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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 427,661	$ 547,624
Restricted cash and cash equivalents	22,460	782
Trade accounts and other receivables, less allowance for credit losses	1,013,437	741,992
Accounts receivable from related parties	1,345	1,084
Inventories	1,575,658	1,358,793
Income taxes receivable	27,828	69,397
Prepaid expenses and other current assets	237,565	183,039
Total current assets	3,305,954	2,902,711
Deferred tax assets	5,314	5,471
Other long-lived assets	32,410	24,780
Operating lease assets, net	351,226	288,886
Identified intangible assets, net	963,243	589,913
Goodwill	1,337,252	1,005,245
Property, plant and equipment, net	2,917,806	2,657,491
Total assets	8,913,205	7,474,497
Accounts payable	1,378,077	1,028,710
Accounts payable to related parties	22,317	9,650
Revenue contract liabilities	22,321	65,918
Accrued expenses and other current liabilities	859,885	807,847
Income taxes payable	81,977	0
Current maturities of long-term debt	26,246	25,455
Total current liabilities	2,390,823	1,937,580
Noncurrent operating lease liabilities, less current maturities	271,366	217,432
Long-term debt, less current maturities	3,191,161	2,255,546
Deferred tax liabilities	369,185	339,831
Other long-term liabilities	101,736	148,761
Total liabilities	6,324,271	4,899,150
Common stock, $.01 par value, 800,000,000 shares authorized; 261,348,030 and 261,184,998 shares issued at year-end 2021 and year-end 2020, respectively; 243,675,522 and 243,512,490 shares outstanding at year-end 2021 and year-end 2020, respectively	2,614	2,612
Treasury stock, at cost, 17,672,508 shares at both year-end 2021 and year-end 2020	(345,134)	(345,134)
Additional paid-in capital	1,964,028	1,954,334
Retained earnings	1,003,569	972,569
Accumulated other comprehensive loss	(47,997)	(20,620)
Total Pilgrim’s Pride Corporation stockholders’ equity	2,577,080	2,563,761
Noncontrolling interest	11,854	11,586
Total stockholders’ equity	2,588,934	2,575,347
Total liabilities and stockholders’ equity	$ 8,913,205	$ 7,474,497

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 26, 2021	Dec. 27, 2020
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)	261,348,030	261,184,998
Common stock, shares outstanding (in shares)	243,675,522	243,512,490
Treasury stock, shares outstanding (in shares)	17,672,508

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Income Statement [Abstract]
Net sales	$ 14,777,458	$ 12,091,901	$ 11,409,219
Cost of sales	13,411,631	11,253,705	10,338,825
Gross profit	1,365,827	838,196	1,070,394
Selling, general and administrative expense	1,148,861	592,610	379,910
Restructuring activities	5,802	123	(84)
Operating income	211,164	245,463	690,568
Interest expense, net of capitalized interest	145,792	126,118	132,630
Interest income	(6,056)	(7,305)	(14,277)
Foreign currency transaction (gains) losses	(9,382)	760	6,917
Gain on bargain purchase	0	3,746	(56,880)
Miscellaneous, net	(11,580)	(39,681)	4,633
Income before income taxes	92,390	161,825	617,545
Income tax expense	61,122	66,755	161,009
Net income	31,268	95,070	456,536
Less: Net income attributable to noncontrolling interest	268	313	612
Net income attributable to Pilgrim’s Pride Corporation	$ 31,000	$ 94,757	$ 455,924
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic (in shares)	243,652	245,944	249,401
Effect of dilutive common stock equivalents (in shares)	477	180	308
Diluted (in shares)	244,129	246,124	249,709
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.13	$ 0.39	$ 1.83
Diluted (in dollars per share)	$ 0.13	$ 0.39	$ 1.83

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 31,268	$ 95,070	$ 456,536
Foreign currency translation adjustment
Gains (losses) arising during the period	(55,541)	83,890	54,662
Derivative financial instruments designated as cash flow hedges
Gains (losses) arising during the period	398	3,719	(2,106)
Income tax effect	22	160	0
Reclassification to net earnings for losses (gains) realized	(1,437)	(2,664)	383
Income tax effect	(157)	0	0
Available-for-sale securities
Gains arising during the period	0	73	510
Income tax effect	0	(18)	(124)
Reclassification to net earnings for gains realized	0	(73)	(619)
Income tax effect	0	18	151
Defined Benefit Plan
Gains (losses) realized during the period	35,122	(38,845)	(2,161)
Income tax effect	(7,524)	7,121	1,016
Reclassification to net earnings of losses realized	2,278	1,502	1,313
Income tax effect	(538)	(374)	(320)
Total other comprehensive income (loss), net of tax	(27,377)	54,509	52,705
Comprehensive income	3,891	149,579	509,241
Less: Comprehensive income attributable to noncontrolling interests	268	313	612
Comprehensive income attributable to Pilgrim's Pride Corporation	$ 3,623	$ 149,266	$ 508,629

CONSOLIDATED 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. 30, 2018		260,396	11,431
Balance, beginning 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 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
Comprehensive income:
Net income	31,268				31,000		268
Other comprehensive income (loss), net of tax expense	(27,377)					(27,377)
Capital distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim's Pride Corporation (the “TSA”)	(1,961)			(1,961)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		162
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	11,657			11,657
Balance, end of year (in shares) at Dec. 26, 2021		261,347	17,673
Balance, end of year at Dec. 26, 2021	$ 2,588,934	$ 2,614	$ (345,134)	$ 1,964,028	$ 1,003,569	$ (47,997)	$ 11,854

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax expense (benefit)	$ 8,197	$ (6,907)	$ (723)

- 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. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Cash flows from operating activities:
Net income	$ 31,268	$ 95,070	$ 456,536
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	380,824	337,104	287,230
Deferred income tax expense (benefit)	(86,391)	37,337	42,478
Loss on early extinguishment of debt recognized as a component of interest expense	24,654	0	0
Stock-based compensation activity	11,655	(276)	10,132
Loan cost amortization	5,095	4,848	4,821
Accretion of bond discount	1,533	982	982
Gain on property disposals	(1,476)	(13,766)	(10,896)
Amortization of bond premium	(167)	(668)	(668)
Loss (gain) on equity method investments	(16)	291	(63)
Gain on bargain purchase	0	3,746	(56,880)
Noncash loss on subsidiary dissolution	0	115	0
Foreign currency transaction losses (gains) related to borrowing arrangements	0	0	(4,970)
Changes in operating assets and liabilities:
Trade accounts and other receivables	(259,377)	29,154	(25,000)
Inventories	(177,864)	26,041	(111,748)
Prepaid expenses and other current assets	(53,797)	(50,347)	(15,490)
Accounts payable and accrued expenses	359,589	295,327	119,892
Income taxes	115,216	(39,436)	(26,378)
Long-term pension and other postretirement obligations	(18,461)	(7,883)	(9,221)
Other operating assets and liabilities	(5,826)	6,608	5,764
Cash provided by operating activities	326,459	724,247	666,521
Cash flows from investing activities:
Purchase of acquired businesses, net of cash acquired	(966,766)	(4,216)	(384,694)
Acquisitions of property, plant and equipment	(381,671)	(354,762)	(348,120)
Proceeds from property disposals	24,724	31,976	15,753
Cash used in investing activities	(1,323,713)	(327,002)	(717,061)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings	2,951,707	404,522	259,466
Payments on revolving line of credit, long-term borrowings and finance lease obligations	(2,006,195)	(430,988)	(289,917)
Payment of capitalized loan costs	(22,293)	0	(652)
Payment on early extinguishment of debt	(21,258)	0	0
Distribution of capital under the TSA	(650)	0	(525)
Purchase of common stock under stock repurchase program	0	(110,242)	(2,898)
Cash provided by (used in) financing activities	901,311	(136,708)	(34,526)
Effect of exchange rate changes on cash and cash equivalents	(2,342)	7,292	4,065
Increase (decrease) in cash and cash equivalents	(98,285)	267,829	(81,001)
Cash and cash equivalents, beginning of year	548,406	280,577	361,578
Cash and cash equivalents, end of year	450,121	548,406	280,577
Supplemental Disclosure Information:
Interest paid (net of amount capitalized)	119,328	130,641	130,882
Income taxes paid	$ 20,863	$ 51,710	$ 125,856

GENERAL

12 Months Ended

Dec. 26, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 the Republic of 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 125 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, 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 the Republic of 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 the Republic of Ireland.

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 24, 2021, the Company acquired 100.0% of the equity of the specialty meats and ready meals businesses of Kerry Group plc, collectively known as Pilgrim’s Food Masters (“PFM”), for cash of £695.3 million, or $954.1 million, subject to customary working capital adjustments. The acquired operations are included in the Company’s U.K. and Europe reportable segment. For the periods subsequent to September 24, 2021, the Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries, including PFM. 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 credit losses, 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 the Republic of 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 the Republic of Ireland 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 $32.4 million, $20.2 million and $26.5 million for 2021, 2020 and 2019, respectively.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs totaled $5.1 million, $5.4 million and $5.1 million for 2021, 2020 and 2019, respectively.

Cash and Cash Equivalents

The Company considers highly liquid investments with an original 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 26, 2021		December 27, 2020
	(In thousands)
Cash and cash equivalents	$	427,661	$	547,624
Restricted cash	22,460		782
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	450,121	$	548,406

Investments

The Company’s current investments are all highly liquid investments with an original 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 loss. 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 loss 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 credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses 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 and pig inventories are stated at the lower of cost or net realizable value and breeder hen, breeder sow and boar inventories are stated 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. The costs associated with breeder sow inventories are accumulated up to the production stage and amortized on a straight-line basis over their productive lives to the estimated residual cull value. Finished poultry products, finished pork products, feed, eggs and other inventories are stated at the lower of cost (average) 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.

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. The Company allocates meat costs between its various

finished pork products based on a by-product costing technique that allocates the cost of the whole pig into the primal cuts by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes legs, shoulders, bellies, offal and fifth quarter parts, which are carried in inventory at the estimated recoverable amounts, with the remaining amount being reflected as our loin meat cost.

The Company values its other prepared foods products, raw materials and packaging materials at the lower of weighted average cost and net realizable value. Work in progress is valued at the latest production cost (raw materials, packaging), finished goods are valued at the lower of the latest actual monthly production cost (raw materials, packaging and direct labor) and attributable overheads and net realizable value, and engineering spares and consumables are valued at cost with an appropriate provision for obsolete engineering spares consistent with historical practice.

Generally, the Company performs an evaluation of whether any lower of cost or market 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. The Company also records valuation adjustments, when necessary, 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 obsolescence, including significantly aged products, discontinued product lines, or damaged or obsolete products.

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.

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 26, 2021. 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 26, 2021.

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 18 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 years ended December 26, 2021 and December 27, 2020.

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, the U.K., the Republic of Ireland, France, the Netherlands, Luxembourg and Malta as of December 26, 2021 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 U.S. 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 26, 2021 and December 27, 2020.

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.

Business Combination Accounting

Pilgrim’s allocates the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. The Company uses all available information to estimate fair values. Pilgrim’s uses various models to determine the value of assets acquired and liabilities assumed such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles and discounted cash flow to value goodwill. The Company typically engages third-party valuation specialists to assist in the fair value determination of tangible long-lived assets and intangible assets other than goodwill. The fair value of acquired inventories is determined by extending physical counts of the inventories taken at or near the acquisition date to market pricing in effect for such inventories at or near the acquisition date. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, Pilgrim’s may engage third-party specialists to assist in the estimation of fair value for certain liabilities. The Company adjusts the preliminary acquisition accounting, as necessary,

typically up to one year after the acquisition closing date for those items that existed at the acquisition date and were provisionally accounted for at that time, as it obtains more information regarding asset valuations and liabilities assumed.

The Company’s acquisition accounting methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows and market multiple analyses. Unanticipated events or circumstances may occur which could affect the accuracy of the Company’s fair value estimates, including changes in assumptions regarding industry economic factors and business strategies. If actual results are materially different than the assumptions used to determine fair value of the assets and liabilities acquired through a business combination, it is possible that adjustments to the carrying values of such assets and liabilities will have an impact on the Company’s net earnings.

See “Note 2. Business Acquisitions” to the Consolidated Financial Statements for the acquisition-related information associated with significant acquisitions completed in the last three fiscal years.

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 loss 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.

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 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 Not Yet Adopted as of December 26, 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 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.

BUSINESS ACQUISITIONS

12 Months Ended

Dec. 26, 2021

Business Combinations [Abstract]

BUSINESS ACQUISITIONS

Pilgrim’s Food Masters

On September 24, 2021, the Company acquired 100.0% of the equity of the specialty meats and ready meals businesses of Kerry Group plc, collectively known as Pilgrim’s Food Masters (“PFM”), for cash of £695.3 million, or $954.1 million, subject to customary working capital adjustments. The acquisition was funded with the Company’s recent senior notes offering and borrowings under the credit facility. The acquisition solidifies Pilgrim’s as a leading European food company. The specialty meats business is a leading manufacturer of branded and private label meats, meat snacks and food-to-go products in the U.K. and the Republic of Ireland. The ready meals business is a leading ethnic chilled and frozen ready meals business in the U.K. The acquired operations are included in the Company’s U.K. and Europe reportable segment.

Transaction costs incurred in conjunction with the acquisition were approximately $18.4 million for the year ended December 26, 2021. 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 September 24, 2021 are included in the Company’s Consolidated Statements of Income. Net sales and net income generated by the acquired business during 2021 totaled $293.6 million and $2.3 million, respectively.

The assets acquired and liabilities assumed in the acquisition were measured at their estimated fair values as of September 24, 2021 as set forth below. The excess of the purchase price over the preliminary fair value of the identified net assets was recorded as goodwill in the Company’s U.K. and Europe reportable segment. The factors contributing to the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisition as well as the assembled workforce. Benefits include (1) complementary product offerings, (2) an enhanced footprint in the U.K. and the Republic of Ireland and (3) an enhanced position in the fast-growing plant-based protein, direct-to-consumer and hot food-to-go markets. The goodwill is not expected to be tax deductible for tax purposes. The initial accounting for this business combination is incomplete for certain intangible assets and property, plant and equipment as additional information is necessary to conclude on assumptions used to establish the estimated fair values. The amounts recognized in these financial statements for this business combination thus have been determined only provisionally. We are currently completing fair value assessments with the assistance of third-party valuation specialists. Any adjustments identified in the measurement period, which will not exceed one year from the acquisition date, will be accounted for prospectively. The cumulative effect of these adjustments will be recorded in the period of change.

The preliminary fair values recorded for the assets acquired and liabilities assumed for the acquisition are as follows (in thousands):


	Preliminary
Cash and cash equivalents	$	113
Trade accounts and other receivables	7,387
Inventories	60,341
Prepaid expenses and other current assets	1,727
Operating lease assets	14,648
Property, plant and equipment	247,133
Identified intangible assets	415,157
Other assets	335
Total assets acquired	746,841

Accounts payable	4,615
Other current liabilities	407
Operating lease liabilities	18,996
Deferred tax liabilities	114,701
Other long-term liabilities	2,612
Total liabilities assumed	141,331
Identified net assets	605,510
Goodwill	348,550
Total consideration transferred	$	954,060

The provisional valuation of identified intangible assets of $415.2 million consisted of: 1) trade names with indefinite lives of $214.0 million; 2) trade names of $36.8 million with useful lives ranging from 15 years to 20 years; and 3) customer and distributor relationships of $164.3 million with useful lives ranging from 15 years to 18 years.

The following unaudited pro forma information presents the combined financial results for the Company and PFM as if the acquisition had been completed at the beginning of 2020:


	2021		2020
	(In thousands, except per share amounts)
Net sales	$	15,442,724	$	13,023,345
Net income (loss) attributable to Pilgrim's Pride Corporation	19,519		104,607
Net income (loss) attributable to Pilgrim's Pride Corporation per common share - diluted	$	0.08	$	0.43

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 acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments include depreciation on the provisional values of acquired property, plant and equipment, amortization on the provisional values of acquired intangible assets, interest expense on debt issued to finance the acquisition, acquisition-related costs incurred by Pilgrim’s and its subsidiaries and the related income tax effect of these adjustments. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.

Randall Parker Foods Limited

On November 12, 2021, the Company acquired 100.0% of the equity of Randall Parker Foods Limited and its subsidiaries (together “RPF”) from several sellers for £10.0 million, or $13.4 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 include lamb processing and retail packaging operations and will connect the Company’s existing lamb supply chain, bringing its farmers and customers closer together. The RPF operations are included in the Company’s U.K. and Europe reportable segment.

The estimated fair values of the assets acquired and liabilities assumed are preliminary and we are currently completing our fair value assessment with the assistance of third-party valuation specialists. Any adjustments identified in the measurement period, which will not exceed one year from the acquisition date, will be accounting for prospectively.

Tulip Limited

On October 15, 2019, the Company acquired 100.0% of the equity of Tulip Limited and its subsidiaries (together “Tulip”) from Danish Crown AmbA for £311.3 million, or $393.3 million. The acquisition was funded with cash on hand. Tulip, which has subsequently changed its name to Pilgrim’s Pride Ltd. (“PPL”), is a leading, integrated prepared pork supplier headquartered in Warwick, U.K. The acquisition solidifies Pilgrim’s as a leading European food company, creating one of the largest integrated prepared foods businesses in the U.K. The PPL operations are included in the Company’s U.K. and Europe reportable segment.

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 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.

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. 26, 2021

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 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.

Disaggregated Revenue

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


	Year Ended December 26, 2021
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	7,264,448	$	898,614	$	459,371	$	491,446	$	9,113,879
U.K. and Europe	1,151,330		2,214,180		458,588		109,964		3,934,062
Mexico	1,515,453		128,208		—		85,856		1,729,517
Total net sales	9,931,231		3,241,002		917,959		687,266		14,777,458


	Year Ended December 27, 2020
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	6,137,264	$	714,563	$	306,478	$	337,712	$	7,496,017
U.K. and Europe	1,594,373		1,237,486		297,414		145,019		3,274,292
Mexico	1,210,952		66,572		—		44,068		1,321,592
Total	8,942,589		2,018,621		603,892		526,799		12,091,901

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

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 26, 2021 and December 27, 2020 were as follows:


	December 26, 2021		December 27, 2020
	(In thousands)
Balance, beginning of year	$	65,918	$	41,770
Revenue recognized	(60,764)		(32,816)
Cash received, excluding amounts recognized as revenue during the period	17,167		56,964
Balance, end of year	$	22,321	$	65,918

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

LEASES

12 Months Ended

Dec. 26, 2021

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 less than one year to 14 years, some of which may include options to extend the lease for up to ten years 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.


