0000802481-21-000015 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 27, 2020	Feb. 10, 2021	Jun. 28, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 27, 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 per share
Trading Symbol	PPC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 824,401,315
Entity Common Stock, Shares Outstanding		243,512,490
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this annual report.
Amendment Flag	false
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-27
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 547,624	$ 260,568
Restricted cash and cash equivalents	782	20,009
Trade accounts and other receivables, less allowance for doubtful accounts	741,992	741,281
Accounts receivable from related parties	1,084	944
Inventories	1,358,793	1,383,535
Income taxes receivable	69,397	60,204
Prepaid expenses and other current assets	183,039	131,695
Total current assets	2,902,711	2,598,236
Deferred tax assets	5,471	4,426
Other long-lived assets	24,780	36,325
Operating lease assets, net	288,886	301,513
Identified intangible assets, net	589,913	596,053
Goodwill	1,005,245	973,750
Property, plant and equipment, net	2,657,491	2,592,061
Total assets	7,474,497	7,102,364
Accounts payable	1,028,710	993,780
Accounts payable to related parties	9,650	3,819
Revenue contract liability	65,918	41,770
Accrued expenses and other current liabilities	807,847	575,319
Income taxes payable	0	7,075
Current maturities of long-term debt	25,455	26,392
Total current liabilities	1,937,580	1,648,155
Noncurrent operating lease liability, less current maturities	217,432	235,382
Long-term debt, less current maturities	2,255,546	2,276,029
Noncurrent income taxes payable	0	7,731
Deferred tax liabilities	339,831	301,907
Other long-term liabilities	148,761	97,100
Total liabilities	4,899,150	4,566,304
Common stock, $.01 par value, 800,000,000 shares authorized; 261,184,998 and 261,119,064 shares issued at year-end 2020 and year-end 2019, respectively; 243,512,490 and 249,572,119 shares outstanding at year-end 2020 and year-end 2019, respectively	2,612	2,611
Treasury stock, at cost, 17,672,508 shares and 11,546,945 shares at year-end 2020 and year-end 2019, respectively	(345,134)	(234,892)
Additional paid-in capital	1,954,334	1,955,261
Retained earnings	972,569	877,812
Accumulated other comprehensive loss	(20,620)	(75,129)
Total Pilgrim’s Pride Corporation stockholders’ equity	2,563,761	2,525,663
Noncontrolling interest	11,586	10,397
Total stockholders’ equity	2,575,347	2,536,060
Total liabilities and stockholders’ equity	$ 7,474,497	$ 7,102,364

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 27, 2020	Dec. 29, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	261,184,998	261,119,064
Common stock, shares outstanding (in shares)	243,512,490	249,572,119
Treasury stock, shares outstanding (in shares)	17,672,508	11,546,945

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Income Statement [Abstract]
Net sales	$ 12,091,901	$ 11,409,219	$ 10,937,784
Cost of sales	11,253,705	10,338,825	10,094,308
Gross profit	838,196	1,070,394	843,476
Selling, general and administrative expense	592,610	379,910	343,025
Administrative restructuring activities	123	(84)	4,765
Operating income	245,463	690,568	495,686
Interest expense, net of capitalized interest	126,118	132,630	162,812
Interest income	(7,305)	(14,277)	(13,811)
Foreign currency transaction loss	760	6,917	17,160
Gain on bargain purchase	3,746	(56,880)	0
Miscellaneous, net	(39,681)	4,633	(2,702)
Income before income taxes	161,825	617,545	332,227
Income tax expense	66,755	161,009	85,423
Net income	95,070	456,536	246,804
Less: Net income (loss) attributable to noncontrolling interest	313	612	(1,141)
Net income attributable to Pilgrim’s Pride Corporation	$ 94,757	$ 455,924	$ 247,945
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic (in shares)	245,944	249,401	248,945
Effect of dilutive common stock equivalents (in shares)	180	308	204
Diluted (in shares)	246,124	249,709	249,149
Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.39	$ 1.83	$ 1.00
Diluted (in dollars per share)	$ 0.39	$ 1.83	$ 1.00

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 95,070	$ 456,536	$ 246,804
Foreign currency translation adjustment
Gains (losses) arising during the period	83,890	54,662	(99,475)
Income tax effect	0	0	1,624
Derivative financial instruments designated as cash flow hedges
Gains (losses) arising during the period	3,719	(2,106)	817
Income tax effect	160	0	0
Reclassification to net earnings for losses (gains) realized	(2,664)	383	348
Available-for-sale securities
Gains arising during the period	73	510	1,146
Income tax effect	(18)	(124)	(279)
Reclassification to net earnings for gains realized	(73)	(619)	(1,118)
Income tax effect	18	151	272
Defined Benefit Plan
Losses realized during the period	(38,845)	(2,161)	(1,242)
Income tax effect	7,121	1,016	303
Reclassification to net earnings of losses realized	1,502	1,313	1,203
Income tax effect	(374)	(320)	(293)
Total other comprehensive income (loss), net of tax	54,509	52,705	(96,694)
Comprehensive income	149,579	509,241	150,110
Less: Comprehensive income (loss) attributable to noncontrolling interests	313	612	(1,141)
Comprehensive income attributable to Pilgrim's Pride Corporation	$ 149,266	$ 508,629	$ 151,251

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS' EQUITY - 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 year (in shares) at Dec. 31, 2017		260,168	11,416
Balance, beginning of year at Dec. 31, 2017	$ 1,855,661	$ 2,602	$ (231,758)	$ 1,932,509	$ 173,943	$ (31,140)	$ 9,505
Comprehensive income:
Net income	246,804				247,945		(1,141)
Other comprehensive income (loss), net of tax expense	(96,694)					(96,694)
Capital distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim's Pride Corporation (the "TSA")	(524)			(524)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		228
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	13,153			13,153
Common stock purchased under share repurchase program (in shares)			(15)
Common stock purchased under share repurchase program	(236)		$ (236)
Capital contribution to subsidiary by noncontrolling interest	1,421						1,421
Balance, end of year (in shares) at Dec. 30, 2018		260,396	11,431
Balance, end of year at Dec. 30, 2018	2,019,585	$ 2,604	$ (231,994)	1,945,136	421,888	(127,834)	9,785
Comprehensive income:
Net income	456,536				455,924		612
Other comprehensive income (loss), net of tax expense	52,705					52,705
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		723
Common stock issued under compensation plans	0	$ 7		(7)
Requisite service period recognition	10,132			10,132
Common stock purchased under share repurchase program (in shares)			(116)
Common stock purchased under share repurchase program	(2,898)		$ (2,898)
Balance, end of year (in shares) at Dec. 29, 2019		261,119	11,547
Balance, end of year at Dec. 29, 2019	2,536,060	$ 2,611	$ (234,892)	1,955,261	877,812	(75,129)	10,397
Comprehensive income:
Net income	95,070				94,757		313
Other comprehensive income (loss), net of tax expense	54,509					54,509
Capital distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim's Pride Corporation (the "TSA")	(650)			(650)
Stock-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	(276)			(276)
Common stock purchased under share repurchase program (in shares)			(6,126)
Common stock purchased under share repurchase program	(110,242)		$ (110,242)
Dissolution of subsidiary	876						876
Balance, end of year (in shares) at Dec. 27, 2020		261,185	17,673
Balance, end of year at Dec. 27, 2020	$ 2,575,347	$ 2,612	$ (345,134)	$ 1,954,334	$ 972,569	$ (20,620)	$ 11,586

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax expense (benefit)	$ 6,907	$ 723	$ 1,627

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Cash flows from operating activities:
Net income	$ 95,070	$ 456,536	$ 246,804
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	337,104	287,230	274,088
Deferred income tax expense	37,337	42,478	32,540
Gain on property disposals	(13,766)	(10,896)	(1,889)
Loan cost amortization	4,848	4,821	5,569
Gain on bargain purchase	3,746	(56,880)	0
Accretion of bond discount	982	982	812
Amortization of bond premium	(668)	(668)	(668)
Loss (gain) on equity method investments	291	(63)	(63)
Stock-based compensation	(276)	10,132	13,153
Noncash loss on subsidiary dissolution	115	0	0
Foreign currency transaction losses (gains) related to borrowing arrangements	0	(4,970)	5,267
Loss on early extinguishment of debt recognized as a component of interest expense	0	0	15,818
Asset impairment	0	0	3,504
Changes in operating assets and liabilities:
Trade accounts and other receivables	29,154	(25,000)	(10,918)
Inventories	26,041	(111,748)	83,174
Prepaid expenses and other current assets	(50,347)	(15,490)	(11,612)
Accounts payable and accrued expenses	295,327	119,892	86,834
Income taxes	(39,436)	(26,378)	(248,470)
Long-term pension and other postretirement obligations	(7,883)	(9,221)	(6,751)
Other operating assets and liabilities	6,608	5,764	4,458
Cash provided by operating activities	724,247	666,521	491,650
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(354,762)	(348,120)	(348,666)
Proceeds from property disposals	31,976	15,753	9,775
Purchase of acquired business, net of cash acquired	(4,216)	(384,694)	0
Cash used in investing activities	(327,002)	(717,061)	(338,891)
Cash flows from financing activities:
Payments on revolving line of credit, long-term borrowings and finance lease obligations	(430,988)	(289,917)	(1,117,009)
Proceeds from revolving line of credit and long-term borrowings	404,522	259,466	748,382
Purchase of common stock under stock repurchase program	(110,242)	(2,898)	(236)
Payment of capitalized loan costs	0	(652)	(12,581)
Proceeds (distribution) from capital contribution under the TSA	0	(525)	5,558
Payment on early extinguishment of debt	0	0	(9,781)
Capital contributions to subsidiary by noncontrolling stockholders	0	0	1,421
Cash used in financing activities	(136,708)	(34,526)	(384,246)
Effect of exchange rate changes on cash and cash equivalents	7,292	4,065	3,534
Increase (decrease) in cash and cash equivalents	267,829	(81,001)	(227,953)
Cash and cash equivalents, beginning of year	280,577	361,578	589,531
Cash and cash equivalents, end of year	548,406	280,577	361,578
Supplemental Disclosure Information:
Interest paid (net of amount capitalized)	130,641	130,882	154,627
Income taxes paid	$ 51,710	$ 125,856	$ 253,932

GENERAL

12 Months Ended

Dec. 27, 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 115 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, 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 December 27, 2020, Pilgrim’s had approximately 56,400 employees. As of December 27, 2020, Pilgrim’s had the capacity to process more than 44.9 million birds per week for a total of more than 13.2 billion pounds of live chicken annually. Approximately 4,800 contract growers supply poultry for the Company’s operations. As of December 27, 2020, Pilgrim’s had the capacity to process more than 45,000 pigs per week for a total of 436.7 million pounds of live pork annually. Approximately 300 contract growers supply pork for the Company’s operations. As of December 27, 2020, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”) beneficially owned 80.26% of the Company’s outstanding common stock.

Consolidated Financial Statements

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 in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year.

On September 8, 2017, a subsidiary of the Company acquired 100% of the issued and outstanding shares of Granite Holdings Sàrl and its subsidiaries (together, “Moy Park”) from JBS S.A. in a common-control transaction. Moy Park was acquired by JBS S.A. from an unrelated third party on September 30, 2015. For the period from September 30, 2015 through September 7, 2017, the Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries combined with the accounts of Moy Park. For the periods subsequent to September 8, 2017, the Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries, including Moy Park. We eliminate all significant affiliate accounts and transactions upon consolidation.

The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“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 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 are reflected in Foreign currency transaction losses (gains) in the Consolidated Statements of Income.

The Company or its subsidiaries may use derivatives for the purpose of mitigating exposure to changes in foreign currency exchange rates. Foreign currency transaction gains or losses are reported in the Consolidated Statements of Income.

Revenue Recognition

The vast majority of the Company's revenue is derived from contracts which are based upon a customer ordering its 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), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company's facilities, 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.

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.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs are included in selling, general and administrative (“SG&A”) expense and totaled $20.2 million, $26.5 million and $20.8 million for 2020, 2019 and 2018, respectively.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs totaled $5.4 million, $5.1 million and $4.0 million for 2020, 2019 and 2018, respectively.

Cash and Cash Equivalents

The Company considers highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows.

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 Consolidated Balance Sheets to the total of the same amounts shown in the Consolidated Statements of Cash Flows:


	December 27, 2020		December 29, 2019
	(In thousands)
Cash and cash equivalents	$	547,624	$	260,568
Restricted cash	782		20,009
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	548,406	$	280,577

Investments

The Company’s current investments are all highly liquid investments with a maturity of three months or less when acquired and are, therefore, considered cash equivalents. The Company’s current investments are comprised of fixed income securities, primarily commercial paper and a money market fund. These investments are classified as available-for-sale. These securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a separate component of accumulated other comprehensive income. Investments in fixed income securities with remaining maturities of less than one year and those identified by management at the time of purchase for funding operations in less than one year are classified as current assets. Investments in fixed income securities with remaining maturities in excess of one year that management has not identified at the time of purchase for funding operations in less than one year are classified as long-term assets. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. Management reviews several factors to determine whether a loss is other than temporary, such as the length of time a security is in an unrealized loss position, the extent to which fair value is less than amortized cost, the impact of changing interest rates in the short and long term, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company determines the cost of each security sold and each amount reclassified out of accumulated other comprehensive income into earnings using the specific identification method. Purchases and sales are recorded on a settlement date basis.

Investments in entities in which the Company has an ownership interest greater than 50% and exercises control over the entity are consolidated in the Consolidated Financial Statements. Investments in entities in which the Company has an ownership interest between 20% and 50% and exercises significant influence are accounted for using the equity method. The Company invests from time to time in ventures in which its ownership interest is less than 20% and over which it does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures’ forecasted financial performance and management’s evaluation of the ventures’ viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge.

Accounts Receivable

The Company records accounts receivable when revenue is recognized. We record an allowance for doubtful accounts, reducing our receivables balance to an amount we estimate is collectible from our 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 our customers’ financial condition. We write 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.

Inventories

Live chicken inventories are stated at the lower of cost or net realizable value and breeder hen inventories at the lower of cost, less accumulated amortization, or net realizable value. The costs associated with breeder hen inventories are accumulated up to the production stage and amortized over their productive lives using the unit-of-production method. Finished poultry products, feed, eggs and other inventories are stated at the lower of average cost or net realizable value. Inventory typically transfers from one stage of production to another at a standard cost, where it accumulates additional cost directly incurred with the production of inventory, including overhead. The standard cost at which each type of inventory transfers is set by management to reflect the actual costs incurred in the prior steps. We monitor and adjust standard costs throughout the year to ensure that standard costs reasonably reflect the actual average cost of the inventory produced.

Pork inventories are stated at the lower of cost or net realizable value. Cost includes expenditures incurred in bringing each product to its present location and condition such as purchase price, transportation, labor, and appropriate proportion of manufacturing overhead based on actual production.

The Company records valuation adjustments for its inventory and for estimated obsolescence at or equal to the difference between the cost of inventory and the estimated market value based upon known conditions affecting inventory, including significantly aged products, discontinued product lines, or damaged or obsolete products. The Company allocates meat costs between its various finished chicken products based on a by-product costing technique that reduces the cost of the whole bird by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes leg quarters, wings, tenders and offal, which are carried in inventory at the estimated recovery amounts, with the remaining amount being reflected as its breast meat cost.

Generally, the Company performs an evaluation of whether any lower of cost or net realizable value adjustments are required at the country level based on a number of factors, including: (1) pools of related inventory, (2) product continuation or discontinuation, (3) estimated market selling prices and (4) expected distribution channels. If actual market conditions or other factors are less favorable than those projected by management, additional inventory adjustments may be required.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, net, Accrued expenses and other current liabilities, and Noncurrent operating lease liability, less current maturities, in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and Long-term debt, less current maturities in our Consolidated Balance Sheets.

Beginning with the adoption of Accounting Standards Update (“ASU”) 2016-02 on December 31, 2018, operating lease assets and operating lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the present value of future payments. IBR is derived from the Company’s credit facility’s margin as a basis with adjustments to periodically updated LIBOR swap rate and foreign currency curve. The operating lease asset also includes any lease payments made, including upfront costs and prepayments, and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate a lease when it is reasonably certain that it will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with a corresponding reduction to the operating lease asset.

The Company has lease agreements with lease and non-lease components. Beginning in 2019, lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, the Company accounts for the lease and non-lease components as a single lease component.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, and repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of these assets. Estimated useful lives for building, machinery and equipment are five to 33 years and for automobiles and trucks are three to ten years. The charge to income resulting from amortization of assets recorded under capital leases is included with depreciation expense.

The Company records impairment charges on long-lived assets held for use when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When the above is true, the impairment charge is determined based upon the amount the net book value of the assets exceeds their fair market value. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (1) future cash flows estimated to be generated by these assets, which are based on additional assumptions such as asset utilization, remaining length of service and estimated salvage values, (2) estimated fair market value of the assets and (3) determinations with respect to the lowest level of cash flows relevant to the respective impairment test, generally groupings of related operational facilities. Given the interdependency of the Company’s individual facilities during the production process, which operate as a vertically integrated network, it evaluates impairment of assets held for use at the country level (i.e., the U.S. and Mexico). Management believes this is the lowest level of identifiable cash flows for its assets that are held for use in production activities. At the present time, the Company’s forecasts indicate that it can recover the carrying value of its assets held for use based on the projected undiscounted cash flows of the operations.

The Company records impairment charges on long-lived assets held for sale when the carrying amount of those assets exceeds their fair value less appropriate selling costs. Fair value is based on amounts documented in sales contracts or letters of intent accepted by the Company, amounts included in counteroffers initiated by the Company, or, in the absence of current contract negotiations, amounts determined using a sales comparison approach for real property and amounts determined using a cost approach for personal property. Under the sales comparison approach, sales and asking prices of reasonably comparable

properties are considered to develop a range of unit prices within which the current real estate market is operating. Under the cost approach, a current cost to replace the asset new is calculated and then the estimated replacement cost is reduced to reflect the applicable decline in value resulting from physical deterioration, functional obsolescence and economic obsolescence. Appropriate selling costs includes reasonable broker’s commissions, costs to produce title documents, filing fees, legal expenses and the like. We estimate appropriate closing costs as 4% to 6% of asset fair value. This range of rates is considered reasonable for our assets held for sale based on historical experience.

Goodwill and Other Intangibles, net

Goodwill represents the excess of the aggregate purchase price over the fair value of the net identifiable assets acquired in a business combination. Identified intangible assets represent trade names, customer relationships and non-compete agreements arising from acquisitions that are recorded at fair value as of the date acquired less accumulated amortization, if any. The Company uses various market valuation techniques to determine the fair value of its identified intangible assets.

Goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment on an annual basis in the fourth quarter of each fiscal year or more frequently if impairment indicators arise. For goodwill, an impairment loss is recognized for any excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. Management first reviews relevant qualitative factors to determine if an indication of impairment exists for a reporting unit. If management determines there is an indication that the carrying amount of reporting unit goodwill might be impaired, a quantitative analysis is performed. Management performed a qualitative analysis noting no indications of goodwill impairment in any of its reporting units as of December 27, 2020. For indefinite-lived intangible assets, an impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value of that intangible asset. Management first reviews relevant qualitative factors to determine if an indication of impairment exists. If management determines there is an indication that the carrying amount of the intangible asset might be impaired, a quantitative analysis is performed. Management performed a qualitative analysis noting no indications of impairment for any of its indefinite-lived intangible assets as of December 27, 2020.

Identifiable intangible assets with definite lives, such as customer relationships, non-compete agreements and trade names that the Company expects to use for a limited amount of time, are amortized over their estimated useful lives on a straight-line basis. The useful lives range from three to 20 years for non-compete agreements and trade names and three to 16 years for customer relationships. Identified intangible assets with definite lives are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Management assessed if events or changes in circumstances indicated that the aggregate carrying amount of its identified intangible assets with definite lives might not be recoverable and determined that there were no impairment indicators during the year ended December 27, 2020 and year ended December 29, 2019.

Book Overdraft Balances

The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows.

Litigation and Contingent Liabilities

The Company is subject to lawsuits, investigations and other claims related to employment, environmental, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses, to these matters. The Company estimates the amount of reserves required for these contingencies when losses are determined to be probable and after considerable analysis of each individual issue. The Company expenses legal costs related to such loss contingencies as they are incurred. The accrual for environmental remediation liabilities is measured on an undiscounted basis. These reserves may change in the future due to changes in the Company’s assumptions, the effectiveness of strategies, or other factors beyond the Company’s control.

Accrued Self Insurance

Insurance expense for casualty claims and employee-related health care benefits are estimated using historical and current experience and actuarial estimates. Stop-loss coverage is maintained with third-party insurers to limit the Company’s total exposure. Certain categories of claim liabilities are actuarially determined. The assumptions used to arrive at periodic expenses are reviewed regularly by management. However, actual expenses could differ from these estimates and could result in adjustments to be recognized.

Asset Retirement Obligations

The Company monitors certain asset retirement obligations in connection with its operations. These obligations relate to clean-up, removal or replacement activities and related costs for “in-place” exposures only when those exposures are moved or modified, such as during renovations of our facilities. These in-place exposures include asbestos, refrigerants, wastewater, oil, lubricants and other contaminants common in manufacturing environments. Under existing regulations, the Company is not required to remove these exposures and there are no plans to undertake a renovation that would require removal of the asbestos or the remediation of the other in-place exposures at this time. The facilities are expected to be maintained and repaired by activities that will not result in the removal or disruption of these in-place exposures at this time. As a result, there is an indeterminate settlement date for these asset retirement obligations because the range of time over which the Company may incur these liabilities is unknown and cannot be reasonably estimated. Therefore, the Company has not recorded the fair value of any potential liability.

Income Taxes

The Company follows provisions under ASC No. 740-10-30-27 in the Expenses-Income Taxes topic with regard to members of a group that file a consolidated tax return but issue separate financial statements. The Company files its U.S. federal tax return and certain state unitary returns with JBS USA Food Company Holdings (“JBS USA Holdings”). The income tax expense of the Company is computed using the separate return method. The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes. For the unitary states, we have an obligation to make tax payments to JBS USA Holdings for our share of the unitary taxable income, which is included in taxes payable in our Consolidated Balance Sheets. Under this approach, deferred income taxes reflect the net tax effect of temporary differences between the book and tax bases of recorded assets and liabilities, net operating losses and tax credit carry forwards. The amount of deferred tax on these temporary differences is determined using the tax rates expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on the tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date.

The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, potential for carry back of tax losses, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances have been established primarily for net operating loss carry forwards of certain foreign subsidiaries.

The Company deems its earnings from Mexico, Puerto Rico and the U.K. as of December 27, 2020 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided.

The Company follows provisions under ASC No. 740-10-25 that provide a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date. See “Note 12. Income Taxes” to the Consolidated Financial Statements.

Pension and Other Postemployment Benefits

Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, long-term return on plan assets and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over either (1) the estimated average future service period of active plan participants if the plan is active or (2) the estimated average future life expectancy of all plan participants if the plan is frozen.

Derivative Financial Instruments

The Company uses derivative financial instruments (e.g., futures, forwards options and swaps) for the purpose of mitigating exposure to changes in commodity prices, foreign currency exchange rates and interest rates.

•Commodity Price Risk - The Company utilizes various raw materials, which are all considered commodities, in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel. The Company considers these raw materials to be 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 enters into derivative contracts such as physical forward contracts and exchange-traded futures or option contracts in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for periods up to 12 months. The Company may enter into longer-term derivatives on particular commodities if deemed appropriate.

•Foreign Currency Risk - The Company has foreign operations and, therefore, has exposure to foreign exchange risk when the financial results of those operations are translated to US dollars. The Company will occasionally purchase derivative financial instruments such as foreign currency forward contracts in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico reportable segment that are denominated in Mexican pesos. The Company’s U.K. and Europe reportable segment also attempts to mitigate foreign currency exposure on certain transactions denominated in foreign currencies through the use of derivative financial instruments.

•Interest Rate Risk - The Company has exposure to variability in cash flows from interest payments due to the use of variable interest rates on certain long-term debt arrangements. The Company has purchased an interest rate swap contract to convert the variable interest rate to a fixed interest rate on a portion of its outstanding long-term debt arrangements in order to manage this interest rate risk and add stability to interest expense and cash flows.

Pilgrim’s recognizes all commodity derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measures those instruments at fair value unless they qualify for, and we elect, the normal purchases and normal sales scope exception (“NPNS”). The permitted accounting treatments include: cash flow hedge; fair value hedge; and undesignated contracts. Undesignated contract accounting is the default accounting treatment for all derivatives unless they qualify, and we specifically designate them, for one of the other accounting treatments. Derivatives designated for any of the elective accounting treatments must meet specific, restrictive criteria both at the time of designation and on an ongoing basis.

The Company has generally applied the NPNS exception to its forward physical grain purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, there were no amounts recorded in the Consolidated Financial Statements at December 27, 2020 and December 29, 2019.

Undesignated contracts may include contracts not designated as a hedge or for which the NPNS exception was not elected, contracts that do not qualify for hedge accounting and derivatives that do not or no longer qualify for the NPNS scope exception. The fair value of these derivatives is recognized in the Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of these derivatives are recognized immediately in the Consolidated Statements of Income within Net sales, Cost of sales or Selling, general and administrative expense, depending on the risk they are intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated nor accounted for as hedges as a result of the extensive record keeping requirements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We make significant estimates in regard to receivables collectability; inventory valuation; realization of deferred tax assets; valuation of long-lived assets; valuation of contingent liabilities, liabilities subject to compromise and self-insurance liabilities; valuation of pension and other postretirement benefits obligations; and valuation of acquired businesses.

