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

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 28, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 https://cdn.kscope.io/2e63c7295e13aadd37c90cfea83eccaf-ppc-20210328_g1.jpg

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1285071
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1770 Promontory Circle80634-9038
GreeleyCO
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (970506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Exchange on which Registered
Common Stock, Par Value $0.01PPCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated Filer 
Non-accelerated FilerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of April 28, 2021, was 243,666,063.





INDEX
PILGRIM’S PRIDE CORPORATION
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.


1


Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 28, 2021December 27, 2020
 (In thousands)
Cash and cash equivalents$367,015 $547,624 
Restricted cash and cash equivalents43,225 782 
Trade accounts and other receivables, less allowance for doubtful accounts800,838 741,992 
Accounts receivable from related parties1,227 1,084 
Inventories1,439,915 1,358,793 
Income taxes receivable59,026 69,397 
Prepaid expenses and other current assets164,744 183,039 
Total current assets2,875,990 2,902,711 
Deferred tax assets5,358 5,471 
Other long-lived assets25,744 24,780 
Operating lease assets, net279,795 288,886 
Identified intangible assets, net592,182 589,913 
Goodwill1,019,323 1,005,245 
Property, plant and equipment, net2,682,369 2,657,491 
Total assets$7,480,761 $7,474,497 
Accounts payable$1,025,249 $1,028,710 
Accounts payable to related parties9,556 9,650 
Revenue contract liabilities35,334 65,918 
Accrued expenses and other current liabilities606,759 807,847 
Income taxes payable9,204  
Current maturities of long-term debt25,457 25,455 
Total current liabilities1,711,559 1,937,580 
Noncurrent operating lease liability, less current maturities208,152 217,432 
Long-term debt, less current maturities2,350,429 2,255,546 
Deferred tax liabilities360,015 339,831 
Other long-term liabilities114,850 148,761 
Total liabilities4,745,005 4,899,150 
Common stock2,613 2,612 
Treasury stock(345,134)(345,134)
Additional paid-in capital1,956,375 1,954,334 
Retained earnings1,072,777 972,569 
Accumulated other comprehensive income (loss)37,279 (20,620)
Total Pilgrim’s Pride Corporation stockholders’ equity2,723,910 2,563,761 
Noncontrolling interest11,846 11,586 
Total stockholders’ equity2,735,756 2,575,347 
Total liabilities and stockholders’ equity$7,480,761 $7,474,497 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

2



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended
 March 28, 2021March 29, 2020
 (in thousands, except per share data)
Net sales$3,273,425 $3,074,928 
Cost of sales3,012,182 2,897,829 
Gross profit261,243 177,099 
Selling, general and administrative expense102,779 92,713 
Operating income158,464 84,386 
Interest expense, net of capitalized interest30,334 32,688 
Interest income(2,366)(1,690)
Foreign currency transaction loss (gain)2,514 (18,385)
Miscellaneous, net(7,844)(34,188)
Income before income taxes135,826 105,961 
Income tax expense35,358 38,512 
Net income 100,468 67,449 
Less: Net income attributable to noncontrolling
   interests
260 181 
Net income attributable to Pilgrim’s Pride Corporation$100,208 $67,268 
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic243,580 249,347 
Effect of dilutive common stock equivalents278 275 
Diluted243,858 249,622 
Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:
Basic$0.41 $0.27 
Diluted$0.41 $0.27 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


3



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 28, 2021March 29, 2020
(in thousands)
Net income$100,468 $67,449 
Other comprehensive income:
Foreign currency translation adjustment:
Gains (losses) arising during the period33,291 (96,765)
Derivative financial instruments designated as cash
     flow hedges:
Gains arising during the period1,468 4,048 
Income tax effect7  
Reclassification to net earnings for losses (gains) realized(168)742 
Income tax effect(32) 
Available-for-sale securities:
Gains arising during the period 12 
Income tax effect (3)
Defined benefit plans:
Gains (losses) arising during the period29,227 (10,810)
Income tax effect(6,330)2,705 
Reclassification to net earnings of losses realized571 376 
Income tax effect(135)(93)
Total other comprehensive income (loss), net of tax57,899 (99,788)
Comprehensive income (loss)158,367 (32,339)
Less: Comprehensive income attributable to noncontrolling interests260 181 
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation$158,107 $(32,520)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Three Months Ended March 28, 2021Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 27, 2020261,185 $2,612 (17,673)$(345,134)$1,954,334 $972,569 $(20,620)$11,586 $2,575,347 
Net income— — — — — 100,208 — 260 100,468 
Other comprehensive income, net of tax— — — — — — 57,899 — 57,899 
Stock-based compensation plans:
Common stock issued under compensation plans153 1 — — (1)— — —  
Requisite service period recognition— — — — 2,042 — — — 2,042 
Balance at March 28, 2021261,338 $2,613 (17,673)$(345,134)$1,956,375 $1,072,777 $37,279 $11,846 $2,735,756 