	For the Year Ended
	December 26, 2021		December 27, 2020
Operating lease cost(a)	$	93,024	$	90,887
Amortization of finance lease assets	745		436
Interest on finance leases	128		99
Short-term lease cost	63,588		64,410
Variable lease cost	4,490		3,839
Net lease cost	$	161,975	$	159,671

(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 26, 2021	December 27, 2020
Weighted-average remaining lease term (years):
Operating leases	6.07	5.44
Finance leases	5.32	3.69
Weighted-average discount rate:
Operating leases	3.92%	4.53%
Finance leases	3.32%	5.08%

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


	Year Ended
	December 26, 2021		December 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	77,113	$	91,254
Operating cash flows - finance leases	124		99
Financing cash flows - finance leases	76		486

Operating lease assets obtained in exchange for operating lease liabilities	$	144,028	$	60,776
Finance lease assets obtained in exchange for finance lease liabilities	3,527		—

Future minimum lease payments under noncancelable leases as of December 26, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2022	$	102,390	$	1,064
2023	75,822		1,057
2024	60,196		908
2025	46,991		563
2026	34,034		554
Thereafter	71,230		779
Total future minimum lease payments	390,663		4,925
Less: imputed interest	(36,350)		(377)
Present value of lease liabilities	$	354,313	$	4,548

Lease liabilities are included in our Consolidated Balance Sheets as follows (in thousands):


	December 26, 2021				December 27, 2020
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	82,947	$	—	$	71,592	$	—
Current maturities of long-term debt	—		930		—		420
Noncurrent operating lease liability, less current maturities	271,366		—		217,432		—
Long-term debt, less current maturities	—		3,618		—		1,244
Total lease liabilities	$	354,313	$	4,548	$	289,024	$	1,664

LEASES


	For the Year Ended
	December 26, 2021		December 27, 2020
Operating lease cost(a)	$	93,024	$	90,887
Amortization of finance lease assets	745		436
Interest on finance leases	128		99
Short-term lease cost	63,588		64,410
Variable lease cost	4,490		3,839
Net lease cost	$	161,975	$	159,671

(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 26, 2021	December 27, 2020
Weighted-average remaining lease term (years):
Operating leases	6.07	5.44
Finance leases	5.32	3.69
Weighted-average discount rate:
Operating leases	3.92%	4.53%
Finance leases	3.32%	5.08%

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


	Year Ended
	December 26, 2021		December 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	77,113	$	91,254
Operating cash flows - finance leases	124		99
Financing cash flows - finance leases	76		486

Operating lease assets obtained in exchange for operating lease liabilities	$	144,028	$	60,776
Finance lease assets obtained in exchange for finance lease liabilities	3,527		—

Future minimum lease payments under noncancelable leases as of December 26, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2022	$	102,390	$	1,064
2023	75,822		1,057
2024	60,196		908
2025	46,991		563
2026	34,034		554
Thereafter	71,230		779
Total future minimum lease payments	390,663		4,925
Less: imputed interest	(36,350)		(377)
Present value of lease liabilities	$	354,313	$	4,548

Lease liabilities are included in our Consolidated Balance Sheets as follows (in thousands):


	December 26, 2021				December 27, 2020
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	82,947	$	—	$	71,592	$	—
Current maturities of long-term debt	—		930		—		420
Noncurrent operating lease liability, less current maturities	271,366		—		217,432		—
Long-term debt, less current maturities	—		3,618		—		1,244
Total lease liabilities	$	354,313	$	4,548	$	289,024	$	1,664

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 26, 2021

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, the Netherlands and the Republic of Ireland. 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.

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 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 Consolidated Statements of Income within Net sales, Cost of sales, Selling, general and administrative expense, or Foreign currency transaction losses (gains) 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 Consolidated Statements of Income. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction losses (gains) and Cost of sales in the 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 loss (“AOCL”). When the derivative financial instruments are settled, the amount in AOCL is then reclassified to earnings. Gains or losses related to these derivative financial instruments are included in the line items Net sales and Cost of sales in the 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 AOCL. Upon settlement of the derivative instrument, the amount in AOCL 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.

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


	December 26, 2021			December 27, 2020
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	17,567		$	24,059
Commodity derivative liabilities	(14,119)			(6,531)
Foreign currency derivative assets	518			2,204
Foreign currency derivative liabilities	(4,958)			(428)
Interest rate swap derivative liabilities	(98)			(640)
Sales contract derivative liabilities	(12,691)			—
Cash collateral posted with brokers(a)	22,459			782
Derivatives Coverage(b):
Corn	6.6		%	16.0		%
Soybean meal	11.8		%	24.0		%
Period through which stated percent of needs are covered:
Corn	December 2022			December 2021
Soybean meal	December 2022			December 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:


Losses (Gains) by Type of Contract (a)	December 26, 2021		December 27, 2020		December 29, 2019		Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)	$	12,806	$	(6,637)	$	(17,839)	Foreign currency transaction (gains) losses
Commodity derivative gain (loss)	50,404		47,554		(12,306)		Cost of sales
Sales contract derivative loss	(12,691)		(209)		—		Net sales
Total	$	50,519	$	40,708	$	(30,145)

(a)Amounts in parentheses represent income (expenses) related to results of operations.

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
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Foreign currency derivatives	$	471	$	4,514	$	(2,052)
Interest rate swap derivatives	(88)		(850)		—
Total	$	383	$	3,664	$	(2,052)


	December 26, 2021						December 27, 2020
	Net sales(a)		Cost of sales(b)		Interest expense, net of capitalized interest(b)		Net sales(a)		Cost of sales(b)		Interest expense, net of capitalized interest(b)
	(In thousands)
Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	14,777,458	$	13,411,631	$	145,792	$	12,091,901	$	11,253,705	$	126,118
Impact from cash flow hedging instruments:
Interest rates swaps	—		—		631		—		—		209
Foreign currency contracts	1,372		(55)		—		(2,143)		—		—

(a) Amounts in parentheses represent income (expenses) related to net sales.

(b) Amounts in parentheses represent (income) expenses related to cost of sales and interest expense.

As of December 26, 2021, the pre-tax deferred net losses on derivatives recorded in AOCL that are expected to be reclassified to profit or loss during the next twelve months are $0.9 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 losses to earnings.

At December 26, 2021, the pre-tax deferred net losses on interest rate swap derivatives recorded in AOCL that are expected to be reclassified to profit or loss during the next twelve months are $0.1 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. 26, 2021

Accounts Receivable, after Allowance for Credit Loss [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

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


	December 26, 2021		December 27, 2020
	(In thousands)
Trade accounts receivable	$	947,697	$	691,499
Notes receivable	18,697		25,712
Other receivables	56,716		31,954
Receivables, gross	1,023,110		749,165
Allowance for credit losses	(9,673)		(7,173)
Receivables, net	$	1,013,437	$	741,992

Accounts receivable from related parties(a)	$	1,345	$	1,084

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

INVENTORIES

12 Months Ended

Dec. 26, 2021

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	December 26, 2021		December 27, 2020
	(In thousands)
Raw materials and work-in-process	$	1,044,739	$	868,369
Finished products	379,705		356,052
Operating supplies	76,590		66,495
Maintenance materials and parts	74,624		67,877
Total inventories	$	1,575,658	$	1,358,793

INVESTMENTS IN SECURITIES

12 Months Ended

Dec. 26, 2021

Investments, Debt and Equity Securities [Abstract]

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:

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


	December 26, 2021				December 27, 2020
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Fixed income securities	$	48,851	$	48,851	$	178,677	$	178,677

Gross realized gains during 2021 and 2020 related to the Company’s available-for-sale securities totaled $5.4 million and $5.8 million, respectively, while gross realized losses were immaterial. Proceeds received from the sale or maturity of available-for-sale securities investments 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 2021 and 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 2021 and 2020 are disclosed in “Note 14. Stockholders’ Equity.”

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 26, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by reportable segment for the years ended December 26, 2021 and December 27, 2020 were as follows:


	December 27, 2020		Additions		Currency Translation		December 26, 2021
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	835,505		350,364		(18,357)		1,167,512
Mexico	127,804		—		—		127,804
Total	$	1,005,245	$	350,364	$	(18,357)	$	1,337,252


	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

Identified intangible assets consisted of the following:


	December 27, 2020		Additions		Amortization		Currency Translation		December 26, 2021
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	405,240	$	214,047	$	—	$	(9,574)	$	609,713
Trade names subject to amortization	78,343		36,825		—		(900)		114,268
Customer relationships	297,062		164,285		—		(5,888)		455,459
Non-compete agreements	320		—		—		—		320
Accumulated amortization:
Trade names	(47,486)		—		(2,409)		(6)		(49,901)
Customer relationships	(143,246)		—		(23,963)		913		(166,296)
Non-compete agreements	(320)		—		—		—		(320)
Total	$	589,913	$	415,157	$	(26,372)	$	(15,455)	$	963,243


	December 29, 2019		Additions		Amortization		Currency Translation		December 27, 2020
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	391,431	$	—	$	—	$	13,809	$	405,240
Trade names subject to amortization	78,343		—		—		—		78,343
Customer relationships	292,278		—		—		4,784		297,062
Non-compete agreements	320		—		—		—		320
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

For additional information regarding the additions in above tables, refer to “Note 2. Business Acquisitions.”

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


Customer relationships			3-18 years
Trade names subject to amortization			15-20 years
Non-compete agreements			3 years

The Company recognized amortization expense related to identified intangible assets of $26.4 million in 2021, $22.7 million in 2020 and $22.9 million in 2019.

The Company expects to recognize amortization expense associated with identified intangible assets of $35.4 million in 2022, $34.3 million in 2023, $33.3 million in 2024 and $33.3 million in 2025, and $31.3 million in 2026.

As of December 26, 2021, the Company assessed qualitative factors to determine if it was necessary to perform quantitative impairment tests related to the carrying amounts of its goodwill or its identified intangible assets not subject to amortization. Based on these assessments, the Company determined that it was not necessary to perform quantitative impairment tests related to the carrying amount of its goodwill nor its identified intangible assets not subject to amortization at that date.

As of December 26, 2021, 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. 26, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	December 26, 2021		December 27, 2020
	(In thousands)
Land	$	260,079	$	255,171
Buildings	2,043,034		1,983,823
Machinery and equipment	3,594,482		3,230,199
Autos and trucks	76,710		73,647
Finance lease assets	5,710		2,182
Construction-in-progress	229,837		199,161
PP&E, gross	6,209,852		5,744,183
Accumulated depreciation	(3,292,046)		(3,086,692)
PP&E, net	$	2,917,806	$	2,657,491

The Company recognized depreciation expense of $354.4 million, $314.4 million and $264.3 million during 2021, 2020 and 2019, respectively.

During 2021, the Company spent $381.7 million on capital projects and transferred $421.9 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during 2021 to improve operational efficiencies and reduce costs. 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.

During 2021, the Company sold certain PP&E for $24.7 million and recognized a gain of $1.5 million. PP&E sold in 2021 consisted of a broiler farm in Mexico, two processing plants within the U.K. and other miscellaneous equipment. 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.

The Company has closed or idled various facilities in the U.S. and the U.K. The Board of Directors has not 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 26, 2021, the carrying amount of these idled assets was $40.2 million based on depreciable value of $205.5 million and accumulated depreciation of $165.3 million. During 2021, the Company recognized an impairment loss of $3.8 million incurred as a result of a tornado in Mayfield, Kentucky in December 2021 that significantly damaged two hatcheries and a feed mill.

As of December 26, 2021, 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. 26, 2021

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 26, 2021		December 27, 2020
	(In thousands)
Accounts payable:
Trade accounts	$	1,273,297	$	904,674
Book overdrafts	77,139		106,435
Other payables	27,641		17,601
Total accounts payable	1,378,077		1,028,710
Accounts payable to related parties(a)	22,317		9,650
Revenue contract liabilities(b)	22,321		65,918
Accrued expenses and other current liabilities:
Compensation and benefits	224,368		189,767
Litigation settlements	172,440		75,000
Current maturities of operating lease liabilities(c)	82,947		71,592
Taxes	68,163		67,812
Insurance and self-insured claims	64,697		61,212
Accrued sales rebates	35,613		44,708
Interest and debt-related fees	31,810		29,559
Derivative liabilities(d)	31,866		7,599
DOJ agreement	—		110,524
Other accrued expenses	147,981		150,074
Total accrued expenses and other current liabilities	859,885		807,847
Total current liabilities	$	2,282,600	$	1,912,125

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

INCOME TAXES

12 Months Ended

Dec. 26, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
U.S.	$	(141,940)	$	(27,095)	$	342,110
Foreign	234,330		188,920		275,435
Total	$	92,390	$	161,825	$	617,545

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Current:
Federal	$	22,591	$	(8,800)	$	27,585
Foreign	115,772		28,985		78,099
State and other	9,150		9,234		12,847
Total current	147,513		29,419		118,531
Deferred:
Federal	(52,147)		13,864		51,387
Foreign	(16,225)		19,622		(18,596)
State and other	(18,019)		3,850		9,687
Total deferred	(86,391)		37,336		42,478
	$	61,122	$	66,755	$	161,009

The effective tax rate for 2021 was 66.2% compared to 41.2% for 2020 and 26.1% for 2019.

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	(4.5)		6.7		3.0

Global intangible low-taxed income	—		(7.3)		1.5
DOJ agreement	—		14.3		—
Intercompany financing	(14.1)		(9.5)		(1.6)
Permanent items	1.7		1.2		(1.6)
Difference in U.S. statutory tax rate and foreign country effective tax rate	22.3		5.4		2.1
Rate change	26.6		5.2		(0.1)
Foreign currency translation	10.6		3.0		(0.6)
Tax credits	(4.1)		(1.4)		(0.7)
Change in reserve for unrecognized tax benefits	7.3		0.3		2.7
Change in valuation allowance	(0.2)		1.2		0.1
Other	(0.4)		1.1		0.3
Total	66.2	%	41.2	%	26.1	%

Included in the change in reserve for unrecognized tax benefits is an increase of 7.0% in the effective tax rate related to interest deductions in the U.K. for tax years 2017 through 2021. The amount was recorded during the year ended December 26, 2021. 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 26, 2021		December 27, 2020
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	518,641	$	376,917
Inventories	26,590		116,226
Insurance claims and losses	33,416		32,679
Incentive compensation	11,444		16,204
Operating lease assets	88,028		65,906
Other	11,373		26,968
Total deferred tax liabilities	689,492		634,900
Deferred tax assets:
U.S. net operating losses	2,693		3,034
Foreign net operating losses	53,227		56,213
Credit carry forwards	19,026		15,223
Allowance for credit losses	6,996		4,005
Accrued liabilities	103,482		94,769
Workers’ compensation	37,681		36,759
Pension and other postretirement benefits	28,083		35,899
Operating lease liabilities	88,028		65,906
Other	10,666		21,640
Total deferred tax assets	349,882		333,448
Valuation allowance	(24,261)		(32,908)
Net deferred tax assets	325,621		300,540
Net deferred tax liabilities	$	363,871	$	334,360

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 26, 2021, 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 26, 2021, the Company’s valuation allowance is $24.3 million, of which $7.0 million relates to Moy Park operations, $4.5 million relates to PPL operations, $0.1 million relates to Mexico operations, $11.8 million relates to U.S. foreign tax credits and $0.9 million relates to state net operating losses.

As of December 26, 2021, the Company had state net operating loss carry forwards of approximately $76.8 million that begin to expire in 2022. The Company also had Mexico net operating loss carry forwards as of December 26, 2021 of approximately $1.7 million that begin to expire in 2028. The Company also had U.K. net operating loss carry forwards as of December 26, 2021 of approximately $250.1 million that may be carried forward indefinitely.

As of December 26, 2021, the Company had approximately $6.1 million of state tax credit carry forwards that begin to expire in 2022.

For the year ended December 26, 2021 and year ended December 27, 2020, there is a tax effect of $(8.2) million and $6.9 million, respectively, reflected in other comprehensive income.

For the years ended December 26, 2021 and 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. See “Note 1. Business and Summary of Significant Accounting Policies” for additional information.

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


	December 26, 2021		December 27, 2020
	(In thousands)
Unrecognized tax benefits, beginning of year	$	13,271	$	12,776
Increase as a result of tax positions taken during the current year	6,472		—
Increase as a result of tax positions taken during prior years	1,156		731

Decrease for lapse in statute of limitations	(657)		(236)

Unrecognized tax benefits, end of year	$	20,242	$	13,271

Included in unrecognized tax benefits of $20.2 million as of December 26, 2021, was $7.4 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 26, 2021, the Company had recorded a liability of $3.2 million for interest and penalties. During 2021, accrued interest and penalty amounts related to uncertain tax positions increased by $0.4 million.

The Company operates in the U.S. (including multiple state jurisdictions), Puerto Rico and several foreign locations including Mexico, the U.K. and the Republic of Ireland. With few exceptions, the Company is no longer subject to examinations by taxing authorities for years prior to 2017 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 USA Holdings 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 has a tax sharing agreement with JBS USA Holdings effective for tax years beginning 2010. The net tax payable for year 2021 of $2.0 million was accrued in 2021 as a capital distribution 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 Pilgrim’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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

DEBT

12 Months Ended

Dec. 26, 2021

Debt Disclosure [Abstract]

DEBT

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


	Maturity	December 26, 2021		December 27, 2020
		(In thousands)
Senior notes payable, net of discount of 3.50%	2032	$	900,000	$	—
Senior notes payable, net of discount of 4.25%	2031	990,691		—
Senior notes payable, net of discount at 5.875%	2027	845,866		845,149
Senior notes payable, net of premium and discount at 5.75%	2025	—		1,001,693
Fifth Amended and Restated U.S. Credit Facility (defined below)
Term note payable at 1.33%	2026	506,250		—
Revolving note payable at 3.50%	2026	—		—
Fourth Amended and Restated U.S. Credit Facility (defined below)
Term note payable at 1.33%	2023	—		450,000
Revolving note payable at 3.50%	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	3		38
Finance lease obligations	Various	4,548		1,664
Long-term debt		3,247,358		2,298,544
Less: Current maturities of long-term debt		(26,246)		(25,455)
Long-term debt, less current maturities		3,221,112		2,273,089
Less: Capitalized financing costs		(29,951)		(17,543)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,191,161	$	2,255,546

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 April 8, 2021, the Company announced the early tender results in connection with its previously announced offer to purchase for cash any and all of the $1.0 billion aggregate principal amount of the Senior Notes due 2025. Outstanding principal totaling $896.1 million, representing 89.6% of the Senior Notes due 2025, was validly tendered. On April 14, 2021, the Company redeemed $103.9 million, which represented the remaining outstanding principal balance of the Senior Notes due 2025. Tender and call premium of $21.3 million, capitalized financing costs of $4.6 million, remaining original issue premium of $2.6 million from the add-on offering in September 2017 and remaining original issue discount of $1.1 million from the add-on offering in March 2018 were recognized in earnings during the second quarter of 2021.

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.

On April 8, 2021, the Company completed a sale of $1.0 billion aggregate principal amount of its 4.25% sustainability-linked senior notes due 2031 (“Senior Notes due 2031”). The Company used the net proceeds, together with cash on hand, to redeem the Senior Notes due 2025. The issuance price of this offering was 98.994%, which created gross proceeds of $989.9 million. The $10.1 million discount will be amortized over the remaining life of the Senior Notes due 2031. Each issuance of the Senior Notes due 2031 is treated as a single class for all purposes under the April 2021 Indenture (defined below) and have the same terms.

The Senior Notes due 2031 are governed by, and were issued pursuant to, an indenture dated as of April 8, 2021 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “April 2021 Indenture”). The April 2021 Indenture provides, among other things, that the Senior Notes due 2031 bear interest at a rate of 4.25% per annum payable semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. From and including October 15, 2026, the interest rate payable on the notes shall be increased to 4.50% per annum unless the Company has notified the trustee at least 30 days prior to October 15, 2026 that in respect of the year ended December 31, 2025, (1) the Company’s greenhouse gas emissions intensity reduction target of 17.679% by December 31, 2025 from a 2019 baseline (the “Sustainability Performance Target”) has been satisfied and (2) the satisfaction of the Sustainability Performance Target has been confirmed by a qualified provider of third-party assurance or attestation services appointed by the Company to review the Company’s statement of the greenhouse gas emissions intensity in accordance with its customary procedures.

On September 2, 2021, the Company completed a sale of $900.0 million in aggregate principal amount of its 3.50% senior notes due 2032 (“Senior Notes due 2032”). The Company used the proceeds, together with borrowings under the delayed draw term loan under its U.S. Credit Facility, to finance the Kerry Meats and Meals Acquisition and to pay related fees and expenses. Each issuance of the Senior Notes due 2032 is treated as a single class for all purposes under the September 2021 Indenture (defined below) and have the same terms.

The Senior Notes due 2032 are governed by, and were issued pursuant to, an indenture dated as of September 2, 2021 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “September 2021 Indenture”). The September 2021 Indenture provides, among other things, that the Senior Notes due 2032 bear interest at a rate of 3.50% per annum payable semi-annually on March 1 and September 1 of each year, beginning on March 1, 2022.