Recent Accounting Pronouncements Adopted in 2020

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 Adopted in 2019

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), along with several updates, which, in an effort to increase transparency and comparability among organizations utilizing leasing, requires an entity that is a lessee to recognize the assets and liabilities arising from operating leases on the balance sheet. This guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. In transition, the entity may elect to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach or the beginning of the period of adoption using a cumulative-effect adjustment approach. We adopted the new standard on December 31, 2018 and recognized and measured leases at the beginning of the period of adoption. We elected the package of practical expedients available under the transition guidance which, among other things, allows the carry-forward of historical lease classification. The Company also elected the practical expedient allowing use of hindsight in assessing the lease term. We made an accounting policy election to not apply the new guidance to leases with a term of 12 months or less and will recognize those payments in the Consolidated Statement of Income on a straight-line basis over the lease term. We implemented a system solution for administering our leases and facilitating compliance with the new guidance. Adoption of the standard had a material impact on our Consolidated Balance Sheets as a result of the increase in assets and liabilities from recognition of operating lease assets and operating lease liabilities. However, the standard did not have a material impact on our Consolidated Statement of Income.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, an accounting standard update that simplifies the application of hedge accounting guidance in current U.S. GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Among the simplification updates, the standard eliminates the requirement in current U.S. GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is permitted. We have adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements.

In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, an accounting standard update that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. The Company will not reclassify the stranded tax effects associated with the U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements.

In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, an accounting standard update to improve non-employee share-based payment accounting. The accounting standard update more closely aligns the accounting for employee and non-employee share based payments. The accounting standards update is effective as of the beginning of our 2019 calendar year with early adoption

permitted. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements.

Recent Accounting Pronouncements Adopted in 2018

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. We adopted this as of January 1, 2018, the beginning of our 2018 fiscal year, using the cumulative effect adjustment, often referred to as modified retrospective approach. Under this method, we did not restate the prior financial statements presented, and would record any adjustments in the opening balance sheet for January 2018. There was no cumulative effect to be recorded as an adjustment to the opening balance of retained earnings. The comparative information was not restated and continues to be presented under the accounting standards in effect for those periods. Additional disclosures will include the amount by which each financial statement line item is affected in the current reporting period during 2018, as compared to the prior guidance. We expect minimal impact from the adoption of the new standard to the financial statements on a go forward basis, except for expanded disclosures. Revenue is currently recognized at destination and will continue to be recognized at point in time under the new guidance. Additional information regarding revenue recognition is included in “Note 3. Revenue Recognition.”

Recent Accounting Pronouncements Not Yet Adopted as of December 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 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.

BUSINESS ACQUISITIONS

12 Months Ended

Dec. 27, 2020

Business Combinations [Abstract]

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, subject to customary working capital adjustments. 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.

Transaction costs incurred in conjunction with the acquisition were approximately $1.4 million. These costs were expensed as incurred and are reflected within Selling, general and administrative expense in the Company’s Consolidated Statements of Income.

The results of operations of the acquired business since October 15, 2019 are included in the Company’s Consolidated Statements of Income. Net sales and net income generated by the acquired business during 2020 totaled $1.4 billion and $9.6 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):

The fair values recorded for the assets acquired and liabilities assumed for PPL 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	16,804
Pension obligations	18,435
Other long-term liabilities	1,056
Total liabilities assumed	208,034
Total identifiable net assets	446,422
Gain on bargain purchase	(53,134)
Total consideration transferred	$	393,288

The Company performed a valuation of the assets and liabilities of PPL as of October 15, 2019. Significant assumptions used in the valuation 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 PPL’s real property improvements and the majority of its personal property was based on the cost approach. The valuation of PPL’s land, as if vacant, and certain personal property assets was based on the market or sales comparison approach.

Customer relationships. The Company valued PPL 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 PPL customers were estimated to grow at a rate of 2.0% annually, but the Company also anticipates losing existing PPL 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 PPL’s 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 acquisition.

The following unaudited pro forma information presents the combined financial results for the Company and PPL as if the acquisition had been completed at the beginning of 2018:


	2020		2019		2018
	(In thousands, except per share amounts)
Net sales	$	12,091,901	$	12,462,566	$	12,342,474
Net income attributable to Pilgrim's Pride Corporation	97,038		344,869		189,152
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	0.39		1.38		0.76

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.

FAMPAT/Plan Pro

On April 1, 2020, Avícola Pilgrim's Pride de Mexico S.A. de C.V. acquired 100% of the equity of FAMPAT S.A. de C.V. and Plan Pro Restaurantes S.A. de C.V. (together, “FAMPAT/Plan Pro”) for an aggregate purchase price of 70.4 million Mexican pesos, or $3.0 million. The acquisition was funded with cash on hand. Transaction costs were immaterial; these costs were expensed as incurred and are reflected within Selling, general and administrative expense in the Company’s Consolidated Statements of Income. The acquired operations produce value-added products such as taquitos, enchiladas and pizza, bringing additional breadth and diversity to the Company's product portfolio. The results of operations and financial position of FAMPAT/Plan Pro have been included in the consolidated results of operations and financial position of the Company from the date of acquisition. The FAMPAT/Plan Pro operations are included in the Company’s Mexico reportable segment.

The allocation of the purchase price reflects fair value using Level 3 unobservable inputs and resulted in a fair value of goodwill of $2.2 million at the acquisition date, which is not deductible for income tax purposes. The values recorded were determined based on a valuation using management’s estimates and assumptions.

REVENUE RECOGNITION

12 Months Ended

Dec. 27, 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 its products. See “Note 1. General” for more information regarding the Company’s policies for revenue recognition.

Disaggregated Revenue

Revenue has been disaggregated into the following categories to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:


	Year Ended December 27, 2020
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	7,189,539	$	306,478	$	7,496,017
U.K. and Europe	2,976,878		297,414		3,274,292
Mexico	1,321,592		—		1,321,592
Net sales	$	11,488,009	$	603,892	$	12,091,901


	Year Ended December 29, 2019
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	7,353,925	$	282,791	$	7,636,716
U.K. and Europe	2,105,578		278,215		2,383,793
Mexico	1,388,710		—		1,388,710
Net sales	$	10,848,213	$	561,006	$	11,409,219

Shipping and Handling Costs

See “Note 1. General” for more information regarding shipping and handling costs.

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 the new revenue standard, as there is no material change to the timing of revenue recognition. The Company excludes 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 for the years ended December 27, 2020 and December 29, 2019 were as follows:


	December 27, 2020		December 29, 2019
	(In thousands)
Balance, beginning of year	$	41,770	$	33,328
Revenue recognized	(32,816)		(57,074)
Cash received, excluding amounts recognized as revenue during the period	56,964		65,516
Balance, end of year	$	65,918	$	41,770

Accounts Receivable

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

12 Months Ended

Dec. 27, 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 reportable segments. The Company is also party to a limited number of finance lease agreements in the U.S.

The Company’s leases have remaining lease terms of one year to 15 years, some of which may include options to extend the lease for up to one year and some of which may include options to terminate the lease within one year. The exercise of options to extend lease terms is at the Company’s 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.

The following table presents components of lease expense (in thousands). 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 Consolidated Statements of Income.


	December 27, 2020		December 29, 2019
Operating lease cost(a)	$	90,887	$	99,242
Amortization of finance lease assets	436		167
Interest on finance leases	99		32
Short-term lease cost	64,410		59,225
Variable lease cost	3,839		3,031
Net lease cost	$	159,671	$	161,697

(a)Sublease income is immaterial and not included in operating lease costs.

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


	December 27, 2020	December 29, 2019
Weighted-average remaining lease term (years):
Operating leases	5.44	5.77
Finance leases	3.69	4.54
Weighted-average discount rate:
Operating leases	4.53%	4.80%
Finance leases	5.08%	5.21%

Supplemental cash flow information related to leases is as follows (in thousands):


	Year Ended
	December 27, 2020		December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	91,254	$	100,473
Operating cash flow from finance leases	99		32
Financing cash flows from finance leases	486		167

Operating lease assets obtained in exchange for operating lease liabilities	$	60,776	$	34,648
Finance lease assets obtained in exchange for finance lease liabilities	—		2,182

Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2021	$	83,116	$	494
2022	68,373		494
2023	56,235		494
2024	42,328		347
2025	29,261		—
Thereafter	46,890		—
Total future minimum lease payments	326,203		1,829
Less: imputed interest	(37,179)		(165)
Present value of lease liabilities	$	289,024	$	1,664

Lease liabilities as of December 27, 2020 are included in our Consolidated Balance Sheets as follows (in thousands):


	Operating Leases		Finance Leases(a)
Accrued expenses and other current liabilities	$	71,592	$	—
Current maturities of long-term debt	—		420
Noncurrent operating lease liability, less current maturities	217,432		—
Long-term debt, less current maturities	—		1,244
Total lease liabilities	$	289,024	$	1,664

(a)Additional information regarding finance lease assets is included in “Note 10. Property, Plant and Equipment.”

As of December 27, 2020, the Company had $1.7 million operating leases and no finance leases that have not yet commenced.

LEASES


	December 27, 2020		December 29, 2019
Operating lease cost(a)	$	90,887	$	99,242
Amortization of finance lease assets	436		167
Interest on finance leases	99		32
Short-term lease cost	64,410		59,225
Variable lease cost	3,839		3,031
Net lease cost	$	159,671	$	161,697

(a)Sublease income is immaterial and not included in operating lease costs.

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


	December 27, 2020	December 29, 2019
Weighted-average remaining lease term (years):
Operating leases	5.44	5.77
Finance leases	3.69	4.54
Weighted-average discount rate:
Operating leases	4.53%	4.80%
Finance leases	5.08%	5.21%

Supplemental cash flow information related to leases is as follows (in thousands):


	Year Ended
	December 27, 2020		December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	91,254	$	100,473
Operating cash flow from finance leases	99		32
Financing cash flows from finance leases	486		167

Operating lease assets obtained in exchange for operating lease liabilities	$	60,776	$	34,648
Finance lease assets obtained in exchange for finance lease liabilities	—		2,182

Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2021	$	83,116	$	494
2022	68,373		494
2023	56,235		494
2024	42,328		347
2025	29,261		—
Thereafter	46,890		—
Total future minimum lease payments	326,203		1,829
Less: imputed interest	(37,179)		(165)
Present value of lease liabilities	$	289,024	$	1,664

Lease liabilities as of December 27, 2020 are included in our Consolidated Balance Sheets as follows (in thousands):


	Operating Leases		Finance Leases(a)
Accrued expenses and other current liabilities	$	71,592	$	—
Current maturities of long-term debt	—		420
Noncurrent operating lease liability, less current maturities	217,432		—
Long-term debt, less current maturities	—		1,244
Total lease liabilities	$	289,024	$	1,664

(a)Additional information regarding finance lease assets is included in “Note 10. Property, Plant and Equipment.”

As of December 27, 2020, the Company had $1.7 million operating leases and no finance leases that have not yet commenced.

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 27, 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 Company has exposure to variability in cash flows from interest payments due to the use of variable interest rates on certain long-term debt arrangements in the U.S. reportable segment. The Company has purchased an interest rate swap contract to convert the variable interest rate to a fixed interest rate on a portion of its outstanding long-term debt arrangements in order to manage this interest rate risk and add stability to interest expense and cash flows.

The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the 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 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 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 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 Net sales and Cost of sales in the Consolidated Statements of Income.

The Company has designated a derivative financial instrument related to its U.S. reportable segment that it has purchased to mitigate variable interest rate exposures as a cash flow hedge. The interest rate swap has monthly settlement dates. Upon each settlement date, the Company recognizes changes in the fair value of the effective portion of the cash flow hedge into AOCI, while it recognizes changes in the ineffective portion immediately in earnings. Upon settlement of the effective portion, the amount in AOCI is then reclassified to earnings. Gains or losses related to the interest rate swap derivative financial instrument are included in the line item Interest expense, net of capitalized interest in the Consolidated Statements of Income.

The Company recognized $40.7 million in net gains during 2020 and $30.1 million and $27.1 million in net losses related to changes in the fair value of its derivative financial instruments during 2019 and 2018, respectively.

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


	December 27, 2020			December 29, 2019
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	24,059		$	5,053
Commodity derivative liabilities	(6,531)			(5,430)
Foreign currency derivative assets	2,204			426
Foreign currency derivative liabilities	(428)			(5,400)
Interest rate swap derivative liabilities	(640)			—
Cash collateral posted with brokers(a)	782			20,009
Derivatives Coverage(b):
Corn	16.0		%	12.0		%
Soybean meal	24.0		%	44.0		%
Period through which stated percent of needs are covered:
Corn	December 2021			December 2020
Soybean meal	December 2021			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 (in thousands):


	Gain (Loss) Recognized in Other Comprehensive Loss on Derivative
	December 27, 2020		December 29, 2019		December 30, 2018
Foreign currency derivatives	$	4,514	$	(2,052)	$	829
Interest rate swap derivatives	(850)		—		—
Total	$	3,664	$	(2,052)	$	829

	Gain (Loss) Reclassified from AOCI into Income
	December 27, 2020		December 29, 2019		December 30, 2018
Foreign currency derivatives	$	2,873	$	(383)	$	(348)
Interest rate swap derivatives	(209)		—		—
Total	$	2,664	$	(383)	$	(348)

As of December 27, 2020, the pre-tax deferred net gains on derivatives recorded in AOCI that are expected to be reclassified to the Consolidated Statements of Income during the next twelve months are $0.7 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 to earnings.

At December 27, 2020, the pre-tax deferred net losses on interest rate swap derivatives recorded in AOCI that are expected to be reclassified to the Consolidated Statements of Income during the next twelve months are $0.5 million. This expectation is based on the anticipated settlements on the hedged interest rate that will occur over the next twelve months, at which time the Company will recognize the deferred losses to earnings.

TRADE ACCOUNTS AND OTHER RECEIVABLES

12 Months Ended

Dec. 27, 2020

Accounts Receivable, after Allowance for Credit Loss [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

TRADE ACCOUNTS AND OTHER RECEIVABLESTrade accounts and other receivables (including accounts receivable from related parties), less allowance for doubtful accounts, consisted of the following:


	December 27, 2020		December 29, 2019
	(In thousands)
Trade accounts receivable	$	691,499	$	696,372
Notes receivable	25,712		4,187
Other receivables	31,954		48,189
Receivables, gross	749,165		748,748
Allowance for doubtful accounts	(7,173)		(7,467)
Receivables, net	$	741,992	$	741,281

Accounts receivable from related parties(a)	$	1,084	$	944

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

Changes in the allowance for doubtful accounts were as follows:


	Total
	(In thousands)
Balance, beginning of year	$	(7,467)
Provision charged to operating results	(94)
Account write-offs and recoveries	574

Effect of exchange rate	(186)
Balance, end of year	$	(7,173)

INVENTORIES

12 Months Ended

Dec. 27, 2020

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	December 27, 2020		December 29, 2019
	(In thousands)
Raw materials and work-in-process	$	868,369	$	800,749
Finished products	356,052		425,919
Operating supplies	66,495		82,447
Maintenance materials and parts	67,877		74,420
Total inventories	$	1,358,793	$	1,383,535

INVESTMENTS IN SECURITIES

12 Months Ended

Dec. 27, 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 accounted for as cash equivalents:


	December 27, 2020				December 29, 2019
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Fixed income securities	$	178,677	$	178,677	$	159,623	$	159,623

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 recognized during 2020 and 2019 related to the Company’s available-for-sale securities totaled $5.8 million and $11.5 million, respectively, while gross realized losses were immaterial. Proceeds received from the sale or maturity of available-for-sale securities investments during 2020 and 2019 are disclosed in the Consolidated Statements of Cash Flows. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during 2020 and 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 2020 and 2019 are disclosed in “Note 14. Stockholders’ Equity.”

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by reportable segment for the years ended December 27, 2020 and December 29, 2019 were as follows:


	December 29, 2019		Additions		Currency Translation		December 27, 2020
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	806,207		—		29,298		835,505
Mexico	125,607		2,197		—		127,804
Total	$	973,750	$	2,197	$	29,298	$	1,005,245


	December 30, 2018		Additions		Currency Translation		December 29, 2019
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	782,207		—		24,000		806,207
Mexico	125,607		—		—		125,607
Total	$	949,750	$	—	$	24,000	$	973,750

Identified intangible assets consisted of the following:


	December 29, 2019		Additions		Amortization		Currency Translation		December 27, 2020
	(In thousands)
Carrying amount:
Trade names	$	78,343	$	—	$	—	$	—	$	78,343
Customer relationships	292,278		—		—		4,784		297,062
Non-compete agreements	320		—		—		—		320
Trade names not subject to amortization	391,431		—		—		13,809		405,240
Accumulated amortization:
Trade names	(45,518)		—		(1,968)		—		(47,486)
Customer relationships	(120,481)		—		(20,747)		(2,018)		(143,246)
Non-compete agreements	(320)		—		—		—		(320)
Total	$	596,053	$	—	$	(22,715)	$	16,575	$	589,913


	December 30, 2018		Additions		Amortization		Currency Translation		December 29, 2019
	(In thousands)
Carrying amount:
Trade names	$	78,343	$	—	$	—	$	—	$	78,343
Customer relationships	247,706		40,418		—		4,154		292,278
Non-compete agreements	320		—		—		—		320
Trade names not subject to amortization	380,067		—		—		11,364		391,431
Accumulated amortization:
Trade names	(43,552)		—		(1,966)		—		(45,518)
Customer relationships	(98,441)		—		(20,920)		(1,120)		(120,481)
Non-compete agreements	(315)		—		(5)		—		(320)
Total	$	564,128	$	40,418	$	(22,891)	$	14,398	$	596,053

Additions shown in above table for 2019 are comprised of a customer relationships intangible asset recorded as part of the PPL acquisition. The Company valued this asset using the income approach resulting in a fair value of $40.4 million. The intangible asset has a useful life of eleven years. For additional information regarding the initial valuation and assumptions used, refer to “Note 2. Business Acquisitions.”

Intangible assets are amortized over the estimated useful lives of the assets as follows:


Customer relationships			3-16 years
Trade names			20 years
Non-compete agreements			3 years

The Company recognized amortization expense related to identified intangible assets of $22.7 million in 2020, $22.9 million in 2019 and $25.7 million in 2018.

The Company expects to recognize amortization expense associated with identified intangible assets of $23.3 million in 2021, $23.3 million in 2022, $22.3 million in 2023 and $21.2 million in 2024, and $21.2 million in 2025.

As of December 27, 2020, the Company assessed qualitative factors to determine if it was necessary to perform either the two-step quantitative impairment test related to the carrying amount of its goodwill or quantitative impairment tests related to the carrying amounts of its identified intangible assets not subject to amortization. Based on these assessments, the Company determined that it was not necessary to perform either the two-step quantitative impairment test related to the carrying amount of its goodwill nor the quantitative impairment tests related to the carrying amounts of its identified intangible assets not subject to amortization at that date.

As of December 27, 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.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 27, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	December 27, 2020		December 29, 2019
	(In thousands)
Land	$	255,171	$	222,076
Buildings	1,983,823		1,754,219
Machinery and equipment	3,230,199		3,139,748
Autos and trucks	73,647		64,122
Finance lease assets	2,182		2,182
Construction-in-progress	199,161		229,015
PP&E, gross	5,744,183		5,411,362
Accumulated depreciation	(3,086,692)		(2,819,301)
PP&E, net	$	2,657,491	$	2,592,061

The Company recognized depreciation expense of $314.4 million, $264.3 million and $248.3 million during 2020, 2019 and 2018, respectively.

During 2020, the Company spent $354.8 million on capital projects and transferred $423.7 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during 2020 to improve operational efficiencies and reduce costs. During 2019, the Company spent $348.1 million on capital projects and transferred $400.8 million of completed projects from construction-in-progress to depreciable assets.

During 2020, the Company sold certain PP&E for $32.0 million and recognized a gain of $13.8 million. PP&E sold in 2020 consisted of broiler farms in Mexico, vacant land in Alabama and other miscellaneous equipment. During 2019, the Company sold certain PP&E for $15.8 million and recognized a gain of $10.9 million. PP&E sold in 2019 included broiler farms in Mexico, a breeder farm in Texas, vacant land in Minnesota and miscellaneous equipment.

The Company has closed or idled various facilities in the U.S. and 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 December 27, 2020, the carrying amount of these idled assets was $42.3 million based on depreciable value of $185.5 million and accumulated depreciation of $143.2 million.

As of December 27, 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.

CURRENT LIABILITIES

12 Months Ended

Dec. 27, 2020

Payables and Accruals [Abstract]

CURRENT LIABILITIES

Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components:


	December 27, 2020		December 29, 2019
	(In thousands)
Accounts payable:
Trade accounts	$	904,674	$	875,374
Book overdrafts	106,435		98,267
Other payables	17,601		20,139
Total accounts payable	1,028,710		993,780
Accounts payable to related parties(a)	9,650		3,819
Revenue contract liabilities(b)	65,918		41,770
Accrued expenses and other current liabilities:
Compensation and benefits	189,767		164,946
Other accrued expenses(d)	150,074		172,510
DOJ agreement	110,524		—
Nonrecurring legal settlement	75,000		—
Current maturities of operating lease liabilities(c)	71,592		66,239
Taxes	67,812		41,901
Insurance and self-insured claims	61,212		67,332
Accrued sales rebates(d)	44,708		20,378
Interest and debt-related fees	29,559		31,183
Derivative liabilities(e)	7,599		10,830
Total accrued expenses and other current liabilities	807,847		575,319
Total current liabilities	$	1,912,125	$	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.”

(c)Additional information regarding current maturities of operating lease liabilities is included in “Note 4. Leases.”

(d)Accrued sales rebates contains a $20.4 million reclassification previously presented in Other accrued expenses on our annual Form 10-K report for the year ended December 29, 2019 to conform to Current liabilities presented as of December 27, 2020.

(e)Additional information regarding derivative liabilities is included in “Note 5. Derivative Financial Instruments.”

INCOME TAXES

12 Months Ended

Dec. 27, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

Income (loss) before income taxes by jurisdiction is as follows:


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
U.S.	$	(27,095)	$	342,110	$	175,805
Foreign	188,920		275,435		156,422
Total	$	161,825	$	617,545	$	332,227

The components of income tax expense (benefit) are set forth below:


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Current:
Federal	$	(8,800)	$	27,585	$	8,835
Foreign	28,985		78,099		45,311
State and other	9,234		12,847		(1,263)
Total current	29,419		118,531		52,883
Deferred:
Federal	13,864		51,387		41,104
Foreign	19,622		(18,596)		(17,160)
State and other	3,850		9,687		8,596
Total deferred	37,336		42,478		32,540
	$	66,755	$	161,009	$	85,423

The effective tax rate for 2020 was 41.2% compared to 26.1% for 2019 and 25.7% for 2018.

The following table reconciles the statutory U.S. federal income tax rate to the Company’s effective income tax rate:


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	6.7		3.0		3.6
One-time transition tax	—		—		7.9
Global intangible low-taxed income	(7.3)		1.5		4.4
DOJ fine	14.3		—		—
Intercompany financing	(9.5)		(1.6)		(2.0)
Permanent items	1.2		(1.6)		(1.0)
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.4		2.1		2.3
Rate change	5.2		(0.1)		(2.5)
Foreign currency translation	3.0		(0.6)		1.1
Tax credits	(1.4)		(0.7)		(7.9)
Change in reserve for unrecognized tax benefits	0.3		2.7		(1.7)
Change in valuation allowance	1.2		0.1		2.7
Other	1.1		0.3		(2.2)
Total	41.2	%	26.1	%	25.7	%

Included in the change in reserve for unrecognized tax benefits is an increase of 2.6% in the effective tax rate related to a specific transaction undertaken by a Mexico subsidiary of the Company during tax year 2011. The amount was recorded and paid during the year ended December 29, 2019.

Significant components of the Company’s deferred tax liabilities and assets are as follows:


	December 27, 2020		December 29, 2019
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	322,660	$	290,427
Inventories	116,226		81,469
Insurance claims and losses	32,679		31,642
Business combinations	54,257		47,450
Incentive compensation	16,204		12,860
Operating lease assets	65,906		68,846
Other	26,968		14,267
Total deferred tax liabilities	634,900		546,961
Deferred tax assets:
U.S. net operating losses	3,034		3,120
Foreign net operating losses	56,213		50,806
Credit carry forwards	15,223		15,575
Allowance for doubtful accounts	4,005		5,429
Accrued liabilities	94,769		51,148
Workers’ compensation	36,759		36,147
Pension and other postretirement benefits	35,899		29,429
Operating lease liabilities	65,906		68,846
Other	21,640		22,502
Total deferred tax assets	333,448		283,002
Valuation allowance	(32,908)		(33,522)
Net deferred tax assets	300,540		249,480
Net deferred tax liabilities	$	334,360	$	297,481

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 December 27, 2020, the Company believes it has sufficient positive evidence to conclude that realization of its federal, state and foreign net deferred tax assets are more likely than not to be realized. As of December 27, 2020, the Company’s valuation allowance is $32.9 million, of which $12.4 million relates to Moy Park operations, $7.7 million relates to PPL operations, $11.8 million relates to U.S. foreign tax credits and $1.0 million relates to state net operating losses.

As of December 27, 2020, the Company had state net operating loss carry forwards of approximately $77.6 million that begin to expire in 2021. The Company also had Mexico net operating loss carry forwards as of December 27, 2020 of approximately $1.6 million that begin to expire in 2028. The Company also had U.K. net operating loss carry forwards as of December 27, 2020 of approximately $269.2 million that may be carried forward indefinitely.

As of December 27, 2020, the Company had approximately $3.3 million of state tax credit carry forwards that begin to expire in 2022.

For the year ended December 27, 2020 and year ended December 29, 2019, there is a tax effect of $6.9 million and $0.7 million, respectively, reflected in other comprehensive income.

For the year ended December 27, 2020, there are immaterial tax effects reflected in income tax expense due to excess tax benefits and shortfalls related to stock-based compensation. For the year ended December 29, 2019, there are immaterial tax effects reflected in income tax expense due to excess tax benefits and shortfalls related to stock-based compensation. See “Note 1. General” for additional information.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:


	December 27, 2020		December 29, 2019
	(In thousands)
Unrecognized tax benefits, beginning of year	$	12,776	$	12,412

Increase as a result of tax positions taken during prior years	731		597

Decrease for lapse in statute of limitations	(236)		(233)

Unrecognized tax benefits, end of year	$	13,271	$	12,776

Included in unrecognized tax benefits of $13.3 million as of December 27, 2020, was $1.1 million of tax benefits that, if recognized, would reduce the Company’s effective tax rate. It is not practicable at this time to estimate the amount of unrecognized tax benefits that will change in the next twelve months.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. As of December 27, 2020, the Company had recorded a liability of $2.8 million for interest and penalties. During 2020, accrued interest and penalty amounts related to uncertain tax positions increased by $0.5 million.