Three Months Ended March 29, 2020Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 29, 2019261,119 $2,611 (11,547)$(234,892)$1,955,261 $877,812 $(75,129)$10,397 $2,536,060 
Net income— — — — — 67,268 — 181 67,449 
Other comprehensive loss, net of tax— — — — — — (99,788)— (99,788)
Stock-based compensation plans:
Common stock issued under compensation plans66 1 — — (1)— — —  
Requisite service period recognition— — — — 676 — — — 676 
Common stock purchased under share repurchase program— — (1,466)(27,906)— — — — (27,906)
Balance at March 29, 2020261,185 $2,612 (13,013)$(262,798)$1,955,936 $945,080 $(174,917)$10,578 $2,476,491 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
 March 28, 2021March 29, 2020
 (In thousands)
Cash flows from operating activities:
Net income$100,468 $67,449 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization86,532 79,773 
Deferred income tax expense12,483 17,023 
Gain on property disposals(2,396)(521)
Stock-based compensation2,042 676 
Loan cost amortization1,215 1,212 
Accretion of discount related to Senior Notes246 246 
Amortization of premium related to Senior Notes(167)(167)
Loss (gain) on equity-method investments(4)309 
Negative adjustment to previously recognized gain on bargain purchase 1,740 
Changes in operating assets and liabilities:
Trade accounts and other receivables(54,892)(26,296)
Inventories(82,550)9,333 
Prepaid expenses and other current assets20,228 (22,419)
Accounts payable, accrued expenses and other current liabilities(240,183)(108,004)
Income taxes25,440 (16)
Long-term pension and other postretirement obligations(10,841)(6,282)
Other operating assets and liabilities(1,172)7,008 
Cash provided by (used in) operating activities(143,551)21,064 
Cash flows from investing activities:
Acquisitions of property, plant and equipment(102,167)(77,168)
Proceeds from property disposals13,074 632 
Purchase of acquired business, net of cash acquired (1,740)
Cash used in investing activities(89,093)(78,276)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings328,932 356,547 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(235,292)(13,396)
Payment of equity distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation(650) 
Purchase of common stock under share repurchase program (27,906)
Cash provided by financing activities92,990 315,245 
Effect of exchange rate changes on cash and cash equivalents1,488 (2,193)
Increase (decrease) in cash, cash equivalents and restricted cash(138,166)255,840 
Cash, cash equivalents and restricted cash, beginning of period548,406 280,577 
Cash, cash equivalents and restricted cash, end of period$410,240 $536,417 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1.    GENERAL
Business
Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico and the Netherlands. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to approximately 117 countries. Pilgrim’s fresh products consist of refrigerated (nonfrozen) whole chickens, whole cut-up chickens, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork and pork ribs. The Company’s prepared products include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, some of which are either breaded or non-breaded and either marinated or non-marinated, processed sausages, bacon, slow-cooked, smoked meat and gammon joints. The Company’s other products include ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts, pre-packed meats, sandwich, deli counter meats, pulled pork balls, meat balls and coated foods. As a vertically integrated company, we control every phase of the production of our products. We operate feed mills, hatcheries, processing plants and distribution centers in 14 U.S. states, the U.K., Mexico, France, Puerto Rico and the Netherlands. As of March 28, 2021, Pilgrim’s had approximately 54,900 employees. As of March 28, 2021, PPC had the capacity to process approximately 45.8 million birds per work week for a total of more than 13.4 billion pounds of live chicken annually. Approximately 4,800 contract growers supply chicken for the Company’s operations. As of March 28, 2021, PPC had the capacity to process approximately 47,000 pigs per week for a total of 479.2 million pounds of live pork annually and approximately 290 contract growers supply pork for the Company's operations. As of March 28, 2021, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned 80.2% of the Company’s outstanding common stock.
Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the three months ended March 28, 2021 are not necessarily indicative of the results that may be expected for the year ending December 26, 2021. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 27, 2020.
The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2021) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The three months ended March 28, 2021 represents the period from December 28, 2020 through March 28, 2021. The three months ended March 29, 2020 represents the period from December 30, 2019 through March 29, 2020.
The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation.
The Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for doubtful accounts, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions and valuations of acquired businesses.
The functional currency of the Company's U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta 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-