The Senior Notes due 2025, the Senior Notes due 2027, the Senior Notes due 2031 and the Senior Notes due 2032 were and 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 2027 and the Senior Notes due 2031. The Senior Notes due 2025, the Senior Notes due 2027, the Senior Notes due 2031 and the Senior Notes due 2032 and related guarantees were and 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 2027, the 2017 Indenture, the Senior Notes due 2031, the April 2021 Indenture, the Senior Notes due 2032 and the September 2021 Indenture also contain customary covenants and events of default, including failure to pay principal or interest on the Senior Notes due 2027, the Senior Notes due 2031 and the Senior Notes due 2032, 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 “Fourth U.S. Credit Facility”) with CoBank, ACB, as administrative agent and collateral agent, and the other lenders party thereto. The Fourth 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. On August 9, 2021, the Company refinanced the Fourth U.S. Credit Facility resulting in

a loss on early extinguishment of debt of $400 thousand from capitalized loan costs recognized as component of interest expense.

On August 9, 2021, the Company, and certain of the Company’s subsidiaries refinanced the Fourth U.S. Credit Facility, entering into a Fifth Amended and Restated Credit Agreement (the “Fifth U.S. Credit Facility”) with CoBank, ACB, as administrative agent and collateral agent, and the other lenders party thereto. The Fifth U.S. Credit Facility provides for an $800.0 million revolving credit commitment and a term loan commitment of up to $700.0 million (the “New Term Loans”), with outstanding borrowings of $506.3 million and a delayed draw commitment of $193.7 million for up to six months from the effective date. The Company used the proceeds of the New Term Loans for refinancing the Fourth U.S. Credit Facility maturing on July 20, 2023, to pay the fees and expenses incurred in connection with the transaction and for general corporate purposes. On February 8, 2022, the Company borrowed the remaining $193.7 million of the delayed draw commitment on the New Term Loans.

The Fifth U.S. Credit Facility includes an incremental commitment and loan feature that allows the Company, subject to certain conditions, to increase the aggregate revolving loan and term loan commitments. The aggregate amount of incremental commitments and loans shall not exceed the sum of $500.0 million plus the maximum amount that would result in a senior secured leverage ratio, on a pro-forma basis, of not more than 3.00 to 1.00.

The revolving loan commitment under the Fifth U.S. Credit Facility matures on August 9, 2026. All principal on the New Term Loans is due at maturity on August 9, 2026. Installments of principal are required to be made, in an amount equal to 1.25% of the original principal amount of the New Term Loans, on a quarterly basis prior to the maturity date of the New Term Loans. As of December 26, 2021, the Company had outstanding letters of credit and available borrowings under the revolving credit commitment of $36.1 million and $763.9 million, respectively.

The Fifth U.S. Credit Facility includes an $80.0 million sub-limit for swingline loans and a $125.0 million sub-limit for letters of credit. Outstanding borrowings under the revolving loan commitment and the New Term Loans bear interest at a per annum rate, based on Company's senior secured net leverage ratio, equal to (1) in the case of LIBOR loans, between LIBOR plus 1.25% and LIBOR plus 2.75% and (2) in the case of base rate loans, between the base rate plus 0.25% and the base rate plus 1.75%.

The Fifth 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 Fifth U.S. Credit Facility requires the Company to comply with a minimum net leverage ratio and a minimum interest coverage ratio.

All obligations under the Fifth U.S. Credit Facility continue to be secured by first priority liens on (1) all present and future personal property of the Company, and certain of the Company’s subsidiaries and the guarantors, including all material domestic and first-tier direct foreign subsidiaries, (2) all present and future shares of capital stock of the borrowers and guarantors, and (3) substantially all of the present and future assets of the Company and the guarantors under the Fifth U.S. Credit Facility. The Company is currently in compliance with the covenants under the Fifth 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 26, 2021, the U.S. dollar-equivalent loan commitment and borrowing availability were both $134.1 million. As of December 26, 2021, 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. As of December 31, 2021, banks in Europe are no longer using LIBOR as the reference rate. They are now using the Sterling Overnight Interbank Average rate.

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 1.5%. 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 26, 2021, the U.S. dollar-equivalent of the loan commitment under the Mexico Credit Facility is $72.8 million. As of December 26, 2021, there were no outstanding borrowings under the Mexico Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 26, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss during 2021 and 2020:


	2021
	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	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)
Other comprehensive income (loss) before reclassifications	(55,541)		405		27,598		—		(27,538)
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,594)		1,740		—		146
Currency translation	—		15		—		—		15
Net current year other comprehensive income (loss)	(55,541)		(1,174)		29,338		—		(27,377)
Balance, end of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)


	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)


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2021		2020
	(In thousands)
Realized gain on settlement of foreign currency derivatives classified as cash flow hedges	$	1,359	$	2,987	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	709		(114)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(631)		(209)		Interest expense, net of capitalized interest
Realized gain on sale of securities	—		73		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(2,278)		(1,503)		Miscellaneous, net
Total before tax	(841)		1,234
Tax expense	695		357
Total reclassification for the period	$	(146)	$	1,591

(a) Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the 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.”

Preferred Stock

The Company has authorized 50,000,000 shares of $0.01 par value preferred stock, although no shares have been issued and no shares are outstanding.

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 repurchased shares through open market purchase. As of December 26, 2021, the Company 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. This program expired on February 16, 2021.

Restrictions on Dividends

Both the Fifth U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, Moy Park’s Bank of Ireland 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS

12 Months Ended

Dec. 26, 2021

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 $19.2 million, $17.4 million and $19.0 million in 2021, 2020 and 2019, respectively.

The Company used a year-end measurement date of December 26, 2021 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
	2021		2020		2021		2020
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of year	$	404,194	$	369,066	$	1,593	$	1,527

Interest cost	5,763		8,102		18		36
Actuarial losses (gains)	(14,535)		38,822		(33)		90
Benefits paid	(13,483)		(13,745)		—		—
Curtailments and settlements	(6,714)		(8,226)		(232)		(60)
Prior service cost	—		20		—		—
Currency translation loss (gain)	(2,163)		10,155		—		—
Projected benefit obligation, end of year	$	373,062	$	404,194	$	1,346	$	1,593


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of year	$	305,983	$	294,589	$	—	$	—
Actual return on plan assets	29,126		12,672		—		—
Contributions by employer	14,393		14,774		232		60
Benefits paid	(13,483)		(13,745)		—		—
Curtailments and settlements	(6,714)		(8,226)		(232)		(60)
Expenses paid from assets	(425)		(715)		—		—
Currency translation gain (loss)	(2,471)		6,634		—		—
Fair value of plan assets, end of year	$	326,409	$	305,983	$	—	$	—


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Funded status:	(In thousands)
Unfunded benefit obligation, end of year	$	(46,653)	$	(98,211)	$	(1,346)	$	(1,593)


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Amounts recognized in the Consolidated Balance Sheets as of end of year:	(In thousands)
Current liabilities	$	(6,063)	$	(7,510)	$	(157)	$	(169)
Long-term liabilities	(40,590)		(90,701)		(1,189)		(1,424)
Recognized liabilities	$	(46,653)	$	(98,211)	$	(1,346)	$	(1,593)


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Amounts recognized in accumulated other comprehensive loss at end of year:	(In thousands)
Net actuarial loss	$	58,143	$	95,522	$	118	$	174

The accumulated benefit obligation for the Company’s defined benefit pension plans was $373.1 million and $404.2 million as of December 26, 2021 and December 27, 2020, 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 26, 2021 and December 27, 2020. As of December 26, 2021, the weighted average duration of our defined benefit obligation is 18.1 years.

Net Periodic Benefit Costs

Net benefit costs include the following components:


	Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019
	(In thousands)
Interest cost	$	5,763	$	8,102	$	6,673	$	18	$	36	$	52
Estimated return on plan assets	(10,562)		(13,071)		(6,921)		—		—		—

Settlement loss	2,313		3,371		3,538		21		7		7
Expenses paid from assets	425		735		(62)		—		—		—
Amortization of net loss	2,257		1,503		1,313		2		—		—
Amortization of past service cost	19		—		—		—		—		—
Net cost	$	215	$	640	$	4,541	$	41	$	43	$	59

Economic Assumptions

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


	Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019
Benefit obligation:
Discount rate	2.23	%	1.83	%	2.56	%	2.38	%	1.80	%	2.77	%

Net pension and other postretirement cost:
Discount rate	2.08	%	2.16	%	3.10	%	1.80	%	2.77	%	4.07	%

Expected return on plan assets	3.53	%	4.34	%	4.62	%	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 discount rate assumptions used to determine future pension obligations at December 26, 2021 and December 27, 2020 were based on Prudential Financial, Inc.’s (“Prudential”) Pru Above Mean yield curve, which was designed by Prudential to provide a means for plan sponsors to value the liabilities of their postretirement benefit plans. The Pru Above Mean yield curve represents a series of annual discount rates from bonds with an AA minimum average credit quality rating as rated by Moody’s Investor Service, Standard & Poor’s and Fitch Ratings. 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. The discount rate assumptions used to determine future pension obligations for the U.K. pension plans at December 26, 2021 and December 27, 2020 were based on corporate bond spot yield curves provided by Merrill Lynch. Merrill Lynch bases this calculation entirely on AA1-AA3 rated bonds. 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. As of December 26, 2021 and December 27, 2020, the U.S. pension and other postretirement benefit plans used variations of the Pri-2012 mortality table. The MP-2021 and MP-2020 mortality improvement scales were used for 2021 and 2020, respectively. As of December 26, 2021 and December 27, 2020, the U.K. pension plans used variations of the AxC00 mortality table in combination with the CMI_2020 Sk=7.5 and CMI_2019 Sk=7.5 mortality improvement scales for 2021 and 2020, respectively, for pre-retirement employees and the S3PMA mortality table in combination with the CMI_2020 Sk=7.5 and CMI_2019 Sk=7.5 mortality improvement scales for 2021 and 2020, respectively, for postretirement employees.

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	$	(9,986)	$	10,513

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:


	2021		2020
Cash and cash equivalents	2	%	1	%
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	19	%	20	%
Fixed income securities	12	%	13	%
Real estate	1	%	1	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	37	%	35	%
Fixed income funds	19	%	20	%
Real estate	6	%	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 equity-linked liability driven investments, 11% in liability driven investments, 36% in equity securities, 15% in cash 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 26, 2021 and December 27, 2020:


	2021								2020
	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	$	6,166	$	—	$	—	$	6,166	$	1,487	$	—	$	—	$	1,487
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		2,595		—		2,595		—		3,100		—		3,100
Small/Mid U.S. equity funds(e)	—		1,338		—		1,338		—		392		—		392
International equity funds(f)	—		1,954		—		1,954		—		1,874		—		1,874
Fixed income funds(g)	—		5,186		—		5,186		—		5,365		—		5,365
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		31,960		—		31,960		—		29,602		—		29,602
Small/Mid U.S. equity funds(e)	—		16,232		—		16,232		—		17,569		—		17,569
International equity funds(f)	—		15,710		—		15,710		—		16,320		—		16,320
Fixed income funds(g)	—		40,470		—		40,470		—		38,944		—		38,944
Real estate(h)	—		5,405		—		5,405		—		5,677		—		5,677
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		47,995		—		47,995		—		39,002		—		39,002
International equity funds(f)	—		71,883		—		71,883		—		69,251		—		69,251
Fixed income funds(e)	—		60,914		—		60,914		—		60,212		—		60,212
Real estate(h)	—		18,601		—		18,601		—		17,188		—		17,188
Total assets	$	6,166	$	320,243	$	—	$	326,409	$	1,487	$	304,496	$	—	$	305,983

(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 26, 2021 expected to be paid through 2031 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)
2022	$	26,660	$	157
2023	17,491		150
2024	17,436		143
2025	17,180		135
2026	17,070		126
2027-2031	83,247		485
Total	$	179,084	$	1,196

As required by funding regulations or laws, the Company anticipates contributing $6.2 million and less than $0.2 million to its pension and other postretirement plans, respectively, during 2022.

Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss

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
	2021		2020		2019		2021		2020		2019
	(In thousands)
Net actuarial loss (gain), beginning of year	$	95,522	$	58,239	$	54,343	$	174	$	91	$	(34)
Amortization	(2,276)		(1,503)		(1,313)		(2)		—		—
Settlement adjustments	(2,313)		(3,371)		(3,538)		(21)		(7)		(7)
Actuarial loss (gain)	(14,535)		38,822		20,729		(33)		90		132
Asset loss (gain)	(18,563)		400		(11,982)		—		—		—
Net prior service cost	—		378		—		—		—		—
Currency translation loss	308		2,557		—		—		—		—
Net actuarial loss, end of year	$	58,143	$	95,522	$	58,239	$	118	$	174	$	91

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 $17.0 million, $14.1 million and $13.7 million in 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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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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+ Details

INCENTIVE COMPENSATION

12 Months Ended

Dec. 26, 2021

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 26, 2021, the Company has accrued $45.4 million, $30.0 thousand and $7.0 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 26, 2021, we have in reserve approximately 1.1 million shares of common stock for future issuance under the 2019 LTIP.

The following awards were outstanding during 2021:

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

—

(51,491)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(b)

Stock

217,253

(53,376)

(83,527)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(c)

Cash

$27.55

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

(198,103)

2009 LTIP

RSU

1/7/2019

$16.47

Performance/Service

(f)

Cash

$27.55

109,654

13,705

—

2009 LTIP

RSU

5/24/2019

$27.86

Service

(d)

Stock

11,170

—

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(g)

Stock

195,149

115,676

(66,930)

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(h)

Cash

$27.55

121,310

71,573

—

2019 LTIP

RSU

4/29/2020

$22.01

Service

(d)

Stock

13,630

—

2019 LTIP

RSU

1/8/2021

$19.73

Service

(i)

Stock

95,000

—

2019 LTIP

RSU

1/8/2021

$19.73

Service

(j)

Cash

$27.55

50,000

—

2019 LTIP

RSU

1/8/2021

$19.73

Performance/Service

(k)

Stock

300,000

—

2019 LTIP

RSU

1/8/2021

$19.73

Performance/Service

(l)

Cash

$27.55

100,000

—

2019 LTIP

RSU

2/10/2021

$22.96

Performance/Service

(m)

Stock

307,986

—

(35,558)

2019 LTIP

RSU

2/10/2021

$22.96

Performance/Service

(n)

Cash

$27.55

208,117

—

2019 LTIP

RSU

3/15/2021

$25.45

Performance/Service

(o)

Stock

27,350

—

2019 LTIP

RSU

4/28/2021

$24.69

Service

(d)

Stock

14,586

—

2019 LTIP

RSU

5/3/2021

$23.81

Service

(p)

Stock

31,500

—

2019 LTIP

RSU

8/16/2021

$27.46

Performance/Service

(q)

Stock

5,470

—

(a) The restricted stock units vest in ratable tranches on December 31, 2018, December 31, 2019 and December 31, 2020. 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 vested or will vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Performance target achievement was 65%. 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 vested or will vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Performance target achievement was 65%. Expected compensation cost related to these units totals $0.9 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. 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 or her departure from the Company’s Board of Directors. Compensation cost was recognized in profit/loss upon the grant date.

(e) The restricted stock units vested or will vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Performance target achievement was 112.5%. Expected compensation cost related to these units totals $4.9 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. Performance target achievement was 112.5%. Expected compensation cost related to these units totals $3.5 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(g) The restricted stock units will vest in ratable tranches on December 31, 2021, December 31, 2022 and December 31, 2023. Performance target achievement was 159%. Expected compensation cost related to these units totals $2.7 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.

(h) The restricted stock units will vest in ratable tranches on December 31, 2021, December 31, 2022 and December 31, 2023. Performance target achievement was 159%. Expected compensation cost related to these units totals $5.5 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(i) The restricted stock units will vest in ratable tranches on July 1, 2022, July 1, 2023 and July 1, 2024. Expected compensation cost related to these units totals $1.9 million based on a closing stock price for the Company’s common stock of $19.73 per share on January 8, 2020. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(j) The restricted stock units will vest in ratable tranches on July 1, 2022, July 1, 2023 and July 1, 2024. Expected compensation cost related to these units totals $1.4 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(k) If performance conditions related to the Company’s 2021-2023 cash flows are satisfied, the restricted stock units will vest in ratable tranches on July 1, 2024, July 1, 2025 and July 1, 2026. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $5.9 million based on a closing stock price for the Company’s common stock of $19.73 per share on January 8, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(l) If performance conditions related to the Company’s 2021-2023 cash flows are satisfied, the restricted stock units will vest in ratable tranches on July 1, 2024, July 1, 2025 and July 1, 2026. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $2.9 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(m) If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $7.1 million based on a closing stock price for the Company’s common stock of $22.96 per share on February 10, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(n) If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $7.1 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(o) If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $0.7 million based on a closing stock price for the Company’s common stock of $25.45 per share on March 15, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(p) The restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Expected compensation cost related to these units totals $0.8 million based on a closing stock price for the Company’s common stock of $23.81 per share on May 3, 2021. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(q) If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $0.2 million based on a closing stock price for the Company’s common stock of $27.46 per share on August 16, 2021. 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:


	2021		2020		2019
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	3,209	$	838	$	461
Selling, general and administrative expense	7,420		1,938		9,671
Total cost	10,629		2,776		10,132
Income tax benefit	2,587		676		2,466
Net cost	$	8,042	$	2,100	$	7,666

Liability-based awards compensation cost:
Selling, general and administrative expense	$	7,715	$	1,081	$	671
Income tax benefit	1,878		263		163
Net cost	$	5,837	$	818	$	508

The Company’s RSU activity is included below:


	2021			2020			2019
	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	584	$	22.12	926	$	24.04	1,069	$	22.97
Transferred to liability-based awards	(8)	23.53		(200)	26.91		(36)	24.67
Granted	817	21.58		249	28.14		843	22.01
Vested	(153)	19.48		(66)	24.93		(723)	22.08
Forfeited	(686)	23.44		(325)	25.95		(227)	21.51
Outstanding at end of year	554	$	20.40	584	$	22.12	926	$	24.04


	2021			2020			2019
	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	267	$	19.35	143	$	32.97	—	$	—
Transferred from equity-based awards	8	23.53		200	26.91		36	14.77
Granted	358	21.61		135	29.47		110	16.47
Vested	(59)	20.10		(211)	16.04		(3)	26.86
Forfeited	—	—		—	—		—	—
Outstanding at end of year	574	$	27.55	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 2021 were $3.0 million and $1.2 million, respectively. The total fair values of equity-based awards and liability-based awards vested during 2020 were $2.5 million and $3.0 million, respectively.

As of December 26, 2021, the total unrecognized compensation cost related to all nonvested equity-based awards was $14.9 million. This cost is expected to be recognized over a weighted average period of 2.35 years. As of December 26, 2021, the total unrecognized compensation cost related to all nonvested liability-based awards was $11.1 million. This cost is expected to be recognized over a weighted average period of 1.90 years.

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

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 26, 2021

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 26, 2021 and December 27, 2020, 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, commodity options instruments, sales contracts instruments, foreign currency instruments to manage translation and remeasurement risk and interest rate swap instruments.

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


	December 26, 2021				December 27, 2020
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)				(In thousands)
Assets:
Commodity derivative assets	$	17,567	$	—	$	17,567	$	24,059	$	—	$	24,059
Foreign currency derivative assets	518		—		518		2,204		—		2,204
Liabilities:
Commodity derivative liabilities	(14,119)		—		(14,119)		(6,531)		—		(6,531)
Foreign currency derivative liabilities	(4,958)		—		(4,958)		(428)		—		(428)
Interest rate swap derivative liabilities	—		(98)		(98)		(640)		—		(640)
Sales contract derivative liabilities	—		(12,691)		(12,691)		—		—		—

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 26, 2021				December 27, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)







Fixed-rate senior notes payable at 5.75%, at Level 2 inputs	$	—	$	—	$	(1,001,693)	$	(1,024,510)
Fixed-rate senior notes payable at 5.875%, at Level 2 inputs	(845,866)		(900,193)		(845,149)		(911,957)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(990,691)		(1,055,140)		—		—
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	(900,000)		(915,120)		—		—
Secured loans, at Level 3 inputs	(3)		(3)		(38)		(38)

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 2 fixed-rate debt obligation was based on the quoted

market price at December 26, 2021 or December 27, 2020, 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 debt of 0.5% as of December 26, 2021 and December 27, 2020.

