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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 26, 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/09af94114c5fd0e690ecd1449251bf8b-ppc-20210926_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 October 27, 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)
September 26, 2021December 27, 2020
 (In thousands)
Cash and cash equivalents$511,084 $547,624 
Restricted cash and cash equivalents54,111 782 
Trade accounts and other receivables, less allowance for doubtful accounts889,586 741,992 
Accounts receivable from related parties1,330 1,084 
Inventories1,556,821 1,358,793 
Income taxes receivable51,619 69,397 
Prepaid expenses and other current assets177,156 183,039 
Total current assets3,241,707 2,902,711 
Deferred tax assets5,465 5,471 
Other long-lived assets26,190 24,780 
Operating lease assets, net300,476 288,886 
Identified intangible assets, net1,028,664 589,913 
Goodwill1,381,872 1,005,245 
Property, plant and equipment, net2,848,469 2,657,491 
Total assets$8,832,843 $7,474,497 
Accounts payable$1,176,866 $1,028,710 
Accounts payable to related parties6,594 9,650 
Revenue contract liabilities20,564 65,918 
Accrued expenses and other current liabilities999,014 807,847 
Income taxes payable48,006  
Current maturities of long-term debt19,885 25,455 
Total current liabilities2,270,929 1,937,580 
Noncurrent operating lease liability, less current maturities223,071 217,432 
Long-term debt, less current maturities3,195,866 2,255,546 
Deferred tax liabilities418,430 339,831 
Other long-term liabilities108,164 148,761 
Total liabilities6,216,460 4,899,150 
Common stock2,614 2,612 
Treasury stock(345,134)(345,134)
Additional paid-in capital1,962,750 1,954,334 
Retained earnings966,815 972,569 
Accumulated other comprehensive income (loss)17,198 (20,620)
Total Pilgrim’s Pride Corporation stockholders’ equity2,604,243 2,563,761 
Noncontrolling interest12,140 11,586 
Total stockholders’ equity2,616,383 2,575,347 
Total liabilities and stockholders’ equity$8,832,843 $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 EndedNine Months Ended
 September 26, 2021September 27, 2020September 26, 2021September 27, 2020
 (in thousands, except per share data)
Net sales$3,827,566 $3,075,121 $10,738,689 $8,974,072 
Cost of sales3,455,723 2,761,279 9,725,362 8,363,272 
Gross profit371,843 313,842 1,013,327 610,800 
Selling, general and administrative expense251,066 219,554 857,217 404,837 
Operating income120,777 94,288 156,110 205,963 
Interest expense, net of capitalized interest29,833 30,564 110,818 95,575 
Interest income(1,244)(1,763)(4,452)(4,611)
Foreign currency transaction loss (gain)2,359 9,092 9,018 (3,768)
Miscellaneous, net(1,391)360 (10,005)(33,873)
Income before income taxes91,220 56,035 50,731 152,640 
Income tax expense30,385 22,344 55,931 57,900 
Net income (loss)60,835 33,691 (5,200)94,740 
Less: Net income attributable to noncontrolling interests110 245 554 62 
Net income (loss) attributable to Pilgrim’s Pride Corporation$60,725 $33,446 $(5,754)$94,678 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic243,675 244,186 243,643 246,740 
Effect of dilutive common stock equivalents520 190  158 
Diluted244,195 244,376 243,643 246,898 
Net income (loss) attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic$0.25 $0.14 $(0.02)$0.38 
Diluted$0.25 $0.14 $(0.02)$0.38 
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 EndedNine Months Ended
September 26, 2021September 27, 2020September 26, 2021September 27, 2020
(In thousands)
Net income (loss)$60,835 $33,691 $(5,200)$94,740 
Other comprehensive income (loss):
Foreign currency translation adjustment:
Gains (losses) arising during the period(36,003)66,626 13,135 (48,921)
Derivative financial instruments designated as cash flow hedges:
Gains (losses) arising during the period(1,030)1,281 1,179 3,182 
Income tax effect9 194 41 194 
Reclassification to net earnings for losses (gains) realized102 (1,619)(1,146)(1,039)
Income tax effect(43) (115) 
Available-for-sale securities:
Gains (losses) arising during the period (8) 6 
Income tax effect   (4)
Reclassification to net earnings for gains realized (6) (18)
Income tax effect 1  4 
Defined benefit plans:
Gains (losses) arising during the period(7,073)1,250 32,030 (43,711)
Income tax effect1,412 (10,094)(8,506)(930)
Reclassification to net earnings of losses realized613 376 1,568 1,127 
Income tax effect(143)(94)(368)(281)
Total other comprehensive income (loss), net of tax(42,156)57,907 37,818 (90,391)
Comprehensive income18,679 91,598 32,618 4,349 
Less: Comprehensive income attributable to noncontrolling interests110 245 554 62 
Comprehensive income attributable to Pilgrim’s Pride Corporation$18,569 $91,353 $32,064 $4,287 
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)
Nine Months Ended September 26, 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— — — — — (5,754)— 554 (5,200)
Other comprehensive income, net of tax— — — — — — 37,818 — 37,818 
Stock-based compensation plans:
Common stock issued under compensation plans162 2 — — (2)— — —  
Requisite service period recognition— — — — 8,418 — — — 8,418 
Balance at September 26, 2021261,347 $2,614 (17,673)$(345,134)$1,962,750 $966,815 $17,198 $12,140 $2,616,383 
Three Months Ended September 26, 2021Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at June 27, 2021261,347 $2,614 (17,673)$(345,134)$1,959,558 $906,090 $59,354 $12,030 $2,594,512 
Net income— — — — — 60,725 — 110 60,835 
Other comprehensive loss, net of tax— — — — — — (42,156)— (42,156)
Stock-based compensation plans:
Common stock issued under compensation plans— — — — — — — — — 
Requisite service period recognition— — — — 3,192 — — — 3,192 