The Company operates in the U.S. (including multiple state jurisdictions), Puerto Rico and several foreign locations including Mexico and the U.K. With few exceptions, the Company is no longer subject to examinations by taxing authorities for years prior to 2016 in U.S. federal, state and local jurisdictions, for years prior to 2011 in Mexico, and for years prior to 2017 in the U.K.

As of July 27, 2020, JBS owns in excess of 80% of the outstanding common stock of Pilgrim’s. JBS has a federal tax election to file a consolidated tax return with subsidiaries in which it holds an ownership of at least 80%. The Company is currently analyzing the related impacts to our federal and state tax return filings.

The Company has a tax sharing agreement with JBS USA Holdings effective for tax years beginning 2010. The net tax payable for year 2020 of $0.6 million was accrued in 2020 as a capital contribution and an account payable to a related party in our Consolidated Balance Sheet. The tax sharing agreement was updated during 2020 to consider the impact of Pilgrims’s joining the JBS consolidated tax return.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

DEBT

12 Months Ended

Dec. 27, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS

DEBT

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


	Maturity	December 27, 2020		December 29, 2019
		(In thousands)
Senior notes payable, net of premium and discount at 5.75%	2025	$	1,001,693	$	1,002,095
Senior notes payable, net of discount at 5.875%	2027	845,149		844,433
U.S. Credit Facility (defined below):
Term note payable at 1.40%	2023	450,000		475,000
Revolving note payable at 1.39%	2023	—		—
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 Rate plus 1.50%	2023	—		—
Secured loans with payables at weighted average of 3.34%	Various	38		948
Finance lease obligations	Various	1,664		2,150
Long-term debt		2,298,544		2,324,626
Less: Current maturities of long-term debt		(25,455)		(26,392)
Long-term debt, less current maturities		2,273,089		2,298,234
Less: Capitalized financing costs		(17,543)		(22,205)
Long-term debt, less current maturities, net of capitalized financing costs		$	2,255,546	$	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 Regions Bank, 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 semiannually 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 Regions Bank, 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 semiannually 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

December 27, 2020, the Company had outstanding borrowings under the term loan commitment of $450.0 million. As of December 27, 2020, the Company had outstanding letters of credit and available borrowings under the revolving credit commitment of $39.7 million and $710.3 million, respectively.

The U.S. Credit Facility includes a $75.0 million sublimit for swingline loans and a $125.0 million sublimit 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 a margin 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 a margin 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 December 27, 2020, the U.S. dollar-equivalent loan commitment and borrowing availability were both $135.6 million. As of December 27, 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 1.50%. 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 December 27, 2020, the U.S. dollar-equivalent of the loan commitment under the Mexico Credit Facility is $75.5 million. As of December 27, 2020, there were no outstanding borrowings under the Mexico Credit Facility.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 27, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss during 2020 and 2019:


	2020
	Gains (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 Gains on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)
Other comprehensive income (loss) before reclassifications	83,890		3,823		(31,724)		55		56,044
Amounts reclassified from accumulated other comprehensive loss to net income	—		(2,664)		1,128		(55)		(1,591)
Currency translation	—		56		—		—		56
Net current year other comprehensive income (loss)	83,890		1,215		(30,596)		—		54,509
Balance, end of year	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)


	2019
	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 Gains on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(55,770)	$	(683)	$	(71,463)	$	82	$	(127,834)
Other comprehensive income (loss) before reclassifications	54,662		(2,052)		(1,145)		386		51,851
Amounts reclassified from accumulated other comprehensive loss to net income	—		383		993		(468)		908
Currency translation	—		(54)		—		—		(54)
Net current year other comprehensive income (loss)	54,662		(1,723)		(152)		(82)		52,705
Balance, end of year	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2020		2019
	(In thousands)
Realized gain on settlement of foreign currency derivatives classified as cash flow hedges	$	2,987	$	—	Net sales
Realized loss on settlement of foreign currency derivatives classified as cash flow hedges	(114)		(383)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(209)		—		Interest expense, net of capitalized interest
Realized gain on sale of securities	73		619		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,503)		(1,313)		Miscellaneous, net
Total before tax	1,234		(1,077)
Tax expense	357		169
Total reclassification for the period	$	1,591	$	(908)

(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.”

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 December 27, 2020, the Company had repurchased approximately 6.3 million shares under this program with a market value of approximately $113.4 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.

PENSION AND OTHER POSTRETIREMENT BENEFITS

12 Months Ended

Dec. 27, 2020

Retirement Benefits [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 $17.4 million, $19.0 million and $12.1 million in 2020, 2019 and 2018, respectively.

The Company used a year-end measurement date of December 27, 2020 for its pension and postretirement benefits plans. Certain disclosures are listed below. Other disclosures are not material to the financial statements.

Qualified Defined Benefit Pension Plans

The Company sponsors four qualified defined benefit pension plans named 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 (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan” and, together with the Tulip Plan, the “U.K. Plans”). The Union Plan covers certain locations or work groups within PPC. The GK Pension Plan covers certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007. Participation in the GK Pension Plan was frozen as of February 8, 2007 for all participants with the exception of terminated vested participants who are or may become permanently and totally disabled. The plan was

frozen for that group as of March 31, 2007. The U.K. Plans cover certain eligible active and former U.K. employees who were employed at locations that the Company purchased through its acquisition of Tulip in 2019. Participation in the Tulip Plan was frozen as of October 31, 2007 and participation in the Geo Adams Plan was frozen as of September 5, 2018.

Nonqualified Defined Benefit Pension Plans

The Company sponsors two nonqualified defined benefit retirement plans named the Former Gold Kist Inc. Supplemental Executive Retirement Plan (the “SERP Plan”) and the Former Gold Kist Inc. Directors’ Emeriti Retirement Plan (the “Directors’ Emeriti Plan”). Pilgrim’s Pride assumed sponsorship of the SERP Plan and Directors’ Emeriti Plan through its acquisition of Gold Kist in 2007. The SERP Plan provides benefits on compensation in excess of certain IRC limitations to certain former executives with whom Gold Kist negotiated individual agreements. Benefits under the SERP Plan were frozen as of February 8, 2007. The Directors’ Emeriti Plan provides benefits to former Gold Kist directors.

Defined Benefit Postretirement Life Insurance Plan

The Company sponsors one defined benefit postretirement life insurance plan named the Gold Kist Inc. Retiree Life Insurance Plan (the “Retiree Life Plan” and together with the Union Plan, the GK Pension Plan, the SERP Plan and the Directors’ Emeriti Plan, the “U.S. Plans”). Pilgrim’s Pride assumed defined benefit postretirement medical and life insurance obligations, including the Retiree Life Plan, through its acquisition of Gold Kist in 2007. In January 2001, Gold Kist began to substantially curtail its programs for active employees. On July 1, 2003, Gold Kist terminated medical coverage for retirees age 65 or older, and only retired employees in the closed group between ages 55 and 65 could continue their coverage at rates above the average cost of the medical insurance plan for active employees. These retired employees all reached the age of 65 in 2012 and liabilities of the postretirement medical plan then ended.

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 Consolidated Balance Sheets for these plans were as follows:


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of year	$	369,066	$	157,619	$	1,527	$	1,462

Interest cost	8,102		6,673		36		52
Actuarial losses	38,822		20,729		90		132
Benefits paid	(13,745)		(8,288)		—		—
Curtailments and settlements	(8,226)		(10,076)		(60)		(119)
Prior service cost	20		8		—		—
Tulip acquisition	—		198,417		—		—
Currency translation loss	10,155		3,984		—		—
Projected benefit obligation, end of year	$	404,194	$	369,066	$	1,593	$	1,527


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of year	$	294,589	$	102,414	$	—	$	—
Actual return on plan assets	12,672		18,904		—		—
Contributions by employer	14,774		8,295		60		119
Benefits paid	(13,745)		(8,288)		—		—
Curtailments and settlements	(8,226)		(10,076)		(60)		(119)
Expenses paid from assets	(715)		(70)		—		—
Tulip acquisition	—		179,702		—		—
Currency translation gain	6,634		3,708		—		—
Fair value of plan assets, end of year	$	305,983	$	294,589	$	—	$	—


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Funded status:	(In thousands)
Unfunded benefit obligation, end of year	$	(98,211)	$	(74,477)	$	(1,593)	$	(1,527)


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Amounts recognized in the Consolidated Balance Sheets as of end of year:	(In thousands)
Current liability	$	(7,510)	$	(14,967)	$	(169)	$	(158)
Long-term liability	(90,701)		(59,510)		(1,424)		(1,369)
Recognized liability	$	(98,211)	$	(74,477)	$	(1,593)	$	(1,527)


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Amounts recognized in accumulated other comprehensive loss at end of year:	(In thousands)
Net actuarial loss	$	95,522	$	58,239	$	174	$	91

The accumulated benefit obligation for the Company's defined benefit pension plans was $404.2 million and $369.1 million as of December 27, 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 as of December 27, 2020 and December 29, 2019. As of December 27, 2020, the weighted average duration of our defined benefit obligation is 27.50 years.

Net Periodic Benefit Costs

Net benefit costs include the following components:


	Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018
	(In thousands)
Interest cost	$	8,102	$	6,673	$	5,463	$	36	$	52	$	46
Estimated return on plan assets	(13,071)		(6,921)		(6,065)		—		—		—

Settlement loss (gain)	3,371		3,538		—		7		7		(3)
Other	735		(62)		—		—		—		—
Amortization of net loss	1,503		1,313		1,203		—		—		—
Net cost	$	640	$	4,541	$	601	$	43	$	59	$	43

Economic Assumptions

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


	Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018
Benefit obligation:
Discount rate	1.83	%	2.56	%	4.40	%	1.80	%	2.77	%	4.07	%

Net pension and other postretirement cost:
Discount rate	2.16	%	3.10	%	3.69	%	2.77	%	4.07	%	3.39	%

Expected return on plan assets	4.34	%	4.62	%	5.50	%	NA		NA		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. The U.S. pension and other postretirement benefit plans used variations of the Pri-2012 mortality table for both 2020 and 2019 in combination with the MP2020 mortality improvement scale for 2020 and the MP2019 mortality improvement scale for 2019. For pre-retirement employees, the U.K. pension plans used variations of the AxC00 mortality table for both 2020 and 2019 in combination with the CMI_2019 Sk=7.5 mortality improvement scale for 2020 and the CMI_2018 Sk=7.5 mortality improvement scale for 2019. For postretirement employees, the U.K. pension plans used variations of the S3PMA mortality table for both 2020 and 2019 in combination with the CMI_2019 Sk=7.5 mortality improvement scale for 2020 and the CMI_2018 Sk=7.5 mortality improvement scale for 2019.

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 immaterial. 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 that for calculating the liability recognized in the 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	$	(10,820)	$	11,391

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:


	2020		2019
Cash and cash equivalents	1	%	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	20	%	20	%
Fixed income securities	13	%	12	%
Real estate	1	%	2	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	35	%	40	%
Fixed income funds	20	%	18	%
Real estate	6	%	—	%
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 December 27, 2020 and December 29, 2019:


	2020								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	$	1,487	$	—	$	—	$	1,487	$	11,582	$	—	$	—	$	11,582
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		3,100		—		3,100		—		3,071		—		3,071
Small/Mid U.S. equity funds(e)	—		392		—		392		—		372		—		372
International equity funds(f)	—		1,874		—		1,874		—		1,878		—		1,878
Fixed income funds(g)	—		5,365		—		5,365		—		4,452		—		4,452
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		29,602		—		29,602		—		20,378		—		20,378
Small/Mid U.S. equity funds(e)	—		17,569		—		17,569		—		12,495		—		12,495
International equity funds(f)	—		16,320		—		16,320		—		25,149		—		25,149
Fixed income funds(g)	—		38,944		—		38,944		—		35,627		—		35,627
Real estate(h)	—		5,677		—		5,677		—		5,613		—		5,613
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		39,002		—		39,002		—		17,756		—		17,756
International equity funds(f)	—		69,251		—		69,251		—		102,494		—		102,494
Fixed income funds(e)	—		60,212		—		60,212		—		53,722		—		53,722
Real estate(h)	—		17,188		—		17,188		—		—		—		—
Total assets	$	1,487	$	304,496	$	—	$	305,983	$	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 December 27, 2020 expected to be paid through 2030 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)
2021	$	26,629	$	169
2022	16,912		163
2023	16,411		156
2024	16,043		149
2025	15,612		140
2026-2030	71,456		555
Total	$	163,063	$	1,332

As required by funding regulations or laws, the Company anticipates contributing $7.5 million and $0.2 million to its pension and other postretirement plans, respectively, during 2021.

Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss (Gain)

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:


	Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018
	(In thousands)
Net actuarial loss (gain), beginning of year	$	58,239	$	54,343	$	54,235	$	91	$	(34)	$	35
Amortization	(1,503)		(1,313)		(1,203)		—		—		—
Settlement adjustments	(3,371)		(3,538)		—		(7)		(7)		3
Actuarial loss (gain)	38,822		20,729		(15,635)		90		132		(72)
Asset loss (gain)	400		(11,982)		16,946		—		—		—
Net prior service cost	378		—		—		—		—		—
Currency translation loss	2,557		—		—		—		—		—
Net actuarial loss (gain), end of year	$	95,522	$	58,239	$	54,343	$	174	$	91	$	(34)

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.

Defined Contribution Plans

The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains two defined contribution retirement savings plans in the U.K. and Europe reportable segment for eligible U.K. and Europe employees, as required by U.K. and Europe law. The Company’s expenses related to its defined contribution plans totaled $14.1 million, $13.7 million and $11.4 million in 2020, 2019 and 2018, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
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-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCENTIVE COMPENSATION

12 Months Ended

Dec. 27, 2020

Share-based Payment Arrangement [Abstract]

INCENTIVE COMPENSATION

INCENTIVE COMPENSATIONThe Company sponsors short-term incentive plans that provides the grant of either cash or stock-based bonus awards payable upon achievement of specified performance goals. Full-time, salaried exempt employees of the Company's U.S. operations who are selected by the administering committee are eligible to participate in the Pilgrim's Short Term Incentive

Plan (“STIP”). Certain full-time, salaried employees of the Company’s Mexico operations are eligible to participate in the Pilgrim’s Mexico Incentive Plan (“PMIP”). The Company assumed responsibility for the Moy Park Incentive Plan dated January 1, 2013, as amended (the “MPIP”) through its acquisition of Moy Park on September 8, 2017. As of December 27, 2020, the Company has accrued $27.9 million, $3.8 million and $2.9 million related to cash bonus awards that could potentially be awarded under the STIP, MPIP and PMIP, respectively.

The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and liability-based awards to the Company’s officers and other employees, members of the Board of Directors and any consultants (the “LTIP”). Awards that may be granted under the LTIP include “incentive stock options,” within the meaning of the IRC, nonqualified stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”). Equity-based awards are converted into shares of the Company's common stock shortly after award vesting. Compensation cost to be recognized for an equity-based awards grant is determined by multiplying the number of awards granted by the closing price of a share of the Company's common stock on the award grant date. Liability-based awards granted under the LTIP are converted into cash shortly after award vesting. Compensation cost to be recognized for a liability-based awards grant is first determined by multiplying the number of awards granted by the closing price of a share of PPC’s common stock on the award grant date. However, the compensation cost to be recognized is adjusted at each subsequent milestone date (i.e., forfeiture date, vesting date or financial reporting date) by multiplying the number of awards granted by the closing price of a share of PPC’s common stock on the milestone date. On May 1, 2019, the Company's stockholders approved the Pilgrim’s Pride Corporation 2019 Long Term Incentive Plan (the “2019 LTIP”), which replaced the expiring Pilgrim’s Pride Corporation 2009 Long-Term Incentive Plan (the “2009 LTIP”). The 2019 LTIP became effective as of December 28, 2019. As of December 27, 2020, we have in reserve approximately 1.8 million shares of common stock for future issuance under the 2019 LTIP.

The following awards were outstanding during 2020:

Benefit Plan

Award Type

Grant Date

Grant Date Fair Value per Award

Vesting Condition

Vesting Date

Intended Settlement Method

Milestone Date Fair Value per Award

Awards Granted

Performance
Target
Achievement
Award Adjustment

Awards Forfeited to Date

2009 LTIP

RSU

3/1/2018

$24.93

Service

(a)

Stock

163,764

—

(51,473)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(b)

Stock

217,253

(53,381)

(78,449)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(c)

Cash

$19.35

66,272

(17,863)

(15,235)

2009 LTIP

RSU

5/10/2018

$21.54

Service

(d)

Stock

8,358

—

2009 LTIP

RSU

1/7/2019

$16.47

Performance/Service

(e)

Stock

414,620

39,620

(137,413)

2009 LTIP

RSU

1/7/2019

$16.47

Performance/Service

(f)

Cash

$19.35

109,654

13,705

—

2009 LTIP

RSU

4/30/2019

$26.91

Service

7/1/2020

Cash

$15.12

200,000

—

2009 LTIP

RSU

4/30/2019

$26.91

Performance/Service

(g)

Stock

470,000

—

(470,000)

2009 LTIP

RSU

5/24/2019

$27.86

Service

(d)

Stock

11,170

—

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(h)

Stock

195,140

—

(33,729)

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(i)

Cash

$19.35

121,310

—

2019 LTIP

RSU

4/29/2020

$22.01

Service

(d)

Stock

13,630

—

(a) The restricted stock units vest in ratable tranches on December 31, 2018, December 31, 2019 and December 31, 2020. Expected compensation cost related to these units totals $2.8 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(b) The restricted stock units vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Expected compensation cost related to these units totals $2.1 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(c) The restricted stock units vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Expected compensation cost related to these units totals $0.6 million based on a closing stock price for the Company's common stock of $19.35 per share on December 27, 2020. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(d) These restricted stock units were granted to the non-employees who currently serve on the Company's Board of Directors. Each participating director's units will vest upon his departure from the Company's Board of Directors. Compensation cost was recognized in profit/loss upon the grant date.

(e) The restricted stock units vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Expected compensation cost related to these units totals $5.2 million based on a closing stock price for the Company's common stock of $16.47 per share on January 7, 2019. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(f) The restricted stock units vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Expected compensation cost related to these units totals $2.1 million based on a closing stock price for the Company's common stock of $19.35 per share on December 27, 2020. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(g) The restricted stock units were cancelled in their entirety by the Company's Board of Directors on December 8, 2020.

(h) If performance conditions related to the Company's 2020 operating results are satisfied, the restricted stock units vest in ratable tranches on December 31, 2021, December 31, 2022 and December 31, 2023. Expected compensation cost related to these units totals $5.0 million based on a closing stock price for the Company's common stock of $30.94 per share on January 8, 2020. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(i) If performance conditions related to the Company's 2020 operating results are satisfied, the restricted stock units vest in ratable tranches on December 31, 2021, December 31, 2022 and December 31, 2023. Expected compensation cost related to these units totals $3.8 million based on a closing stock price for the Company's common stock of $30.94 per share on December 27, 2020. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

Compensation costs and the income tax benefit recognized for our stock-based compensation arrangements are included below:


	2020		2019		2018
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	838	$	461	$	389
Selling, general and administrative expense	1,938		9,671		12,764
Total cost	2,776		10,132		13,153
Income tax benefit	676		2,466		3,202
Net cost	$	2,100	$	7,666	$	9,951

Liability-based awards compensation cost:
Selling, general and administrative expense	$	1,081	$	671	$	—
Income tax benefit	263		163		—
Net cost	$	818	$	508	$	—

The Company’s RSU activity is included below:


	2020			2019			2018
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of year	926	$	24.04	1,069	$	22.97	389	$	18.39
Transferred to liability-based awards	(200)	26.91		(36)	24.67		—	—
Granted	249	28.14		843	22.01		1,114	23.05
Vested	(66)	24.93		(723)	22.08		—	—
Forfeited	(325)	25.95		(227)	21.51		(434)	19.06
Outstanding at end of year	584	$	22.12	926	$	24.04	1,069	$	22.97


	2020			2019			2018
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of year	143	$	32.97	—	$	—	—	$	—
Transferred from equity-based awards	200	26.91		36	14.77		—	—
Granted	135	29.47		110	16.47		—	—
Vested	(211)	16.04		(3)	26.86		—	—
Forfeited	—	—		—	—		—	—
Outstanding at end of year	267	$	19.35	143	$	32.97	—	$	—

(a) The milestone date fair value is either the closing price of the Company’s common stock on the grant date for equity-based awards or the closing price of a share of the Company's common stock on the respective milestone date for cash-based liability-based awards (i.e., grant date, vesting date, forfeiture date or financial reporting date).

The total fair values of equity-based awards and liability-based awards vested during 2020 were $2.5 million and $3.0 million, respectively. The total fair values of equity-based awards and liability-based awards vested during 2019 were $14.0 million and $0.1 million, respectively.

As of December 27, 2020, the total unrecognized compensation cost related to all nonvested equity-based awards was $5.1 million. This cost is expected to be recognized over a weighted average period of 1.76 years. As of December 27, 2020, the total unrecognized compensation cost related to all nonvested liability-based awards was $3.8 million. This cost is expected to be recognized over a weighted average period of 1.74 years.

Historically, we have issued new shares to satisfy equity-based award conversions.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 27, 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 December 27, 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, foreign currency forward contracts to manage translation and remeasurement risk and interest rate swap instruments.

The following items were measured at fair value on a recurring basis:


	December 27, 2020		December 29, 2019
	Level 1			Total		Level 1		Total
	(In thousands)		(In thousands)
Assets:
Commodity futures instruments	$	13,285		$	13,285	$	4,147	$	4,147
Commodity options instruments	10,774			10,774		906		906
Foreign currency instruments	2,204			2,204		426		426
Liabilities:
Commodity futures instruments	(4,496)			(4,496)		(4,797)		(4,797)
Commodity options instruments	(2,035)			(2,035)		(633)		(633)
Foreign currency instruments	(428)			(428)		(5,400)		(5,400)
Interest rate swap instrument	(640)			(640)		—		—

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 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 Consolidated Balance Sheets consisted of the following:


	December 27, 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	$	(1,001,693)	$	(1,024,510)	$	(1,002,095)	$	(1,034,200)
Fixed-rate senior notes payable at 5.875%, at Level 1 inputs	(845,149)		(911,957)		(844,433)		(919,505)

Secured loans, at Level 3 inputs	(38)		(38)		(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 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 Consolidated Balance Sheets. The fair values of the Company’s Level 1 fixed-rate debt obligation was based on the quoted market price at December 27, 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 flow using weighted average cost of capital of 0.5% as of December 27, 2020 and ranging from 0.5% to 3.6% as of December 29, 2019.

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

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 27, 2020

RELATED PARTY TRANSACTIONS

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


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Sales to related parties:
JBS USA Food Company(a)	$	14,228	$	14,108	$	13,843
JBS Five Rivers	—		—		7,096
JBS Global (UK) Ltd.	—		141		—
JBS Chile Ltda.	225		482		60
Combo, Mercado de Congelados	887		207		159

JBS Australia Pty. Ltd.	2,540		—		—
Total sales to related parties	$	17,880	$	14,938	$	21,158


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company(a)	$	142,615	$	134,790	$	117,596
Seara Meats B.V.	8,138		22,797		36,223
JBS Aves Ltda.	—		—		1,123

JBS Toledo NV	155		307		445
JBS Global (UK) Ltd.	674		170		21
Total cost of goods purchased from related parties	$	151,582	$	158,064	$	155,408


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company(b)	$	39,025	$	32,161	$	62,189

JBS Chile Ltda.	—		6		33
Seara Food Europe Holdings	9		77		—

Total expenditures paid by related parties	$	39,034	$	32,244	$	62,222


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company(b)	$	16,266	$	9,103	$	9,192
JBS S.A.	—		—		170
Seara International Ltd.	—		—		45

Total expenditures paid on behalf of related parties	$	16,266	$	9,103	$	9,407


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Other related party transactions:

Capital distribution under tax sharing agreement (c)	$	650	$	—	$	525
Total other related party transactions	$	650	$	—	$	525


	December 27, 2020		December 29, 2019
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company(a)	$	714	$	643
JBS Chile Ltda.	—		301

JBS Australia Pty. Ltd.	370		—


Total accounts receivable from related parties	$	1,084	$	944


	December 27, 2020		December 29, 2019
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company(a)	$	8,562	$	2,826
JBS Global UK Ltd.	5		5
Seara Meats B.V.	1,075		988
JBS Chile Ltda.	8		—


Total accounts payable to related parties	$	9,650	$	3,819

(a) The Company routinely execute transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of December 27, 2020, approximately $1.5 million of goods from JBS USA were in transit and not reflected on our Consolidated Balance Sheets.

(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 both 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, 2021.

(c) The Company entered into a tax sharing agreement during 2014 with JBS USA Holdings effective for tax years starting in 2010. The net tax payable for tax year 2020 was accrued in 2020 and will be paid in 2021. The net tax payable for tax year 2018 was accrued in 2018 and was paid in 2019.

REPORTABLE SEGMENTS

12 Months Ended

Dec. 27, 2020

Segment Reporting [Abstract]

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.

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.

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.

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:


	Year Ended
	December 27, 2020(a)		December 29,2019(b)		December 30, 2018(c)
	(In thousands)
Net sales
U.S.	$	7,496,017	$	7,636,716	$	7,425,661
U.K. and Europe	3,274,292		2,383,793		2,148,666
Mexico	1,321,592		1,388,710		1,363,457
Total	$	12,091,901	$	11,409,219	$	10,937,784

(a)For the year 2020, the United States reportable segment had intercompany sales to the Mexico reportable segment of $210.6 million. These sales consisted of fresh products, prepared products and grain.