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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 income (loss) in the Condensed Consolidated Balance Sheets. For the Company's Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction loss (gain) in the Condensed Consolidated Statements of Income.
Restricted Cash
The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
The following table reconciles cash, cash equivalents and restricted cash as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
March 28, 2021December 27, 2020
(In thousands)
Cash and cash equivalents$367,015 $547,624 
Restricted cash43,225 782 
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$410,240 $548,406 
Recent Accounting Pronouncements Adopted as of December 28, 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. The adoption of this guidance did not have a material impact on our financial statements.
In January 2020, the FASB issued ASU 2020-01, Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. This update also specifies that for the purpose of applying paragraph 815-10-15-1419(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. The entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options. The adoption of this guidance did not have a material impact on our financial statements.
In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which provided codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or structure of guidance, and other minor improvements. Additionally, changes to clarify the codification or correct unintended application of guidance that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities were also included in this update. The adoption of this guidance did not have a material impact on our financial statements.
Recent Accounting Pronouncements Not Yet Adopted as of March 28, 2021
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

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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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. Once an entity elects an expedient or exception it must be applied to all eligible contracts or transactions. We currently have hedging transactions and debt agreements that reference LIBOR and will apply the new guidance as these contracts are modified to reference other rates.
2.    REVENUE RECOGNITION
The vast majority of the Company's revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.
The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company's facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company's performance obligations are typically fulfilled within days to weeks of the acceptance of the order.
The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.
Disaggregated Revenue
Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended March 28, 2021
(In thousands)
FreshPreparedExportOtherTotal
U.S. chicken$1,597,423 $194,272 $113,971 $93,893 $1,999,559 
U.K. and Europe chicken210,445 216,313 63,551 11,602 501,911 
Mexico chicken372,721 27,404  19,006 419,131 
Total chicken2,180,589 437,989 177,522 124,501 2,920,601 
U.K. and Europe pork176,441 159,809 15,831 743 352,824 
Total net sales$2,357,030 $597,798 $193,353 $125,244 $3,273,425 

Three Months Ended March 29, 2020
(In thousands)
FreshPreparedExportOtherTotal
U.S. chicken$1,541,640 $216,087 $58,854 $110,299 $1,926,880 
U.K. and Europe chicken231,953 194,405 59,112 15,703 501,173 
Mexico chicken292,912 24,971  7,903 325,786 
Total chicken2,066,505 435,463 117,966 133,905 2,753,839 
U.K. and Europe pork164,682 117,630 18,050 20,727 321,089 
Total net sales$2,231,187 $553,093 $136,016 $154,632 $3,074,928 

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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.
Taxes
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. 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, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Changes in the revenue contract liabilities balance are as follows:
March 28, 2021
(In thousands)
Balance, beginning of period$65,918 
Revenue recognized(48,218)
Cash received, excluding amounts recognized as revenue during the period17,634 
Balance, end of period$35,334 
Accounts Receivable
The Company records accounts receivable when revenue is recognized. The Company records an allowance for doubtful accounts to reduce the receivables balance to an amount it estimates is collectible from customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of customers’ financial condition. The Company writes off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.
3.     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 Condensed Consolidated Balance Sheets while the fair value of derivative liabilities is included in the line item Accrued

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expenses and other current liabilities on the same statements. The Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item Restricted cash and cash equivalents on the Condensed Consolidated Balance Sheets.
Undesignated contracts may include contracts not designated as a hedge or for which the normal purchase normal sales (“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 each of these derivatives is recognized in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of each derivative are recognized immediately in the Condensed Consolidated Statements of Income within Net sales, Cost of sales, Selling, general and administrative expense, or Foreign currency transaction loss (gain) depending on the risk the derivative is intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated and accounted for as hedges as a result of the extensive record keeping requirements.
The Company has elected not to apply the NPNS exemption to a fixed-price product sales contract with a certain customer in order to mitigate various risk exposures and to try to achieve an accounting result that aligns the accounting for the derivative with the economics achieved through the use of the derivative. Transactions originating from this contact are accounted for as undesignated derivatives and recognized at fair value.
The Company does not apply hedge accounting treatment to 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. Therefore, the Company recognized changes in the fair value of these derivative financial instruments immediately in earnings. Gains or losses related to the commodity derivative financial instruments are included in the line item Cost of sales in the Condensed Consolidated Statements of Income. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction loss (gain) and Cost of sales in the Condensed Consolidated Statements of Income.
The Company does apply hedge accounting to certain derivative financial instruments related to its U.K. and Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the cash flow hedge into accumulated other comprehensive income (“AOCI”). When the derivative financial instruments 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 Condensed Consolidated Statements of Income.
The Company does apply hedge accounting to a derivative financial instrument related to its U.S. reportable segment that it has purchased to mitigate variable interest rate exposures. The interest rate swap has monthly settlement dates. Upon each settlement date, the Company recognizes changes in the fair value of the cash flow hedge into AOCI. Upon settlement of the derivative instrument, 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 Condensed Consolidated Statements of Income.