Balance at September 26, 2021261,347 $2,614 (17,673)$(345,134)$1,962,750 $966,815 $17,198 $12,140 $2,616,383 

5


Nine Months Ended September 27, 2020Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 29, 2019261,119 $2,611 (11,547)$(234,892)$1,955,261 $877,812 $(75,129)$10,397 $2,536,060 
Net income— — — — — 94,678 — 62 94,740 
Other comprehensive loss, net of tax— — — — — — (90,391)— (90,391)
Stock-based compensation plans:
Common stock issued under compensation plans66 1 — — (1)— — —  
Requisite service period recognition— — — — (1,291)— — — (1,291)
Common stock purchased under share repurchase program— — (5,974)(107,806)— — — — (107,806)
Balance at September 27, 2020261,185 $2,612 (17,521)$(342,698)$1,953,969 $972,490 $(165,520)$10,459 $2,431,312 
Three Months Ended September 27, 2020Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at June 28, 2020261,185 $2,612 (15,668)$(312,771)$1,958,727 $939,044 $(223,427)$10,214 $2,374,399 
Net income— — — — — 33,446 — 245 33,691 
Other comprehensive income, net of tax— — — — — — 57,907 — 57,907 
Stock-based compensation plans:
Common stock issued under compensation plans— — — — — — — — — 
Requisite service period recognition— — — — (4,758)— — — (4,758)
Common stock purchased under share repurchase program— — (1,853)(29,927)— — — — (29,927)
Balance at September 27, 2020261,185 $2,612 (17,521)$(342,698)$1,953,969 $972,490 $(165,520)$10,459 $2,431,312 
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)
Nine Months Ended
 September 26, 2021September 27, 2020
 (In thousands)
Cash flows from operating activities:
Net income (loss)$(5,200)$94,740 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization274,336 248,641 
Deferred income tax expense (benefit)(26,436)37,739 
Loss on early extinguishment of debt recognized as a component of interest expense24,654  
Stock-based compensation8,418 (1,291)
Loan cost amortization3,762 3,635 
Gain on property disposals(3,605)(8,009)
Accretion of discount related to Senior Notes1,104 737 
Amortization of premium related to Senior Notes(167)(501)
Loss (gain) on equity-method investments(12)297 
Negative adjustment to previously recognized gain on bargain purchase 3,746 
Changes in operating assets and liabilities:
Trade accounts and other receivables(138,948)44,615 
Inventories(149,653)41,292 
Prepaid expenses and other current assets13,718 (29,290)
Accounts payable, accrued expenses and other current liabilities274,932 93,114 
Income taxes66,413 (30,868)
Long-term pension and other postretirement obligations(13,491)(823)
Other operating assets and liabilities(2,330)10,561 
Cash provided by operating activities327,495 508,335 
Cash flows from investing activities:
Acquisitions of property, plant and equipment(280,820)(242,603)
Proceeds from property disposals22,896 21,715 
Purchase of acquired business, net of cash acquired(953,947)(4,216)
Cash used in investing activities(1,211,871)(225,104)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings2,951,707 386,696 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(2,005,960)(56,763)
Payments on early extinguishment of debt(21,258) 
Payments of capitalized loan costs(22,293) 
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 (107,806)
Cash provided by financing activities901,546 222,127 
Effect of exchange rate changes on cash and cash equivalents(381)(799)
Increase in cash, cash equivalents and restricted cash16,789 504,559 
Cash, cash equivalents and restricted cash, beginning of period548,406 280,577 
Cash, cash equivalents and restricted cash, end of period$565,195 $785,136 
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, the Netherlands and Ireland. 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 124 countries. Pilgrim’s fresh products consist of refrigerated whole chickens, whole cut-up chickens, both marinated and non-marinated chicken parts, primary pork cuts, value-added pork and pork ribs. The Company’s prepared products include fully cooked, ready-to-cook and individually-frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls. The Company’s other products include plant-based protein offerings, ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts. The Company also provides direct-to-consumer meals and hot food-to-go solutions in the U.K. and Ireland. We operate feed mills, hatcheries, processing plants and distribution centers in 14 U.S. states, the U.K., Mexico, France, Puerto Rico, the Netherlands and Ireland. As of September 26, 2021, Pilgrim’s had approximately 58,900 employees. As of September 26, 2021, PPC had the capacity to process approximately 43.7 million birds per work week for a total of more than 13.7 billion pounds of live chicken annually. Approximately 4,800 contract growers supply chicken for the Company’s operations. As of September 26, 2021, PPC had the capacity to process approximately 44,300 pigs per work week for a total of 445.1 million pounds of live pork annually and approximately 285 contract growers supply pork for the Company’s operations. As of September 26, 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 nine months ended September 26, 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 September 26, 2021 represents the period from June 28, 2021 through September 26, 2021. The nine months ended September 26, 2021 represents the period from December 28, 2020 through September 26, 2021. The three months ended September 27, 2020 represents the period from June 29, 2020 through September 27, 2020. The nine months ended September 27, 2020 represents the period from December 30, 2019 through September 27, 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, the Netherlands and Ireland is the euro. For foreign currency