(b)For the year 2019, the United States reportable segment had intercompany sales to the Mexico reportable segment of $188.9 million. These sales consisted of fresh products, prepared products and grain.

(c)For the year 2018, the United States reportable segment had intercompany sales to the Mexico reportable segment of $100.7 million. These sales consisted of fresh products, prepared products and grain.


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Operating income
U.S.	$	69,377	$	487,275	$	291,381
U.K. and Europe	102,734		79,182		84,524
Mexico	72,879		124,015		119,649
Elimination	473		96		132
Total operating income	245,463		690,568		495,686
Interest expense, net of capitalized interest	126,118		132,630		162,812
Interest income	(7,305)		(14,277)		(13,811)
Foreign currency transaction loss	760		6,917		17,160
Gain on bargain purchase	3,746		(56,880)		—
Miscellaneous, net	(39,681)		4,633		(2,702)
Income before income taxes	161,825		617,545		332,227
Income tax expense	66,755		161,009		85,423
Net income	$	95,070	$	456,536	$	246,804


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Depreciation and amortization:
U.S.	$	218,244	$	207,584	$	196,079
U.K. and Europe	92,673		60,499		50,586
Mexico	26,187		19,147		27,423
Total	$	337,104	$	287,230	$	274,088


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Capital expenditures:
U.S.	$	264,149	$	269,609	$	257,913
U.K. and Europe	77,597		58,795		58,334
Mexico	13,016		19,716		32,419
Total	$	354,762	$	348,120	$	348,666


	December 27, 2020		December 29, 2019
	(In thousands)
Total assets:
U.S.	$	5,189,021	$	5,207,282
U.K. and Europe	3,034,219		2,824,382
Mexico	1,212,428		1,020,331
Eliminations	(1,961,171)		(1,949,631)
Total	$	7,474,497	$	7,102,364


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Net sales to customers by customer location:
U.S.	$	7,190,809	$	7,355,631	$	7,173,280
Europe	3,225,717		2,363,017		2,134,822
Mexico	1,350,588		1,437,081		1,411,727
Asia-Pacific	252,573		175,898		159,515
Canada, Caribbean and Central America	30,792		31,808		26,450
Africa	25,321		28,400		21,286
South America	16,101		17,384		10,704

Total	$	12,091,901	$	11,409,219	$	10,937,784


	December 27, 2020		December 29, 2019
	(In thousands)
Long-lived assets(a):
U.S.	$	1,815,460	$	1,789,530
U.K. and Europe	842,049		801,887
Mexico	292,651		306,413
Eliminations	(3,783)		(4,256)
Total	$	2,946,377	$	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.

The following table sets forth net sales attributable to each of our primary product lines and markets served with those products. We based the table on our internal sales reports and their classification of products.


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
U.S. chicken:
Fresh	$	6,137,265	$	6,214,954	$	5,959,458
Prepared	714,563		842,365		773,983
Exports	306,478		282,791		258,732
Total U.S. chicken	7,158,306		7,340,110		6,992,173
U.K. and Europe chicken:
Fresh	863,670		918,852		925,124
Prepared	751,196		817,292		865,864
Exports	227,224		262,041		303,921
Total U.K. and Europe chicken	1,842,090		1,998,185		2,094,909
Mexico chicken:
Fresh	1,210,952		1,245,976		1,252,403
Prepared	66,572		95,733		76,860
Total Mexico chicken	1,277,524		1,341,709		1,329,263
Total chicken	10,277,920		10,680,004		10,416,345
U.K. and Europe pork:
Fresh	730,703		135,985		—
Prepared	486,290		134,426		—
Exports	70,190		16,174		—
Total U.K. and Europe pork	1,287,183		286,585		—
Other products:
U.S.	337,711		296,606		433,488
U.K. and Europe	145,019		99,023		53,757
Mexico	44,068		47,001		34,194
Total other products	526,798		442,630		521,439
Total net sales	$	12,091,901	$	11,409,219	$	10,937,784

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 27, 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. Purchase Obligations The Company will sometimes enter into noncancelable contracts to purchase capital equipment and certain commodities such as corn, soybean meal, wheat and electricity. As of December 27, 2020, the Company was party to outstanding purchase contracts totaling $450.4 million payable in 2021 and $0.2 million payable in 2022. There were no outstanding purchase contracts in 2023 and thereafter. Operating Leases Additional information regarding operating leases is included in “Note 4. Leases.” 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 material legal proceedings and claims, see Part II, Item 1. “Legal Proceedings.” The Company believes it has substantial defenses to the claims made in the pending litigations described below 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. (“PPC Mexico”) 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 PPC Mexico did not own 50% of the shares in voting rights of Incubadora Hidalgo, S. de R.L de C.V. and Comercializadora 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, PPC Mexico 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). PPC Mexico 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. In re Broiler Chicken Antitrust Litigation 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 (the “Illinois Court”) against PPC and 19 other defendants 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 (“the Direct Purchaser Plaintiff Class”) and two on behalf of distinct groups of indirect purchasers. Between December 8, 2017 and January 15, 2021, 61 individual direct action complaints were filed with the Illinois Court by individual direct purchaser entities naming PPC as a defendant, the allegations of which largely mirror those in the class action complaints. Subsequent amendments to certain complaints added allegations of price fixing and bid rigging on certain sales, which have been stayed by the Illinois Court pending resolution of the original supply reduction conspiracy. On August 28, 2020, the Illinois Court issued a revised scheduling order through trial, which contemplates class certification briefing and related expert reports proceeding from October 30, 2020 to May 6, 2021, the close of all merits fact discovery on June 11, 2021, and summary judgment briefing and related expert reports proceeding from July 2, 2021 to February 22, 2022. The Illinois Court has set a trial date of October 17, 2022. On January 11, 2021, PPC announced that it had entered into an agreement to settle all claims made by the putative Direct Purchaser Plaintiff Class, which is subject to court approval. Pursuant to this agreement, PPC agreed to pay the Direct Purchaser Plaintiff Class $75.0 million, which PPC recognized as an expense during the fourth quarter of fiscal 2020. On September 1, 2020, the Attorney General of New Mexico filed a complaint in the First Judicial District Court in the County of Santa Fe, New Mexico. The complaint alleges the same claims as those made in the In re Broiler Chicken Antitrust Litigation under New Mexico state law. Other Claims and Proceedings 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 (the “Colorado Court”) against PPC and its named executive officers (the “Hogan Litigation”). 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 (2) 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 Colorado 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 Colorado 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 Colorado 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 Colorado Court denied the plaintiff’s motion for reconsideration and granted plaintiff leave to file a Second Amended Complaint. On June 8, 2020, the plaintiff filed a Second Amended Complaint against the same defendants, based in part on the Indictment (defined below). On July 31, 2020, defendants filed a motion to dismiss the Second Amended Complaint pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure. Plaintiffs filed an opposition to the motion to dismiss on August 31, 2020, and defendants filed their reply on September 20, 2020. The Colorado Court's decision on the motion to dismiss is pending. On January 27, 2017, a purported class action on behalf of broiler chicken farmers was brought against PPC and four other producers in the U.S. District Court for the Eastern District of Oklahoma (the “Oklahoma Court”) 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 Antitrust 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 for failure to state a claim under Rule 12(b)(6) of the Federal Rules of Civil Procedure. The Oklahoma Court granted only certain other defendants’ motions challenging jurisdiction. On January 6, 2020, the Oklahoma Court denied the pending Rule 12 motion, and lifted the stay on discovery. The case is currently in discovery. On October 6, 2020, the Oklahoma plaintiffs filed a motion with the U.S. Judicial Panel on Multidistrict Litigation (the “JPML”) seeking consolidation of a series of copycat complaints filed in September and October 2020 in the U.S. District Courts for the District of Colorado, the District of Kansas, and the Northern District of California. On December 15, 2020, the JPML ordered the transfer of all cases to the Oklahoma Court for consolidated or coordinated pretrial proceedings. On March 9, 2017, a stockholder derivative action, 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 Nineteenth Judicial District Court for the County of Weld in Colorado (the “Weld County Court”). 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, Brima v. Lovette, et al., No. 2017 cv. 30308, was brought against all of PPC’s directors and its Chief Financial Officer in the Weld County Court. The Brima complaint contains largely the same allegations as the DiSalvio complaint. The DiSalvio and Brima litigations (“the Derivative Litigation”) have been consolidated, and on October 14, 2020, an amended shareholder derivative complaint was filed which alleges, among other things, that the named defendants breached their fiduciary duties by failing to prevent PPC from engaging in an antitrust conspiracy as alleged in the Broiler litigation, the Indictment (as defined below), and other related proceedings; and by failing to prevent the issuance of false and misleading statements as alleged in the Hogan securities litigation and the UFCW securities litigation (as defined below). The consolidated case is currently stayed, pending the resolution of the motion to dismiss in the Hogan Litigation described above. 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 Chancery Court on January 28, 2020. On March 2, 2020, the Settlement Amount was transferred to PPC, and as a result, PPC recognized income, net of legal fees, of $34.6 million, which is included in Miscellaneous, net in the Consolidated Statement of Income for the year ended December 27, 2020. 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 (the “Maryland Court”) 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. On November 12, 2019, the Maryland 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 Maryland Court that 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, but was expanded to include more class members and turkey processors as well as chicken processors. The defendants moved to dismiss the consolidated amended complaint on March 2, 2020. The Maryland Court dismissed PPC and a number of other defendants on September 16, 2020 without prejudice. Plaintiffs subsequently filed amended complaints on November 2, 2020 re-naming PPC and the other dismissed defendants. Defendants moved to dismiss on December 18, 2020. The briefing is set to be complete on February 25, 2021. On July 6, 2020, United Food and Commercial Workers International Union Local 464A (“UFCW”), acting on behalf of itself and a putative class of persons who purchased shares of PPC stock between February 9, 2017 and June 3, 2020, filed a class action complaint in the Colorado Court against PPC, and Messrs. Lovette, Penn, and Sandri. The complaint alleges, among other things, that PPC’s public statements regarding its business and the drivers behind its financial results were false and misleading due to the defendants’ purported failure to disclose its participation in an antitrust conspiracy as alleged in the Broiler litigation and the Indictment (defined below). On September 4, 2020, UFCW and the New Mexico State Investment Council filed competing motions to be appointed lead plaintiff under the Private Litigation Securities Reform Act. A decision on the lead plaintiff motions is currently pending. PPC believes it has strong defenses in the pending litigations described above and intends to contest them vigorously. PPC cannot predict the outcome of these pending litigations nor when they will be resolved. The consequences of the pending litigation matters are inherently uncertain, and adverse actions, judgments or settlements in some or all of these matters has resulted and may in the future result in materially adverse monetary damages, fines, penalties or injunctive relief against PPC. Any claims or litigation, even if fully indemnified or insured, could damage PPC’s reputation and make it more difficult to compete effectively or to obtain adequate insurance in the future. DOJ Antitrust Matter On July 1, 2019, the DOJ issued a subpoena to PPC in connection with its investigation arising from the In re Broiler Chicken Antitrust Litigation. The Company has been cooperating with the DOJ investigation. On June 3, 2020, PPC learned of an indictment by a Grand Jury in the Colorado Court against Jayson Penn, the chief executive officer and president of PPC at that time, in addition to two former employees of PPC and a former employee of a different company (the “Indictment”). The Indictment alleges that the defendants entered into and engaged in a conspiracy to suppress and eliminate competition by rigging bids and fixing prices and other price-related terms for broiler chicken products sold in the U.S., in violation of Section 1 of the Sherman Antitrust Act, 15 U.S.C. Section 1. On June 4, 2020, PPC learned that Mr. Penn pleaded not guilty to the charges. Effective June 15, 2020, Mr. Penn began a paid leave of absence from PPC. In connection with Mr. Penn’s leave of absence, PPC’s Board of Directors appointed the chief financial officer of PPC, Fabio Sandri, to serve in the additional role of PPC’s interim president and chief executive officer. On September 22, 2020, PPC's Board of Directors appointed Fabio Sandri as PPC's President and Chief Executive Officer in addition to his role as Chief Financial Officer. On September 22, 2020, PPC disclosed that Mr. Penn was no longer with the Company. The Company has initiated a search process to identify a new chief financial officer. On October 6, 2020, PPC learned of a superseding indictment by a Grand Jury in the Colorado Court against former Chief Executive Officer of PPC, William Lovette, one additional former employee of PPC, and four employees of different companies. The superseding indictment alleges similar claims to the Indictment. On October 13, 2020, the Company announced that it had entered into a plea agreement (the “Plea Agreement”) with the DOJ pursuant to which the Company agreed to (1) plead guilty to one count of conspiracy in restraint of competition involving sales of broiler chicken products in the U.S. in violation of the Sherman Antitrust Act, 15 U.S.C. § 1, and (2) pay a fine of $110,524,140. The Company recognized the fine as expense which is included in Selling, general and administrative expense in the Consolidated Statements of Income for the year ended December 27, 2020. Under the Plea Agreement, which is subject to the approval of the Colorado Court, the DOJ agreed not to bring further charges against the Company for any antitrust violation involving the sale of broiler chicken products in the U.S. occurring prior to the date of the Plea Agreement. The Company continues to cooperate with the DOJ in connection with the ongoing federal antitrust investigation into alleged price fixing and other anticompetitive conduct in the broiler chicken industry. 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 Brazilian Office of the Prosecutor General (Procuradoria-Geral da República) 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 Brazilian Federal Prosecutor (Ministério Público Federal) 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, adjusted for inflation, over a 25-year period. 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 October 14, 2020, certain affiliates of the Company – J&F Investimentos, S.A., JBS S.A., Joesley Batista and Wesley Batista – entered into a settlement agreement (the “Settlement”) with the SEC. The Company was not a party to the Settlement, was not a respondent in the related proceedings, and is not required to make any related payment. Under the Settlement, the SEC issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934 (the “SEC Order”) finding securities law violations by such affiliates that resulted in the Company, an indirect subsidiary, failing to maintain accurate books and records and internal accounting controls. According to the SEC Order, the violations, which related to certain intercompany transactions from 2009 to 2015, were unbeknownst to the Company’s management, and the SEC Order will have no impact on the Company’s previously filed financial statements or its prior assessments of internal control over financial reporting. On October 14, 2020, J&F reached an agreement (the “J&F Plea Agreement”) with the DOJ regarding violations stemming from the same facts and conduct that were the subject of the Leniency Agreement and the Cooperation Agreements (described above). Pursuant to the J&F Plea Agreement, J&F pled guilty to one count of conspiracy to violate the U.S. Foreign Corrupt Practices Act. The J&F Plea Agreement imposed a fine of $256,497,026, and J&F was required to make a payment of $128,248,513 under the J&F Plea Agreement (due to J&F receiving a 50% credit for amounts paid to Brazilian authorities). JBS and PPC are not parties to the J&F Plea Agreement and will not bear any liabilities arising from it. The J&F Plea Agreement resolved the U.S. criminal legal exposure of J&F and all its affiliates related to the conduct that was the subject of the Leniency Agreement and the Cooperation Agreements.

MARKET RISKS AND CONCENTRATIONS	12 Months Ended
MARKET RISKS AND CONCENTRATIONS	Dec. 27, 2020
Risks and Uncertainties [Abstract]
MARKET RISKS AND CONCENTRATIONS	MARKET RISKS AND CONCENTRATIONS The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, investment securities and trade accounts receivable. The Company’s cash equivalents and investment securities are high-quality debt and equity securities placed with major banks and financial institutions. The Company’s trade accounts receivable are generally unsecured. Credit evaluations are performed on all significant customers and updated as circumstances dictate. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas. The Company does not have a single customer that exceeds the 10% of net sales. For the year ended December 27, 2020, our largest single customer was 6.9% of net sales. The Company does not believe it has significant concentrations of credit risk in its trade accounts receivable. As of December 27, 2020, we employed approximately 30,900 persons in the U.S. reportable segment, approximately 10,500 persons in the Mexico reportable segment and approximately 15,000 persons in the U.K. and Europe reportable segment. Approximately 35.2% of the Company’s employees were covered under collective bargaining agreements. Substantially all employees covered under collective bargaining agreements are covered under agreements that expire in 2021 or later. We have not experienced any labor-related work stoppage at any location in over ten years. We believe our relationship with our employees and union leadership is satisfactory. At any given time, we will likely be in some stage of contract negotiations with various collective bargaining units. In the absence of an agreement, we may become subject to labor disruption at one or more of these locations, which could have an adverse effect on our financial results. As of December 27, 2020, the aggregate carrying amount of net assets belonging to our Mexico and U.K. and Europe reportable segments was $922.5 million and $2.3 billion, respectively. As of December 29, 2019, the aggregate carrying amount of net assets belonging to our Mexico and U.K. and Europe reportable segments was $873.9 million and $2.1 billion, respectively.

QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Dec. 27, 2020

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS (UNAUDITED)


2020	First(a)		Second		Third(b)		Fourth		Year
	(In thousands, except per share data)
Net sales	$	3,074,928	$	2,824,023	$	3,075,121	$	3,117,829	$	12,091,901
Gross profit	177,099		119,859		313,842		227,396		838,196
Net income (loss) attributable to PPC	67,268		(6,036)		33,446		79		94,757
Net income (loss) per share amounts - basic	0.27		(0.02)		0.14		—		0.39
Net income (loss) per share amounts - diluted	0.27		(0.02)		0.14		—		0.39
Number of days in period	91		91		91		91		364


2019	First		Second		Third		Fourth(c)		Year
	(In thousands, except per share data)
Net sales	$	2,724,675	$	2,843,085	$	2,777,970	$	3,063,489	$	11,409,219
Gross profit	218,939		367,864		282,197		201,394		1,070,394
Net income attributable to PPC	84,011		170,068		109,765		92,080		455,924
Net income per share amounts - basic	0.34		0.68		0.44		0.37		1.83
Net income per share amounts - diluted	0.34		0.68		0.44		0.37		1.83
Number of days in period	91		91		91		91		364


2018	First(d)		Second(e)		Third(f)		Fourth(g)		Year
	(In thousands, except per share data)
Net sales	$	2,746,678	$	2,836,713	$	2,697,604	$	2,656,789	$	10,937,784
Gross profit	287,665		274,222		169,741		111,848		843,476
Net income (loss) attributable to PPC	119,418		106,541		29,310		(7,324)		247,945
Net income (loss) per share amounts - basic	0.48		0.43		0.12		(0.03)		1.00
Net income (loss) per share amounts - diluted	0.48		0.43		0.12		(0.03)		1.00
Number of days in period	91		91		91		91		364

(a)In the first quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $1.7 million.

(b)In the third quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $2.0 million.

(c)On October 15, 2019, the Company acquired 100% of the equity of PPL and its subsidiaries (together, “PPL”) from Danish Crown AmbA for £311.3 million, or $393.3 million for cash. In the fourth quarter of 2019, the Company recognized a gain on bargain purchase of $56.9 million and transaction costs of approximately $1.3 million related to the acquisition of PPL.

(d)In the first quarter of 2018, the Company recognized impairment charges of approximately $0.5 million related to the Luverne, Minnesota plant held for sale. Also in the first quarter of 2018, the Company had transaction costs of approximately $0.2 million related to the acquisition of Moy Park and GNP.

(e)In the second quarter of 2018, the Company recognized impairment charges of approximately $0.1 million related to its 40 North Foods leasehold improvements.

(f)In the third quarter of 2018, the Company recognized impairment charges of approximately $0.3 million related to the Luverne, Minnesota plant held for sale.

(g)In the fourth quarter of 2018, the Company recognized impairment charges of approximately $2.6 million related to Rose Energy Ltd. within its U.K. and Europe reportable segment. Also in the fourth quarter of 2018, the Company recognized nonrecurring charges of $3.0 million and $11.9 million related to Hurricane Michael and Hurricane Maria, respectively. Hurricane Michael hit the Company’s Live Oak complex in October 2018, causing two days of plant closure. Hurricane Maria hit the Company’s Puerto Rico complex in September 2017, causing six months of plant closure.

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 27, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

PILGRIM’S PRIDE CORPORATION

VALUATION AND QUALIFYING ACCOUNTS


			Additions
	Beginning Balance		Charged to Operating Results		Charged to Other Accounts		Deductions			Ending Balance
	(In thousands)
Trade Accounts and Other Receivables—
Allowance for Doubtful Accounts:
2020	$	7,467	$	94	$	186	$	574	(a)	$	7,173
2019	8,057		1,690		110		2,390		(a)	7,467
2018	8,145		1,633		(39)		1,682		(a)	8,057


Trade Accounts and Other Receivables—
Allowance for Sales Adjustments:
2020	$	8,380	$	287,193	$	—	$	289,571	(b)	$	6,002
2019	12,987		267,165		—		271,772		(b)	8,380
2018	9,477		254,135		—		250,625		(b)	12,987


Deferred Tax Assets—
Valuation Allowance:
2020	$	33,522	$	156	$	—	$	—	(c)	$	33,678
2019	26,150		—		8,190		818		(c)	33,522
2018	14,479		11,776		—		105		(c)	26,150

(a) Uncollectible accounts written off, net of recoveries.

(b) Deductions either written off, rebilled or reclassified as liabilities for market development fund rebates.

