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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 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/17fde1944f5e3c9da1754f2c3f788e8c-ppc-20210627_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 July 28, 2021, was 243,675,522.





INDEX
PILGRIM’S PRIDE CORPORATION
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.


1


Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 27, 2021December 27, 2020
 (In thousands)
Cash and cash equivalents$391,805 $547,624 
Restricted cash and cash equivalents98,212 782 
Trade accounts and other receivables, less allowance for doubtful accounts866,476 741,992 
Accounts receivable from related parties868 1,084 
Inventories1,530,014 1,358,793 
Income taxes receivable51,351 69,397 
Prepaid expenses and other current assets190,574 183,039 
Total current assets3,129,300 2,902,711 
Deferred tax assets5,494 5,471 
Other long-lived assets26,837 24,780 
Operating lease assets, net295,391 288,886 
Identified intangible assets, net589,536 589,913 
Goodwill1,024,900 1,005,245 
Property, plant and equipment, net2,677,387 2,657,491 
Total assets$7,748,845 $7,474,497 
Accounts payable$1,092,164 $1,028,710 
Accounts payable to related parties8,595 9,650 
Revenue contract liabilities36,275 65,918 
Accrued expenses and other current liabilities1,051,546 807,847 
Income taxes payable30,681  
Current maturities of long-term debt25,453 25,455 
Total current liabilities2,244,714 1,937,580 
Noncurrent operating lease liability, less current maturities221,345 217,432 
Long-term debt, less current maturities2,270,298 2,255,546 
Deferred tax liabilities318,159 339,831 
Other long-term liabilities99,817 148,761 
Total liabilities5,154,333 4,899,150 
Common stock2,614 2,612 
Treasury stock(345,134)(345,134)
Additional paid-in capital1,959,558 1,954,334 
Retained earnings906,090 972,569 
Accumulated other comprehensive income (loss)59,354 (20,620)
Total Pilgrim’s Pride Corporation stockholders’ equity2,582,482 2,563,761 
Noncontrolling interest12,030 11,586 
Total stockholders’ equity2,594,512 2,575,347 
Total liabilities and stockholders’ equity$7,748,845 $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 EndedSix Months Ended
 June 27, 2021June 28, 2020June 27, 2021June 28, 2020
 (in thousands, except per share data)
Net sales$3,637,698 $2,824,023 $6,911,123 $5,898,951 
Cost of sales3,257,457 2,704,164 6,269,639 5,601,993 
Gross profit380,241 119,859 641,484 296,958 
Selling, general and administrative expense503,372 92,570 606,151 185,283 
Operating income (loss)(123,131)27,289 35,333 111,675 
Interest expense, net of capitalized interest50,651 32,323 80,985 65,011 
Interest income(842)(1,158)(3,208)(2,848)
Foreign currency transaction loss (gain)4,145 5,525 6,659 (12,860)
Miscellaneous, net(770)(45)(8,614)(34,233)
Income (loss) before income taxes(176,315)(9,356)(40,489)96,605 
Income tax expense (benefit)(9,812)(2,956)25,546 35,556 
Net income (loss)(166,503)(6,400)(66,035)61,049 
Less: Net income (loss) attributable to noncontrolling interests184 (364)444 (183)
Net income (loss) attributable to Pilgrim’s Pride Corporation$(166,687)$(6,036)$(66,479)$61,232 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic243,675 246,687 243,627 248,017 
Effect of dilutive common stock equivalents   291 
Diluted243,675 246,687 243,627 248,308 
Net income (loss) attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic$(0.68)$(0.02)$(0.27)$0.25 
Diluted$(0.68)$(0.02)$(0.27)$0.25 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