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. 26, 2021

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 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Sales to related parties:
JBS USA Food Company(a)	$	17,296	$	14,228	$	14,108
JBS Australia Pty. Ltd.	2,439		2,540		—
Combo, Mercado de Congelados	1,368		887		207
JBS Chile Ltda.	353		225		482
JBS Global (UK) Ltd.	—		—		141
Total sales to related parties	$	21,456	$	17,880	$	14,938


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company(a)	$	210,657	$	142,615	$	134,790
Penasul UK LTD	6,697		—		—
Seara Meats B.V.	4,722		8,138		22,797
JBS Global (UK) Ltd.	871		674		170
Planterra Food Company	152		—		—
Vivera Topholding B.V.	31		—		—
JBS Asia CO Limited	5		—		—
JBS Toledo NV	—		155		307
Total cost of goods purchased from related parties	$	223,135	$	151,582	$	158,064


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company(b)	$	97,713	$	39,025	$	32,161
Seara Food Europe Holdings	13		9		77
JBS Chile Ltda.	—		—		6
Total expenditures paid by related parties	$	97,726	$	39,034	$	32,244


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company(b)	$	42,951	$	16,266	$	9,103



Total expenditures paid on behalf of related parties	$	42,951	$	16,266	$	9,103


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Other related party transactions:
Capital distribution under tax sharing agreement (c)	$	1,961	$	650	$	—
Total other related party transactions	$	1,961	$	650	$	—


	December 26, 2021		December 27, 2020
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company(a)	$	1,059	$	714
JBS Australia Pty. Ltd.	200		370
Combo, Mercado de Congelados	84		—
JBS Chile Ltda.	2		—
Total accounts receivable from related parties	$	1,345	$	1,084


	December 26, 2021		December 27, 2020
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company(a)	$	21,628	$	8,562
Seara Meats B.V.	534		1,075
Penasul UK LTD	147		—
JBS Chile Ltda.	8		8
JBS Global (UK) Ltd.	—		5
Total accounts payable to related parties	$	22,317	$	9,650

(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 26, 2021, approximately $1.8 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 TSA during 2014 with JBS USA Holdings effective for tax years starting in 2010. The net tax payable for tax year 2021 was accrued in 2021 and will be paid in 2022. The net tax payable for tax year 2020 was accrued in 2020 and was paid in 2021.

REPORTABLE SEGMENTS

12 Months Ended

Dec. 26, 2021

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 fresh chicken, pork products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer 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 26, 2021(a)		December 27, 2020(b)		December 29. 2019(c)
	(In thousands)
Net sales
U.S.	$	9,113,879	$	7,496,017	$	7,636,716
U.K. and Europe	3,934,062		3,274,292		2,383,793
Mexico	1,729,517		1,321,592		1,388,710
Total	$	14,777,458	$	12,091,901	$	11,409,219

(a)For the year 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $296.9 million. These sales consisted of fresh products, prepared products, eggs and grain.

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

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Operating income
U.S.	$	(17,036)	$	69,377	$	487,275
U.K. and Europe	(627)		102,734		79,182
Mexico	228,773		72,879		124,015
Eliminations	54		473		96
Total operating income	211,164		245,463		690,568
Interest expense, net of capitalized interest	145,792		126,118		132,630
Interest income	(6,056)		(7,305)		(14,277)
Foreign currency transaction (gains) losses	(9,382)		760		6,917
Gain on bargain purchase	—		3,746		(56,880)
Miscellaneous, net	(11,580)		(39,681)		4,633
Income before income taxes	92,390		161,825		617,545
Income tax expense	61,122		66,755		161,009
Net income	$	31,268	$	95,070	$	456,536


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Depreciation and amortization:
U.S.	$	242,944	$	218,244	$	207,584
U.K. and Europe	113,256		92,673		60,499
Mexico	24,624		26,187		19,147
Total	$	380,824	$	337,104	$	287,230


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Capital expenditures:
U.S.	$	274,934	$	264,149	$	269,609
U.K. and Europe	87,004		77,597		58,795
Mexico	19,733		13,016		19,716
Total	$	381,671	$	354,762	$	348,120


	December 26, 2021		December 27, 2020
	(In thousands)
Total assets:
U.S.	$	6,390,845	$	5,189,021
U.K. and Europe	4,292,558		3,034,219
Mexico	1,146,204		1,212,428
Eliminations	(2,916,402)		(1,961,171)
Total	$	8,913,205	$	7,474,497


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Net sales to customers by customer location:
U.S.	$	8,657,648	$	7,190,808	$	7,355,631
Europe	3,878,475		3,225,717		2,363,017
Mexico	1,778,355		1,350,588		1,437,081
Asia-Pacific	317,685		252,574		175,898
Canada, Caribbean and Central America	81,549		30,792		31,808
Africa	47,948		25,321		28,400
South America	15,798		16,101		17,384

Total	$	14,777,458	$	12,091,901	$	11,409,219


	December 26, 2021		December 29, 2019
	(In thousands)
Long-lived assets(a):
U.S.	$	1,862,584	$	1,815,460
U.K. and Europe	1,125,197		842,049
Mexico	284,980		292,651
Eliminations	(3,729)		(3,783)
Total	$	3,269,032	$	2,946,377

(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 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
U.S. reportable segment:
Fresh products	$	7,264,448	$	6,137,265	$	6,214,954
Prepared foods	898,614		714,563		842,365
Exports	459,371		306,478		282,791
Other Products	491,446		337,711		296,606
Total U.S. reportable segment	9,113,879		7,496,017		7,636,716
U.K. and Europe reportable segment:
Fresh products	1,151,330		1,594,373		1,054,837
Prepared foods	2,214,180		1,237,486		951,718
Exports	458,588		297,414		278,215
Other Products	109,964		145,019		99,023
Total U.K. and Europe reportable segment	3,934,062		3,274,292		2,383,793
Mexico reportable segment:
Fresh products	1,515,453		1,210,952		1,245,976
Prepared foods	128,208		66,572		95,733
Other products	85,856		44,068		47,001
Total Mexico reportable segment	1,729,517		1,321,592		1,388,710
Total net sales	$	14,777,458	$	12,091,901	$	11,409,219

- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 26, 2021
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 energy. As of December 26, 2021, the Company was party to outstanding purchase contracts totaling $540.0 million payable in 2022, $2.8 million payable in 2023, $2.2 million in 2024, $2.1 million payable in 2025 and $16.4 million payable 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. 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, according to the tax authorities, 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 $29.6 million and $17.9 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 (“Illinois Court”) against PPC and other defendants by and on behalf of direct and indirect purchasers of broiler chickens alleging violations of antitrust and unfair competition laws (the “Broilers Litigation”). 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 putative class plaintiffs have filed three consolidated amended complaints: one on behalf of direct purchasers (the “DPPs”) and two on behalf of distinct groups of indirect purchasers. Between December 8, 2017 and September 1, 2021, 82 individual direct action complaints were filed with the Illinois Court by individual purchaser entities (“DAPs”) 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. On June 17, 2021, the Illinois Court issued a revised scheduling order through trial, under which merits fact discovery for defendants and most plaintiffs closed on July 31, 2021, with additional discovery of subsequent DAPs proceeding in six month increments following consolidation of each DAP complaint. On February 8, 2022, the Illinois Court issued a revised scheduling order for certain plaintiffs who limited their claims to reduction of output, which sets the first trial date in the Fall 2023. The schedule for the rest of the plaintiffs is still awaiting an order from the Illinois Court. On January 11, 2021, PPC announced that it had entered into an agreement to settle all claims made by the DPPs. The Illinois Court granted final approval of the settlement on June 29, 2021. As a result of this agreement PPC recorded an expense of $75.0 million in Selling, general and administrative expense in the Consolidated Statement of Income during the year ended December 27, 2020. Pursuant to this agreement, PPC paid the DPPs this amount during the three months ended March 28, 2021. On July 28, 2021, PPC and the putative End-User Consumer Indirect Purchaser Plaintiff Class (“EUCPs”) reached an agreement to settle all claims. The Illinois Court granted final approval of the settlement on December 20, 2021. In addition, on August 3, 2021, PPC and the putative Commercial and Institutional Indirect Purchaser Plaintiff Class (“CIIPPs”) reached an agreement to settle all claims, which is subject to approval by the Illinois Court. The Illinois Court granted preliminary approval of the settlement on January 14, 2022 and a final approval hearing is scheduled for April 18, 2022. Under the terms of these settlements, PPC paid the EUCPs an amount of $75.5 million and has agreed to pay the CIIPPs an amount of $45.0 million to release all outstanding claims brought by such classes. As a result of these agreements, PPC recognized the expense within Selling, general and administrative expense in the Consolidated Statement of Income for the three months ended September 26, 2021. The settlements with the DPPs, EUCPs and CIIPPs do not cover the claims of the DAPs or other parties who have or will opt out of such settlements (collectively, the “Opt Outs”). PPC will therefore continue to litigate against such Opt Outs and will seek reasonable settlements where they are available. PPC has recognized an expense of $489.3 million to cover both negotiated and potential settlements with various Opt Outs. PPC recognized this expense within Selling, general and administrative expense in the Consolidated Statement of Income for the year ended December 26, 2021. On February 21, 2017, the Attorney General of Florida (“Florida AG”), issued a civil investigative demand (“CID”) regarding the broiler chicken market. The CID requests, among other things, data and information related to the acquisition and processing of broiler chickens and the sale of chicken products. PPC is cooperating with the Florida AG in producing documents pursuant to the CID. On August 6, 2020, the Attorney General of Washington (“Washington AG”), issued a CID regarding similar broiler chicken matters that are the subject of the Florida CID. PPC cooperated with the Washington AG in producing documents pursuant to the CID. On October 28, 2021, the Washington AG filed a complaint in the King County Superior Court for the State of Washington. The complaint alleges the same claims as those made in the Broilers Litigation under Washington state law. PPC filed its answer to the complaint on January 21, 2022. 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 Broilers Litigation under New Mexico state law. PPC filed its answer to the complaint on February 1, 2021. On February 22, 2021, the Attorney General of Alaska filed a complaint in Superior Court in the Third Judicial District in Anchorage, Alaska. The complaint alleges the same claims as those made in the Broilers Litigation under Alaska state law. PPC filed its answer to the complaint on June 14, 2021. On each of February 24, 2021 and May 4, 2021, the Attorney General of Louisiana (“Louisiana AG”), issued a CID regarding similar broiler chicken matters that are the subject of the Florida CID. PPC is cooperating with the Louisiana AG in producing documents pursuant to the CIDs. Other Claims and Proceedings On October 20, 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 (“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 (1) PPC colluded with several of its industry peers to fix prices in the broiler-chicken market as alleged in the Broilers Litigation, (2) its conduct constituted a violation of federal antitrust laws and (3) PPC’s revenues during the class period were the result of illegal conduct. The complaint seeks compensatory damages as well as attorneys’ fees and costs. 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, 2016. PPC and the other defendants moved to dismiss the amended complaint on June 12, 2017, and 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. On November 19, 2018, the Colorado Court denied the plaintiff’s motion for reconsideration, but granted the 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. The Colorado Court granted the motion to dismiss on April 19, 2021, and issued judgment in favor of the defendants. On May 17, 2021, the plaintiff filed a motion for amended judgment, which the Colorado Court denied on November 29, 2021. The plaintiff then filed a notice of appeal on December 28, 2021, and the appeal has been opened in the Tenth Circuit, which PPC will oppose in due course. The appeal is expected to be fully briefed by April 15, 2022. 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 class action complaint and was styled as In re Broiler Chicken Grower Litigation, Case No. CIV-17-033-RJS. The defendants (including PPC) jointly moved to dismiss the consolidated amended complaint on September 9, 2017. The Oklahoma Court granted only certain other defendants’ motions challenging jurisdiction. On January 6, 2020, the Oklahoma Court denied the motion to dismiss, and lifted the stay on discovery. On October 6, 2020, the plaintiffs filed a motion with the U.S. Judicial Panel on Multidistrict Litigation (“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 November 8, 2021, the Oklahoma Court entered a revised case management order in the multi-district litigation setting a deadline of August 1, 2022 for the close of fact discovery. That order also set a deadline of March 17, 2023 for the filing of class certification motions, with deadlines of April 28, 2023 for opposition briefing and June 9, 2023 for reply briefing. Under the order, motions for summary judgment are to be filed on July 31, 2023, with oppositions and replies due September 22, 2023, and October 13, 2023, respectively. PPC has recognized an estimate of probable loss as expense that is subject to change. PPC recognized this expense within Selling, general and administrative expense in the Consolidated Statement of Income for the year ended December 26, 2021. 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 then-Chief Executive Officer, William Lovette, and its then-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 Broilers Litigation, and issuing false and misleading statements as alleged in the Hogan 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 Messrs. Lovette and Sandri in the Weld County Court. The Brima complaint contains largely the same allegations as the DiSalvio complaint. The DiSalvio and Brima litigations (collectively, the “Derivative Litigation”) were consolidated on May 4, 2017. On October 14, 2020, an amended shareholder derivative complaint was filed that added former PPC executives Jayson Penn, Roger Austin and Jimmie Little as named defendants and alleges, among other things, that the named defendants breached their fiduciary duties by (1) failing to prevent PPC from engaging in an antitrust conspiracy as alleged in the Broilers Litigation, the Indictment (as defined below), and other related proceedings; and (2) failing to prevent the issuance of false and misleading statements as alleged in the Hogan Litigation and the UFCW Litigation (as defined below). The Derivative Litigation was stayed, pending the resolution of the motion to dismiss in the Hogan Litigation described above. Following the Colorado Court granting defendants’ motion to dismiss in the Hogan Litigation, the stay was lifted. The parties then filed a joint motion to continue the stay pending the Colorado Court’s decision on the motion for amended judgment, which the Weld County Court granted on June 22, 2021. Upon the Colorado Court’s denial of plaintiff’s motion for amended judgment in the Hogan Litigation, the stay was again lifted. On February 4, 2022, the Weld County Court ordered another stay until the earlier of (1) resolution of the appeal in the Hogan Litigation or (2) an order ruling on the motion to dismiss in the UFCW Litigation. 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 (“Maryland Court”) against PPC and a number of other chicken producers, as well as Webber, Meng, Sahl & 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 amended their complaint on December 20, 2019. The consolidated amended complaint asserts largely similar allegations to the pleadings in the consolidated complaint, but was extended to include more class members and turkey processors as well as chicken processors. The defendants filed motions 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. The 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, which the Maryland Court denied on March 10, 2021. On June 14, 2021, PPC entered into a binding Settlement Agreement to settle all claims with the putative class of Plant Workers for $29.0 million and paid the plaintiffs this amount during the third quarter of 2021. PPC recognized this expense in Selling, general and administrative expense in the Consolidated Statement of Income for the year ended December 26, 2021. On December 17, 2021, the plaintiffs filed a motion for leave to amend their complaint. The motion will not be fully briefed until March 4, 2022 at the earliest, and the Maryland Court will have to rule on the motion. The PPC Settlement Agreement is still subject to final approval by the Maryland Court. 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 “UFCW Litigation”). 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 Broilers Litigation and the Indictment (defined below). On September 4, 2020, UFCW and the New Mexico State Investment Council (“NMSIC”) filed competing motions to be appointed lead plaintiff under the Private Litigation Securities Reform Act, and on March 17, 2021, the court appointed NMSIC as lead plaintiff. On May 26, 2021, NMSIC filed an amended complaint, and PPC and the other defendants moved to dismiss the amended complaint on July 19, 2021, which is now fully briefed. The Colorado Court’s decision on the motion to dismiss is currently pending. 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 may 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 Broilers 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. 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, Mr. Sandri, to serve in the additional role of PPC’s interim President and Chief Executive Officer. On September 22, 2020, PPC disclosed that Mr. Penn was no longer with the Company. On the same day, PPC’s Board of Directors appointed Mr. Sandri as PPC’s President and Chief Executive Officer in addition to his role as Chief Financial Officer. On February 10, 2021, PPC appointed Matthew Galvanoni to succeed Mr. Sandri in his role as Chief Financial Officer, effective March 15, 2021. 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” and together with the Indictment, the “First Indictment”). 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 Section 1 of the Sherman Antitrust Act, and (2) pay a fine of $110.5 million. The Company recognized the fine as expense which is included in Selling, general and administrative expense in the Consolidated Statement of Income for the year ended December 27, 2020. Under the Plea Agreement, 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. On February 23, 2021, the Colorado Court approved the Plea Agreement and assessed as an amended fine of $107.9 million. 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. On July 29, 2021, PPC learned of an additional indictment by a Grand Jury in the Colorado Court against four former employees of PPC (the “Second Indictment”), which alleged similar claims to the First Indictment. A trial pursuant to the First Indictment commenced on October 25, 2021 and ended on December 16, 2021. The jury did not return a verdict and the Court declared a mistrial. The DOJ is expected to retry the case beginning on February 22, 2022. A trial pursuant to the Second Indictment is currently scheduled to begin on July 18, 2022. On February 9, 2022, the Company learned that the DOJ has opened a civil investigation into human resources antitrust matters. The Company plans to cooperate when a CID is served. The U.S. government’s recent focus and attention on market dynamics in the meat processing industry could expose PPC to additional costs and risks.

MARKET RISKS AND CONCENTRATIONS	12 Months Ended
MARKET RISKS AND CONCENTRATIONS	Dec. 26, 2021
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 26, 2021, our largest single customer was 7.1% of net sales. The Company does not believe it has significant concentrations of credit risk in its trade accounts receivable. As of December 26, 2021, we employed almost 59,400 persons. Approximately 45.4% 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 26, 2021, the aggregate carrying amount of net assets belonging to our Mexico and U.K. and Europe reportable segments was $1.1 billion and $3.2 billion, respectively. 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.