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Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
March 28, 2021December 27, 2020
 (In thousands)
Fair values:
Commodity derivative assets$6,074 $24,059 
Commodity derivative liabilities(13,863)(6,531)
Foreign currency derivative assets2,410 2,204 
Foreign currency derivative liabilities(7,180)(428)
Interest rate swap derivative liabilities(538)(640)
Sales contract derivative liabilities(18,104) 
Cash collateral posted with brokers(a)
43,169 782 
Derivatives coverage(b):
Corn13.8 %16.0 %
Soybean meal21.0 %24.0 %
Period through which stated percent of needs are covered:
CornMay 2022December 2021
Soybean mealJanuary 2022December 2021
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
    The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Type of Derivative Contract Three Months Ended March 28, 2021Three Months Ended March 29, 2020Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives gain$(5,340)$(33,031)Foreign currency transaction loss (gain)
Commodity derivative loss (gain)(17,378)5,271 Cost of sales
Sales contract derivative loss18,104  Net sales
Total$(4,614)$(27,760)
The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gain (Loss) Recognized in Other Comprehensive Income on Derivative
Three Months Ended
March 28, 2021March 29, 2020
(In thousands)
Foreign currency derivatives$1,485 $4,123 
Interest rate swap derivatives(29) 
Total$1,456 $4,123 
Gain (Loss) Reclassified from AOCI into Income
Three Months Ended
March 28, 2021March 29, 2020
(In thousands)
Foreign currency derivatives$300 $(742)
Interest rate swap derivatives(132) 
Total$168 $(742)
At March 28, 2021, the pre-tax deferred net gains on foreign currency derivatives recorded in AOCI that are expected to be reclassified to the Condensed Consolidated Statements of Income during the next twelve months are $1.8 million. This

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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 losses to earnings.
At March 28, 2021, the pre-tax deferred net losses on interest rate swap derivatives recorded in AOCI that are expected to be reclassified to the Condensed 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.
4.    TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables, less allowance for doubtful accounts, consisted of the following:
March 28, 2021December 27, 2020
 (In thousands)
Trade accounts receivable$731,988 $691,499 
Notes receivable28,484 25,712 
Other receivables47,749 31,954 
Receivables, gross808,221 749,165 
Allowance for doubtful accounts(7,383)(7,173)
Receivables, net$800,838 $741,992 
Accounts receivable from related parties(a)
$1,227 $1,084 
(a)    Additional information regarding accounts receivable from related parties is included in “Note 16. Related Party Transactions.”
Activity in the allowance for doubtful accounts was as follows:
March 28, 2021
(In thousands)
Balance, beginning of period$(7,173)
Provision charged to operating results(266)
Account write-offs and recoveries(1)
Effect of exchange rate57 
Balance, end of period$(7,383)

5.    INVENTORIES
Inventories consisted of the following:
March 28, 2021December 27, 2020
 (In thousands)
Raw materials and work-in-process$966,319 $868,369 
Finished products343,772 356,052 
Operating supplies61,560 66,495 
Maintenance materials and parts68,264 67,877 
Total inventories$1,439,915 $1,358,793 

6.    INVESTMENTS IN SECURITIES
The Company recognizes investments in available-for-sale securities as cash equivalents, current investments or long-term investments depending upon each security's length to maturity. The following table summarizes our investments in available-for-sale securities:

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March 28, 2021December 27, 2020
CostFair
Value
CostFair
Value
(In thousands)
Cash equivalents:
Fixed income securities$123,658 $123,658 $178,677 $178,677 
Gross realized gains during the three months ended March 28, 2021 and three months ended March 29, 2020 related to the Company’s available-for-sale securities totaled $2.1 million and $1.5 million while gross realized losses were immaterial. Proceeds received from the sale or maturity of available-for-sale securities investments are historically disclosed in the Condensed Consolidated Statements of Cash Flows. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the three months ended March 28, 2021 and March 29, 2020 that have been included in accumulated other comprehensive loss and the net amount of gains and losses reclassified out of accumulated other comprehensive loss to earnings during the three months ended March 28, 2021 and March 29, 2020 are disclosed in “Note 12. Stockholders’ Equity”.
7.     GOODWILL AND INTANGIBLE ASSETS
The activity in goodwill by segment for the three months ended March 28, 2021 was as follows:
December 27, 2020Currency TranslationMarch 28, 2021
(In thousands)
U.S.$41,936 $ $41,936 
U.K. and Europe835,505 14,078 849,583 
Mexico127,804  127,804 
     Total$1,005,245 $14,078 $1,019,323 

Identified intangible assets consisted of the following:
December 27, 2020AmortizationCurrency TranslationMarch 28, 2021
(In thousands)
Cost:
     Trade names$78,343 $— $ $78,343 
     Customer relationships297,062 — 2,299