3


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months EndedSix Months Ended
June 27, 2021June 28, 2020June 27, 2021June 28, 2020
(In thousands)
Net income (loss)$(166,503)$(6,400)$(66,035)$61,049 
Other comprehensive income (loss):
Foreign currency translation adjustment:
Gains (losses) arising during the period15,847 (18,782)49,138 (115,547)
Derivative financial instruments designated as cash flow hedges:
Gains (losses) arising during the period741 (2,147)2,209 1,901 
Income tax effect25  32  
Reclassification to net earnings for losses (gains) realized(1,080)(162)(1,248)580 
Income tax effect(40) (72) 
Available-for-sale securities:
Gains arising during the period 2  14 
Income tax effect (1) (4)
Reclassification to net earnings for gains realized (12) (12)
Income tax effect 3  3 
Defined benefit plans:
Gains (losses) arising during the period9,876 (34,151)39,103 (44,961)
Income tax effect(3,588)6,459 (9,918)9,164 
Reclassification to net earnings of losses realized384 375 955 751 
Income tax effect(90)(94)(225)(187)
Total other comprehensive income (loss), net of tax22,075 (48,510)79,974 (148,298)
Comprehensive income (loss)(144,428)(54,910)13,939 (87,249)
Less: Comprehensive income (loss) attributable to noncontrolling interests184 (364)444 (183)
Comprehensive income (loss) attributable to Pilgrim’s Pride Corporation$(144,612)$(54,546)$13,495 $(87,066)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Six Months Ended June 27, 2021Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)
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 loss— — — — — (66,479)— 444 (66,035)
Other comprehensive income, net of tax— — — — — — 79,974 — 79,974 
Stock-based compensation plans:
Common stock issued under compensation plans162 2 — — (2)— — —  
Requisite service period recognition— — — — 5,226 — — — 5,226 
Balance at June 27, 2021261,347 $2,614 (17,673)$(345,134)$1,959,558 $906,090 $59,354 $12,030 $2,594,512 
Three Months Ended June 27, 2021Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
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 
Net loss— — — — — (166,687)— 184 (166,503)
Other comprehensive income, net of tax— — — — — — 22,075 — 22,075 
Stock-based compensation plans:
Common stock issued under compensation plans9 1 — — (1)— — —  
Requisite service period recognition— — — — 3,184 — — — 3,184 
Balance at June 27, 2021261,347 $2,614 (17,673)$(345,134)$1,959,558 $906,090 $59,354 $12,030 $2,594,512 

5


Six Months Ended June 28, 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— — — — — 61,232 — (183)61,049 
Other comprehensive loss, net of tax— — — — — — (148,298)— (148,298)
Stock-based compensation plans:
Common stock issued under compensation plans66 1 — — (1)— — —  
Requisite service period recognition— — — — 3,467 — — — 3,467 
Common stock purchased under share repurchase program— — (4,121)(77,879)— — — — (77,879)
Balance at June 28, 2020261,185 $2,612 (15,668)$(312,771)$1,958,727 $939,044 $(223,427)$10,214 $2,374,399 
Three Months Ended June 28, 2020Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at March 29, 2020261,185 $2,612 (13,013)$(262,798)$1,955,936 $945,080 $(174,917)$10,578 $2,476,491 
Net loss— — — — — (6,036)— (364)(6,400)
Other comprehensive loss, net of tax— — — — — — (48,510)— (48,510)
Stock-based compensation plans:
Common stock issued under compensation plans— — — — — — — — — 
Requisite service period recognition— — — — 2,791 — — — 2,791 
Common stock purchased under share repurchase program— — (2,655)(49,973)— — — — (49,973)
Balance at June 28, 2020261,185 $2,612 (15,668)$(312,771)$1,958,727 $939,044 $(223,427)$10,214 $2,374,399 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
 June 27, 2021June 28, 2020
 (In thousands)
Cash flows from operating activities:
Net income (loss)$(66,035)$61,049 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization182,260 164,376 
Deferred income tax expense (benefit)(32,809)25,255 
Loss on early extinguishment of debt recognized as a component of interest expense24,254  
Stock-based compensation5,168 3,467 
Gain on property disposals(5,057)(1,587)
Loan cost amortization2,279 2,422 
Accretion of discount related to Senior Notes675 491 
Amortization of premium related to Senior Notes(167)(334)
Loss (gain) on equity-method investments(8)304 
Negative adjustment to previously recognized gain on bargain purchase 1,740 
Changes in operating assets and liabilities:
Trade accounts and other receivables(117,610)29,920 
Inventories(173,947)16,350 
Prepaid expenses and other current assets(6,027)(22,072)
Accounts payable, accrued expenses and other current liabilities266,487 (122,191)
Income taxes46,638 (27,350)
Long-term pension and other postretirement obligations(9,507)(1,908)
Other operating assets and liabilities(1,642)10,794 
Cash provided by operating activities114,952 140,726 
Cash flows from investing activities:
Acquisitions of property, plant and equipment(183,744)(148,175)
Proceeds from property disposals21,385 9,894 
Purchase of acquired business, net of cash acquired (4,216)
Cash used in investing activities(162,359)(142,497)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings1,540,133 356,547 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(1,522,416)(20,105)
Payment on early extinguishment of debt(21,258) 
Payment of capitalized loan costs(8,650) 
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 (77,879)
Cash provided by (used in) financing activities(12,841)258,563 
Effect of exchange rate changes on cash and cash equivalents1,859 (2,896)
Increase (decrease) in cash, cash equivalents and restricted cash(58,389)253,896 
Cash, cash equivalents and restricted cash, beginning of period548,406 280,577 
Cash, cash equivalents and restricted cash, end of period$490,017 $534,473 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7