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 26, 2021

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 Credit Losses:
2021	$	7,173	$	2,243	$	51	$	(206)	(a)	$	9,673
2020	7,467		94		186		574		(a)	7,173
2019	8,057		1,690		110		2,390		(a)	7,467


Trade Accounts and Other Receivables—
Allowance for Sales Adjustments:
2021	$	6,002	$	234,735	$	—	$	229,265	(b)	$	11,472
2020	8,380		287,193		—		289,571		(b)	6,002
2019	12,987		267,165		—		271,772		(b)	8,380


Deferred Tax Assets—
Valuation Allowance:
2021	$	33,678	$	(9,417)	$	—	$	—	(c)	$	24,261
2020	33,522		156		—		—		(c)	33,678
2019	26,150		—		8,190		818		(c)	33,522

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

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

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 26, 2021
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 24, 2021, the Company acquired 100.0% of the equity of the specialty meats and ready meals businesses of Kerry Group plc, collectively known as Pilgrim’s Food Masters (“PFM”), for cash of £695.3 million, or $954.1 million, subject to customary working capital adjustments. The acquired operations are included in the Company’s U.K. and Europe reportable segment. For the periods subsequent to September 24, 2021, the Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries, including PFM. 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 credit losses, 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., Malta and the Republic of 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 the Republic of Ireland 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 $32.4 million, $20.2 million and $26.5 million for 2021, 2020 and 2019, 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 an original 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 an original 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 loss. 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 loss 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 credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses 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 and pig inventories are stated at the lower of cost or net realizable value and breeder hen, breeder sow and boar inventories are stated 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. The costs associated with breeder sow inventories are accumulated up to the production stage and amortized on a straight-line basis over their productive lives to the estimated residual cull value. Finished poultry products, finished pork products, feed, eggs and other inventories are stated at the lower of cost (average) 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. 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. The Company allocates meat costs between its various finished pork products based on a by-product costing technique that allocates the cost of the whole pig into the primal cuts by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes legs, shoulders, bellies, offal and fifth quarter parts, which are carried in inventory at the estimated recoverable amounts, with the remaining amount being reflected as our loin meat cost. The Company values its other prepared foods products, raw materials and packaging materials at the lower of weighted average cost and net realizable value. Work in progress is valued at the latest production cost (raw materials, packaging), finished goods are valued at the lower of the latest actual monthly production cost (raw materials, packaging and direct labor) and attributable overheads and net realizable value, and engineering spares and consumables are valued at cost with an appropriate provision for obsolete engineering spares consistent with historical practice. Generally, the Company performs an evaluation of whether any lower of cost or market 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. The Company also records valuation adjustments, when necessary, 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 obsolescence, including significantly aged products, discontinued product lines, or damaged or obsolete products.
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.
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 26, 2021. 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 26, 2021. 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 18 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 years ended December 26, 2021 and December 27, 2020.
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, the U.K., the Republic of Ireland, France, the Netherlands, Luxembourg and Malta as of December 26, 2021 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 U.S. 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 26, 2021 and December 27, 2020. 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.
Business Combination Accounting	Business Combination Accounting Pilgrim’s allocates the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. The Company uses all available information to estimate fair values. Pilgrim’s uses various models to determine the value of assets acquired and liabilities assumed such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles and discounted cash flow to value goodwill. The Company typically engages third-party valuation specialists to assist in the fair value determination of tangible long-lived assets and intangible assets other than goodwill. The fair value of acquired inventories is determined by extending physical counts of the inventories taken at or near the acquisition date to market pricing in effect for such inventories at or near the acquisition date. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, Pilgrim’s may engage third-party specialists to assist in the estimation of fair value for certain liabilities. The Company adjusts the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date for those items that existed at the acquisition date and were provisionally accounted for at that time, as it obtains more information regarding asset valuations and liabilities assumed. The Company’s acquisition accounting methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows and market multiple analyses. Unanticipated events or circumstances may occur which could affect the accuracy of the Company’s fair value estimates, including changes in assumptions regarding industry economic factors and business strategies. If actual results are materially different than the assumptions used to determine fair value of the assets and liabilities acquired through a business combination, it is possible that adjustments to the carrying values of such assets and liabilities will have an impact on the Company’s net earnings.
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 loss 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. 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 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 Not Yet Adopted as of December 26, 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 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.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 26, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	December 26, 2021		December 27, 2020
	(In thousands)
Cash and cash equivalents	$	427,661	$	547,624
Restricted cash	22,460		782
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	450,121	$	548,406

Schedule of Cash, Cash Equivalents and Restricted Cash


	December 26, 2021		December 27, 2020
	(In thousands)
Cash and cash equivalents	$	427,661	$	547,624
Restricted cash	22,460		782
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	450,121	$	548,406

BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 26, 2021

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

The following unaudited pro forma information presents the combined financial results for the Company and PFM as if the acquisition had been completed at the beginning of 2020:


	2021		2020
	(In thousands, except per share amounts)
Net sales	$	15,442,724	$	13,023,345
Net income (loss) attributable to Pilgrim's Pride Corporation	19,519		104,607
Net income (loss) attributable to Pilgrim's Pride Corporation per common share - diluted	$	0.08	$	0.43

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 26, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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


	Year Ended December 26, 2021
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	7,264,448	$	898,614	$	459,371	$	491,446	$	9,113,879
U.K. and Europe	1,151,330		2,214,180		458,588		109,964		3,934,062
Mexico	1,515,453		128,208		—		85,856		1,729,517
Total net sales	9,931,231		3,241,002		917,959		687,266		14,777,458


	Year Ended December 27, 2020
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	6,137,264	$	714,563	$	306,478	$	337,712	$	7,496,017
U.K. and Europe	1,594,373		1,237,486		297,414		145,019		3,274,292
Mexico	1,210,952		66,572		—		44,068		1,321,592
Total	8,942,589		2,018,621		603,892		526,799		12,091,901

Changes in Revenue Contract Liability

Changes in the revenue contract liability balances for the years ended December 26, 2021 and December 27, 2020 were as follows:


	December 26, 2021		December 27, 2020
	(In thousands)
Balance, beginning of year	$	65,918	$	41,770
Revenue recognized	(60,764)		(32,816)
Cash received, excluding amounts recognized as revenue during the period	17,167		56,964
Balance, end of year	$	22,321	$	65,918

LEASES (Tables)

12 Months Ended

Dec. 26, 2021

Leases [Abstract]

Components of Lease Expense


	For the Year Ended
	December 26, 2021		December 27, 2020
Operating lease cost(a)	$	93,024	$	90,887
Amortization of finance lease assets	745		436
Interest on finance leases	128		99
Short-term lease cost	63,588		64,410
Variable lease cost	4,490		3,839
Net lease cost	$	161,975	$	159,671

(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 26, 2021		December 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	77,113	$	91,254
Operating cash flows - finance leases	124		99
Financing cash flows - finance leases	76		486

Operating lease assets obtained in exchange for operating lease liabilities	$	144,028	$	60,776
Finance lease assets obtained in exchange for finance lease liabilities	3,527		—

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 26, 2021	December 27, 2020
Weighted-average remaining lease term (years):
Operating leases	6.07	5.44
Finance leases	5.32	3.69
Weighted-average discount rate:
Operating leases	3.92%	4.53%
Finance leases	3.32%	5.08%

Lease liabilities are included in our Consolidated Balance Sheets as follows (in thousands):


	December 26, 2021				December 27, 2020
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	82,947	$	—	$	71,592	$	—
Current maturities of long-term debt	—		930		—		420
Noncurrent operating lease liability, less current maturities	271,366		—		217,432		—
Long-term debt, less current maturities	—		3,618		—		1,244
Total lease liabilities	$	354,313	$	4,548	$	289,024	$	1,664

Maturities of Finance Lease Liability

Future minimum lease payments under noncancelable leases as of December 26, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2022	$	102,390	$	1,064
2023	75,822		1,057
2024	60,196		908
2025	46,991		563
2026	34,034		554
Thereafter	71,230		779
Total future minimum lease payments	390,663		4,925
Less: imputed interest	(36,350)		(377)
Present value of lease liabilities	$	354,313	$	4,548

Maturities of Operating Lease Liability

Future minimum lease payments under noncancelable leases as of December 26, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2022	$	102,390	$	1,064
2023	75,822		1,057
2024	60,196		908
2025	46,991		563
2026	34,034		554
Thereafter	71,230		779
Total future minimum lease payments	390,663		4,925
Less: imputed interest	(36,350)		(377)
Present value of lease liabilities	$	354,313	$	4,548

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021			December 27, 2020
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	17,567		$	24,059
Commodity derivative liabilities	(14,119)			(6,531)
Foreign currency derivative assets	518			2,204
Foreign currency derivative liabilities	(4,958)			(428)
Interest rate swap derivative liabilities	(98)			(640)
Sales contract derivative liabilities	(12,691)			—
Cash collateral posted with brokers(a)	22,459			782
Derivatives Coverage(b):
Corn	6.6		%	16.0		%
Soybean meal	11.8		%	24.0		%
Period through which stated percent of needs are covered:
Corn	December 2022			December 2021
Soybean meal	December 2022			December 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.

Derivative Instruments, Gain (Loss)

The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:


Losses (Gains) by Type of Contract (a)	December 26, 2021		December 27, 2020		December 29, 2019		Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)	$	12,806	$	(6,637)	$	(17,839)	Foreign currency transaction (gains) losses
Commodity derivative gain (loss)	50,404		47,554		(12,306)		Cost of sales
Sales contract derivative loss	(12,691)		(209)		—		Net sales
Total	$	50,519	$	40,708	$	(30,145)

(a)Amounts in parentheses represent income (expenses) related to results of operations.

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:


	Gain (Loss) Recognized in Other Comprehensive Income on Derivative
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Foreign currency derivatives	$	471	$	4,514	$	(2,052)
Interest rate swap derivatives	(88)		(850)		—
Total	$	383	$	3,664	$	(2,052)

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income


	December 26, 2021						December 27, 2020
	Net sales(a)		Cost of sales(b)		Interest expense, net of capitalized interest(b)		Net sales(a)		Cost of sales(b)		Interest expense, net of capitalized interest(b)
	(In thousands)
Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	14,777,458	$	13,411,631	$	145,792	$	12,091,901	$	11,253,705	$	126,118
Impact from cash flow hedging instruments:
Interest rates swaps	—		—		631		—		—		209
Foreign currency contracts	1,372		(55)		—		(2,143)		—		—

(a) Amounts in parentheses represent income (expenses) related to net sales.

(b) Amounts in parentheses represent (income) expenses related to cost of sales and interest expense.

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 26, 2021

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 credit losses, consisted of the following:


	December 26, 2021		December 27, 2020
	(In thousands)
Trade accounts receivable	$	947,697	$	691,499
Notes receivable	18,697		25,712
Other receivables	56,716		31,954
Receivables, gross	1,023,110		749,165
Allowance for credit losses	(9,673)		(7,173)
Receivables, net	$	1,013,437	$	741,992

Accounts receivable from related parties(a)	$	1,345	$	1,084

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

INVENTORIES (Tables)

12 Months Ended

Dec. 26, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	December 26, 2021		December 27, 2020
	(In thousands)
Raw materials and work-in-process	$	1,044,739	$	868,369
Finished products	379,705		356,052
Operating supplies	76,590		66,495
Maintenance materials and parts	74,624		67,877
Total inventories	$	1,575,658	$	1,358,793

INVESTMENTS IN SECURITIES (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021				December 27, 2020
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Fixed income securities	$	48,851	$	48,851	$	178,677	$	178,677

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 26, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The activity in goodwill by reportable segment for the years ended December 26, 2021 and December 27, 2020 were as follows:


	December 27, 2020		Additions		Currency Translation		December 26, 2021
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	835,505		350,364		(18,357)		1,167,512
Mexico	127,804		—		—		127,804
Total	$	1,005,245	$	350,364	$	(18,357)	$	1,337,252


	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

Schedule of Indefinite and Finite-Lived Intangible Assets

Identified intangible assets consisted of the following:


	December 27, 2020		Additions		Amortization		Currency Translation		December 26, 2021
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	405,240	$	214,047	$	—	$	(9,574)	$	609,713
Trade names subject to amortization	78,343		36,825		—		(900)		114,268
Customer relationships	297,062		164,285		—		(5,888)		455,459
Non-compete agreements	320		—		—		—		320
Accumulated amortization:
Trade names	(47,486)		—		(2,409)		(6)		(49,901)
Customer relationships	(143,246)		—		(23,963)		913		(166,296)
Non-compete agreements	(320)		—		—		—		(320)
Total	$	589,913	$	415,157	$	(26,372)	$	(15,455)	$	963,243


	December 29, 2019		Additions		Amortization		Currency Translation		December 27, 2020
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	391,431	$	—	$	—	$	13,809	$	405,240
Trade names subject to amortization	78,343		—		—		—		78,343
Customer relationships	292,278		—		—		4,784		297,062
Non-compete agreements	320		—		—		—		320
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

Schedule of Intangible Assets Amortization and Estimated Useful Lives

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


Customer relationships			3-18 years
Trade names subject to amortization			15-20 years
Non-compete agreements			3 years

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 26, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	December 26, 2021		December 27, 2020
	(In thousands)
Land	$	260,079	$	255,171
Buildings	2,043,034		1,983,823
Machinery and equipment	3,594,482		3,230,199
Autos and trucks	76,710		73,647
Finance lease assets	5,710		2,182
Construction-in-progress	229,837		199,161
PP&E, gross	6,209,852		5,744,183
Accumulated depreciation	(3,292,046)		(3,086,692)
PP&E, net	$	2,917,806	$	2,657,491

CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021		December 27, 2020
	(In thousands)
Accounts payable:
Trade accounts	$	1,273,297	$	904,674
Book overdrafts	77,139		106,435
Other payables	27,641		17,601
Total accounts payable	1,378,077		1,028,710
Accounts payable to related parties(a)	22,317		9,650
Revenue contract liabilities(b)	22,321		65,918
Accrued expenses and other current liabilities:
Compensation and benefits	224,368		189,767
Litigation settlements	172,440		75,000
Current maturities of operating lease liabilities(c)	82,947		71,592
Taxes	68,163		67,812
Insurance and self-insured claims	64,697		61,212
Accrued sales rebates	35,613		44,708
Interest and debt-related fees	31,810		29,559
Derivative liabilities(d)	31,866		7,599
DOJ agreement	—		110,524
Other accrued expenses	147,981		150,074
Total accrued expenses and other current liabilities	859,885		807,847
Total current liabilities	$	2,282,600	$	1,912,125

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

INCOME TAXES (Tables)

12 Months Ended

Dec. 26, 2021

Income Tax Disclosure [Abstract]

Income Before Income Taxes by Jurisdiction

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
U.S.	$	(141,940)	$	(27,095)	$	342,110
Foreign	234,330		188,920		275,435
Total	$	92,390	$	161,825	$	617,545

Components of Income Tax Expense (Benefit)

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Current:
Federal	$	22,591	$	(8,800)	$	27,585
Foreign	115,772		28,985		78,099
State and other	9,150		9,234		12,847
Total current	147,513		29,419		118,531
Deferred:
Federal	(52,147)		13,864		51,387
Foreign	(16,225)		19,622		(18,596)
State and other	(18,019)		3,850		9,687
Total deferred	(86,391)		37,336		42,478
	$	61,122	$	66,755	$	161,009

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 26, 2021		December 27, 2020		December 29, 2019
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	(4.5)		6.7		3.0

Global intangible low-taxed income	—		(7.3)		1.5
DOJ agreement	—		14.3		—
Intercompany financing	(14.1)		(9.5)		(1.6)
Permanent items	1.7		1.2		(1.6)
Difference in U.S. statutory tax rate and foreign country effective tax rate	22.3		5.4		2.1
Rate change	26.6		5.2		(0.1)
Foreign currency translation	10.6		3.0		(0.6)
Tax credits	(4.1)		(1.4)		(0.7)
Change in reserve for unrecognized tax benefits	7.3		0.3		2.7
Change in valuation allowance	(0.2)		1.2		0.1
Other	(0.4)		1.1		0.3
Total	66.2	%	41.2	%	26.1	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 26, 2021		December 27, 2020
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	518,641	$	376,917
Inventories	26,590		116,226
Insurance claims and losses	33,416		32,679
Incentive compensation	11,444		16,204
Operating lease assets	88,028		65,906
Other	11,373		26,968
Total deferred tax liabilities	689,492		634,900
Deferred tax assets:
U.S. net operating losses	2,693		3,034
Foreign net operating losses	53,227		56,213
Credit carry forwards	19,026		15,223
Allowance for credit losses	6,996		4,005
Accrued liabilities	103,482		94,769
Workers’ compensation	37,681		36,759
Pension and other postretirement benefits	28,083		35,899
Operating lease liabilities	88,028		65,906
Other	10,666		21,640
Total deferred tax assets	349,882		333,448
Valuation allowance	(24,261)		(32,908)
Net deferred tax assets	325,621		300,540
Net deferred tax liabilities	$	363,871	$	334,360

Schedule of Unrecognized Tax Benefits

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


	December 26, 2021		December 27, 2020
	(In thousands)
Unrecognized tax benefits, beginning of year	$	13,271	$	12,776
Increase as a result of tax positions taken during the current year	6,472		—
Increase as a result of tax positions taken during prior years	1,156		731

Decrease for lapse in statute of limitations	(657)		(236)

Unrecognized tax benefits, end of year	$	20,242	$	13,271

DEBT (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021		December 27, 2020
		(In thousands)
Senior notes payable, net of discount of 3.50%	2032	$	900,000	$	—
Senior notes payable, net of discount of 4.25%	2031	990,691		—
Senior notes payable, net of discount at 5.875%	2027	845,866		845,149
Senior notes payable, net of premium and discount at 5.75%	2025	—		1,001,693
Fifth Amended and Restated U.S. Credit Facility (defined below)
Term note payable at 1.33%	2026	506,250		—
Revolving note payable at 3.50%	2026	—		—
Fourth Amended and Restated U.S. Credit Facility (defined below)
Term note payable at 1.33%	2023	—		450,000
Revolving note payable at 3.50%	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	3		38
Finance lease obligations	Various	4,548		1,664
Long-term debt		3,247,358		2,298,544
Less: Current maturities of long-term debt		(26,246)		(25,455)
Long-term debt, less current maturities		3,221,112		2,273,089
Less: Capitalized financing costs		(29,951)		(17,543)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,191,161	$	2,255,546

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 26, 2021

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss during 2021 and 2020:


	2021
	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	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)
Other comprehensive income (loss) before reclassifications	(55,541)		405		27,598		—		(27,538)
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,594)		1,740		—		146
Currency translation	—		15		—		—		15
Net current year other comprehensive income (loss)	(55,541)		(1,174)		29,338		—		(27,377)
Balance, end of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)


	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)

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
	2021		2020
	(In thousands)
Realized gain on settlement of foreign currency derivatives classified as cash flow hedges	$	1,359	$	2,987	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	709		(114)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(631)		(209)		Interest expense, net of capitalized interest
Realized gain on sale of securities	—		73		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(2,278)		(1,503)		Miscellaneous, net
Total before tax	(841)		1,234
Tax expense	695		357
Total reclassification for the period	$	(146)	$	1,591

(a) Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the 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. 26, 2021

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
	2021		2020		2021		2020
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of year	$	404,194	$	369,066	$	1,593	$	1,527

Interest cost	5,763		8,102		18		36
Actuarial losses (gains)	(14,535)		38,822		(33)		90
Benefits paid	(13,483)		(13,745)		—		—
Curtailments and settlements	(6,714)		(8,226)		(232)		(60)
Prior service cost	—		20		—		—
Currency translation loss (gain)	(2,163)		10,155		—		—
Projected benefit obligation, end of year	$	373,062	$	404,194	$	1,346	$	1,593


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of year	$	305,983	$	294,589	$	—	$	—
Actual return on plan assets	29,126		12,672		—		—
Contributions by employer	14,393		14,774		232		60
Benefits paid	(13,483)		(13,745)		—		—
Curtailments and settlements	(6,714)		(8,226)		(232)		(60)
Expenses paid from assets	(425)		(715)		—		—
Currency translation gain (loss)	(2,471)		6,634		—		—
Fair value of plan assets, end of year	$	326,409	$	305,983	$	—	$	—


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Funded status:	(In thousands)
Unfunded benefit obligation, end of year	$	(46,653)	$	(98,211)	$	(1,346)	$	(1,593)


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Amounts recognized in the Consolidated Balance Sheets as of end of year:	(In thousands)
Current liabilities	$	(6,063)	$	(7,510)	$	(157)	$	(169)
Long-term liabilities	(40,590)		(90,701)		(1,189)		(1,424)
Recognized liabilities	$	(46,653)	$	(98,211)	$	(1,346)	$	(1,593)


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Amounts recognized in accumulated other comprehensive loss at end of year:	(In thousands)
Net actuarial loss	$	58,143	$	95,522	$	118	$	174

Schedule of Net Periodic Benefit Cost (Income)

Net benefit costs include the following components:


	Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019
	(In thousands)
Interest cost	$	5,763	$	8,102	$	6,673	$	18	$	36	$	52
Estimated return on plan assets	(10,562)		(13,071)		(6,921)		—		—		—

Settlement loss	2,313		3,371		3,538		21		7		7
Expenses paid from assets	425		735		(62)		—		—		—
Amortization of net loss	2,257		1,503		1,313		2		—		—
Amortization of past service cost	19		—		—		—		—		—
Net cost	$	215	$	640	$	4,541	$	41	$	43	$	59

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
	2021		2020		2019		2021		2020		2019
Benefit obligation:
Discount rate	2.23	%	1.83	%	2.56	%	2.38	%	1.80	%	2.77	%

Net pension and other postretirement cost:
Discount rate	2.08	%	2.16	%	3.10	%	1.80	%	2.77	%	4.07	%

Expected return on plan assets	3.53	%	4.34	%	4.62	%	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	$	(9,986)	$	10,513

Schedule of Plan Asset Allocations

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


	2021		2020
Cash and cash equivalents	2	%	1	%
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	19	%	20	%
Fixed income securities	12	%	13	%
Real estate	1	%	1	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	37	%	35	%
Fixed income funds	19	%	20	%
Real estate	6	%	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 26, 2021 and December 27, 2020:


	2021								2020
	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	$	6,166	$	—	$	—	$	6,166	$	1,487	$	—	$	—	$	1,487
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		2,595		—		2,595		—		3,100		—		3,100
Small/Mid U.S. equity funds(e)	—		1,338		—		1,338		—		392		—		392
International equity funds(f)	—		1,954		—		1,954		—		1,874		—		1,874
Fixed income funds(g)	—		5,186		—		5,186		—		5,365		—		5,365
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		31,960		—		31,960		—		29,602		—		29,602
Small/Mid U.S. equity funds(e)	—		16,232		—		16,232		—		17,569		—		17,569
International equity funds(f)	—		15,710		—		15,710		—		16,320		—		16,320
Fixed income funds(g)	—		40,470		—		40,470		—		38,944		—		38,944
Real estate(h)	—		5,405		—		5,405		—		5,677		—		5,677
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		47,995		—		47,995		—		39,002		—		39,002
International equity funds(f)	—		71,883		—		71,883		—		69,251		—		69,251
Fixed income funds(e)	—		60,914		—		60,914		—		60,212		—		60,212
Real estate(h)	—		18,601		—		18,601		—		17,188		—		17,188
Total assets	$	6,166	$	320,243	$	—	$	326,409	$	1,487	$	304,496	$	—	$	305,983

(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)
2022	$	26,660	$	157
2023	17,491		150
2024	17,436		143
2025	17,180		135
2026	17,070		126
2027-2031	83,247		485
Total	$	179,084	$	1,196

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
	2021		2020		2019		2021		2020		2019
	(In thousands)
Net actuarial loss (gain), beginning of year	$	95,522	$	58,239	$	54,343	$	174	$	91	$	(34)
Amortization	(2,276)		(1,503)		(1,313)		(2)		—		—
Settlement adjustments	(2,313)		(3,371)		(3,538)		(21)		(7)		(7)
Actuarial loss (gain)	(14,535)		38,822		20,729		(33)		90		132
Asset loss (gain)	(18,563)		400		(11,982)		—		—		—
Net prior service cost	—		378		—		—		—		—
Currency translation loss	308		2,557		—		—		—		—
Net actuarial loss, end of year	$	58,143	$	95,522	$	58,239	$	118	$	174	$	91

INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 26, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Awards

The following awards were outstanding during 2021:

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

—

(51,491)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(b)

Stock

217,253

(53,376)

(83,527)

2009 LTIP

RSU

3/1/2018

$24.93

Performance/Service

(c)

Cash

$27.55

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

(198,103)

2009 LTIP

RSU

1/7/2019

$16.47

Performance/Service

(f)

Cash

$27.55

109,654

13,705

—

2009 LTIP

RSU

5/24/2019

$27.86

Service

(d)

Stock

11,170

—

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(g)

Stock

195,149

115,676

(66,930)

2019 LTIP

RSU

1/8/2020

$30.94

Performance/Service

(h)

Cash

$27.55

121,310

71,573

—

2019 LTIP

RSU

4/29/2020

$22.01

Service

(d)

Stock

13,630

—

2019 LTIP

RSU

1/8/2021

$19.73

Service

(i)

Stock

95,000

—

2019 LTIP

RSU

1/8/2021

$19.73

Service

(j)

Cash

$27.55

50,000

—

2019 LTIP

RSU

1/8/2021

$19.73

Performance/Service

(k)

Stock

300,000

—

2019 LTIP

RSU

1/8/2021

$19.73

Performance/Service

(l)

Cash

$27.55

100,000

—

2019 LTIP

RSU

2/10/2021

$22.96

Performance/Service

(m)

Stock

307,986

—

(35,558)

2019 LTIP

RSU

2/10/2021

$22.96

Performance/Service

(n)

Cash

$27.55

208,117

—

2019 LTIP

RSU

3/15/2021

$25.45

Performance/Service

(o)

Stock

27,350

—

2019 LTIP

RSU

4/28/2021

$24.69

Service

(d)

Stock

14,586

—

2019 LTIP

RSU

5/3/2021

$23.81

Service

(p)

Stock

31,500

—

2019 LTIP

RSU

8/16/2021

$27.46

Performance/Service

(q)

Stock

5,470

—

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:


	2021		2020		2019
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	3,209	$	838	$	461
Selling, general and administrative expense	7,420		1,938		9,671
Total cost	10,629		2,776		10,132
Income tax benefit	2,587		676		2,466
Net cost	$	8,042	$	2,100	$	7,666

Liability-based awards compensation cost:
Selling, general and administrative expense	$	7,715	$	1,081	$	671
Income tax benefit	1,878		263		163
Net cost	$	5,837	$	818	$	508

Schedule of RSU Activity

The Company’s RSU activity is included below:


	2021			2020			2019
	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	584	$	22.12	926	$	24.04	1,069	$	22.97
Transferred to liability-based awards	(8)	23.53		(200)	26.91		(36)	24.67
Granted	817	21.58		249	28.14		843	22.01
Vested	(153)	19.48		(66)	24.93		(723)	22.08
Forfeited	(686)	23.44		(325)	25.95		(227)	21.51
Outstanding at end of year	554	$	20.40	584	$	22.12	926	$	24.04


	2021			2020			2019
	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	267	$	19.35	143	$	32.97	—	$	—
Transferred from equity-based awards	8	23.53		200	26.91		36	14.77
Granted	358	21.61		135	29.47		110	16.47
Vested	(59)	20.10		(211)	16.04		(3)	26.86
Forfeited	—	—		—	—		—	—
Outstanding at end of year	574	$	27.55	267	$	19.35	143	$	32.97

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021				December 27, 2020
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)				(In thousands)
Assets:
Commodity derivative assets	$	17,567	$	—	$	17,567	$	24,059	$	—	$	24,059
Foreign currency derivative assets	518		—		518		2,204		—		2,204
Liabilities:
Commodity derivative liabilities	(14,119)		—		(14,119)		(6,531)		—		(6,531)
Foreign currency derivative liabilities	(4,958)		—		(4,958)		(428)		—		(428)
Interest rate swap derivative liabilities	—		(98)		(98)		(640)		—		(640)
Sales contract derivative liabilities	—		(12,691)		(12,691)		—		—		—

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 26, 2021				December 27, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)







Fixed-rate senior notes payable at 5.75%, at Level 2 inputs	$	—	$	—	$	(1,001,693)	$	(1,024,510)
Fixed-rate senior notes payable at 5.875%, at Level 2 inputs	(845,866)		(900,193)		(845,149)		(911,957)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(990,691)		(1,055,140)		—		—
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	(900,000)		(915,120)		—		—
Secured loans, at Level 3 inputs	(3)		(3)		(38)		(38)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Sales to related parties:
JBS USA Food Company(a)	$	17,296	$	14,228	$	14,108
JBS Australia Pty. Ltd.	2,439		2,540		—
Combo, Mercado de Congelados	1,368		887		207
JBS Chile Ltda.	353		225		482
JBS Global (UK) Ltd.	—		—		141
Total sales to related parties	$	21,456	$	17,880	$	14,938


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company(a)	$	210,657	$	142,615	$	134,790
Penasul UK LTD	6,697		—		—
Seara Meats B.V.	4,722		8,138		22,797
JBS Global (UK) Ltd.	871		674		170
Planterra Food Company	152		—		—
Vivera Topholding B.V.	31		—		—
JBS Asia CO Limited	5		—		—
JBS Toledo NV	—		155		307
Total cost of goods purchased from related parties	$	223,135	$	151,582	$	158,064


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company(b)	$	97,713	$	39,025	$	32,161
Seara Food Europe Holdings	13		9		77
JBS Chile Ltda.	—		—		6
Total expenditures paid by related parties	$	97,726	$	39,034	$	32,244


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company(b)	$	42,951	$	16,266	$	9,103



Total expenditures paid on behalf of related parties	$	42,951	$	16,266	$	9,103


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Other related party transactions:
Capital distribution under tax sharing agreement (c)	$	1,961	$	650	$	—
Total other related party transactions	$	1,961	$	650	$	—


	December 26, 2021		December 27, 2020
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company(a)	$	1,059	$	714
JBS Australia Pty. Ltd.	200		370
Combo, Mercado de Congelados	84		—
JBS Chile Ltda.	2		—
Total accounts receivable from related parties	$	1,345	$	1,084


	December 26, 2021		December 27, 2020
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company(a)	$	21,628	$	8,562
Seara Meats B.V.	534		1,075
Penasul UK LTD	147		—
JBS Chile Ltda.	8		8
JBS Global (UK) Ltd.	—		5
Total accounts payable to related parties	$	22,317	$	9,650

REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 26, 2021

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 26, 2021(a)		December 27, 2020(b)		December 29. 2019(c)
	(In thousands)
Net sales
U.S.	$	9,113,879	$	7,496,017	$	7,636,716
U.K. and Europe	3,934,062		3,274,292		2,383,793
Mexico	1,729,517		1,321,592		1,388,710
Total	$	14,777,458	$	12,091,901	$	11,409,219

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

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


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Operating income
U.S.	$	(17,036)	$	69,377	$	487,275
U.K. and Europe	(627)		102,734		79,182
Mexico	228,773		72,879		124,015
Eliminations	54		473		96
Total operating income	211,164		245,463		690,568
Interest expense, net of capitalized interest	145,792		126,118		132,630
Interest income	(6,056)		(7,305)		(14,277)
Foreign currency transaction (gains) losses	(9,382)		760		6,917
Gain on bargain purchase	—		3,746		(56,880)
Miscellaneous, net	(11,580)		(39,681)		4,633
Income before income taxes	92,390		161,825		617,545
Income tax expense	61,122		66,755		161,009
Net income	$	31,268	$	95,070	$	456,536


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Depreciation and amortization:
U.S.	$	242,944	$	218,244	$	207,584
U.K. and Europe	113,256		92,673		60,499
Mexico	24,624		26,187		19,147
Total	$	380,824	$	337,104	$	287,230


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Capital expenditures:
U.S.	$	274,934	$	264,149	$	269,609
U.K. and Europe	87,004		77,597		58,795
Mexico	19,733		13,016		19,716
Total	$	381,671	$	354,762	$	348,120


	December 26, 2021		December 27, 2020
	(In thousands)
Total assets:
U.S.	$	6,390,845	$	5,189,021
U.K. and Europe	4,292,558		3,034,219
Mexico	1,146,204		1,212,428
Eliminations	(2,916,402)		(1,961,171)
Total	$	8,913,205	$	7,474,497


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Net sales to customers by customer location:
U.S.	$	8,657,648	$	7,190,808	$	7,355,631
Europe	3,878,475		3,225,717		2,363,017
Mexico	1,778,355		1,350,588		1,437,081
Asia-Pacific	317,685		252,574		175,898
Canada, Caribbean and Central America	81,549		30,792		31,808
Africa	47,948		25,321		28,400
South America	15,798		16,101		17,384

Total	$	14,777,458	$	12,091,901	$	11,409,219


	December 26, 2021		December 29, 2019
	(In thousands)
Long-lived assets(a):
U.S.	$	1,862,584	$	1,815,460
U.K. and Europe	1,125,197		842,049
Mexico	284,980		292,651
Eliminations	(3,729)		(3,783)
Total	$	3,269,032	$	2,946,377

Schedule of Sales by Product Lines


	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
U.S. reportable segment:
Fresh products	$	7,264,448	$	6,137,265	$	6,214,954
Prepared foods	898,614		714,563		842,365
Exports	459,371		306,478		282,791
Other Products	491,446		337,711		296,606
Total U.S. reportable segment	9,113,879		7,496,017		7,636,716
U.K. and Europe reportable segment:
Fresh products	1,151,330		1,594,373		1,054,837
Prepared foods	2,214,180		1,237,486		951,718
Exports	458,588		297,414		278,215
Other Products	109,964		145,019		99,023
Total U.K. and Europe reportable segment	3,934,062		3,274,292		2,383,793
Mexico reportable segment:
Fresh products	1,515,453		1,210,952		1,245,976
Prepared foods	128,208		66,572		95,733
Other products	85,856		44,068		47,001
Total Mexico reportable segment	1,729,517		1,321,592		1,388,710
Total net sales	$	14,777,458	$	12,091,901	$	11,409,219

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) £ in Millions			12 Months Ended
	Sep. 24, 2021 USD ($)	Sep. 24, 2021 GBP (£)	Dec. 26, 2021 USD ($) country state	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Number of countries to which the company exports products \| country			125
Number of states in which entity operates \| state			14
Advertising costs			$ 32,400,000	$ 20,200,000	$ 26,500,000
Research and development costs			5,100,000	5,400,000	$ 5,100,000
Impairment of intangible assets			$ 0	$ 0
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 \| 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			18 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
Kerry Consumer Foods' Meats and Meals
Property, Plant and Equipment [Line Items]
Percentage of equity acquired	100.00%	100.00%
Cash consideration	$ 954,100,000	£ 695.3

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 427,661	$ 547,624
Restricted cash	22,460	782
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 450,121	$ 548,406	$ 280,577	$ 361,578

BUSINESS ACQUISITIONS - Narrative (Details) $ in Thousands, £ in Millions, $ in Millions									3 Months Ended	12 Months Ended
	Nov. 12, 2021 USD ($)	Nov. 12, 2021 GBP (£)	Sep. 24, 2021 USD ($)	Sep. 24, 2021 GBP (£)	Apr. 01, 2020 USD ($)	Apr. 01, 2020 MXN ($)	Oct. 15, 2019 USD ($)	Oct. 15, 2019 GBP (£)	Dec. 26, 2021 USD ($)	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill									$ 1,337,252	$ 1,337,252	$ 1,005,245	$ 973,750
Trade names not subject to amotization
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired										214,047	0
Trade names not subject to amotization
Business Acquisition [Line Items]
Finite-lived intangible assets acquired										36,825	0
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired										164,285	$ 0
Pilgrim’s Food Masters
Business Acquisition [Line Items]
Percentage of equity acquired			100.00%
Cash consideration			$ 954,100	£ 695.3
Transaction costs									18,400	$ 18,400
Net sales of acquiree since acquisition date									293,600
Net income (loss) of acquiree since acquisition date									$ 2,300
Identified intangible assets			415,157
Goodwill			348,550
Pilgrim’s Food Masters \| Trade names not subject to amotization
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired			214,000
Pilgrim’s Food Masters \| Trade names not subject to amotization
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 36,800
Pilgrim’s Food Masters \| Trade names not subject to amotization \| Minimum
Business Acquisition [Line Items]
Identified intangible assets, useful life			15 years	15 years
Pilgrim’s Food Masters \| Trade names not subject to amotization \| Maximum
Business Acquisition [Line Items]
Identified intangible assets, useful life			20 years	20 years
Pilgrim’s Food Masters \| Customer and distributor relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 164,300
Pilgrim’s Food Masters \| Customer and distributor relationships \| Minimum
Business Acquisition [Line Items]
Identified intangible assets, useful life			15 years	15 years
Pilgrim’s Food Masters \| Customer and distributor relationships \| Maximum
Business Acquisition [Line Items]
Identified intangible assets, useful life			18 years	18 years
Randall Parker Foods Limited
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%	100.00%
Cash consideration	$ 13,400	£ 10.0
Tulip Ltd. and Subsidiaries
Business Acquisition [Line Items]
Percentage of equity acquired							100.00%
Cash consideration							$ 393,300	£ 311.3
Transaction costs							1,400
Identified intangible assets							$ 40,418
Tulip Ltd. and Subsidiaries \| Customer relationships
Business Acquisition [Line Items]
Identified intangible assets, useful life							11 years	11 years
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 year one							18.00%	18.00%
Percentage of pre-tax income used to estimate income taxes, thereafter							17.00%	17.00%
Discount rate							22.00%	22.00%
Identified intangible assets							$ 40,400
FAMPAT/Plan Pro
Business Acquisition [Line Items]
Percentage of equity acquired					100.00%
Cash consideration					$ 3,000	$ 70.4
Goodwill					$ 2,200

BUSINESS ACQUISITIONS - Pilgrim’s Food Masters Preliminary Fair Values for Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Sep. 24, 2021	Dec. 27, 2020	Dec. 29, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,337,252		$ 1,005,245	$ 973,750
Pilgrim’s Food Masters
Business Acquisition [Line Items]
Cash and cash equivalents		$ 113
Trade accounts and other receivables		7,387
Inventories		60,341
Prepaid expenses and other current assets		1,727
Operating lease assets		14,648
Property, plant and equipment		247,133
Identified intangible assets		415,157
Other assets		335
Total assets acquired		746,841
Accounts payable		4,615
Other current liabilities		407
Operating lease liabilities		18,996
Deferred tax liabilities		114,701
Other long-term liabilities		2,612
Total liabilities assumed		141,331
Identified net assets		605,510
Goodwill		348,550
Total consideration transferred		$ 954,060

BUSINESS ACQUISITIONS - Pro Forma Information (Details) - Pilgrim’s Food Masters - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Business Acquisition [Line Items]
Net sales	$ 15,442,724	$ 13,023,345
Net income (loss) attributable to Pilgrim's Pride Corporation	$ 19,519	$ 104,607
Net income attributable to Pilgrim's Pride Corporation per common share - diluted (in dollars per share)	$ 0.08	$ 0.43

BUSINESS ACQUISITIONS - Tulip Fair Values of Assets Acquired and Liabilities Assumed (Details) - Tulip Ltd. and Subsidiaries $ in Thousands	Oct. 15, 2019 USD ($)
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

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 14,777,458	$ 12,091,901	$ 11,409,219
Fresh
Disaggregation of Revenue [Line Items]
Net sales	9,931,231	8,942,589
Prepared
Disaggregation of Revenue [Line Items]
Net sales	3,241,002	2,018,621
Export
Disaggregation of Revenue [Line Items]
Net sales	917,959	603,892
Other
Disaggregation of Revenue [Line Items]
Net sales	687,266	526,799
U.S.
Disaggregation of Revenue [Line Items]
Net sales	9,113,879	7,496,017	7,636,716
U.S. \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	7,264,448	6,137,264
U.S. \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	898,614	714,563
U.S. \| Export
Disaggregation of Revenue [Line Items]
Net sales	459,371	306,478
U.S. \| Other
Disaggregation of Revenue [Line Items]
Net sales	491,446	337,712
U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales	3,934,062	3,274,292	2,383,793
U.K. and Europe \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	1,151,330	1,594,373
U.K. and Europe \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	2,214,180	1,237,486
U.K. and Europe \| Export
Disaggregation of Revenue [Line Items]
Net sales	458,588	297,414
U.K. and Europe \| Other
Disaggregation of Revenue [Line Items]
Net sales	109,964	145,019
Mexico
Disaggregation of Revenue [Line Items]
Net sales	1,729,517	1,321,592	$ 1,388,710
Mexico \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	1,515,453	1,210,952
Mexico \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	128,208	66,572
Mexico \| Export
Disaggregation of Revenue [Line Items]
Net sales	0	0
Mexico \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 85,856	$ 44,068

- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123351226&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=123359005&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=123359005&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=123359005&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=123351226&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. 26, 2021	Dec. 27, 2020
Movement in Contract with Customer, Liability [Roll Forward]
Balance, beginning of year	$ 65,918	$ 41,770
Revenue recognized	(60,764)	(32,816)
Cash received, excluding amounts recognized as revenue during the period	17,167	56,964
Balance, end of year	$ 22,321	$ 65,918

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 26, 2021 segment
Lessee, Lease, Description [Line Items]
Number of segments	3
Renewal term (up to)	10 years
Termination term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	14 years

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Leases [Abstract]
Operating lease cost	$ 93,024	$ 90,887
Amortization of finance lease assets	745	436
Interest on finance leases	128	99
Short-term lease cost	63,588	64,410
Variable lease cost	4,490	3,839
Net lease cost	$ 161,975	$ 159,671

LEASES - Weighted Average Lease Term and Discount Rate (Details)	Dec. 26, 2021	Dec. 27, 2020
Weighted-average remaining lease term (years):
Operating leases	6 years 25 days	5 years 5 months 8 days
Finance leases	5 years 3 months 25 days	3 years 8 months 8 days
Weighted-average discount rate:
Operating leases	3.92%	4.53%
Finance leases	3.32%	5.08%