GENERAL (Policies)	12 Months Ended
GENERAL (Policies)	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Financial Statements	Consolidated Financial Statements 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 in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year. On September 8, 2017, a subsidiary of the Company acquired 100% of the issued and outstanding shares of Granite Holdings Sàrl and its subsidiaries (together, “Moy Park”) from JBS S.A. in a common-control transaction. Moy Park was acquired by JBS S.A. from an unrelated third party on September 30, 2015. For the period from September 30, 2015 through September 7, 2017, the Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries combined with the accounts of Moy Park. For the periods subsequent to September 8, 2017, the Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries, including Moy Park. We eliminate all significant affiliate accounts and transactions upon consolidation. The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“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 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 are reflected in Foreign currency transaction losses (gains) in the Consolidated Statements of Income. The Company or its subsidiaries may use derivatives for the purpose of mitigating exposure to changes in foreign currency exchange rates. Foreign currency transaction gains or losses are reported in the Consolidated Statements of Income.
Revenue Recognition and Shipping and Handling Costs	Revenue Recognition The vast majority of the Company's revenue is derived from contracts which are based upon a customer ordering its 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), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company's facilities, 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. 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.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred. Advertising costs are included in selling, general and administrative (“SG&A”) expense and totaled $20.2 million, $26.5 million and $20.8 million for 2020, 2019 and 2018, respectively.
Research and Development Costs	Research and Development CostsResearch and development costs are expensed as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows.
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.
Investments	Investments The Company’s current investments are all highly liquid investments with a maturity of three months or less when acquired and are, therefore, considered cash equivalents. The Company’s current investments are comprised of fixed income securities, primarily commercial paper and a money market fund. These investments are classified as available-for-sale. These securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a separate component of accumulated other comprehensive income. Investments in fixed income securities with remaining maturities of less than one year and those identified by management at the time of purchase for funding operations in less than one year are classified as current assets. Investments in fixed income securities with remaining maturities in excess of one year that management has not identified at the time of purchase for funding operations in less than one year are classified as long-term assets. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. Management reviews several factors to determine whether a loss is other than temporary, such as the length of time a security is in an unrealized loss position, the extent to which fair value is less than amortized cost, the impact of changing interest rates in the short and long term, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company determines the cost of each security sold and each amount reclassified out of accumulated other comprehensive income into earnings using the specific identification method. Purchases and sales are recorded on a settlement date basis. Investments in entities in which the Company has an ownership interest greater than 50% and exercises control over the entity are consolidated in the Consolidated Financial Statements. Investments in entities in which the Company has an ownership interest between 20% and 50% and exercises significant influence are accounted for using the equity method. The Company invests from time to time in ventures in which its ownership interest is less than 20% and over which it does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures’ forecasted financial performance and management’s evaluation of the ventures’ viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge.
Accounts Receivable	Accounts Receivable The Company records accounts receivable when revenue is recognized. We record an allowance for doubtful accounts, reducing our receivables balance to an amount we estimate is collectible from our 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 our customers’ financial condition. We write 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.
Inventories	Inventories Live chicken inventories are stated at the lower of cost or net realizable value and breeder hen inventories at the lower of cost, less accumulated amortization, or net realizable value. The costs associated with breeder hen inventories are accumulated up to the production stage and amortized over their productive lives using the unit-of-production method. Finished poultry products, feed, eggs and other inventories are stated at the lower of average cost or net realizable value. Inventory typically transfers from one stage of production to another at a standard cost, where it accumulates additional cost directly incurred with the production of inventory, including overhead. The standard cost at which each type of inventory transfers is set by management to reflect the actual costs incurred in the prior steps. We monitor and adjust standard costs throughout the year to ensure that standard costs reasonably reflect the actual average cost of the inventory produced. Pork inventories are stated at the lower of cost or net realizable value. Cost includes expenditures incurred in bringing each product to its present location and condition such as purchase price, transportation, labor, and appropriate proportion of manufacturing overhead based on actual production. The Company records valuation adjustments for its inventory and for estimated obsolescence at or equal to the difference between the cost of inventory and the estimated market value based upon known conditions affecting inventory, including significantly aged products, discontinued product lines, or damaged or obsolete products. The Company allocates meat costs between its various finished chicken products based on a by-product costing technique that reduces the cost of the whole bird by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes leg quarters, wings, tenders and offal, which are carried in inventory at the estimated recovery amounts, with the remaining amount being reflected as its breast meat cost. Generally, the Company performs an evaluation of whether any lower of cost or net realizable value adjustments are required at the country level based on a number of factors, including: (1) pools of related inventory, (2) product continuation or discontinuation, (3) estimated market selling prices and (4) expected distribution channels. If actual market conditions or other factors are less favorable than those projected by management, additional inventory adjustments may be required.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, net, Accrued expenses and other current liabilities, and Noncurrent operating lease liability, less current maturities, in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and Long-term debt, less current maturities in our Consolidated Balance Sheets. Beginning with the adoption of Accounting Standards Update (“ASU”) 2016-02 on December 31, 2018, operating lease assets and operating lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the present value of future payments. IBR is derived from the Company’s credit facility’s margin as a basis with adjustments to periodically updated LIBOR swap rate and foreign currency curve. The operating lease asset also includes any lease payments made, including upfront costs and prepayments, and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate a lease when it is reasonably certain that it will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with a corresponding reduction to the operating lease asset. The Company has lease agreements with lease and non-lease components. Beginning in 2019, lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, the Company accounts for the lease and non-lease components as a single lease component.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, and repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of these assets. Estimated useful lives for building, machinery and equipment are five to 33 years and for automobiles and trucks are three to ten years. The charge to income resulting from amortization of assets recorded under capital leases is included with depreciation expense. The Company records impairment charges on long-lived assets held for use when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When the above is true, the impairment charge is determined based upon the amount the net book value of the assets exceeds their fair market value. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (1) future cash flows estimated to be generated by these assets, which are based on additional assumptions such as asset utilization, remaining length of service and estimated salvage values, (2) estimated fair market value of the assets and (3) determinations with respect to the lowest level of cash flows relevant to the respective impairment test, generally groupings of related operational facilities. Given the interdependency of the Company’s individual facilities during the production process, which operate as a vertically integrated network, it evaluates impairment of assets held for use at the country level (i.e., the U.S. and Mexico). Management believes this is the lowest level of identifiable cash flows for its assets that are held for use in production activities. At the present time, the Company’s forecasts indicate that it can recover the carrying value of its assets held for use based on the projected undiscounted cash flows of the operations. The Company records impairment charges on long-lived assets held for sale when the carrying amount of those assets exceeds their fair value less appropriate selling costs. Fair value is based on amounts documented in sales contracts or letters of intent accepted by the Company, amounts included in counteroffers initiated by the Company, or, in the absence of current contract negotiations, amounts determined using a sales comparison approach for real property and amounts determined using a cost approach for personal property. Under the sales comparison approach, sales and asking prices of reasonably comparable properties are considered to develop a range of unit prices within which the current real estate market is operating. Under the cost approach, a current cost to replace the asset new is calculated and then the estimated replacement cost is reduced to reflect the applicable decline in value resulting from physical deterioration, functional obsolescence and economic obsolescence. Appropriate selling costs includes reasonable broker’s commissions, costs to produce title documents, filing fees, legal expenses and the like. We estimate appropriate closing costs as 4% to 6% of asset fair value. This range of rates is considered reasonable for our assets held for sale based on historical experience.
Goodwill and Other Intangibles, net	Goodwill and Other Intangibles, net Goodwill represents the excess of the aggregate purchase price over the fair value of the net identifiable assets acquired in a business combination. Identified intangible assets represent trade names, customer relationships and non-compete agreements arising from acquisitions that are recorded at fair value as of the date acquired less accumulated amortization, if any. The Company uses various market valuation techniques to determine the fair value of its identified intangible assets. Goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment on an annual basis in the fourth quarter of each fiscal year or more frequently if impairment indicators arise. For goodwill, an impairment loss is recognized for any excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. Management first reviews relevant qualitative factors to determine if an indication of impairment exists for a reporting unit. If management determines there is an indication that the carrying amount of reporting unit goodwill might be impaired, a quantitative analysis is performed. Management performed a qualitative analysis noting no indications of goodwill impairment in any of its reporting units as of December 27, 2020. For indefinite-lived intangible assets, an impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value of that intangible asset. Management first reviews relevant qualitative factors to determine if an indication of impairment exists. If management determines there is an indication that the carrying amount of the intangible asset might be impaired, a quantitative analysis is performed. Management performed a qualitative analysis noting no indications of impairment for any of its indefinite-lived intangible assets as of December 27, 2020. Identifiable intangible assets with definite lives, such as customer relationships, non-compete agreements and trade names that the Company expects to use for a limited amount of time, are amortized over their estimated useful lives on a straight-line basis. The useful lives range from three to 20 years for non-compete agreements and trade names and three to 16 years for customer relationships. Identified intangible assets with definite lives are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Management assessed if events or changes in circumstances indicated that the aggregate carrying amount of its identified intangible assets with definite lives might not be recoverable and determined that there were no impairment indicators during the year ended December 27, 2020 and year ended December 29, 2019.
Book Overdraft Balances	Book Overdraft Balances The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows.
Litigation and Contingent Liabilities	Litigation and Contingent Liabilities The Company is subject to lawsuits, investigations and other claims related to employment, environmental, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses, to these matters. The Company estimates the amount of reserves required for these contingencies when losses are determined to be probable and after considerable analysis of each individual issue. The Company expenses legal costs related to such loss contingencies as they are incurred. The accrual for environmental remediation liabilities is measured on an undiscounted basis. These reserves may change in the future due to changes in the Company’s assumptions, the effectiveness of strategies, or other factors beyond the Company’s control.
Accrued Self Insurance	Accrued Self Insurance Insurance expense for casualty claims and employee-related health care benefits are estimated using historical and current experience and actuarial estimates. Stop-loss coverage is maintained with third-party insurers to limit the Company’s total exposure. Certain categories of claim liabilities are actuarially determined. The assumptions used to arrive at periodic expenses are reviewed regularly by management. However, actual expenses could differ from these estimates and could result in adjustments to be recognized.
Asset Retirement Obligations	Asset Retirement Obligations The Company monitors certain asset retirement obligations in connection with its operations. These obligations relate to clean-up, removal or replacement activities and related costs for “in-place” exposures only when those exposures are moved or modified, such as during renovations of our facilities. These in-place exposures include asbestos, refrigerants, wastewater, oil, lubricants and other contaminants common in manufacturing environments. Under existing regulations, the Company is not required to remove these exposures and there are no plans to undertake a renovation that would require removal of the asbestos or the remediation of the other in-place exposures at this time. The facilities are expected to be maintained and repaired by activities that will not result in the removal or disruption of these in-place exposures at this time. As a result, there is an indeterminate settlement date for these asset retirement obligations because the range of time over which the Company may incur these liabilities is unknown and cannot be reasonably estimated. Therefore, the Company has not recorded the fair value of any potential liability.
Income Taxes	Income Taxes The Company follows provisions under ASC No. 740-10-30-27 in the Expenses-Income Taxes topic with regard to members of a group that file a consolidated tax return but issue separate financial statements. The Company files its U.S. federal tax return and certain state unitary returns with JBS USA Food Company Holdings (“JBS USA Holdings”). The income tax expense of the Company is computed using the separate return method. The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes. For the unitary states, we have an obligation to make tax payments to JBS USA Holdings for our share of the unitary taxable income, which is included in taxes payable in our Consolidated Balance Sheets. Under this approach, deferred income taxes reflect the net tax effect of temporary differences between the book and tax bases of recorded assets and liabilities, net operating losses and tax credit carry forwards. The amount of deferred tax on these temporary differences is determined using the tax rates expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on the tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, potential for carry back of tax losses, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances have been established primarily for net operating loss carry forwards of certain foreign subsidiaries. The Company deems its earnings from Mexico, Puerto Rico and the U.K. as of December 27, 2020 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided. The Company follows provisions under ASC No. 740-10-25 that provide a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date.
Pension and Other Postemployment Benefits	Pension and Other Postemployment Benefits Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, long-term return on plan assets and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over either (1) the estimated average future service period of active plan participants if the plan is active or (2) the estimated average future life expectancy of all plan participants if the plan is frozen.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments (e.g., futures, forwards options and swaps) for the purpose of mitigating exposure to changes in commodity prices, foreign currency exchange rates and interest rates. •Commodity Price Risk - The Company utilizes various raw materials, which are all considered commodities, in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel. The Company considers these raw materials to be 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 enters into derivative contracts such as physical forward contracts and exchange-traded futures or option contracts in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for periods up to 12 months. The Company may enter into longer-term derivatives on particular commodities if deemed appropriate. •Foreign Currency Risk - The Company has foreign operations and, therefore, has exposure to foreign exchange risk when the financial results of those operations are translated to US dollars. The Company will occasionally purchase derivative financial instruments such as foreign currency forward contracts in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico reportable segment that are denominated in Mexican pesos. The Company’s U.K. and Europe reportable segment also attempts to mitigate foreign currency exposure on certain transactions denominated in foreign currencies through the use of derivative financial instruments. •Interest Rate Risk - The Company has exposure to variability in cash flows from interest payments due to the use of variable interest rates on certain long-term debt arrangements. The Company has purchased an interest rate swap contract to convert the variable interest rate to a fixed interest rate on a portion of its outstanding long-term debt arrangements in order to manage this interest rate risk and add stability to interest expense and cash flows. Pilgrim’s recognizes all commodity derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measures those instruments at fair value unless they qualify for, and we elect, the normal purchases and normal sales scope exception (“NPNS”). The permitted accounting treatments include: cash flow hedge; fair value hedge; and undesignated contracts. Undesignated contract accounting is the default accounting treatment for all derivatives unless they qualify, and we specifically designate them, for one of the other accounting treatments. Derivatives designated for any of the elective accounting treatments must meet specific, restrictive criteria both at the time of designation and on an ongoing basis. The Company has generally applied the NPNS exception to its forward physical grain purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, there were no amounts recorded in the Consolidated Financial Statements at December 27, 2020 and December 29, 2019. Undesignated contracts may include contracts not designated as a hedge or for which the NPNS exception was not elected, contracts that do not qualify for hedge accounting and derivatives that do not or no longer qualify for the NPNS scope exception. The fair value of these derivatives is recognized in the Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of these derivatives are recognized immediately in the Consolidated Statements of Income within Net sales, Cost of sales or Selling, general and administrative expense, depending on the risk they are intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated nor accounted for as hedges as a result of the extensive record keeping requirements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We make significant estimates in regard to receivables collectability; inventory valuation; realization of deferred tax assets; valuation of long-lived assets; valuation of contingent liabilities, liabilities subject to compromise and self-insurance liabilities; valuation of pension and other postretirement benefits obligations; and valuation of acquired businesses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 Adopted in 2019 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), along with several updates, which, in an effort to increase transparency and comparability among organizations utilizing leasing, requires an entity that is a lessee to recognize the assets and liabilities arising from operating leases on the balance sheet. This guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. In transition, the entity may elect to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach or the beginning of the period of adoption using a cumulative-effect adjustment approach. We adopted the new standard on December 31, 2018 and recognized and measured leases at the beginning of the period of adoption. We elected the package of practical expedients available under the transition guidance which, among other things, allows the carry-forward of historical lease classification. The Company also elected the practical expedient allowing use of hindsight in assessing the lease term. We made an accounting policy election to not apply the new guidance to leases with a term of 12 months or less and will recognize those payments in the Consolidated Statement of Income on a straight-line basis over the lease term. We implemented a system solution for administering our leases and facilitating compliance with the new guidance. Adoption of the standard had a material impact on our Consolidated Balance Sheets as a result of the increase in assets and liabilities from recognition of operating lease assets and operating lease liabilities. However, the standard did not have a material impact on our Consolidated Statement of Income. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, an accounting standard update that simplifies the application of hedge accounting guidance in current U.S. GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Among the simplification updates, the standard eliminates the requirement in current U.S. GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is permitted. We have adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, an accounting standard update that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. The Company will not reclassify the stranded tax effects associated with the U.S. Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, an accounting standard update to improve non-employee share-based payment accounting. The accounting standard update more closely aligns the accounting for employee and non-employee share based payments. The accounting standards update is effective as of the beginning of our 2019 calendar year with early adoption permitted. We adopted this standard as of December 31, 2018. The adoption of this guidance did not have a material impact on our financial statements. Recent Accounting Pronouncements Adopted in 2018 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. We adopted this as of January 1, 2018, the beginning of our 2018 fiscal year, using the cumulative effect adjustment, often referred to as modified retrospective approach. Under this method, we did not restate the prior financial statements presented, and would record any adjustments in the opening balance sheet for January 2018. There was no cumulative effect to be recorded as an adjustment to the opening balance of retained earnings. The comparative information was not restated and continues to be presented under the accounting standards in effect for those periods. Additional disclosures will include the amount by which each financial statement line item is affected in the current reporting period during 2018, as compared to the prior guidance. We expect minimal impact from the adoption of the new standard to the financial statements on a go forward basis, except for expanded disclosures. Revenue is currently recognized at destination and will continue to be recognized at point in time under the new guidance. Additional information regarding revenue recognition is included in “Note 3. Revenue Recognition.” Recent Accounting Pronouncements Not Yet Adopted as of December 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 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.

GENERAL (Tables)

12 Months Ended

Dec. 27, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	December 27, 2020		December 29, 2019
	(In thousands)
Cash and cash equivalents	$	547,624	$	260,568
Restricted cash	782		20,009
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	548,406	$	280,577

Schedule of Cash, Cash Equivalents and Restricted Cash


	December 27, 2020		December 29, 2019
	(In thousands)
Cash and cash equivalents	$	547,624	$	260,568
Restricted cash	782		20,009
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	548,406	$	280,577

BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 27, 2020

Business Combinations [Abstract]

Fair Values for Assets Acquired and Liabilities Assumed

The fair values recorded for the assets acquired and liabilities assumed for PPL 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	16,804
Pension obligations	18,435
Other long-term liabilities	1,056
Total liabilities assumed	208,034
Total identifiable net assets	446,422
Gain on bargain purchase	(53,134)
Total consideration transferred	$	393,288

Pro Forma Information


	2020		2019		2018
	(In thousands, except per share amounts)
Net sales	$	12,091,901	$	12,462,566	$	12,342,474
Net income attributable to Pilgrim's Pride Corporation	97,038		344,869		189,152
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	0.39		1.38		0.76

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 27, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

Revenue has been disaggregated into the following categories to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:


	Year Ended December 27, 2020
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	7,189,539	$	306,478	$	7,496,017
U.K. and Europe	2,976,878		297,414		3,274,292
Mexico	1,321,592		—		1,321,592
Net sales	$	11,488,009	$	603,892	$	12,091,901


	Year Ended December 29, 2019
	Domestic		Export		Net Sales
	(In thousands)
U.S.	$	7,353,925	$	282,791	$	7,636,716
U.K. and Europe	2,105,578		278,215		2,383,793
Mexico	1,388,710		—		1,388,710
Net sales	$	10,848,213	$	561,006	$	11,409,219

Changes in Revenue Contract Liability

Changes in the revenue contract liability balances for the years ended December 27, 2020 and December 29, 2019 were as follows:


	December 27, 2020		December 29, 2019
	(In thousands)
Balance, beginning of year	$	41,770	$	33,328
Revenue recognized	(32,816)		(57,074)
Cash received, excluding amounts recognized as revenue during the period	56,964		65,516
Balance, end of year	$	65,918	$	41,770

LEASES (Tables)

12 Months Ended

Dec. 27, 2020

Leases [Abstract]

Components of Lease Expense


	December 27, 2020		December 29, 2019
Operating lease cost(a)	$	90,887	$	99,242
Amortization of finance lease assets	436		167
Interest on finance leases	99		32
Short-term lease cost	64,410		59,225
Variable lease cost	3,839		3,031
Net lease cost	$	159,671	$	161,697

(a)Sublease income is immaterial and not included in operating lease costs.

Supplemental cash flow information related to leases is as follows (in thousands):


	Year Ended
	December 27, 2020		December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	91,254	$	100,473
Operating cash flow from finance leases	99		32
Financing cash flows from finance leases	486		167

Operating lease assets obtained in exchange for operating lease liabilities	$	60,776	$	34,648
Finance lease assets obtained in exchange for finance lease liabilities	—		2,182

Balance Sheet Information Related to Leases

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


	December 27, 2020	December 29, 2019
Weighted-average remaining lease term (years):
Operating leases	5.44	5.77
Finance leases	3.69	4.54
Weighted-average discount rate:
Operating leases	4.53%	4.80%
Finance leases	5.08%	5.21%

Lease liabilities as of December 27, 2020 are included in our Consolidated Balance Sheets as follows (in thousands):


	Operating Leases		Finance Leases(a)
Accrued expenses and other current liabilities	$	71,592	$	—
Current maturities of long-term debt	—		420
Noncurrent operating lease liability, less current maturities	217,432		—
Long-term debt, less current maturities	—		1,244
Total lease liabilities	$	289,024	$	1,664

(a)Additional information regarding finance lease assets is included in “Note 10. Property, Plant and Equipment.”

Maturities of Finance Lease Liability

Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2021	$	83,116	$	494
2022	68,373		494
2023	56,235		494
2024	42,328		347
2025	29,261		—
Thereafter	46,890		—
Total future minimum lease payments	326,203		1,829
Less: imputed interest	(37,179)		(165)
Present value of lease liabilities	$	289,024	$	1,664

Maturities of Operating Lease Liability

Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2021	$	83,116	$	494
2022	68,373		494
2023	56,235		494
2024	42,328		347
2025	29,261		—
Thereafter	46,890		—
Total future minimum lease payments	326,203		1,829
Less: imputed interest	(37,179)		(165)
Present value of lease liabilities	$	289,024	$	1,664

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 27, 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:


	December 27, 2020			December 29, 2019
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	24,059		$	5,053
Commodity derivative liabilities	(6,531)			(5,430)
Foreign currency derivative assets	2,204			426
Foreign currency derivative liabilities	(428)			(5,400)
Interest rate swap derivative liabilities	(640)			—
Cash collateral posted with brokers(a)	782			20,009
Derivatives Coverage(b):
Corn	16.0		%	12.0		%
Soybean meal	24.0		%	44.0		%
Period through which stated percent of needs are covered:
Corn	December 2021			December 2020
Soybean meal	December 2021			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 (in thousands):


	Gain (Loss) Recognized in Other Comprehensive Loss on Derivative
	December 27, 2020		December 29, 2019		December 30, 2018
Foreign currency derivatives	$	4,514	$	(2,052)	$	829
Interest rate swap derivatives	(850)		—		—
Total	$	3,664	$	(2,052)	$	829

	Gain (Loss) Reclassified from AOCI into Income
	December 27, 2020		December 29, 2019		December 30, 2018
Foreign currency derivatives	$	2,873	$	(383)	$	(348)
Interest rate swap derivatives	(209)		—		—
Total	$	2,664	$	(383)	$	(348)

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 27, 2020

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Trade Accounts and Other Receivables

Trade accounts and other receivables (including accounts receivable from related parties), less allowance for doubtful accounts, consisted of the following:


	December 27, 2020		December 29, 2019
	(In thousands)
Trade accounts receivable	$	691,499	$	696,372
Notes receivable	25,712		4,187
Other receivables	31,954		48,189
Receivables, gross	749,165		748,748
Allowance for doubtful accounts	(7,173)		(7,467)
Receivables, net	$	741,992	$	741,281

Accounts receivable from related parties(a)	$	1,084	$	944

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

Changes in the allowance for doubtful accounts were as follows:


	Total
	(In thousands)
Balance, beginning of year	$	(7,467)
Provision charged to operating results	(94)
Account write-offs and recoveries	574

Effect of exchange rate	(186)
Balance, end of year	$	(7,173)

INVENTORIES (Tables)

12 Months Ended

Dec. 27, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	December 27, 2020		December 29, 2019
	(In thousands)
Raw materials and work-in-process	$	868,369	$	800,749
Finished products	356,052		425,919
Operating supplies	66,495		82,447
Maintenance materials and parts	67,877		74,420
Total inventories	$	1,358,793	$	1,383,535

INVESTMENTS IN SECURITIES (Tables)

12 Months Ended

Dec. 27, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

The following table summarizes our investments in available-for-sale securities accounted for as cash equivalents:


	December 27, 2020				December 29, 2019
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Fixed income securities	$	178,677	$	178,677	$	159,623	$	159,623

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The activity in goodwill by reportable segment for the years ended December 27, 2020 and December 29, 2019 were as follows:


	December 29, 2019		Additions		Currency Translation		December 27, 2020
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	806,207		—		29,298		835,505
Mexico	125,607		2,197		—		127,804
Total	$	973,750	$	2,197	$	29,298	$	1,005,245


	December 30, 2018		Additions		Currency Translation		December 29, 2019
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	782,207		—		24,000		806,207
Mexico	125,607		—		—		125,607
Total	$	949,750	$	—	$	24,000	$	973,750

Schedule of Intangible Assets

Identified intangible assets consisted of the following:


	December 29, 2019		Additions		Amortization		Currency Translation		December 27, 2020
	(In thousands)
Carrying amount:
Trade names	$	78,343	$	—	$	—	$	—	$	78,343
Customer relationships	292,278		—		—		4,784		297,062
Non-compete agreements	320		—		—		—		320
Trade names not subject to amortization	391,431		—		—		13,809		405,240
Accumulated amortization:
Trade names	(45,518)		—		(1,968)		—		(47,486)
Customer relationships	(120,481)		—		(20,747)		(2,018)		(143,246)
Non-compete agreements	(320)		—		—		—		(320)
Total	$	596,053	$	—	$	(22,715)	$	16,575	$	589,913


	December 30, 2018		Additions		Amortization		Currency Translation		December 29, 2019
	(In thousands)
Carrying amount:
Trade names	$	78,343	$	—	$	—	$	—	$	78,343
Customer relationships	247,706		40,418		—		4,154		292,278
Non-compete agreements	320		—		—		—		320
Trade names not subject to amortization	380,067		—		—		11,364		391,431
Accumulated amortization:
Trade names	(43,552)		—		(1,966)		—		(45,518)
Customer relationships	(98,441)		—		(20,920)		(1,120)		(120,481)
Non-compete agreements	(315)		—		(5)		—		(320)
Total	$	564,128	$	40,418	$	(22,891)	$	14,398	$	596,053

Intangible assets are amortized over the estimated useful lives of the assets as follows:


Customer relationships			3-16 years
Trade names			20 years
Non-compete agreements			3 years

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 27, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	December 27, 2020		December 29, 2019
	(In thousands)
Land	$	255,171	$	222,076
Buildings	1,983,823		1,754,219
Machinery and equipment	3,230,199		3,139,748
Autos and trucks	73,647		64,122
Finance lease assets	2,182		2,182
Construction-in-progress	199,161		229,015
PP&E, gross	5,744,183		5,411,362
Accumulated depreciation	(3,086,692)		(2,819,301)
PP&E, net	$	2,657,491	$	2,592,061

CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 27, 2020

Payables and Accruals [Abstract]

Schedule of Current Liabilities

Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components:


	December 27, 2020		December 29, 2019
	(In thousands)
Accounts payable:
Trade accounts	$	904,674	$	875,374
Book overdrafts	106,435		98,267
Other payables	17,601		20,139
Total accounts payable	1,028,710		993,780
Accounts payable to related parties(a)	9,650		3,819
Revenue contract liabilities(b)	65,918		41,770
Accrued expenses and other current liabilities:
Compensation and benefits	189,767		164,946
Other accrued expenses(d)	150,074		172,510
DOJ agreement	110,524		—
Nonrecurring legal settlement	75,000		—
Current maturities of operating lease liabilities(c)	71,592		66,239
Taxes	67,812		41,901
Insurance and self-insured claims	61,212		67,332
Accrued sales rebates(d)	44,708		20,378
Interest and debt-related fees	29,559		31,183
Derivative liabilities(e)	7,599		10,830
Total accrued expenses and other current liabilities	807,847		575,319
Total current liabilities	$	1,912,125	$	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.”

(c)Additional information regarding current maturities of operating lease liabilities is included in “Note 4. Leases.”

(e)Additional information regarding derivative liabilities is included in “Note 5. Derivative Financial Instruments.”

