 94,678 — 62 94,740 
Other comprehensive loss, net of tax— — — — — — (90,391)— (90,391)
Stock-based compensation plans:
Common stock issued under compensation plans66 1 — — (1)— — — — 
Requisite service period recognition— — — — (1,291)— — — (1,291)
Common stock purchased under share repurchase
program		— — (5,974)(107,806)— — — — (107,806)
Balance at September 27, 2020261,185 $2,612 (17,521)$(342,698)$1,953,969 $972,490 $(165,520)$10,459 $2,431,312 
Three Months Ended September 27, 2020Common StockTreasury StockAdditional
Paid-in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interest		Total
SharesAmountSharesAmount
(In thousands)
Balance at June 28, 2020261,185 $2,612 (15,668)$(312,771)$1,958,727 $939,044 $(223,427)$10,214 $2,374,399 
Net income— — — — — 33,446 — 245 33,691 
Other comprehensive income, net of tax— — — — — — 57,907 — 57,907 
Stock-based compensation plans:
Common stock issued under compensation plans— — — — — — — 
Requisite service period recognition— — — — (4,758)— — — (4,758)
Common stock purchased under share repurchase
program		— — (1,853)(29,927)— — — — (29,927)
Balance at September 27, 2020261,185 $2,612 (17,521)$(342,698)$1,953,969 $972,490 $(165,520)$10,459 $2,431,312 

4



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
Nine Months Ended September 29, 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— — — — — 363,844 — 457 364,301 
Other comprehensive loss, net of tax— — — — — — (58,206)— (58,206)
Stock-based compensation plans:
Common stock issued under compensation plans722 7 — — (7)— — — — 
Requisite service period recognition— — — — 7,322 — — — 7,322 
Common stock purchased under share repurchase program— — (116)(2,898)— — — — (2,898)
Balance at September 29, 2019261,118 $2,611 (11,547)$(234,892)$1,952,451 $785,732 $(186,040)$10,242 $2,330,104 
Three Months Ended September 29, 2019Common StockTreasury StockAdditional
Paid-in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interest		Total
SharesAmountSharesAmount
(In thousands)
Balance at June 30, 2019260,855 $2,609 (11,547)$(234,892)$1,950,348 $675,967 $(130,679)$9,911 $2,273,264 
Net income— — — — — 109,765 — 331 110,096 
Other comprehensive loss, net of tax— — — — — — (55,361)— (55,361)
Stock-based compensation plans:
   Common stock issued under compensation plans263 2 — — (2)— — — — 
   Requisite service period recognition— — — — 2,105 — — — 2,105 
Common stock purchased under share repurchase program— — — — — — — 
Balance at September 29, 2019261,118 $2,611 (11,547)$(234,892)$1,952,451 $785,732 $(186,040)$10,242 $2,330,104 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
 September 27, 2020September 29, 2019
 (In thousands)
Cash flows from operating activities:
Net income$94,740 $364,301 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization248,641 210,381 
Deferred income tax expense 37,739 2,396 
Gain on property disposals(8,009)(9,546)
Negative adjustment to previously recognized gain on bargain purchase3,746 — 
Loan cost amortization3,635 3,609 
Stock-based compensation(1,291)7,322 
Accretion of discount related to Senior Notes737 737 
Amortization of premium related to Senior Notes(501)(501)
Loss (gain) on equity-method investments297 (48)
Foreign currency transaction loss related to borrowing arrangements— 1,259 
Changes in operating assets and liabilities:
Trade accounts and other receivables44,615 (46,648)
Inventories41,292 (108,117)
Prepaid expenses and other current assets(29,290)3,536 
Accounts payable, accrued expenses and other current liabilities93,114 67,308 
Income taxes(30,868)40,549 
Long-term pension and other postretirement obligations(823)(1,578)
Other operating assets and liabilities10,561 544 
Cash provided by operating activities508,335 535,504 
Cash flows from investing activities:
Acquisitions of property, plant and equipment(242,603)(258,725)
Proceeds from property disposals21,715 15,168 
Purchase of acquired business, net of cash acquired(4,216)— 
Cash used in investing activities(225,104)(243,557)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings386,696 99,638 
Purchase of common stock under share repurchase program(107,806)(2,898)
Payments on revolving line of credit, long-term borrowings and finance lease obligations(56,763)(123,276)
Payment from equity distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation
— (525)
Payment of capitalized loan costs— (652)
Cash provided by (used in) financing activities222,127 (27,713)
Effect of exchange rate changes on cash and cash equivalents(799)(808)
Increase in cash, cash equivalents and restricted cash504,559 263,426 
Cash, cash equivalents and restricted cash, beginning of period280,577 361,578 
Cash, cash equivalents and restricted cash, end of period$785,136 $625,004 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1.    GENERAL
Business
Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico and the Netherlands. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to approximately 110 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 September 27, 2020, Pilgrim’s had approximately 55,400 employees. As of September 27, 2020, PPC had the capacity to process approximately 44.9 million birds per work week for a total of more than 13.2 billion pounds of live chicken annually. Approximately 4,800 contract growers supply chicken for the Company’s operations. As of September 27, 2020, PPC had the capacity to process approximately 44,000 pigs per week for a total of 423.6 million pounds of live pork annually and approximately 295 contract growers supply pork for the Company's operations. As of September 27, 2020, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned 80.2% 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 nine months ended September 27, 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 nine months ended September 27, 2020 represents the period from December 30, 2019 through September 27, 2020. The nine months ended September 29, 2019 represents the period from December 31, 2018 through September 29, 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
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Table of Contents
entities other than the Company's Mexico operations, translation from local currencies into U.S. dollars is performed for most assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company's Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction loss (gain) in the Condensed Consolidated Statements of Income.
Restricted Cash
The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
The following table reconciles cash, cash equivalents and restricted cash as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
September 27, 2020December 29, 2019
(In thousands)
Cash and cash equivalents$768,031 $260,568 
Restricted cash17,105 20,009 
Total cash, cash equivalents and restricted cash shown in the
Condensed Consolidated Statements of Cash Flows		$785,136 $280,577 
Recent Accounting Pronouncements Adopted as of September 27, 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 September 27, 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
8

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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 hedging transactions and debt agreements that reference LIBOR and will apply the new guidance as these contracts are modified to reference other rates.
2. BUSINESS ACQUISITIONS
Tulip Limited
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, which has subsequently changed its name to Pilgrim's Pride Ltd. (“PPL”), 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 PPL operations are included in the Company’s U.K. and Europe reportable segment.
Through September 27, 2020, all transaction costs incurred in conjunction with this acquisition totaled approximately $1.4 million. These costs were expensed as incurred and are reflected within Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Income.
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 and net income generated by the acquired business during the three months ended September 27, 2020 totaled $341.8 million and $2.2 million, respectively. Net sales generated and net loss incurred by the acquired business during the nine months ended September 27, 2020 totaled $999.1 million and $0.3 million, respectively.
The assets acquired and liabilities assumed in the 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 PPL are as follows (in thousands):

9


Cash and cash equivalents$6,854 
Trade accounts and other receivables146,423 
Inventories104,211 
Prepaid expenses and other current assets6,579 
Operating lease assets5,613 
Property, plant and equipment329,711 
Identified intangible assets40,418 
Other assets14,647 
Total assets acquired654,456 
Accounts payable110,296 
Other current liabilities55,830 
Operating lease liabilities5,613 
Deferred tax liabilities16,804 
Pension obligations18,435 
Other long-term liabilities1,056 
Total liabilities assumed208,034 
Total identifiable net assets446,422 
Gain on bargain purchase(