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 120 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 June 27, 2021, Pilgrim’s had approximately 54,700 employees. As of June 27, 2021, PPC had the capacity to process approximately 45.8 million birds per work week for a total of more than 13.3 billion pounds of live chicken annually. Approximately 4,800 contract growers supply chicken for the Company’s operations. As of June 27, 2021, PPC had the capacity to process approximately 45,000 pigs per week for a total of 449.4 million pounds of live pork annually and approximately 275 contract growers supply pork for the Company’s operations. As of June 27, 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 six months ended June 27, 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 June 27, 2021 represents the period from March 29, 2021 through June 27, 2021. The six months ended June 27, 2021 represents the period from December 28, 2020 through June 27, 2021. The three months ended June 28, 2020 represents the period from March 30, 2020 through June 28, 2020. The six months ended June 28, 2020 represents the period from December 30, 2019 through June 28, 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, certain litigation reserves and valuations of acquired businesses.

8


Table of Contents
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-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.
Sale and purchase agreement
On June 17, 2021, the Company entered into a sale and purchase agreement (the “SPA”) with Kerry Group plc, a public limited company incorporated in the Republic of Ireland and listed on the Irish Stock Exchange (the “Seller”) and certain wholly-owned subsidiaries of the Company, Onix Investments UK Limited, a company incorporated in England and Wales, and Arkose Investments ULC, a company incorporated in the Republic of Ireland (together, the “Designated Buyers”), pursuant to which the Designated Buyers shall acquire the entire issued share capital of certain target companies which are wholly-owned indirect subsidiaries of the Seller, that conduct the meats and meals businesses of the Seller (“Kerry Meats” and “Kerry Meals” respectively) in the United Kingdom and Ireland (the “Target Companies”) for an aggregate purchase price of £680,000,000 (or approximately $952,000,000 based on a USD to GBP exchange rate of 1.40 as of June 16, 2021) (the “Acquisition”) to be paid by the Designated Buyers (or, failing which, by the Company) in cash upon the Closing (the “Closing”), subject to certain routine closing adjustments in respect of working capital and net indebtedness.
Restricted Cash
The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
The following table reconciles cash, cash equivalents and restricted cash as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
June 27, 2021December 27, 2020
(In thousands)
Cash and cash equivalents$