INCOME TAXES (Tables)

12 Months Ended

Dec. 27, 2020

Income Tax Disclosure [Abstract]

Income Before Income Taxes by Jurisdiction

Income (loss) before income taxes by jurisdiction is as follows:


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
U.S.	$	(27,095)	$	342,110	$	175,805
Foreign	188,920		275,435		156,422
Total	$	161,825	$	617,545	$	332,227

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are set forth below:


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Current:
Federal	$	(8,800)	$	27,585	$	8,835
Foreign	28,985		78,099		45,311
State and other	9,234		12,847		(1,263)
Total current	29,419		118,531		52,883
Deferred:
Federal	13,864		51,387		41,104
Foreign	19,622		(18,596)		(17,160)
State and other	3,850		9,687		8,596
Total deferred	37,336		42,478		32,540
	$	66,755	$	161,009	$	85,423

Schedule of Income Tax Reconciliation

The following table reconciles the statutory U.S. federal income tax rate to the Company’s effective income tax rate:


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	6.7		3.0		3.6
One-time transition tax	—		—		7.9
Global intangible low-taxed income	(7.3)		1.5		4.4
DOJ fine	14.3		—		—
Intercompany financing	(9.5)		(1.6)		(2.0)
Permanent items	1.2		(1.6)		(1.0)
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.4		2.1		2.3
Rate change	5.2		(0.1)		(2.5)
Foreign currency translation	3.0		(0.6)		1.1
Tax credits	(1.4)		(0.7)		(7.9)
Change in reserve for unrecognized tax benefits	0.3		2.7		(1.7)
Change in valuation allowance	1.2		0.1		2.7
Other	1.1		0.3		(2.2)
Total	41.2	%	26.1	%	25.7	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax liabilities and assets are as follows:


	December 27, 2020		December 29, 2019
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	322,660	$	290,427
Inventories	116,226		81,469
Insurance claims and losses	32,679		31,642
Business combinations	54,257		47,450
Incentive compensation	16,204		12,860
Operating lease assets	65,906		68,846
Other	26,968		14,267
Total deferred tax liabilities	634,900		546,961
Deferred tax assets:
U.S. net operating losses	3,034		3,120
Foreign net operating losses	56,213		50,806
Credit carry forwards	15,223		15,575
Allowance for doubtful accounts	4,005		5,429
Accrued liabilities	94,769		51,148
Workers’ compensation	36,759		36,147
Pension and other postretirement benefits	35,899		29,429
Operating lease liabilities	65,906		68,846
Other	21,640		22,502
Total deferred tax assets	333,448		283,002
Valuation allowance	(32,908)		(33,522)
Net deferred tax assets	300,540		249,480
Net deferred tax liabilities	$	334,360	$	297,481

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:


	December 27, 2020		December 29, 2019
	(In thousands)
Unrecognized tax benefits, beginning of year	$	12,776	$	12,412

Increase as a result of tax positions taken during prior years	731		597

Decrease for lapse in statute of limitations	(236)		(233)

Unrecognized tax benefits, end of year	$	13,271	$	12,776

DEBT (Tables)

12 Months Ended

Dec. 27, 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	December 27, 2020		December 29, 2019
		(In thousands)
Senior notes payable, net of premium and discount at 5.75%	2025	$	1,001,693	$	1,002,095
Senior notes payable, net of discount at 5.875%	2027	845,149		844,433
U.S. Credit Facility (defined below):
Term note payable at 1.40%	2023	450,000		475,000
Revolving note payable at 1.39%	2023	—		—
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 Rate plus 1.50%	2023	—		—
Secured loans with payables at weighted average of 3.34%	Various	38		948
Finance lease obligations	Various	1,664		2,150
Long-term debt		2,298,544		2,324,626
Less: Current maturities of long-term debt		(25,455)		(26,392)
Long-term debt, less current maturities		2,273,089		2,298,234
Less: Capitalized financing costs		(17,543)		(22,205)
Long-term debt, less current maturities, net of capitalized financing costs		$	2,255,546	$	2,276,029

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 27, 2020

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss during 2020 and 2019:


	2020
	Gains (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 Gains on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)
Other comprehensive income (loss) before reclassifications	83,890		3,823		(31,724)		55		56,044
Amounts reclassified from accumulated other comprehensive loss to net income	—		(2,664)		1,128		(55)		(1,591)
Currency translation	—		56		—		—		56
Net current year other comprehensive income (loss)	83,890		1,215		(30,596)		—		54,509
Balance, end of year	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)


	2019
	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 Gains on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(55,770)	$	(683)	$	(71,463)	$	82	$	(127,834)
Other comprehensive income (loss) before reclassifications	54,662		(2,052)		(1,145)		386		51,851
Amounts reclassified from accumulated other comprehensive loss to net income	—		383		993		(468)		908
Currency translation	—		(54)		—		—		(54)
Net current year other comprehensive income (loss)	54,662		(1,723)		(152)		(82)		52,705
Balance, end of year	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)

Schedule of Reclassification from Accumulated Other Comprehensive Loss


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2020		2019
	(In thousands)
Realized gain on settlement of foreign currency derivatives classified as cash flow hedges	$	2,987	$	—	Net sales
Realized loss on settlement of foreign currency derivatives classified as cash flow hedges	(114)		(383)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(209)		—		Interest expense, net of capitalized interest
Realized gain on sale of securities	73		619		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,503)		(1,313)		Miscellaneous, net
Total before tax	1,234		(1,077)
Tax expense	357		169
Total reclassification for the period	$	1,591	$	(908)

(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.”

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 27, 2020

Retirement Benefits [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 Consolidated Balance Sheets for these plans were as follows:


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of year	$	369,066	$	157,619	$	1,527	$	1,462

Interest cost	8,102		6,673		36		52
Actuarial losses	38,822		20,729		90		132
Benefits paid	(13,745)		(8,288)		—		—
Curtailments and settlements	(8,226)		(10,076)		(60)		(119)
Prior service cost	20		8		—		—
Tulip acquisition	—		198,417		—		—
Currency translation loss	10,155		3,984		—		—
Projected benefit obligation, end of year	$	404,194	$	369,066	$	1,593	$	1,527


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of year	$	294,589	$	102,414	$	—	$	—
Actual return on plan assets	12,672		18,904		—		—
Contributions by employer	14,774		8,295		60		119
Benefits paid	(13,745)		(8,288)		—		—
Curtailments and settlements	(8,226)		(10,076)		(60)		(119)
Expenses paid from assets	(715)		(70)		—		—
Tulip acquisition	—		179,702		—		—
Currency translation gain	6,634		3,708		—		—
Fair value of plan assets, end of year	$	305,983	$	294,589	$	—	$	—


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Funded status:	(In thousands)
Unfunded benefit obligation, end of year	$	(98,211)	$	(74,477)	$	(1,593)	$	(1,527)


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Amounts recognized in the Consolidated Balance Sheets as of end of year:	(In thousands)
Current liability	$	(7,510)	$	(14,967)	$	(169)	$	(158)
Long-term liability	(90,701)		(59,510)		(1,424)		(1,369)
Recognized liability	$	(98,211)	$	(74,477)	$	(1,593)	$	(1,527)


	Pension Benefits				Other Benefits
	2020		2019		2020		2019
Amounts recognized in accumulated other comprehensive loss at end of year:	(In thousands)
Net actuarial loss	$	95,522	$	58,239	$	174	$	91

Schedule of Net Periodic Benefit Cost (Income)

Net benefit costs include the following components:


	Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018
	(In thousands)
Interest cost	$	8,102	$	6,673	$	5,463	$	36	$	52	$	46
Estimated return on plan assets	(13,071)		(6,921)		(6,065)		—		—		—

Settlement loss (gain)	3,371		3,538		—		7		7		(3)
Other	735		(62)		—		—		—		—
Amortization of net loss	1,503		1,313		1,203		—		—		—
Net cost	$	640	$	4,541	$	601	$	43	$	59	$	43

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:


	Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018
Benefit obligation:
Discount rate	1.83	%	2.56	%	4.40	%	1.80	%	2.77	%	4.07	%

Net pension and other postretirement cost:
Discount rate	2.16	%	3.10	%	3.69	%	2.77	%	4.07	%	3.39	%

Expected return on plan assets	4.34	%	4.62	%	5.50	%	NA		NA		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	$	(10,820)	$	11,391

Schedule of Plan Asset Allocations

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


	2020		2019
Cash and cash equivalents	1	%	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	20	%	20	%
Fixed income securities	13	%	12	%
Real estate	1	%	2	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	35	%	40	%
Fixed income funds	20	%	18	%
Real estate	6	%	—	%
Total assets	100	%	100	%

Schedule of Fair Value Assumptions of Plan Assets

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 27, 2020 and December 29, 2019:


	2020								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	$	1,487	$	—	$	—	$	1,487	$	11,582	$	—	$	—	$	11,582
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		3,100		—		3,100		—		3,071		—		3,071
Small/Mid U.S. equity funds(e)	—		392		—		392		—		372		—		372
International equity funds(f)	—		1,874		—		1,874		—		1,878		—		1,878
Fixed income funds(g)	—		5,365		—		5,365		—		4,452		—		4,452
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		29,602		—		29,602		—		20,378		—		20,378
Small/Mid U.S. equity funds(e)	—		17,569		—		17,569		—		12,495		—		12,495
International equity funds(f)	—		16,320		—		16,320		—		25,149		—		25,149
Fixed income funds(g)	—		38,944		—		38,944		—		35,627		—		35,627
Real estate(h)	—		5,677		—		5,677		—		5,613		—		5,613
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		39,002		—		39,002		—		17,756		—		17,756
International equity funds(f)	—		69,251		—		69,251		—		102,494		—		102,494
Fixed income funds(e)	—		60,212		—		60,212		—		53,722		—		53,722
Real estate(h)	—		17,188		—		17,188		—		—		—		—
Total assets	$	1,487	$	304,496	$	—	$	305,983	$	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)
2021	$	26,629	$	169
2022	16,912		163
2023	16,411		156
2024	16,043		149
2025	15,612		140
2026-2030	71,456		555
Total	$	163,063	$	1,332

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:


	Pension Benefits						Other Benefits
	2020		2019		2018		2020		2019		2018
	(In thousands)
Net actuarial loss (gain), beginning of year	$	58,239	$	54,343	$	54,235	$	91	$	(34)	$	35
Amortization	(1,503)		(1,313)		(1,203)		—		—		—
Settlement adjustments	(3,371)		(3,538)		—		(7)		(7)		3
Actuarial loss (gain)	38,822		20,729		(15,635)		90		132		(72)
Asset loss (gain)	400		(11,982)		16,946		—		—		—
Net prior service cost	378		—		—		—		—		—
Currency translation loss	2,557		—		—		—		—		—
Net actuarial loss (gain), end of year	$	95,522	$	58,239	$	54,343	$	174	$	91	$	(34)

Compensation Related Costs, Share Based Payments (Tables)

12 Months Ended

Dec. 27, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Awards

The following awards were outstanding during 2020:

Benefit Plan

Award Type

Grant Date

Grant Date Fair Value per Award

Vesting Condition

Vesting Date

Intended Settlement Method

Milestone Date Fair Value per Award

Awards Granted

Performance
Target
Achievement
Award Adjustment

Awards Forfeited to Date

2009 LTIP

RSU

3/1/2018

$24.93

Service

(a)

Stock

163,764

—

(51,473)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(b)

Stock

217,253

(53,381)

(78,449)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(c)

Cash

$19.35

66,272

(17,863)

(15,235)

2009 LTIP

RSU

5/10/2018

$21.54

Service

(d)

Stock

8,358

—

2009 LTIP

RSU

1/7/2019

$16.47

Performance/Service

(e)

Stock

414,620

39,620

(137,413)

2009 LTIP

RSU

1/7/2019

$16.47

Performance/Service

(f)

Cash

$19.35

109,654

13,705

—

2009 LTIP

RSU

4/30/2019

$26.91

Service

7/1/2020

Cash

$15.12

200,000

—

2009 LTIP

RSU

4/30/2019

$26.91

Performance/Service

(g)

Stock

470,000

—

(470,000)

2009 LTIP

RSU

5/24/2019

$27.86

Service

(d)

Stock

11,170

—

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(h)

Stock

195,140

—

(33,729)

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(i)

Cash

$19.35

121,310

—

2019 LTIP

RSU

4/29/2020

$22.01

Service

(d)

Stock

13,630

—

(g) The restricted stock units were cancelled in their entirety by the Company's Board of Directors on December 8, 2020.

Schedule of Compensation Cost and Income Tax Benefit

Compensation costs and the income tax benefit recognized for our stock-based compensation arrangements are included below:


	2020		2019		2018
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	838	$	461	$	389
Selling, general and administrative expense	1,938		9,671		12,764
Total cost	2,776		10,132		13,153
Income tax benefit	676		2,466		3,202
Net cost	$	2,100	$	7,666	$	9,951

Liability-based awards compensation cost:
Selling, general and administrative expense	$	1,081	$	671	$	—
Income tax benefit	263		163		—
Net cost	$	818	$	508	$	—

Schedule of RSU Activity

The Company’s RSU activity is included below:


	2020			2019			2018
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of year	926	$	24.04	1,069	$	22.97	389	$	18.39
Transferred to liability-based awards	(200)	26.91		(36)	24.67		—	—
Granted	249	28.14		843	22.01		1,114	23.05
Vested	(66)	24.93		(723)	22.08		—	—
Forfeited	(325)	25.95		(227)	21.51		(434)	19.06
Outstanding at end of year	584	$	22.12	926	$	24.04	1,069	$	22.97


	2020			2019			2018
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of year	143	$	32.97	—	$	—	—	$	—
Transferred from equity-based awards	200	26.91		36	14.77		—	—
Granted	135	29.47		110	16.47		—	—
Vested	(211)	16.04		(3)	26.86		—	—
Forfeited	—	—		—	—		—	—
Outstanding at end of year	267	$	19.35	143	$	32.97	—	$	—

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 27, 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:


	December 27, 2020		December 29, 2019
	Level 1			Total		Level 1		Total
	(In thousands)		(In thousands)
Assets:
Commodity futures instruments	$	13,285		$	13,285	$	4,147	$	4,147
Commodity options instruments	10,774			10,774		906		906
Foreign currency instruments	2,204			2,204		426		426
Liabilities:
Commodity futures instruments	(4,496)			(4,496)		(4,797)		(4,797)
Commodity options instruments	(2,035)			(2,035)		(633)		(633)
Foreign currency instruments	(428)			(428)		(5,400)		(5,400)
Interest rate swap instrument	(640)			(640)		—		—

Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation

The carrying amounts and estimated fair values of our fixed-rate debt obligation recorded in the Consolidated Balance Sheets consisted of the following:


	December 27, 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	$	(1,001,693)	$	(1,024,510)	$	(1,002,095)	$	(1,034,200)
Fixed-rate senior notes payable at 5.875%, at Level 1 inputs	(845,149)		(911,957)		(844,433)		(919,505)

Secured loans, at Level 3 inputs	(38)		(38)		(948)		(939)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 27, 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.


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Sales to related parties:
JBS USA Food Company(a)	$	14,228	$	14,108	$	13,843
JBS Five Rivers	—		—		7,096
JBS Global (UK) Ltd.	—		141		—
JBS Chile Ltda.	225		482		60
Combo, Mercado de Congelados	887		207		159

JBS Australia Pty. Ltd.	2,540		—		—
Total sales to related parties	$	17,880	$	14,938	$	21,158


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company(a)	$	142,615	$	134,790	$	117,596
Seara Meats B.V.	8,138		22,797		36,223
JBS Aves Ltda.	—		—		1,123

JBS Toledo NV	155		307		445
JBS Global (UK) Ltd.	674		170		21
Total cost of goods purchased from related parties	$	151,582	$	158,064	$	155,408


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company(b)	$	39,025	$	32,161	$	62,189

JBS Chile Ltda.	—		6		33
Seara Food Europe Holdings	9		77		—

Total expenditures paid by related parties	$	39,034	$	32,244	$	62,222


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company(b)	$	16,266	$	9,103	$	9,192
JBS S.A.	—		—		170
Seara International Ltd.	—		—		45

Total expenditures paid on behalf of related parties	$	16,266	$	9,103	$	9,407


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Other related party transactions:

Capital distribution under tax sharing agreement (c)	$	650	$	—	$	525
Total other related party transactions	$	650	$	—	$	525


	December 27, 2020		December 29, 2019
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company(a)	$	714	$	643
JBS Chile Ltda.	—		301

JBS Australia Pty. Ltd.	370		—


Total accounts receivable from related parties	$	1,084	$	944


	December 27, 2020		December 29, 2019
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company(a)	$	8,562	$	2,826
JBS Global UK Ltd.	5		5
Seara Meats B.V.	1,075		988
JBS Chile Ltda.	8		—


Total accounts payable to related parties	$	9,650	$	3,819

REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 27, 2020

Segment Reporting [Abstract]

Schedule of Net Sales, Operating Income, Depreciation and Amortization, Long-lived Assets and Capital Expenditures

Additional information regarding reportable segments is as follows:


	Year Ended
	December 27, 2020(a)		December 29,2019(b)		December 30, 2018(c)
	(In thousands)
Net sales
U.S.	$	7,496,017	$	7,636,716	$	7,425,661
U.K. and Europe	3,274,292		2,383,793		2,148,666
Mexico	1,321,592		1,388,710		1,363,457
Total	$	12,091,901	$	11,409,219	$	10,937,784


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Operating income
U.S.	$	69,377	$	487,275	$	291,381
U.K. and Europe	102,734		79,182		84,524
Mexico	72,879		124,015		119,649
Elimination	473		96		132
Total operating income	245,463		690,568		495,686
Interest expense, net of capitalized interest	126,118		132,630		162,812
Interest income	(7,305)		(14,277)		(13,811)
Foreign currency transaction loss	760		6,917		17,160
Gain on bargain purchase	3,746		(56,880)		—
Miscellaneous, net	(39,681)		4,633		(2,702)
Income before income taxes	161,825		617,545		332,227
Income tax expense	66,755		161,009		85,423
Net income	$	95,070	$	456,536	$	246,804


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Depreciation and amortization:
U.S.	$	218,244	$	207,584	$	196,079
U.K. and Europe	92,673		60,499		50,586
Mexico	26,187		19,147		27,423
Total	$	337,104	$	287,230	$	274,088


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Capital expenditures:
U.S.	$	264,149	$	269,609	$	257,913
U.K. and Europe	77,597		58,795		58,334
Mexico	13,016		19,716		32,419
Total	$	354,762	$	348,120	$	348,666


	December 27, 2020		December 29, 2019
	(In thousands)
Total assets:
U.S.	$	5,189,021	$	5,207,282
U.K. and Europe	3,034,219		2,824,382
Mexico	1,212,428		1,020,331
Eliminations	(1,961,171)		(1,949,631)
Total	$	7,474,497	$	7,102,364


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Net sales to customers by customer location:
U.S.	$	7,190,809	$	7,355,631	$	7,173,280
Europe	3,225,717		2,363,017		2,134,822
Mexico	1,350,588		1,437,081		1,411,727
Asia-Pacific	252,573		175,898		159,515
Canada, Caribbean and Central America	30,792		31,808		26,450
Africa	25,321		28,400		21,286
South America	16,101		17,384		10,704

Total	$	12,091,901	$	11,409,219	$	10,937,784


	December 27, 2020		December 29, 2019
	(In thousands)
Long-lived assets(a):
U.S.	$	1,815,460	$	1,789,530
U.K. and Europe	842,049		801,887
Mexico	292,651		306,413
Eliminations	(3,783)		(4,256)
Total	$	2,946,377	$	2,893,574

Schedule of Sales by Product Lines


	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
U.S. chicken:
Fresh	$	6,137,265	$	6,214,954	$	5,959,458
Prepared	714,563		842,365		773,983
Exports	306,478		282,791		258,732
Total U.S. chicken	7,158,306		7,340,110		6,992,173
U.K. and Europe chicken:
Fresh	863,670		918,852		925,124
Prepared	751,196		817,292		865,864
Exports	227,224		262,041		303,921
Total U.K. and Europe chicken	1,842,090		1,998,185		2,094,909
Mexico chicken:
Fresh	1,210,952		1,245,976		1,252,403
Prepared	66,572		95,733		76,860
Total Mexico chicken	1,277,524		1,341,709		1,329,263
Total chicken	10,277,920		10,680,004		10,416,345
U.K. and Europe pork:
Fresh	730,703		135,985		—
Prepared	486,290		134,426		—
Exports	70,190		16,174		—
Total U.K. and Europe pork	1,287,183		286,585		—
Other products:
U.S.	337,711		296,606		433,488
U.K. and Europe	145,019		99,023		53,757
Mexico	44,068		47,001		34,194
Total other products	526,798		442,630		521,439
Total net sales	$	12,091,901	$	11,409,219	$	10,937,784

QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Dec. 27, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results


2020	First(a)		Second		Third(b)		Fourth		Year
	(In thousands, except per share data)
Net sales	$	3,074,928	$	2,824,023	$	3,075,121	$	3,117,829	$	12,091,901
Gross profit	177,099		119,859		313,842		227,396		838,196
Net income (loss) attributable to PPC	67,268		(6,036)		33,446		79		94,757
Net income (loss) per share amounts - basic	0.27		(0.02)		0.14		—		0.39
Net income (loss) per share amounts - diluted	0.27		(0.02)		0.14		—		0.39
Number of days in period	91		91		91		91		364


2019	First		Second		Third		Fourth(c)		Year
	(In thousands, except per share data)
Net sales	$	2,724,675	$	2,843,085	$	2,777,970	$	3,063,489	$	11,409,219
Gross profit	218,939		367,864		282,197		201,394		1,070,394
Net income attributable to PPC	84,011		170,068		109,765		92,080		455,924
Net income per share amounts - basic	0.34		0.68		0.44		0.37		1.83
Net income per share amounts - diluted	0.34		0.68		0.44		0.37		1.83
Number of days in period	91		91		91		91		364


2018	First(d)		Second(e)		Third(f)		Fourth(g)		Year
	(In thousands, except per share data)
Net sales	$	2,746,678	$	2,836,713	$	2,697,604	$	2,656,789	$	10,937,784
Gross profit	287,665		274,222		169,741		111,848		843,476
Net income (loss) attributable to PPC	119,418		106,541		29,310		(7,324)		247,945
Net income (loss) per share amounts - basic	0.48		0.43		0.12		(0.03)		1.00
Net income (loss) per share amounts - diluted	0.48		0.43		0.12		(0.03)		1.00
Number of days in period	91		91		91		91		364

(a)In the first quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $1.7 million.

(b)In the third quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $2.0 million.

(e)In the second quarter of 2018, the Company recognized impairment charges of approximately $0.1 million related to its 40 North Foods leasehold improvements.

(f)In the third quarter of 2018, the Company recognized impairment charges of approximately $0.3 million related to the Luverne, Minnesota plant held for sale.

GENERAL (Details) lb in Millions	12 Months Ended
GENERAL (Details) lb in Millions	Dec. 27, 2020 USD ($) employee bird country state grower lb	Dec. 29, 2019 USD ($)	Dec. 30, 2018 USD ($)	Sep. 08, 2017
Property, Plant and Equipment [Line Items]
Number of countries to which the company exports products \| country	115
Number of states in which entity operates \| state	14
Advertising costs	$ 20,200,000	$ 26,500,000	$ 20,800,000
Research and development costs	5,400,000	5,100,000	$ 4,000,000.0
Impairment of intangible assets	$ 0	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Estimated closing costs, percent of asset fair value	4.00%
Minimum \| Trade Names and Non-Compete Agreements
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life	3 years
Minimum \| Customer relationships
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life	3 years
Minimum \| Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Minimum \| Automobiles and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated closing costs, percent of asset fair value	6.00%
Maximum \| Trade Names and Non-Compete Agreements
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life	20 years
Maximum \| Customer relationships
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life	16 years
Maximum \| Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	33 years
Maximum \| Automobiles and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	10 years
Moy Park
Property, Plant and Equipment [Line Items]
Percentage of equity acquired				100.00%
JBS S.A.
Property, Plant and Equipment [Line Items]
Ownership percentage	80.26%
Chicken
Property, Plant and Equipment [Line Items]
Number of employees \| employee	56,400
Maximum processing capacity, more than (number of birds per week) \| bird	44,900,000
Number of pounds of live product processed annually, more than \| lb	13,200.0
Number of contract growers that supply poultry \| grower	4,800
Pork
Property, Plant and Equipment [Line Items]
Maximum processing capacity, more than (number of birds per week) \| bird	45,000
Number of pounds of live product processed annually, more than \| lb	436.7
Number of contract growers that supply poultry \| grower	300

GENERAL - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 547,624	$ 260,568
Restricted cash	782	20,009
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 548,406	$ 280,577	$ 361,578	$ 589,531

BUSINESS ACQUISITIONS - Narrative (Details) $ in Thousands, £ in Millions, $ in Millions					12 Months Ended
	Apr. 01, 2020 USD ($)	Apr. 01, 2020 MXN ($)	Oct. 15, 2019 USD ($)	Oct. 15, 2019 GBP (£)	Dec. 29, 2019 USD ($)	Dec. 27, 2020 USD ($)	Dec. 30, 2018 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 973,750	$ 1,005,245	$ 949,750
Tulip Ltd. and Subsidiaries
Business Acquisition [Line Items]
Percentage of equity acquired			100.00%
Cash consideration			$ 393,300	£ 311.3
Transaction costs			1,400		1,300
Net sales of acquiree since acquisition date					1,400,000
Net income (loss) of acquiree since acquisition date					$ 9,600
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
Identified intangible assets, useful life			11 years	11 years
FAMPAT/Plan Pro
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%
Cash consideration	$ 3,000	$ 70.4
Goodwill	$ 2,200

BUSINESS ACQUISITIONS - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019	Oct. 15, 2019
Business Acquisition [Line Items]
Deferred tax liabilities	$ 54,257	$ 47,450
Tulip Ltd. and Subsidiaries
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			16,804
Pension obligations			18,435
Other long-term liabilities			1,056
Total liabilities assumed			208,034
Total identifiable net assets			446,422
Gain on bargain purchase			(53,134)
Total consideration transferred			$ 393,288

BUSINESS ACQUISITIONS - Pro Forma Information (Details) - Tulip Ltd. and Subsidiaries - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Business Acquisition [Line Items]
Net sales	$ 12,091,901	$ 12,462,566	$ 12,342,474
Net income attributable to Pilgrim's Pride Corporation	$ 97,038	$ 344,869	$ 189,152
Net income attributable to Pilgrim's Pride Corporation per common share - diluted (in dollars per share)	$ 0.39	$ 1.38	$ 0.76

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 3,117,829	$ 3,075,121	$ 2,824,023	$ 3,074,928	$ 3,063,489	$ 2,777,970	$ 2,843,085	$ 2,724,675	$ 2,656,789	$ 2,697,604	$ 2,836,713	$ 2,746,678	$ 12,091,901	$ 11,409,219	$ 10,937,784
Domestic
Disaggregation of Revenue [Line Items]
Net sales													11,488,009	10,848,213
Export
Disaggregation of Revenue [Line Items]
Net sales													603,892	561,006
U.S.
Disaggregation of Revenue [Line Items]
Net sales													7,496,017	7,636,716	7,425,661
U.S. \| Domestic
Disaggregation of Revenue [Line Items]
Net sales													7,189,539	7,353,925
U.S. \| Export
Disaggregation of Revenue [Line Items]
Net sales													306,478	282,791
U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales													3,274,292	2,383,793	2,148,666
U.K. and Europe \| Domestic
Disaggregation of Revenue [Line Items]
Net sales													2,976,878	2,105,578
U.K. and Europe \| Export
Disaggregation of Revenue [Line Items]
Net sales													297,414	278,215
Mexico
Disaggregation of Revenue [Line Items]
Net sales													1,321,592	1,388,710	$ 1,363,457
Mexico \| Domestic
Disaggregation of Revenue [Line Items]
Net sales													1,321,592	1,388,710
Mexico \| Export
Disaggregation of Revenue [Line Items]
Net sales													$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE RECOGNITION - Change in Revenue Contract Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Movement in Contract with Customer, Liability [Roll Forward]
Balance, beginning of year	$ 41,770	$ 33,328
Revenue recognized	(32,816)	(57,074)
Cash received, excluding amounts recognized as revenue during the period	56,964	65,516
Balance, end of year	$ 65,918	$ 41,770

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 27, 2020 USD ($) segment
Lessee, Lease, Description [Line Items]
Number of segments \| segment	3
Renewal term	1 year
Termination term	1 year
Operating lease not commenced	$ 1,700,000
Finance lease not commenced	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	15 years

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Leases [Abstract]
Operating lease cost	$ 90,887	$ 99,242
Amortization of finance lease assets	436	167
Interest on finance leases	99	32
Short-term lease cost	64,410	59,225
Variable lease cost	3,839	3,031
Net lease cost	$ 159,671	$ 161,697

LEASES - Weighted Average Lease Term and Discount Rate (Details)	Dec. 27, 2020	Dec. 29, 2019
Weighted-average remaining lease term (years):
Operating leases	5 years 5 months 8 days	5 years 9 months 7 days
Finance leases	3 years 8 months 8 days	4 years 6 months 14 days
Weighted-average discount rate:
Operating leases	4.53%	4.80%
Finance leases	5.08%	5.21%

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 91,254	$ 100,473
Operating cash flow from finance leases	99	32
Financing cash flows from finance leases	486	167
Operating lease assets obtained in exchange for operating lease liabilities	60,776	34,648
Finance lease assets obtained in exchange for finance lease liabilities	$ 0	$ 2,182

LEASES - Future Minimum Lease Payments on Non-cancellable Leases (Details) $ in Thousands	Dec. 27, 2020 USD ($)
Operating Leases
2021	$ 83,116
2022	68,373
2023	56,235
2024	42,328
2025	29,261
Thereafter	46,890
Total future minimum lease payments	326,203
Less: imputed interest	(37,179)
Present value of lease liabilities	289,024
Finance Leases
2021	494
2022	494
2023	494
2024	347
2025	0
Thereafter	0
Total future minimum lease payments	1,829
Less: imputed interest	(165)
Present value of lease liabilities	$ 1,664

LEASES - Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Leases [Abstract]
Accrued expenses and other current liabilities	$ 71,592	$ 66,239
Current maturities of long-term debt	420
Current maturities of long-term debt	1,244
Noncurrent operating lease liability, less current maturities	217,432	235,382
Total lease liabilities	289,024
Total lease liabilities	$ 1,664	$ 2,150
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	ppc:LongtermDebtExcludingCurrentMaturitiesNet

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gains (losses) on derivative financial instruments	$ 40.7	$ (30.1)	$ (27.1)
Deferred net gain on derivatives expected to be reclassified from AOCI to net income over the next 12 months	0.7
Interest rate swap instrument
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ (0.5)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Fair values:
Cash collateral posted with brokers	$ 782	$ 20,009
Corn
Derivatives Coverage:
Derivatives Coverage	16.00%	12.00%
Soybean meal
Derivatives Coverage:
Derivatives Coverage	24.00%	44.00%
Commodity
Fair values:
Derivative assets	$ 24,059	$ 5,053
Derivative liabilities	(6,531)	(5,430)
Foreign currency instruments
Fair values:
Derivative assets	2,204	426
Derivative liabilities	(428)	(5,400)
Interest rate swap instrument
Fair values:
Derivative liabilities	$ (640)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Cash Flow Hedges Included in AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Loss on Derivative	$ 3,719	$ (2,106)	$ 817
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Loss on Derivative	3,664	(2,052)	829
Gain (Loss) Reclassified from AOCI into Income	2,664	(383)	(348)
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency derivatives
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Loss on Derivative	4,514	(2,052)	829
Gain (Loss) Reclassified from AOCI into Income	2,873	(383)	(348)
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap instrument
Derivative [Line Items]
Gain (Loss) Recognized in Other Comprehensive Loss on Derivative	(850)	0	0
Gain (Loss) Reclassified from AOCI into Income	$ (209)	$ 0	$ 0

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 27, 2020	Dec. 29, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade accounts receivable		$ 691,499	$ 696,372
Notes receivable		25,712	4,187
Other receivables		31,954	48,189
Receivables, gross		749,165	748,748
Allowance for doubtful accounts	$ (7,467)	(7,173)	(7,467)
Receivables, net		741,992	741,281
Accounts receivable from related parties		$ 1,084	$ 944
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	(7,467)
Provision charged to operating results	(94)
Account write-offs and recoveries	574
Effect of exchange rate	(186)
Balance, end of year	$ (7,173)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 868,369	$ 800,749
Finished products	356,052	425,919
Operating supplies	66,495	82,447
Maintenance materials and parts	67,877	74,420
Total inventories	$ 1,358,793	$ 1,383,535

INVESTMENTS IN SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Debt Securities, Available-for-sale [Line Items]
Gross realized gains recognized on available-for-sale securities	$ 5,800	$ 11,500
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	178,677	159,623
Fair Value	$ 178,677	$ 159,623

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 973,750	$ 949,750
Additions	2,197	0
Currency Translation	29,298	24,000
Goodwill, end of period	1,005,245	973,750
U.S.
Goodwill [Roll Forward]
Goodwill, beginning of period	41,936	41,936
Additions	0	0
Currency Translation	0	0
Goodwill, end of period	41,936	41,936
U.K. and Europe
Goodwill [Roll Forward]
Goodwill, beginning of period	806,207	782,207
Additions	0	0
Currency Translation	29,298	24,000
Goodwill, end of period	835,505	806,207
Mexico
Goodwill [Roll Forward]
Goodwill, beginning of period	125,607	125,607
Additions	2,197	0
Currency Translation	0	0
Goodwill, end of period	$ 127,804	$ 125,607

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (22,715)	$ (22,891)	$ (25,700)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Beginning balance	596,053	564,128
Additions	0	40,418
Amortization	(22,715)	(22,891)	(25,700)
Currency Translation	16,575	14,398
Ending balance	589,913	596,053	564,128
Trade names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	78,343	78,343
Additions	0	0
Currency Translation	0	0
Ending balance	78,343	78,343	78,343
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(45,518)	(43,552)
Amortization	(1,968)	(1,966)
Currency Translation	0	0
Ending balance	(47,486)	(45,518)	(43,552)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	(1,968)	(1,966)
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	292,278	247,706
Additions	0	40,418
Currency Translation	4,784	4,154
Ending balance	297,062	292,278	247,706
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(120,481)	(98,441)
Amortization	(20,747)	(20,920)
Currency Translation	(2,018)	(1,120)
Ending balance	(143,246)	(120,481)	(98,441)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	(20,747)	(20,920)
Non-compete agreements
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	320	320
Additions	0	0
Currency Translation	0	0
Ending balance	320	320	320
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(320)	(315)
Amortization	0	(5)
Currency Translation	0	0
Ending balance	(320)	(320)	(315)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	0	(5)
Trade names
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	391,431	380,067
Additions	0	0
Currency Translation	13,809	11,364
Ending balance	$ 405,240	$ 391,431	$ 380,067

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 15, 2019	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 22,715	$ 22,891	$ 25,700
Expected amortization expense, 2021		23,300
Expected amortization expense, 2022		23,300
Expected amortization expense, 2023		22,300
Expected amortization expense, 2024		21,200
Expected amortization expense, 2025		21,200
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 20,747	$ 20,920
Tulip Ltd. and Subsidiaries
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets	$ 40,418
Tulip Ltd. and Subsidiaries \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets	$ 40,400
Identified intangible assets, useful life	11 years

GOODWILL AND INTANGIBLE ASSETS - Useful Life of Assets (Details)	12 Months Ended
	Dec. 27, 2020
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	16 years
Trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	3 years

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 2,182	$ 2,182
PP&E, gross	5,744,183	5,411,362
Accumulated depreciation	(3,086,692)	(2,819,301)
PP&E, net	2,657,491	2,592,061
Land
Property, Plant and Equipment [Line Items]
PP&E	255,171	222,076
Buildings
Property, Plant and Equipment [Line Items]
PP&E	1,983,823	1,754,219
Machinery and equipment
Property, Plant and Equipment [Line Items]
PP&E	3,230,199	3,139,748
Autos and trucks
Property, Plant and Equipment [Line Items]
PP&E	73,647	64,122
Construction-in-progress
Property, Plant and Equipment [Line Items]
PP&E	$ 199,161	$ 229,015

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 314,400	$ 264,300	$ 248,300
Expenditures on capital projects	354,800	348,100
Completed projects transferred from construction-in-progress to depreciable assets	423,700	400,800
Proceeds from property disposals	31,976	15,753	$ 9,775
Gain (loss) on property disposals	13,800	$ 10,900
Idled assets property, plant and equipment, net	42,300
Idled asset property, plant and equipment gross	185,500
Idled asset accumulated depreciation	$ 143,200

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Accounts payable:
Trade accounts	$ 904,674	$ 875,374
Book overdrafts	106,435	98,267
Other payables	17,601	20,139
Total accounts payable	1,028,710	993,780
Accounts payable to related parties	9,650	3,819
Revenue contract liabilities	65,918	41,770
Accrued expenses and other current liabilities:
Compensation and benefits	189,767	164,946
Other accrued expenses	150,074	172,510
Current maturities of operating lease liabilities	71,592	66,239
Taxes	67,812	41,901
Current maturities of operating lease liabilities(c)	61,212	67,332
Accrued sales rebates	44,708	20,378
Nonrecurring legal settlement	29,559	31,183
Derivative liability	7,599	10,830
Total accrued expenses and other current liabilities	807,847	575,319
Total current liabilities	1,912,125	1,614,688
Scenario, Adjustment
Accrued expenses and other current liabilities:
Other accrued expenses	20,400
Accrued sales rebates	20,400
Violation of Sherman Antitrust Act
Accrued expenses and other current liabilities:
Legal settlements	110,524	0
Other Litigation Cases
Accrued expenses and other current liabilities:
Legal settlements	$ 75,000	$ 0

INCOME TAXES (Income Before Income Taxes by Jurisdiction) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Income Tax Disclosure [Abstract]
U.S.	$ (27,095)	$ 342,110	$ 175,805
Foreign	188,920	275,435	156,422
Income before income taxes	$ 161,825	$ 617,545	$ 332,227

INCOME TAXES (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Current:
Federal	$ (8,800)	$ 27,585	$ 8,835
Foreign	28,985	78,099	45,311
State and other	9,234	12,847	(1,263)
Total current	29,419	118,531	52,883
Deferred:
Federal	13,864	51,387	41,104
Foreign	19,622	(18,596)	(17,160)
State and other	3,850	9,687	8,596
Total deferred	37,336	42,478	32,540
Income tax expense (benefit)	$ 66,755	$ 161,009	$ 85,423

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Operating Loss Carryforwards [Line Items]
Effective tax rate	41.20%	26.10%	25.70%
Change in effective tax rate from change in reserve for unrecognized tax benefits	2.60%
Valuation allowance	$ 32,908	$ 33,522
Valuation allowance, U.S. foreign tax credits	11,800
Valuation allowance, state operating losses	1,000
Other comprehensive income, tax expense (benefit)	(6,907)	(723)	$ (1,627)
Unrecognized tax benefits	13,271	$ 12,776	$ 12,412
Amount of tax benefits that, if recognized, would reduce effective tax rate	1,100
Liability for interest and penalties	2,800
Increase in accrued interest and penalty amounts related to uncertain tax positions	500
Majority Shareholder \| JBS USA Food Company \| Capital contribution (distribution) under tax sharing agreement
Operating Loss Carryforwards [Line Items]
Net payable	600
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	77,600
Tax credit carry forwards	3,300
Moy Park
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	12,400
Tulip Ltd. and Subsidiaries
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	7,700
Mexican Tax Authority \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	1,600
U.K. Tax Authority \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 269,200

INCOME TAXES (Schedule of Income Tax Reconciliation) (Details)	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%	21.00%
State tax rate, net	6.70%	3.00%	3.60%
One-time transition tax	0.00%	0.00%	7.90%
Global intangible low-taxed income	(0.073)	0.015	0.044
DOJ fine	14.30%	0.00%	0.00%
Intercompany financing	(9.50%)	(1.60%)	(2.00%)
Permanent items	1.20%	(1.60%)	(1.00%)
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.40%	2.10%	2.30%
Rate change	5.20%	(0.10%)	(2.50%)
Foreign currency translation	3.00%	(0.60%)	1.10%
Tax credits	(1.40%)	(0.70%)	(7.90%)
Change in reserve for unrecognized tax benefits	0.30%	2.70%	(1.70%)
Change in valuation allowance	1.20%	0.10%	2.70%
Other	1.10%	0.30%	(2.20%)
Total	41.20%	26.10%	25.70%

INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Deferred tax liabilities:
PP&E and identified intangible assets	$ 322,660	$ 290,427
Inventories	116,226	81,469
Insurance claims and losses	32,679	31,642
Business combinations	54,257	47,450
Incentive compensation	16,204	12,860
Operating lease assets	65,906	68,846
Other	26,968	14,267
Total deferred tax liabilities	634,900	546,961
Deferred tax assets:
U.S. net operating losses	3,034	3,120
Foreign net operating losses	56,213	50,806
Credit carry forwards	15,223	15,575
Allowance for doubtful accounts	4,005	5,429
Accrued liabilities	94,769	51,148
Workers’ compensation	36,759	36,147
Pension and other postretirement benefits	35,899	29,429
Operating lease liabilities	65,906	68,846
Other	21,640	22,502
Total deferred tax assets	333,448	283,002
Valuation allowance	(32,908)	(33,522)
Net deferred tax assets	300,540	249,480
Net deferred tax liabilities	$ 334,360	$ 297,481

INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning of year	$ 12,776	$ 12,412
Increase as a result of tax positions taken during prior years	731	597
Decrease for lapse in statute of limitations	(236)	(233)
Unrecognized tax benefits, end of year	$ 13,271	$ 12,776

DEBT - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 14, 2018	Jun. 02, 2018	Dec. 27, 2020	Dec. 29, 2019	Sep. 29, 2017	Mar. 11, 2015
Debt Instrument [Line Items]
Finance lease obligations			$ 1,664	$ 2,150
Long-term debt			2,298,544	2,324,626
Less: Current maturities of long-term debt			(25,455)	(26,392)
Long-term debt, less current maturities			2,273,089	2,298,234
Less: Capitalized financing costs			(17,543)	(22,205)
Long-term debt, less current maturities, net of capitalized financing costs			2,255,546	2,276,029
Credit facility \| Term note payable at 1.40%
Debt Instrument [Line Items]
Long-term debt			450,000	475,000
Credit facility \| Revolving note payable at 1.39%
Debt Instrument [Line Items]
Long-term debt			0	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 \| 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%
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%
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50%
Debt Instrument [Line Items]
Long-term debt			$ 0	0
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%
Senior notes \| Senior notes payable, net of premium and discount at 5.75%
Debt Instrument [Line Items]
Stated interest rate			5.75%			5.75%
Long-term debt			$ 1,001,693	1,002,095
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Stated interest rate			5.875%		5.875%
Long-term debt			$ 845,149	844,433
Credit facility \| Credit facility \| Term note payable at 1.40%
Debt Instrument [Line Items]
Stated interest rate			1.40%
Long-term debt			$ 450,000
Credit facility \| Credit facility \| Revolving note payable at 1.39%
Debt Instrument [Line Items]
Stated interest rate			1.39%
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%
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%
Credit facility \| Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.50%
Secured Loans
Debt Instrument [Line Items]
Weighted average interest rate			3.34%
Long-term debt			$ 38	$ 948

DEBT - Narrative (Details)						12 Months Ended
DEBT - Narrative (Details)	Dec. 14, 2018 USD ($)	Jul. 20, 2018 USD ($)	Jun. 02, 2018 GBP (£)	Mar. 07, 2018 USD ($)	Sep. 29, 2017 USD ($)	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($)	Dec. 14, 2018 MXN ($)	Mar. 11, 2015 USD ($)
Revolving note payable at 1.39% \| Credit facility
Debt Instrument [Line Items]
Debt outstanding						$ 0	$ 0
Revolving note payable at 1.39% \| Credit facility \| CoBank, ACB
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000.0
Term note payable at 1.40% \| Credit facility
Debt Instrument [Line Items]
Debt outstanding						450,000,000	475,000,000
Term note payable at 1.40% \| Credit facility \| CoBank, ACB
Debt Instrument [Line Items]
Maximum borrowing capacity		500,000,000.0
US Credit Facility \| Credit facility \| CoBank, ACB
Debt Instrument [Line Items]
Accordion feature		$ 1,250,000,000
Quarterly principal payment, percent of original principal amount		1.25%
Credit facility, capital expenditures limit		$ 500,000,000.0
US Credit Facility \| Credit facility \| CoBank, ACB \| US and Puerto Rico Subsidiaries
Debt Instrument [Line Items]
Percentage of equity interests securing obligations		100.00%
US Credit Facility \| Credit facility \| CoBank, ACB \| Foreign Subsidiaries
Debt Instrument [Line Items]
Percentage of equity interests securing obligations		65.00%
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
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%
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%
Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility \| Bank of Ireland
Debt Instrument [Line Items]
Maximum borrowing capacity \| £			£ 100,000,000.0
Outstanding borrowings						0
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,500,000							$ 1,500,000,000
Debt outstanding						0	0
Outstanding borrowings						$ 0
Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%
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%			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						$ 1,001,693,000	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%	5.875%
Add-on issuance percentage of face value				97.25%
Gross amount				$ 243,100,000
Debt discount				$ 6,900,000
Debt outstanding						$ 845,149,000	$ 844,433,000
Credit facility \| Revolving note payable at 1.39% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate						1.39%
Credit facility \| Term note payable at 1.40% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate						1.40%
Debt outstanding						$ 450,000,000.0
Credit facility \| US Credit Facility \| CoBank, ACB \| LIBOR Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.25%
Credit facility \| US Credit Facility \| CoBank, ACB \| LIBOR Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.75%
Credit facility \| US Credit Facility \| CoBank, ACB \| Alternate base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.25%
Credit facility \| US Credit Facility \| CoBank, ACB \| Alternate base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.75%
Credit facility \| US Credit Facility \| Credit facility
Debt Instrument [Line Items]
Letters of credit issued						39,700,000
Current borrowing capacity						710,300,000
Credit facility \| US Credit Facility \| Swingline loans \| CoBank, ACB
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000.0
Credit facility \| US Credit Facility \| Letter of credit \| CoBank, ACB
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 125,000,000.0
Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility
Debt Instrument [Line Items]
Current borrowing capacity						$ 135,600,000
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%
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%
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50% \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate						1.50%

STOCKHOLDERS' EQUITY (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	$ 2,536,060	$ 2,019,585	$ 1,855,661
Other comprehensive income (loss) before reclassifications	56,044	51,851
Amounts reclassified from accumulated other comprehensive loss to net income	(1,591)	908
Currency translation	56	(54)
Total other comprehensive income (loss), net of tax	54,509	52,705	(96,694)
Balance, end of year	2,575,347	2,536,060	2,019,585
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(75,129)	(127,834)	(31,140)
Total other comprehensive income (loss), net of tax	54,509	52,705	(96,694)
Balance, end of year	(20,620)	(75,129)	(127,834)
Gains (Losses) Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(1,108)	(55,770)
Other comprehensive income (loss) before reclassifications	83,890	54,662
Amounts reclassified from accumulated other comprehensive loss to net income	0	0
Currency translation	0	0
Total other comprehensive income (loss), net of tax	83,890	54,662
Balance, end of year	82,782	(1,108)	(55,770)
Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(2,406)	(683)
Other comprehensive income (loss) before reclassifications	3,823	(2,052)
Amounts reclassified from accumulated other comprehensive loss to net income	(2,664)	383
Currency translation	56	(54)
Total other comprehensive income (loss), net of tax	1,215	(1,723)
Balance, end of year	(1,191)	(2,406)	(683)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(71,615)	(71,463)
Other comprehensive income (loss) before reclassifications	(31,724)	(1,145)
Amounts reclassified from accumulated other comprehensive loss to net income	1,128	993
Currency translation	0	0
Total other comprehensive income (loss), net of tax	(30,596)	(152)
Balance, end of year	(102,211)	(71,615)	(71,463)
Unrealized Holding Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	0	82
Other comprehensive income (loss) before reclassifications	55	386
Amounts reclassified from accumulated other comprehensive loss to net income	(55)	(468)
Currency translation	0	0
Total other comprehensive income (loss), net of tax	0	(82)
Balance, end of year	$ 0	$ 0	$ 82

STOCKHOLDERS' EQUITY (Schedule of Reclassification from Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	$ 3,117,829	$ 3,075,121	$ 2,824,023	$ 3,074,928	$ 3,063,489	$ 2,777,970	$ 2,843,085	$ 2,724,675	$ 2,656,789	$ 2,697,604	$ 2,836,713	$ 2,746,678	$ 12,091,901	$ 11,409,219	$ 10,937,784
Cost of sales													(11,253,705)	(10,338,825)	(10,094,308)
Interest expense, net of capitalized interest													(126,118)	(132,630)	(162,812)
Interest income													7,305	14,277	13,811
Miscellaneous, net													39,681	(4,633)	2,702
Income before income taxes													161,825	617,545	332,227
Tax expense													(66,755)	(161,009)	(85,423)
Net income													95,070	456,536	$ 246,804
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Income before income taxes													1,234	(1,077)
Tax expense													357	169
Net income													1,591	(908)
Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges \| Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales													2,987	0
Cost of sales													(114)	(383)
Interest expense, net of capitalized interest													(209)	0
Unrealized Holding Gains on Available-for-Sale Securities \| Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Interest income													73	619
Losses Related to Pension and Other Postretirement Benefits \| Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net													$ (1,503)	$ (1,313)

STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) shares in Thousands	12 Months Ended			26 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018	Dec. 27, 2020	Oct. 31, 2018
Equity [Abstract]
Share repurchase, authorized amount					$ 200,000,000.0
Shares repurchased under program (in shares)				6,300
Market value of shares repurchased under program	$ 110,242,000	$ 2,898,000	$ 236,000	$ 113,400,000

PENSION AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 27, 2020 USD ($) plan	Dec. 29, 2019 USD ($)	Dec. 30, 2018 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses \| $	$ 17.4	$ 19.0	$ 12.1
Weighted average duration of defined benefit obligation	27 years 6 months
Expenses related to defined contribution plans \| $	$ 14.1	13.7	$ 11.4
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Defined contribution plans, number of plans	2
Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Defined contribution plans, number of plans	3
U.K. and Europe
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Defined contribution plans, number of plans	2
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Accumulated benefit obligation, defined benefit pension plans \| $	$ 404.2	$ 369.1
Expected contributions during 2021 \| $	$ 7.5
Pension Benefits \| Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of plans	4
Pension Benefits \| Nonqualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of plans	2
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of plans	1
Expected contributions during 2021 \| $	$ 0.2
Union plan \| Pension Benefits \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	50.00%
GK Pension Plan \| Pension Benefits \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	35.00%
GK Pension Plan \| Pension Benefits \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	60.00%
GK Pension Plan \| Pension Benefits \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	5.00%
U.K. Plans \| Pension Benefits \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	28.00%
U.K. Plans \| Pension Benefits \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	62.00%
U.K. Plans \| Pension Benefits \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	10.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Defined Benefit Plan Obligations and Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018	Dec. 31, 2017
Change in plan assets:
Fair value of plan assets, beginning of year	$ 294,589
Fair value of plan assets, end of year	305,983	$ 294,589
Pension Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of year	369,066	157,619
Interest cost	8,102	6,673	$ 5,463
Actuarial losses	38,822	20,729
Benefits paid	(13,745)	(8,288)
Curtailments and settlements	(8,226)	(10,076)
Prior service cost	20	8
Tulip acquisition	0	198,417
Currency translation loss	10,155	3,984
Projected benefit obligation, end of year	404,194	369,066	157,619
Change in plan assets:
Fair value of plan assets, beginning of year	294,589	102,414
Actual return on plan assets	12,672	18,904
Contributions by employer	14,774	8,295
Benefits paid	(13,745)	(8,288)
Curtailments and settlements	(8,226)	(10,076)
Expenses paid from assets	(715)	(70)
Tulip acquisition	0	179,702
Currency translation gain	6,634	3,708
Fair value of plan assets, end of year	305,983	294,589	102,414
Funded status:
Unfunded benefit obligation, end of year	(98,211)	(74,477)
Amounts recognized in the Consolidated Balance Sheets as of end of year:
Current liability	(7,510)	(14,967)
Long-term liability	(90,701)	(59,510)
Recognized liability	(98,211)	(74,477)
Amounts recognized in accumulated other comprehensive loss at end of year:
Net actuarial loss	95,522	58,239	54,343	$ 54,235
Other Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of year	1,527	1,462
Interest cost	36	52
Actuarial losses	90	132
Benefits paid	0	0
Curtailments and settlements	(60)	(119)
Prior service cost	0	0
Tulip acquisition	0	0
Currency translation loss	0	0
Projected benefit obligation, end of year	1,593	1,527	1,462
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Contributions by employer	60	119
Benefits paid	0	0
Curtailments and settlements	(60)	(119)
Expenses paid from assets	0	0
Tulip acquisition	0	0
Currency translation gain	0	0
Fair value of plan assets, end of year	0	0	0
Funded status:
Unfunded benefit obligation, end of year	(1,593)	(1,527)
Amounts recognized in the Consolidated Balance Sheets as of end of year:
Current liability	(169)	(158)
Long-term liability	(1,424)	(1,369)
Recognized liability	(1,593)	(1,527)
Amounts recognized in accumulated other comprehensive loss at end of year:
Net actuarial loss	$ 174	$ 91	$ (34)	$ 35

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 8,102	$ 6,673	$ 5,463
Estimated return on plan assets	(13,071)	(6,921)	(6,065)
Settlement loss (gain)	3,371	3,538	0
Other	735	(62)	0
Amortization of net loss	1,503	1,313	1,203
Net cost	640	4,541	601
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	36	52	46
Estimated return on plan assets	0	0	0
Settlement loss (gain)	7	7	(3)
Other	0	0	0
Amortization of net loss	0	0	0
Net cost	$ 43	$ 59	$ 43

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Net pension and other postretirement cost:
Increase in Discount Rate of 0.25% - impact on defined benefit obligation for pension benefits	$ (10,820)
Decrease in Discount Rate of 0.25% - impact on defined benefit obligation for pension benefits	$ 11,391
Pension Benefits
Benefit obligation:
Discount rate	1.83%	2.56%	4.40%
Net pension and other postretirement cost:
Discount rate	2.16%	3.10%	3.69%
Expected return on plan assets	4.34%	4.62%	5.50%
Other Benefits
Benefit obligation:
Discount rate	1.80%	2.77%	4.07%
Net pension and other postretirement cost:
Discount rate	2.77%	4.07%	3.39%

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Plan Asset Allocations) (Details) - Pension Benefits	Dec. 27, 2020	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Total assets	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets	1.00%	4.00%
Union plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	2.00%
Union plan \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	2.00%
GK Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets	20.00%	20.00%
GK Pension Plan \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	13.00%	12.00%
GK Pension Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total assets	1.00%	2.00%
U.K. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets	35.00%	40.00%
U.K. Plans \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	20.00%	18.00%
U.K. Plans \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total assets	6.00%	0.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Benefit Payments) (Details) $ in Thousands	Dec. 27, 2020 USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2021	$ 26,629
2022	16,912
2023	16,411
2024	16,043
2025	15,612
2026-2030	71,456
Total	163,063
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2021	169
2022	163
2023	156
2024	149
2025	140
2026-2030	555
Total	$ 1,332

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Unrecognized Benefit Amounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Pension Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of year	$ 58,239	$ 54,343	$ 54,235
Amortization	(1,503)	(1,313)	(1,203)
Settlement adjustments	(3,371)	(3,538)	0
Actuarial loss (gain)	38,822	20,729	(15,635)
Asset loss (gain)	400	(11,982)	16,946
Net prior service cost	378	0	0
Currency translation loss	2,557	0	0
Net actuarial loss (gain), end of year	95,522	58,239	54,343
Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of year	91	(34)	35
Amortization	0	0	0
Settlement adjustments	(7)	(7)	3
Actuarial loss (gain)	90	132	(72)
Asset loss (gain)	0	0	0
Net prior service cost	0	0	0
Currency translation loss	0	0	0
Net actuarial loss (gain), end of year	$ 174	$ 91	$ (34)

INCENTIVE COMPENSATION (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019
Short Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	$ 27.9
Moy Park Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	3.8
Pilgrim's Mexico Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	$ 2.9
2019 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	1.8
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 2.5	$ 14.0
Unrecognized compensation cost	$ 5.1
Unrecognized compensation cost, period for recognition	1 year 9 months 3 days
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 3.0	$ 0.1
Unrecognized compensation cost	$ 3.8
Unrecognized compensation cost, period for recognition	1 year 8 months 26 days

INCENTIVE COMPENSATION (Schedule of Awards) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 27, 2020	Jan. 08, 2020	Jan. 07, 2019	Mar. 01, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 30.94
3/1/2018 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 24.93
Awards Granted (in shares)	163,764
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	(51,473)
Expected compensation cost	$ 2.8
Share price (in dollars per share)				$ 24.93
3/1/2018 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 24.93
Awards Granted (in shares)	217,253
Performance Target Achievement Award Adjustment (in shares)	(53,381)
Awards Forfeited to Date (in shares)	(78,449)
Expected compensation cost	$ 2.1
Share price (in dollars per share)				$ 24.93
3/1/2018 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 24.93
Milestone Date Fair Value per Award (in dollars per share)	$ 19.35
Awards Granted (in shares)	66,272
Performance Target Achievement Award Adjustment (in shares)	(17,863)
Awards Forfeited to Date (in shares)	(15,235)
Expected compensation cost	$ 0.6
Share price (in dollars per share)	$ 19.35
5/10/2018 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 21.54
Awards Granted (in shares)	8,358
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
1/7/2019 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 16.47
Awards Granted (in shares)	414,620
Performance Target Achievement Award Adjustment (in shares)	39,620
Awards Forfeited to Date (in shares)	(137,413)
Expected compensation cost	$ 5.2
Share price (in dollars per share)			$ 16.47
1/7/2019 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 16.47
Milestone Date Fair Value per Award (in dollars per share)	$ 19.35
Awards Granted (in shares)	109,654
Performance Target Achievement Award Adjustment (in shares)	13,705
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 2.1
Share price (in dollars per share)	$ 19.35	$ 30.94
4/30/2019 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	26.91
Milestone Date Fair Value per Award (in dollars per share)	$ 15.12
Awards Granted (in shares)	200,000
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
4/30/2019 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 26.91
Awards Granted (in shares)	470,000
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	(470,000)
5/24/2019 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 27.86
Awards Granted (in shares)	11,170
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
1/8/2020 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 30.94
Awards Granted (in shares)	195,140
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	(33,729)
Expected compensation cost	$ 5.0
1/8/2020 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 30.94
Milestone Date Fair Value per Award (in dollars per share)	$ 19.35
Awards Granted (in shares)	121,310
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 3.8
4/29/2020 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 22.01
Awards Granted (in shares)	13,630
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0

INCENTIVE COMPENSATION (Schedule of Compensation Cost and Income Tax Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 2,776	$ 10,132	$ 13,153
Income tax benefit	676	2,466	3,202
Net cost	2,100	7,666	9,951
Equity-Based RSU \| Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	838	461	389
Equity-Based RSU \| Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	1,938	9,671	12,764
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	263	163	0
Net cost	818	508	0
Liability-Based RSU \| Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 1,081	$ 671	$ 0

INCENTIVE COMPENSATION (Schedule of Restricted Stock Unit Activity) (Details) - $ / shares	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Equity-Based RSU
Number
Outstanding at beginning of period (in shares)	926,000	1,069,000	389,000
Transferred (in shares)	(200,000)	(36,000)	0
Granted (in shares)	249,000	843,000	1,114,000
Vested (in shares)	66,000	723,000	0
Forfeited (in shares)	(325,000)	(227,000)	(434,000)
Outstanding at end of period (in shares)	584,000	926,000	1,069,000
Weighted Average Milestone Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 24.04	$ 22.97	$ 18.39
Transferred (in dollars per share)	26.91	24.67	0
Granted (in dollars per share)	28.14	22.01	23.05
Vested (in dollars per share)	24.93	22.08	0
Forfeited (in dollars per share)	25.95	21.51	19.06
Outstanding at end of period (in dollars per share)	$ 22.12	$ 24.04	$ 22.97
Liability-Based RSU
Number
Outstanding at beginning of period (in shares)	143,000	0	0
Transferred (in shares)	200,000	36,000	0
Granted (in shares)	135,000	110,000	0
Vested (in shares)	211,000	3,000	0
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	267,000	143,000	0
Weighted Average Milestone Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 32.97	$ 0	$ 0
Transferred (in dollars per share)	26.91	14.77	0
Granted (in dollars per share)	29.47	16.47	0
Vested (in dollars per share)	16.04	26.86	0
Forfeited (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 19.35	$ 32.97	$ 0

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Commodity futures instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 13,285	$ 4,147
Derivative liability	(4,496)	(4,797)
Commodity options instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	10,774	906
Derivative liability	(2,035)	(633)
Foreign currency instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2,204	426
Derivative liability	(428)	(5,400)
Interest rate swap instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(640)	0
Level 1 \| Commodity futures instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	13,285	4,147
Derivative liability	(4,496)	(4,797)
Level 1 \| Commodity options instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	10,774	906
Derivative liability	(2,035)	(633)
Level 1 \| Foreign currency instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2,204	426
Derivative liability	(428)	(5,400)
Level 1 \| Interest rate swap instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ (640)	$ 0

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019	Sep. 29, 2017	Mar. 11, 2015
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%			5.75%
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs \| Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (1,001,693)	$ (1,002,095)
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 1 inputs \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (1,024,510)	(1,034,200)
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%		5.875%
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs \| Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (845,149)	(844,433)
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 1 inputs \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(911,957)	(919,505)
Secured Loans \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(38)	(948)
Secured Loans \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (38)	$ (939)

FAIR VALUE MEASUREMENTS - Narrative (Details)	Dec. 27, 2020	Dec. 29, 2019
Measurement Input, Cost of Capital \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt measurement input	0.005	0.036

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Related Party Transaction [Line Items]
Sales to related party	$ 17,880	$ 14,938	$ 21,158
Cost of goods purchased from related parties	151,582	158,064	155,408
Expenditures by related parties	39,034	32,244	62,222
Expenditures paid on behalf of related parties	16,266	9,103	9,407
Total other related party transactions	650	0	525
Accounts receivable from related parties	1,084	944
Accounts payable to related parties	9,650	3,819
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related party	14,228	14,108	13,843
Cost of goods purchased from related parties	142,615	134,790	117,596
Expenditures by related parties	39,025	32,161	62,189
Expenditures paid on behalf of related parties	16,266	9,103	9,192
Accounts receivable from related parties	714	643
Accounts payable to related parties	8,562	2,826
Goods in transit	1,500
JBS Five Rivers
Related Party Transaction [Line Items]
Sales to related party	0	0	7,096
JBS Global (UK) Ltd.
Related Party Transaction [Line Items]
Sales to related party	0	141	0
Cost of goods purchased from related parties	674	170	21
Accounts payable to related parties	5	5
JBS Chile Ltda.
Related Party Transaction [Line Items]
Sales to related party	225	482	60
Expenditures by related parties	0	6	33
Accounts receivable from related parties	0	301
Accounts payable to related parties	8	0
Combo, Mercado de Congelados
Related Party Transaction [Line Items]
Sales to related party	887	207	159
JBS Australia Pty. Ltd.
Related Party Transaction [Line Items]
Sales to related party	2,540	0	0
Accounts receivable from related parties	370	0
Seara Meats B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	8,138	22,797	36,223
Accounts payable to related parties	1,075	988
JBS Aves Ltda.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	0	0	1,123
JBS Toledo NV
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	155	307	445
Seara Food Europe Holdings
Related Party Transaction [Line Items]
Expenditures by related parties	9	77	0
JBS S.A.
Related Party Transaction [Line Items]
Expenditures paid on behalf of related parties	0	0	170
Seara International Ltd.
Related Party Transaction [Line Items]
Expenditures paid on behalf of related parties	0	0	45
Capital contribution (distribution) under tax sharing agreement
Related Party Transaction [Line Items]
Total other related party transactions	$ 650	$ 0	$ 525

REPORTABLE SEGMENTS (Narrative) (Details)	12 Months Ended
REPORTABLE SEGMENTS (Narrative) (Details)	Dec. 27, 2020 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

REPORTABLE SEGMENTS (Schedule of Net Sales, Operating Income, Depreciation and Amortization, Capital Expenditures and Assets) (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Net sales
Net sales	$ 3,117,829	$ 3,075,121	$ 2,824,023	$ 3,074,928	$ 3,063,489	$ 2,777,970	$ 2,843,085	$ 2,724,675	$ 2,656,789	$ 2,697,604	$ 2,836,713	$ 2,746,678	$ 12,091,901	$ 11,409,219	$ 10,937,784
Operating income
Total operating income													245,463	690,568	495,686
Interest expense, net of capitalized interest													126,118	132,630	162,812
Interest income													(7,305)	(14,277)	(13,811)
Foreign currency transaction loss													760	6,917	17,160
Gain on bargain purchase		$ 2,000		$ 1,700									3,746	(56,880)	0
Miscellaneous, net													(39,681)	4,633	(2,702)
Income before income taxes													161,825	617,545	332,227
Income tax expense													66,755	161,009	85,423
Net income													95,070	456,536	246,804
Depreciation and amortization													337,104	287,230	274,088
Capital expenditures													354,762	348,120	348,666
Assets	7,474,497				7,102,364								7,474,497	7,102,364
U.S.
Net sales
Net sales													7,496,017	7,636,716	7,425,661
Operating income
Capital expenditures													264,149	269,609	257,913
U.K. and Europe
Net sales
Net sales													3,274,292	2,383,793	2,148,666
Operating income
Capital expenditures													77,597	58,795	58,334
Mexico
Net sales
Net sales													1,321,592	1,388,710	1,363,457
Operating income
Capital expenditures													13,016	19,716	32,419
Operating Segments \| U.S.
Operating income
Total operating income													69,377	487,275	291,381
Depreciation and amortization													218,244	207,584	196,079
Assets	5,189,021				5,207,282								5,189,021	5,207,282
Operating Segments \| U.K. and Europe
Operating income
Total operating income													102,734	79,182	84,524
Depreciation and amortization													92,673	60,499	50,586
Assets	3,034,219				2,824,382								3,034,219	2,824,382
Operating Segments \| Mexico
Operating income
Total operating income													72,879	124,015	119,649
Depreciation and amortization													26,187	19,147	27,423
Assets	1,212,428				1,020,331								1,212,428	1,020,331
Elimination
Net sales
Net sales													210,600	188,900	100,700
Operating income
Total operating income													473	96	132
Assets	$ (1,961,171)				$ (1,949,631)								(1,961,171)	(1,949,631)
U.S.
Net sales
Net sales													7,190,809	7,355,631	7,173,280
Europe
Net sales
Net sales													3,225,717	2,363,017	2,134,822
Mexico
Net sales
Net sales													1,350,588	1,437,081	1,411,727
Asia-Pacific
Net sales
Net sales													252,573	175,898	159,515
Canada, Caribbean and Central America
Net sales
Net sales													30,792	31,808	26,450
Africa
Net sales
Net sales													25,321	28,400	21,286
South America
Net sales
Net sales													$ 16,101	$ 17,384	$ 10,704

REPORTABLE SEGMENTS (Schedule of Sales by Product Lines and Assets) (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 27, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 3,117,829	$ 3,075,121	$ 2,824,023	$ 3,074,928	$ 3,063,489	$ 2,777,970	$ 2,843,085	$ 2,724,675	$ 2,656,789	$ 2,697,604	$ 2,836,713	$ 2,746,678	$ 12,091,901	$ 11,409,219	$ 10,937,784
Long-lived assets	2,946,377				2,893,574								2,946,377	2,893,574
Total chicken
Segment Reporting Information [Line Items]
Net sales													10,277,920	10,680,004	10,416,345
Total other products
Segment Reporting Information [Line Items]
Net sales													526,798	442,630	521,439
U.S.
Segment Reporting Information [Line Items]
Net sales													7,496,017	7,636,716	7,425,661
U.S. \| Fresh - Chicken
Segment Reporting Information [Line Items]
Net sales													6,137,265	6,214,954	5,959,458
U.S. \| Prepared - Chicken
Segment Reporting Information [Line Items]
Net sales													714,563	842,365	773,983
U.S. \| Exports - Chicken
Segment Reporting Information [Line Items]
Net sales													306,478	282,791	258,732
U.S. \| Total chicken
Segment Reporting Information [Line Items]
Net sales													7,158,306	7,340,110	6,992,173
U.S. \| Total other products
Segment Reporting Information [Line Items]
Net sales													337,711	296,606	433,488
U.K. and Europe
Segment Reporting Information [Line Items]
Net sales													3,274,292	2,383,793	2,148,666
U.K. and Europe \| Fresh - Chicken
Segment Reporting Information [Line Items]
Net sales													863,670	918,852	925,124
U.K. and Europe \| Prepared - Chicken
Segment Reporting Information [Line Items]
Net sales													751,196	817,292	865,864
U.K. and Europe \| Exports - Chicken
Segment Reporting Information [Line Items]
Net sales													227,224	262,041	303,921
U.K. and Europe \| Total chicken
Segment Reporting Information [Line Items]
Net sales													1,842,090	1,998,185	2,094,909
U.K. and Europe \| Fresh - Pork
Segment Reporting Information [Line Items]
Net sales													730,703	135,985	0
U.K. and Europe \| Prepared - Pork
Segment Reporting Information [Line Items]
Net sales													486,290	134,426	0
U.K. and Europe \| Exports - Pork
Segment Reporting Information [Line Items]
Net sales													70,190	16,174	0
U.K. and Europe \| Total U.K. and Europe pork
Segment Reporting Information [Line Items]
Net sales													1,287,183	286,585	0
U.K. and Europe \| Total other products
Segment Reporting Information [Line Items]
Net sales													145,019	99,023	53,757
Mexico
Segment Reporting Information [Line Items]
Net sales													1,321,592	1,388,710	1,363,457
Mexico \| Fresh - Chicken
Segment Reporting Information [Line Items]
Net sales													1,210,952	1,245,976	1,252,403
Mexico \| Prepared - Chicken
Segment Reporting Information [Line Items]
Net sales													66,572	95,733	76,860
Mexico \| Total chicken
Segment Reporting Information [Line Items]
Net sales													1,277,524	1,341,709	1,329,263
Mexico \| Total other products
Segment Reporting Information [Line Items]
Net sales													44,068	47,001	34,194
Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Long-lived assets	1,815,460				1,789,530								1,815,460	1,789,530
Operating Segments \| U.K. and Europe
Segment Reporting Information [Line Items]
Long-lived assets	842,049				801,887								842,049	801,887
Operating Segments \| Mexico
Segment Reporting Information [Line Items]
Long-lived assets	292,651				306,413								292,651	306,413
Elimination
Segment Reporting Information [Line Items]
Net sales													210,600	188,900	$ 100,700
Long-lived assets	$ (3,783)				$ (4,256)								$ (3,783)	$ (4,256)

COMMITMENTS AND CONTINGENCIES (Details) R$ in Billions							1 Months Ended	2 Months Ended	3 Months Ended	37 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) R$ in Billions	Oct. 14, 2020 USD ($)	Oct. 13, 2020 USD ($)	Mar. 02, 2020 USD ($)	Oct. 03, 2019 USD ($)	Jun. 05, 2017 BRL (R$)	Jan. 27, 2017 producer	Oct. 13, 2016 producer claim	Oct. 16, 2019 claim	Dec. 27, 2020 USD ($)	Jan. 15, 2021 claim
Loss Contingencies [Line Items]
Outstanding purchase contracts, payable in 2021									$ 450,400,000
Outstanding purchase contracts, payable in 2022									200,000
In Re Broiler Chicken Antitrust Limitation
Loss Contingencies [Line Items]
Number of other producers named in lawsuits \| producer						4	19
Number of complaints filed \| claim							3
Income (loss) from settlement									(75,000,000.0)
In Re Broiler Chicken Antitrust Limitation \| Subsequent Event
Loss Contingencies [Line Items]
Number of complaints filed \| claim										61
Sciabacucchi v. JBS S.A. et al.
Loss Contingencies [Line Items]
Income (loss) from settlement			$ 34,600,000
Cash payment from settlement				$ 42,500,000
Jien v. Perdue Farms, Inc. and Earnest v. Perdue Farms, Inc. et al
Loss Contingencies [Line Items]
Number of complaints filed \| claim								4
Violation of Sherman Antitrust Act
Loss Contingencies [Line Items]
Fines to be paid		$ 110,524,140
Leniency Agreement, Brazilian Federal Prosecutor
Loss Contingencies [Line Items]
Fines to be paid \| R$					R$ 10.3
Litigation settlement payment period					25 years
Litigation Settlement, Amount Award to Other Party, Percent	50.00%
Leniency Agreement
Loss Contingencies [Line Items]
Fines to be paid	$ 256,497,026
Leniency Agreement, Department of Justice
Loss Contingencies [Line Items]
Fines to be paid	$ 128,248,513
Mexican Tax Authority \| Tax Year 2009 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss									24,300,000
Mexican Tax Authority \| Tax Year 2010 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss									$ 16,100,000

MARKET RISKS AND CONCENTRATIONS (Details) $ in Millions	12 Months Ended
MARKET RISKS AND CONCENTRATIONS (Details) $ in Millions	Dec. 27, 2020 USD ($) employee	Dec. 29, 2019 USD ($)
Concentration Risk [Line Items]
Period over which there have been no labor-related work stoppages	10 years
U.S.
Concentration Risk [Line Items]
Number of employees	30,900
Mexico
Concentration Risk [Line Items]
Number of employees	10,500
Aggregate carrying amount of net assets \| $	$ 922.5	$ 873.9
U.K. and Europe
Concentration Risk [Line Items]
Number of employees	15,000
Aggregate carrying amount of net assets \| $	$ 2,300.0	$ 2,100.0
Net sales
Concentration Risk [Line Items]
Concentration risk, percentage	6.90%
Workforce subject to collective bargaining agreements
Concentration Risk [Line Items]
Concentration risk, percentage	35.20%

QUARTERLY RESULTS (UNAUDITED) (Details) $ / shares in Units, $ in Thousands, £ in Millions			3 Months Ended												12 Months Ended
	Oct. 15, 2019 USD ($)	Oct. 15, 2019 GBP (£)	Dec. 27, 2020 USD ($) $ / shares	Sep. 27, 2020 USD ($) $ / shares	Jun. 28, 2020 USD ($) $ / shares	Mar. 29, 2020 USD ($) $ / shares	Dec. 29, 2019 USD ($) $ / shares	Sep. 29, 2019 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares	Mar. 31, 2019 USD ($) $ / shares	Dec. 30, 2018 USD ($) $ / shares	Sep. 30, 2018 USD ($) $ / shares	Jul. 01, 2018 USD ($) $ / shares	Apr. 01, 2018 USD ($) $ / shares	Dec. 27, 2020 USD ($) $ / shares	Dec. 29, 2019 USD ($) $ / shares	Dec. 30, 2018 USD ($) $ / shares
Business Acquisition [Line Items]
Net sales			$ 3,117,829	$ 3,075,121	$ 2,824,023	$ 3,074,928	$ 3,063,489	$ 2,777,970	$ 2,843,085	$ 2,724,675	$ 2,656,789	$ 2,697,604	$ 2,836,713	$ 2,746,678	$ 12,091,901	$ 11,409,219	$ 10,937,784
Gross profit			227,396	313,842	119,859	177,099	201,394	282,197	367,864	218,939	111,848	169,741	274,222	287,665	838,196	1,070,394	843,476
Net income (loss) attributable to PPC			$ 79	$ 33,446	$ (6,036)	$ 67,268	$ 92,080	$ 109,765	$ 170,068	$ 84,011	$ (7,324)	$ 29,310	$ 106,541	$ 119,418	$ 94,757	$ 455,924	$ 247,945
Net income per share amounts - basic (in dollars per share) \| $ / shares			$ 0	$ 0.14	$ (0.02)	$ 0.27	$ 0.37	$ 0.44	$ 0.68	$ 0.34	$ (0.03)	$ 0.12	$ 0.43	$ 0.48	$ 0.39	$ 1.83	$ 1.00
Net income per share amounts - diluted (in dollars per share) \| $ / shares			$ 0	$ 0.14	$ (0.02)	$ 0.27	$ 0.37	$ 0.44	$ 0.68	$ 0.34	$ (0.03)	$ 0.12	$ 0.43	$ 0.48	$ 0.39	$ 1.83	$ 1.00
Gain on bargain purchase				$ (2,000)		$ (1,700)									$ (3,746)	$ 56,880	$ 0
Luverne, Minnesota \| Discontinued Operations, Disposed of by Means Other than Sale, Closure
Business Acquisition [Line Items]
Impairment charges, assets held for sale and disposed												$ 300		$ 500
Rose Energy, Ltd. \| Discontinued Operations, Disposed of by Means Other than Sale, Closure
Business Acquisition [Line Items]
Impairment charges, assets held for sale and disposed											$ 2,600
Tulip Ltd. and Subsidiaries
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%
Cash consideration	$ 393,300	£ 311.3
Gain on bargain purchase	56,900
Transaction costs	$ 1,400						$ 1,300									$ 1,300
Moy Park and GNP
Business Acquisition [Line Items]
Transaction costs														$ 200
Hurricane \| Business Interruption \| Hurricane Michael
Business Acquisition [Line Items]
Catastrophe costs											3,000
Hurricane \| Business Interruption \| Hurricane Maria
Business Acquisition [Line Items]
Catastrophe costs											$ 11,900
Leasehold Improvements
Business Acquisition [Line Items]
Impairment of leasehold improvements													$ 100

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 7,467	$ 8,057	$ 8,145
Additions, Charged to Operating Results	94	1,690	1,633
Additions, Charged to Other Accounts	186	110	(39)
Deductions	574	2,390	1,682
Ending Balance	7,173	7,467	8,057
Allowance for Sales Adjustments
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	8,380	12,987	9,477
Additions, Charged to Operating Results	287,193	267,165	254,135
Additions, Charged to Other Accounts	0	0	0
Deductions	289,571	271,772	250,625
Ending Balance	6,002	8,380	12,987
Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	33,522	26,150	14,479
Additions, Charged to Operating Results	156	0	11,776
Additions, Charged to Other Accounts	0	8,190	0
Deductions	0	818	105
Ending Balance	$ 33,678	$ 33,522	$ 26,150

PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Fair Value Assumptions of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 27, 2020	Dec. 29, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 305,983	$ 294,589
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,487	11,582
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	304,496	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	1,487	11,582
Cash and cash equivalents \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,487	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
Union plan \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,100	3,071
Union plan \| Large U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,100	3,071
Union plan \| Large U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| Small/Mid U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	392	372
Union plan \| Small/Mid U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| Small/Mid U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	392	372
Union plan \| Small/Mid U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,874	1,878
Union plan \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,874	1,878
Union plan \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,365	4,452
Union plan \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
Union plan \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,365	4,452
Union plan \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	29,602	20,378
GK Pension Plan \| Large U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	29,602	20,378
GK Pension Plan \| Large U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Small/Mid U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	17,569	12,495
GK Pension Plan \| Small/Mid U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Small/Mid U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	17,569	12,495
GK Pension Plan \| Small/Mid U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,320	25,149
GK Pension Plan \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,320	25,149
GK Pension Plan \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	38,944	35,627
GK Pension Plan \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	38,944	35,627
GK Pension Plan \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,677	5,613
GK Pension Plan \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
GK Pension Plan \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,677	5,613
GK Pension Plan \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	39,002	17,756
U.K. Plans \| Large U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	39,002	17,756
U.K. Plans \| Large U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	69,251	102,494
U.K. Plans \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	69,251	102,494
U.K. Plans \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	60,212	53,722
U.K. Plans \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	60,212	53,722
U.K. Plans \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	17,188	0
U.K. Plans \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
U.K. Plans \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	17,188	0
U.K. Plans \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 0	$ 0