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$ 77,113	$ 91,254
Operating cash flows - finance leases	124	99
Financing cash flows - finance leases	76	486
Operating lease assets obtained in exchange for operating lease liabilities	144,028	60,776
Finance lease assets obtained in exchange for finance lease liabilities	$ 3,527	$ 0

LEASES - Future Minimum Lease Payments on Non-cancellable Leases (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Operating Leases
2022	$ 102,390
2023	75,822
2024	60,196
2025	46,991
2026	34,034
Thereafter	71,230
Total future minimum lease payments	390,663
Less: imputed interest	(36,350)
Present value of lease liabilities	354,313	$ 289,024
Finance Leases
2022	1,064
2023	1,057
2024	908
2025	563
2026	554
Thereafter	779
Total future minimum lease payments	4,925
Less: imputed interest	(377)
Present value of lease liabilities	$ 4,548

LEASES - Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Leases [Abstract]
Accrued expenses and other current liabilities	$ 82,947	$ 71,592
Current maturities of long-term debt	930	420
Noncurrent operating lease liability, less current maturities	271,366	217,432
Current maturities of long-term debt	3,618	1,244
Total lease liabilities	354,313	289,024
Total lease liabilities	$ 4,548	$ 1,664
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	us-gaap:LongTermDebtCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, less current maturities	Long-term debt, less current maturities

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Fair values:
Cash collateral posted with brokers	$ 22,459	$ 782
Corn
Derivatives Coverage:
Derivatives Coverage	6.60%	16.00%
Soybean meal
Derivatives Coverage:
Derivatives Coverage	11.80%	24.00%
Commodity derivative
Fair values:
Derivative assets	$ 17,567	$ 24,059
Derivative liabilities	(14,119)	(6,531)
Foreign currency derivative
Fair values:
Derivative assets	518	2,204
Derivative liabilities	(4,958)	(428)
Interest rate swap derivative liabilities
Fair values:
Derivative liabilities	(98)	(640)
Sales contract
Fair values:
Derivative liabilities	$ (12,691)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Gains (Losses) and Location of Income Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Derivative [Line Items]
Losses (gains) by type of contract	$ 50,519	$ 40,708	$ (30,145)
Foreign currency derivatives gain (loss)
Derivative [Line Items]
Losses (gains) by type of contract	12,806	(6,637)	(17,839)
Commodity derivative
Derivative [Line Items]
Losses (gains) by type of contract	50,404	47,554	(12,306)
Sales contract
Derivative [Line Items]
Losses (gains) by type of contract	$ (12,691)	$ (209)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ 398	$ 3,719	$ (2,106)
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	383	3,664	(2,052)
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency derivatives gain (loss)
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	471	4,514	(2,052)
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap derivative liabilities
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ (88)	$ (850)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Income and Expense Line item in the Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Derivative [Line Items]
Net sales	$ 14,777,458	$ 12,091,901	$ 11,409,219
Cost of sales	13,411,631	11,253,705	10,338,825
Interest expense, net of capitalized interest	145,792	126,118	132,630
Impact from cash flow hedging relationship	1,437	2,664	$ (383)
Sales contract \| Net sales
Derivative [Line Items]
Net sales	14,777,458	12,091,901
Commodity derivative \| Cost of sales
Derivative [Line Items]
Cost of sales	13,411,631	11,253,705
Foreign currency derivative \| Interest expense, net of capitalized interest
Derivative [Line Items]
Interest expense, net of capitalized interest	145,792	126,118
Interest rate swaps \| Interest expense, net of capitalized interest
Derivative [Line Items]
Impact from cash flow hedging relationship	631	209
Foreign currency derivatives gain (loss) \| Net sales
Derivative [Line Items]
Impact from cash flow hedging relationship	1,372	$ (2,143)
Foreign currency derivatives gain (loss) \| Cost of sales
Derivative [Line Items]
Impact from cash flow hedging relationship	$ (55)

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	12 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	Dec. 26, 2021 USD ($)
Foreign currency derivative
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 900,000
Interest rate swap derivative liabilities
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 100,000

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade accounts receivable	$ 947,697	$ 691,499
Notes receivable	18,697	25,712
Other receivables	56,716	31,954
Receivables, gross	1,023,110	749,165
Allowance for credit losses	(9,673)	(7,173)
Receivables, net	1,013,437	741,992
Accounts receivable from related parties	$ 1,345	$ 1,084

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 1,044,739	$ 868,369
Finished products	379,705	356,052
Operating supplies	76,590	66,495
Maintenance materials and parts	74,624	67,877
Total inventories	$ 1,575,658	$ 1,358,793

INVESTMENTS IN SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Debt Securities, Available-for-sale [Line Items]
Gross realized gains recognized on available-for-sale securities	$ 5,400	$ 5,800
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	48,851	178,677
Fair Value	$ 48,851	$ 178,677

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,005,245	$ 973,750
Additions	350,364	2,197
Currency Translation	(18,357)	29,298
Goodwill, end of period	1,337,252	1,005,245
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	835,505	806,207
Additions	350,364	0
Currency Translation	(18,357)	29,298
Goodwill, end of period	1,167,512	835,505
Mexico
Goodwill [Roll Forward]
Goodwill, beginning of period	127,804	125,607
Additions	0	2,197
Currency Translation	0	0
Goodwill, end of period	$ 127,804	$ 127,804

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (26,372)	$ (22,715)	$ (22,900)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Beginning balance	589,913	596,053
Additions	415,157	0
Amortization	(26,372)	(22,715)	(22,900)
Currency Translation	(15,455)	16,575
Ending balance	963,243	589,913	596,053
Trade names subject to amortization
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	78,343	78,343
Additions	36,825	0
Currency Translation	(900)	0
Ending balance	114,268	78,343	78,343
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(47,486)	(45,518)
Amortization	(2,409)	(1,968)
Currency Translation	(6)	0
Ending balance	(49,901)	(47,486)	(45,518)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	(2,409)	(1,968)
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	297,062	292,278
Additions	164,285	0
Currency Translation	(5,888)	4,784
Ending balance	455,459	297,062	292,278
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(143,246)	(120,481)
Amortization	(23,963)	(20,747)
Currency Translation	913	(2,018)
Ending balance	(166,296)	(143,246)	(120,481)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	(23,963)	(20,747)
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)	(320)
Amortization	0	0
Currency Translation	0	0
Ending balance	(320)	(320)	(320)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	0	0
Trade names subject to amortization
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	405,240	391,431
Additions	214,047	0
Currency Translation	(9,574)	13,809
Ending balance	$ 609,713	$ 405,240	$ 391,431

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 26,372	$ 22,715	$ 22,900
Expected amortization expense, 2021	35,400
Expected amortization expense, 2022	34,300
Expected amortization expense, 2023	33,300
Expected amortization expense, 2024	33,300
Expected amortization expense, 2025	$ 31,300

GOODWILL AND INTANGIBLE ASSETS - Useful Life of Assets (Details)	12 Months Ended
	Dec. 26, 2021
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	18 years
Trade names subject to amortization \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	15 years
Trade names subject to amortization \| 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. 26, 2021	Dec. 27, 2020
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 5,710	$ 2,182
PP&E, gross	6,209,852	5,744,183
Accumulated depreciation	(3,292,046)	(3,086,692)
PP&E, net	$ 2,917,806	$ 2,657,491
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 260,079	$ 255,171
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,043,034	1,983,823
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3,594,482	3,230,199
Autos and trucks
Property, Plant and Equipment [Line Items]
Property, plant and equipment	76,710	73,647
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 229,837	$ 199,161

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 26, 2021 USD ($) processingPlant hatchery	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 354,400	$ 314,400	$ 264,300
Expenditures on capital projects	381,700	354,800
Completed projects transferred from construction-in-progress to depreciable assets	421,900	423,700
Proceeds from property disposals	$ 24,724	31,976	$ 15,753
Processing plants \| processingPlant	2
Gain (loss) on property disposals	$ 1,500	$ 13,800
Idled assets property, plant and equipment, net	40,200
Idled asset property, plant and equipment gross	205,500
Idled asset accumulated depreciation	$ 165,300
Property, Plant and Equipment [Line Items]
Number of hatcheries \| hatchery	2
Machinery and equipment
Property, Plant and Equipment [Line Items]
Impairment of leasehold improvements	$ 3,800

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Accounts payable:
Trade accounts	$ 1,273,297	$ 904,674
Book overdrafts	77,139	106,435
Other payables	27,641	17,601
Total accounts payable	1,378,077	1,028,710
Accounts payable to related parties	22,317	9,650
Revenue contract liabilities	22,321	65,918
Accrued expenses and other current liabilities:
Compensation and benefits	224,368	189,767
Current maturities of operating lease liabilities	$ 82,947	$ 71,592
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Taxes	$ 68,163	$ 67,812
Insurance and self-insured claims	64,697	61,212
Accrued sales rebates	35,613	44,708
Interest and debt-related fees	31,810	29,559
Derivative liabilities	31,866	7,599
Other accrued expenses	147,981	150,074
Total accrued expenses and other current liabilities	859,885	807,847
Total current liabilities	2,282,600	1,912,125
Other Litigation Cases
Accrued expenses and other current liabilities:
Litigation settlements/ DOJ agreement	172,440	75,000
Violation of Sherman Antitrust Act
Accrued expenses and other current liabilities:
Litigation settlements/ DOJ agreement	$ 0	$ 110,524

INCOME TAXES - Income Before Income Taxes by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Income Tax Disclosure [Abstract]
U.S.	$ (141,940)	$ (27,095)	$ 342,110
Foreign	234,330	188,920	275,435
Income before income taxes	$ 92,390	$ 161,825	$ 617,545

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: 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=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: 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=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Current:
Federal	$ 22,591	$ (8,800)	$ 27,585
Foreign	115,772	28,985	78,099
State and other	9,150	9,234	12,847
Total current	147,513	29,419	118,531
Deferred:
Federal	(52,147)	13,864	51,387
Foreign	(16,225)	19,622	(18,596)
State and other	(18,019)	3,850	9,687
Total deferred	(86,391)	37,336	42,478
Income tax expense (benefit)	$ 61,122	$ 66,755	$ 161,009

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Operating Loss Carryforwards [Line Items]
Effective tax rate	66.20%	41.20%	26.10%
Change in effective tax rate, due to change in reserve for unrecognized tax benefits, increase related to foreign tax deductions	7.00%
Change in effective tax rate from change in reserve for unrecognized tax benefits	2.60%
Valuation allowance	$ 24,261	$ 32,908
Valuation allowance, foreign operations	100
Valuation allowance, U.S. foreign tax credits	11,800
Valuation allowance, state operating losses	900
Other comprehensive income, tax expense (benefit)	(8,197)	6,907	$ 723
Unrecognized tax benefits	20,242	$ 13,271	$ 12,776
Amount of tax benefits that, if recognized, would reduce effective tax rate	7,400
Liability for interest and penalties	3,200
Increase in accrued interest and penalty amounts related to uncertain tax positions	400
Majority Shareholder \| JBS USA Food Company \| Capital contribution (distribution) under tax sharing agreement
Operating Loss Carryforwards [Line Items]
Net payable	2,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	76,800
Tax credit carry forwards	6,100
Moy Park
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	7,000
Tulip Ltd. and Subsidiaries
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	4,500
Mexican Tax Authority \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	1,700
U.K. Tax Authority \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 250,100

INCOME TAXES - Schedule of Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%	21.00%
State tax rate, net	(4.50%)	6.70%	3.00%
Global intangible low-taxed income	0	(0.073)	0.015
DOJ agreement	0.00%	14.30%	0.00%
Intercompany financing	(14.10%)	(9.50%)	(1.60%)
Permanent items	1.70%	1.20%	(1.60%)
Difference in U.S. statutory tax rate and foreign country effective tax rate	22.30%	5.40%	2.10%
Rate change	26.60%	5.20%	(0.10%)
Foreign currency translation	10.60%	3.00%	(0.60%)
Tax credits	(4.10%)	(1.40%)	(0.70%)
Change in reserve for unrecognized tax benefits	7.30%	0.30%	2.70%
Change in valuation allowance	(0.20%)	1.20%	0.10%
Other	(0.40%)	1.10%	0.30%
Total	66.20%	41.20%	26.10%

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Deferred tax liabilities:
PP&E and identified intangible assets	$ 518,641	$ 376,917
Inventories	26,590	116,226
Insurance claims and losses	33,416	32,679
Incentive compensation	11,444	16,204
Operating lease assets	88,028	65,906
Other	11,373	26,968
Total deferred tax liabilities	689,492	634,900
Deferred tax assets:
U.S. net operating losses	2,693	3,034
Foreign net operating losses	53,227	56,213
Credit carry forwards	19,026	15,223
Allowance for credit losses	6,996	4,005
Accrued liabilities	103,482	94,769
Workers’ compensation	37,681	36,759
Pension and other postretirement benefits	28,083	35,899
Operating lease liabilities	88,028	65,906
Other	10,666	21,640
Total deferred tax assets	349,882	333,448
Valuation allowance	(24,261)	(32,908)
Net deferred tax assets	325,621	300,540
Net deferred tax liabilities	$ 363,871	$ 334,360

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning of year	$ 13,271	$ 12,776
Increase as a result of tax positions taken during the current year	6,472	0
Increase as a result of tax positions taken during prior years	1,156	731
Decrease for lapse in statute of limitations	(657)	(236)
Unrecognized tax benefits, end of year	$ 20,242	$ 13,271

DEBT - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 14, 2018	Dec. 26, 2021	Sep. 02, 2021	Dec. 27, 2020
Debt Instrument [Line Items]
Finance Lease, Liability		$ 4,548		$ 1,664
Long-term debt		3,247,358		2,298,544
Less: Current maturities of long-term debt		(26,246)		(25,455)
Long-term debt, less current maturities		3,221,112		2,273,089
Less: Capitalized financing costs		(29,951)		(17,543)
Long-term debt, less current maturities, net of capitalized financing costs		$ 3,191,161		2,255,546
Credit facility \| Term note payable at 1.33%
Debt Instrument [Line Items]
Stated interest rate		1.33%
Long-term debt		$ 506,250		0
Credit facility \| Revolving note payable at 3.50%
Debt Instrument [Line Items]
Stated interest rate		3.50%
Long-term debt		$ 0		0
Credit facility \| Term note payable at 1.33%
Debt Instrument [Line Items]
Stated interest rate		1.33%
Long-term debt		$ 0		450,000
Credit facility \| Revolving note payable at 3.50%
Debt Instrument [Line Items]
Stated interest rate		3.50%
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 \| Mexico Credit Facility (defined below) with notes payable at TIIE Rate plus 1.50%
Debt Instrument [Line Items]
Long-term debt		$ 0		0
Senior notes \| Senior Notes 3.50% Due 2032
Debt Instrument [Line Items]
Stated interest rate		3.50%	3.50%
Long-term debt		$ 900,000		0
Senior notes \| Senior Notes 4.25% Due 2031
Debt Instrument [Line Items]
Stated interest rate		4.25%
Long-term debt		$ 990,691		0
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Stated interest rate		5.875%
Long-term debt		$ 845,866		845,149
Senior notes \| Senior notes payable, net of premium and discount at 5.75%
Debt Instrument [Line Items]
Stated interest rate		5.75%
Long-term debt		$ 0		1,001,693
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 \| 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 \| 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%	1.50%
Secured Loans
Debt Instrument [Line Items]
Weighted average interest rate		3.34%
Long-term debt		$ 3		$ 38

DEBT - Narrative (Details)									12 Months Ended
DEBT - Narrative (Details)	Feb. 08, 2022 USD ($)	Aug. 09, 2021 USD ($)	Apr. 14, 2021 USD ($)	Apr. 08, 2021 USD ($)	Dec. 14, 2018 MXN ($)	Jul. 20, 2018 USD ($)	Mar. 07, 2018 USD ($)	Sep. 29, 2017 USD ($)	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($)	Sep. 02, 2021 USD ($)	Jun. 02, 2018 GBP (£)	Mar. 11, 2015 USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt									$ 24,654,000	$ 0	$ 0
Maximum secured leverage ratio on a pro-forma basis (not to exceed)		3.00
Term note payable at 1.33% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate									1.33%
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 2 inputs
Debt Instrument [Line Items]
Principal amount							$ 250,000,000	$ 250,000,000						$ 500,000,000
Stated interest rate									5.75%
Add-on issuance percentage of face value							99.25%	102.00%
Gross amount							$ 248,100,000	$ 255,000,000
Debt premium								5,000,000
Debt discount							1,900,000
Aggregate principal amount				$ 1,000,000,000
Repurchase of debt			$ 103,900,000	$ 896,100,000
Percentage of debt repurchased				89.60%
Tender call premium			21,300,000
Write off of capitalized financing costs			4,600,000
Senior notes \| Senior notes payable, net of premium and discount at 5.75%, Add-On Offering
Debt Instrument [Line Items]
Write off of debt premium (discount)			(2,600,000)
Senior notes \| Senior notes payable, net of premium and discount at 5.75%, Original Offering
Debt Instrument [Line Items]
Write off of debt premium (discount)			$ 1,100,000
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Principal amount							$ 250,000,000	$ 600,000,000
Stated interest rate									5.875%
Add-on issuance percentage of face value							97.25%
Gross amount							$ 243,100,000
Debt discount							$ 6,900,000
Senior notes \| Senior Notes 4.25% Due 2031
Debt Instrument [Line Items]
Principal amount				$ 1,000,000,000
Stated interest rate									4.25%
Add-on issuance percentage of face value				98.994%
Gross amount				$ 989,900,000
Debt discount				$ 10,100,000
Stated interest rate if emissions target is met				4.50%
Notification period if emissions threshold is met				30 days
Emissions threshold				17.679%
Senior notes \| Senior Notes 3.50% Due 2032
Debt Instrument [Line Items]
Principal amount												$ 900,000,000
Stated interest rate									3.50%			3.50%
Credit facility \| US Credit Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 800,000,000				$ 750,000,000
Feature to increase revolving loan commitment		500,000,000
Letters of credit issued									$ 36,100,000
Current borrowing capacity									763,900,000
Credit facility \| US Credit Facility \| Credit facility \| LIBOR Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate						1.25%
Credit facility \| US Credit Facility \| Credit facility \| LIBOR Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate						2.75%
Credit facility \| US Credit Facility \| Credit facility \| Alternate base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.25%
Credit facility \| US Credit Facility \| Credit facility \| Alternate base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate						1.75%
Credit facility \| US Credit Facility \| Swingline loans
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 80,000,000
Credit facility \| US Credit Facility \| Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity						125,000,000
Credit facility \| Term note payable at 1.33% \| Credit facility
Debt Instrument [Line Items]
Aggregate principal amount		506,300,000
Maximum borrowing capacity		700,000,000				$ 500,000,000
Loss on early extinguishment of debt		400,000
Credit facility, delayed draw commitment for first six months		$ 193,700,000
Quarterly principal payment, percent of original principal amount						1.25%
Credit facility \| Term note payable at 1.33% \| Credit facility \| Subsequent Event
Debt Instrument [Line Items]
Delayed draw borrowed	$ 193,700,000
Credit facility \| Moy Park Bank of Ireland Revolving Facility with notes payable at LIBOR or EURIBOR plus 1.25% to 2.00% \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| £													£ 100,000,000
Current borrowing capacity									$ 134,100,000
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 \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,500,000,000
Current borrowing capacity									$ 72,800,000
Credit facility \| Mexico Credit Facility \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate					1.50%				1.50%

STOCKHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	$ 2,575,347	$ 2,536,060	$ 2,019,585
Other comprehensive income (loss) before reclassifications	(27,538)	56,044
Amounts reclassified from accumulated other comprehensive loss to net income	146	(1,591)
Currency translation	15	56
Total other comprehensive income (loss), net of tax	(27,377)	54,509	52,705
Balance, end of year	2,588,934	2,575,347	2,536,060
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(20,620)	(75,129)	(127,834)
Total other comprehensive income (loss), net of tax	(27,377)	54,509	52,705
Balance, end of year	(47,997)	(20,620)	(75,129)
Gains (Losses) Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	82,782	(1,108)
Other comprehensive income (loss) before reclassifications	(55,541)	83,890
Amounts reclassified from accumulated other comprehensive loss to net income	0	0
Currency translation	0	0
Total other comprehensive income (loss), net of tax	(55,541)	83,890
Balance, end of year	27,241	82,782	(1,108)
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	(1,191)	(2,406)
Other comprehensive income (loss) before reclassifications	405	3,823
Amounts reclassified from accumulated other comprehensive loss to net income	(1,594)	(2,664)
Currency translation	15	56
Total other comprehensive income (loss), net of tax	(1,174)	1,215
Balance, end of year	(2,365)	(1,191)	(2,406)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(102,211)	(71,615)
Other comprehensive income (loss) before reclassifications	27,598	(31,724)
Amounts reclassified from accumulated other comprehensive loss to net income	1,740	1,128
Currency translation	0	0
Total other comprehensive income (loss), net of tax	29,338	(30,596)
Balance, end of year	(72,873)	(102,211)	(71,615)
Unrealized Holding Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	0	0
Other comprehensive income (loss) before reclassifications	0	55
Amounts reclassified from accumulated other comprehensive loss to net income	0	(55)
Currency translation	0	0
Total other comprehensive income (loss), net of tax	0	0
Balance, end of year	$ 0	$ 0	$ 0

STOCKHOLDERS' EQUITY - Schedule of Reclassification from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	$ 14,777,458	$ 12,091,901	$ 11,409,219
Cost of sales	(13,411,631)	(11,253,705)	(10,338,825)
Interest expense, net of capitalized interest	(145,792)	(126,118)	(132,630)
Interest income	6,056	7,305	14,277
Miscellaneous, net	11,580	39,681	(4,633)
Tax expense	(61,122)	(66,755)	(161,009)
Net income	31,268	95,070	$ 456,536
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Income before income taxes	(841)	1,234
Tax expense	695	357
Net income	(146)	1,591
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	1,359	2,987
Cost of sales	709	(114)
Interest expense, net of capitalized interest	(631)	(209)
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	0	73
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	$ (2,278)	$ (1,503)

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	12 Months Ended		38 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Dec. 27, 2020	Dec. 29, 2019	Dec. 26, 2021	Oct. 31, 2018
Equity [Abstract]
Preferred stock, shares authorized (in shares)			50,000,000
Preferred stock, par value (in usd per share)			$ 0.01
Share repurchase, authorized amount				$ 200,000,000
Shares repurchased under program (in shares)			6,300,000
Market value of shares repurchased under program	$ 110,242,000	$ 2,898,000	$ 113,400,000

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 26, 2021 USD ($) plan	Dec. 27, 2020 USD ($)	Dec. 29, 2019 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses \| $	$ 19.2	$ 17.4	$ 19.0
Weighted average duration of defined benefit obligation	18 years 1 month 6 days
Expenses related to defined contribution plans \| $	$ 17.0	14.1	$ 13.7
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 \| $	$ 373.1	$ 404.2
Expected contributions during 2022 \| $	$ 6.2
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
Change in discount rate on projected benefit obligations, percentage	0.25%
Expected contributions during 2022 \| $	$ 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	36.00%
U.K. Plans \| Pension Benefits \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	10.00%
U.K. Plans \| Pension Benefits \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	11.00%
U.K. Plans \| Pension Benefits \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	15.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Defined Benefit Plan Obligations and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019	Dec. 30, 2018
Change in plan assets:
Fair value of plan assets, beginning of year	$ 305,983
Fair value of plan assets, end of year	326,409	$ 305,983
Pension Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of year	404,194	369,066
Interest cost	5,763	8,102	$ 6,673
Actuarial losses (gains)	(14,535)	38,822
Benefits paid	(13,483)	(13,745)
Curtailments and settlements	(6,714)	(8,226)
Prior service cost	0	20
Currency translation loss (gain)	(2,163)	10,155
Projected benefit obligation, end of year	373,062	404,194	369,066
Change in plan assets:
Fair value of plan assets, beginning of year	305,983	294,589
Actual return on plan assets	29,126	12,672
Contributions by employer	14,393	14,774
Benefits paid	(13,483)	(13,745)
Curtailments and settlements	(6,714)	(8,226)
Expenses paid from assets	(425)	(715)
Currency translation gain (loss)	(2,471)	6,634
Fair value of plan assets, end of year	326,409	305,983	294,589
Funded status:
Unfunded benefit obligation, end of year	(46,653)	(98,211)
Amounts recognized in the Consolidated Balance Sheets as of end of year:
Current liabilities	(6,063)	(7,510)
Long-term liabilities	(40,590)	(90,701)
Recognized liabilities	(46,653)	(98,211)
Amounts recognized in accumulated other comprehensive loss at end of year:
Net actuarial loss	58,143	95,522	58,239	$ 54,343
Other Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of year	1,593	1,527
Interest cost	18	36
Actuarial losses (gains)	(33)	90
Benefits paid	0	0
Curtailments and settlements	(232)	(60)
Prior service cost	0	0
Currency translation loss (gain)	0	0
Projected benefit obligation, end of year	1,346	1,593	1,527
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Contributions by employer	232	60
Benefits paid	0	0
Curtailments and settlements	(232)	(60)
Expenses paid from assets	0	0
Currency translation gain (loss)	0	0
Fair value of plan assets, end of year	0	0	0
Funded status:
Unfunded benefit obligation, end of year	(1,346)	(1,593)
Amounts recognized in the Consolidated Balance Sheets as of end of year:
Current liabilities	(157)	(169)
Long-term liabilities	(1,189)	(1,424)
Recognized liabilities	(1,346)	(1,593)
Amounts recognized in accumulated other comprehensive loss at end of year:
Net actuarial loss	$ 118	$ 174	$ 91	$ (34)

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 5,763	$ 8,102	$ 6,673
Estimated return on plan assets	(10,562)	(13,071)	(6,921)
Settlement loss	2,313	3,371	3,538
Expenses paid from assets	425	735	(62)
Amortization of net loss	2,257	1,503	1,313
Amortization of past service cost	19	0	0
Net cost	215	640	4,541
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	18	36	52
Estimated return on plan assets	0	0	0
Settlement loss	21	7	7
Expenses paid from assets	0	0	0
Amortization of net loss	2	0	0
Net cost	$ 41	$ 43	$ 59

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. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Net pension and other postretirement cost:
Increase in Discount Rate of 0.25% - impact on defined benefit obligation for pension benefits	$ (9,986)
Decrease in Discount Rate of 0.25% - impact on defined benefit obligation for pension benefits	$ 10,513
Pension Benefits
Benefit obligation:
Discount rate	2.23%	1.83%	2.56%
Net pension and other postretirement cost:
Discount rate	2.08%	2.16%	3.10%
Expected return on plan assets	3.53%	4.34%	4.62%
Other Benefits
Benefit obligation:
Discount rate	2.38%	1.80%	2.77%
Net pension and other postretirement cost:
Discount rate	1.80%	2.77%	4.07%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Plan Asset Allocations (Details) - Pension Benefits	Dec. 26, 2021	Dec. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Total assets	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets	2.00%	1.00%
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	19.00%	20.00%
GK Pension Plan \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	12.00%	13.00%
GK Pension Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total assets	1.00%	1.00%
U.K. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total assets	37.00%	35.00%
U.K. Plans \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total assets	19.00%	20.00%
U.K. Plans \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total assets	6.00%	6.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Benefit Payments (Details) $ in Thousands	Dec. 26, 2021 USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2022	$ 26,660
2023	17,491
2024	17,436
2025	17,180
2026	17,070
2027-2031	83,247
Total	179,084
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2022	157
2023	150
2024	143
2025	135
2026	126
2027-2031	485
Total	$ 1,196

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Unrecognized Benefit Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Pension Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of year	$ 95,522	$ 58,239	$ 54,343
Amortization	(2,276)	(1,503)	(1,313)
Settlement adjustments	(2,313)	(3,371)	(3,538)
Actuarial loss (gain)	(14,535)	38,822	20,729
Asset loss (gain)	(18,563)	400	(11,982)
Net prior service cost	0	378	0
Currency translation loss	308	2,557	0
Net actuarial loss, end of year	58,143	95,522	58,239
Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of year	174	91	(34)
Amortization	(2)	0	0
Settlement adjustments	(21)	(7)	(7)
Actuarial loss (gain)	(33)	90	132
Asset loss (gain)	0	0	0
Net prior service cost	0	0	0
Currency translation loss	0	0	0
Net actuarial loss, end of year	$ 118	$ 174	$ 91

INCENTIVE COMPENSATION - Narrative (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Short Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	$ 45,400,000
Moy Park Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	30,000
Pilgrim's Mexico Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	$ 7,000,000
2019 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	1.1
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 3,000,000	$ 2,500,000
Unrecognized compensation cost	$ 14,900,000
Unrecognized compensation cost, period for recognition	2 years 4 months 6 days
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 1,200,000	$ 3,000,000
Unrecognized compensation cost	$ 11,100,000
Unrecognized compensation cost, period for recognition	1 year 10 months 24 days

INCENTIVE COMPENSATION - Schedule of Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 26, 2021	Sep. 26, 2021	Aug. 16, 2021	May 03, 2021	Mar. 15, 2021	Feb. 10, 2021	Jan. 08, 2021	Jan. 08, 2020	Jan. 07, 2019	Mar. 01, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone Date Fair Value per Award (in dollars per share)	$ 27.55
Share price (in dollars per share)		$ 27.55	$ 27.46
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)	(51,491)
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)	(53,376)
Awards Forfeited to Date (in shares)	(83,527)
Expected compensation cost	$ 2.1
Performance target achievement percentage	65.00%
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)	$ 27.55
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	$ 0.9
Performance target achievement percentage	65.00%
Share price (in dollars per share)	$ 27.55
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)	(198,103)
Expected compensation cost	$ 4.9
Performance target achievement percentage	112.50%
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)	$ 27.55
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	$ 3.5
Performance target achievement percentage	112.50%
Share price (in dollars per share)	$ 27.55
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)	195,149
Performance Target Achievement Award Adjustment (in shares)	115,676
Awards Forfeited to Date (in shares)	(66,930)
Expected compensation cost	$ 2.7
Performance target achievement percentage	159.00%
Share price (in dollars per share)								$ 30.94
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)	$ 27.55
Awards Granted (in shares)	121,310
Performance Target Achievement Award Adjustment (in shares)	71,573
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 5.5
Performance target achievement percentage	159.00%
Share price (in dollars per share)	$ 27.55
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
1/8/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 19.73
Awards Granted (in shares)	95,000
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 1.9
Share price (in dollars per share)								$ 19.73
1/8/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 19.73
Milestone Date Fair Value per Award (in dollars per share)	$ 27.55
Awards Granted (in shares)	50,000
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 1.4
Share price (in dollars per share)		$ 27.55
1/8/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 19.73
Awards Granted (in shares)	300,000
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 5.9
Performance target achievement percentage	100.00%
Share price (in dollars per share)							$ 19.73
1/8/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 19.73
Awards Granted (in shares)	100,000
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 2.9
Performance target achievement percentage	100.00%
Share price (in dollars per share)	$ 27.55
2/10/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 22.96
Awards Granted (in shares)	307,986
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	(35,558)
Expected compensation cost	$ 7.1
Performance target achievement percentage	100.00%
Share price (in dollars per share)						$ 22.96
2/10/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 22.96
Milestone Date Fair Value per Award (in dollars per share)	$ 27.55
Awards Granted (in shares)	208,117
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 7.1
Performance target achievement percentage	100.00%
3/15/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 25.45
Awards Granted (in shares)	27,350
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 0.7
Performance target achievement percentage	100.00%
Share price (in dollars per share)					$ 25.45
4/28/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 24.69
Awards Granted (in shares)	14,586
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
May 3, 2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 23.81
Awards Granted (in shares)	31,500
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 0.8
Share price (in dollars per share)				$ 23.81
8/16/2021 \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)	$ 27.46
Awards Granted (in shares)	5,470
Performance Target Achievement Award Adjustment (in shares)	0
Awards Forfeited to Date (in shares)	0
Expected compensation cost	$ 0.2
Performance target achievement percentage	100.00%

INCENTIVE COMPENSATION - Schedule of Compensation Cost and Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 10,629	$ 2,776	$ 10,132
Income tax benefit	2,587	676	2,466
Net cost	8,042	2,100	7,666
Equity-Based RSU \| Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	3,209	838	461
Equity-Based RSU \| Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	7,420	1,938	9,671
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	1,878	263	163
Net cost	5,837	818	508
Liability-Based RSU \| Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 7,715	$ 1,081	$ 671

INCENTIVE COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Equity-Based RSU
Number
Outstanding at beginning of period (in shares)	584,000	926,000	1,069,000
Transferred (in shares)	(8,000)	(200,000)	(36,000)
Granted (in shares)	817,000	249,000	843,000
Vested (in shares)	153,000	66,000	723,000
Forfeited (in shares)	(686,000)	(325,000)	(227,000)
Outstanding at end of period (in shares)	554,000	584,000	926,000
Weighted Average Milestone Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 22.12	$ 24.04	$ 22.97
Transferred (in dollars per share)	23.53	26.91	24.67
Granted (in dollars per share)	21.58	28.14	22.01
Vested (in dollars per share)	19.48	24.93	22.08
Forfeited (in dollars per share)	23.44	25.95	21.51
Outstanding at end of period (in dollars per share)	$ 20.40	$ 22.12	$ 24.04
Liability-Based RSU
Number
Outstanding at beginning of period (in shares)	267,000	143,000	0
Transferred (in shares)	8,000	200,000	36,000
Granted (in shares)	358,000	135,000	110,000
Vested (in shares)	59,000	211,000	3,000
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	574,000	267,000	143,000
Weighted Average Milestone Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 19.35	$ 32.97	$ 0
Transferred (in dollars per share)	23.53	26.91	14.77
Granted (in dollars per share)	21.61	29.47	16.47
Vested (in dollars per share)	20.10	16.04	26.86
Forfeited (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 27.55	$ 19.35	$ 32.97

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 17,567	$ 24,059
Derivative liability	(14,119)	(6,531)
Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	518	2,204
Derivative liability	(4,958)	(428)
Interest rate swap derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(98)	(640)
Sales contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(12,691)	0
Level 1 \| Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	17,567	24,059
Derivative liability	(14,119)	(6,531)
Level 1 \| Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	518	2,204
Derivative liability	(4,958)	(428)
Level 1 \| Interest rate swap derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	(640)
Level 1 \| Sales contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2 \| Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Level 2 \| Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Level 2 \| Interest rate swap derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(98)	0
Level 2 \| Sales contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ (12,691)	$ 0

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Sep. 02, 2021	Dec. 27, 2020
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.75%
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 2 inputs \| Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0		$ (1,001,693)
Senior notes \| Fixed-rate senior notes payable at 5.75%, at Level 2 inputs \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0		(1,024,510)
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.875%
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs \| Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (845,866)		(845,149)
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (900,193)		(911,957)
Senior notes \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.25%
Senior notes \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs \| Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (990,691)		0
Senior notes \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (1,055,140)		0
Senior notes \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.50%	3.50%
Senior notes \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs \| Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (900,000)		0
Senior notes \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(915,120)		0
Secured Loans \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(3)		(38)
Secured Loans \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (3)		$ (38)

FAIR VALUE MEASUREMENTS - Narrative (Details)	Dec. 26, 2021	Dec. 27, 2020
Measurement Input, Weighted Average Cost of Debt \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt measurement input	0.005	0.005

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Related Party Transaction [Line Items]
Sales to related party	$ 21,456	$ 17,880	$ 14,938
Cost of goods purchased from related parties	223,135	151,582	158,064
Expenditures by related parties	97,726	39,034	32,244
Expenditures paid on behalf of related parties	42,951	16,266	9,103
Total other related party transactions	1,961	650	0
Accounts receivable from related parties	1,345	1,084
Accounts payable to related parties	22,317	9,650
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related party	17,296	14,228	14,108
Cost of goods purchased from related parties	210,657	142,615	134,790
Expenditures by related parties	97,713	39,025	32,161
Expenditures paid on behalf of related parties	42,951	16,266	9,103
Accounts receivable from related parties	1,059	714
Accounts payable to related parties	21,628	8,562
Goods in transit	1,800
JBS Australia Pty. Ltd.
Related Party Transaction [Line Items]
Sales to related party	2,439	2,540	0
Accounts receivable from related parties	200	370
Combo, Mercado de Congelados
Related Party Transaction [Line Items]
Sales to related party	1,368	887	207
Accounts receivable from related parties	84	0
JBS Chile Ltda.
Related Party Transaction [Line Items]
Sales to related party	353	225	482
Expenditures by related parties	0	0	6
Accounts receivable from related parties	2	0
Accounts payable to related parties	8	8
JBS Global (UK) Ltd.
Related Party Transaction [Line Items]
Sales to related party	0	0	141
Cost of goods purchased from related parties	871	674	170
Accounts payable to related parties	0	5
Penasul UK LTD
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	6,697	0	0
Accounts payable to related parties	147	0
Seara Meats B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	4,722	8,138	22,797
Accounts payable to related parties	534	1,075
Planterra Food Company
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	152	0	0
Vivera Topholding B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	31	0	0
JBS Asia CO Limited
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	5	0	0
JBS Toledo NV
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	0	155	307
Seara Food Europe Holdings
Related Party Transaction [Line Items]
Expenditures by related parties	13	9	77
Capital contribution (distribution) under tax sharing agreement
Related Party Transaction [Line Items]
Total other related party transactions	$ 1,961	$ 650	$ 0

REPORTABLE SEGMENTS -Narrative (Details)	12 Months Ended
REPORTABLE SEGMENTS -Narrative (Details)	Dec. 26, 2021 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

REPORTABLE SEGMENTS - Schedule of Net Sales, Operating Income, Depreciation and Amortization, Capital Expenditures, Assets, Customer Location and Long-lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Net sales
Net sales	$ 14,777,458	$ 12,091,901	$ 11,409,219
Operating income
Total operating income	211,164	245,463	690,568
Interest expense, net of capitalized interest	145,792	126,118	132,630
Interest income	(6,056)	(7,305)	(14,277)
Foreign currency transaction (gains) losses	(9,382)	760	6,917
Gain on bargain purchase	0	3,746	(56,880)
Miscellaneous, net	(11,580)	(39,681)	4,633
Income before income taxes	92,390	161,825	617,545
Income tax expense	61,122	66,755	161,009
Net income	31,268	95,070	456,536
Depreciation and amortization	380,824	337,104	287,230
Capital expenditures	381,671	354,762	348,120
Assets	8,913,205	7,474,497
Long-lived assets	3,269,032	2,946,377
U.S.
Net sales
Net sales	8,657,648	7,190,808	7,355,631
Europe
Net sales
Net sales	3,878,475	3,225,717	2,363,017
Mexico
Net sales
Net sales	1,778,355	1,350,588	1,437,081
Asia-Pacific
Net sales
Net sales	317,685	252,574	175,898
Canada, Caribbean and Central America
Net sales
Net sales	81,549	30,792	31,808
Africa
Net sales
Net sales	47,948	25,321	28,400
South America
Net sales
Net sales	15,798	16,101	17,384
Eliminations
Net sales
Net sales	296,900	210,600	188,900
Operating income
Total operating income	54	473	96
Assets	(2,916,402)	(1,961,171)
Long-lived assets	(3,729)	(3,783)
U.S.
Net sales
Net sales	9,113,879	7,496,017	7,636,716
Operating income
Capital expenditures	274,934	264,149	269,609
U.S. \| Operating Segments
Operating income
Total operating income	(17,036)	69,377	487,275
Depreciation and amortization	242,944	218,244	207,584
Assets	6,390,845	5,189,021
Long-lived assets	1,862,584	1,815,460
U.K. and Europe
Net sales
Net sales	3,934,062	3,274,292	2,383,793
Operating income
Capital expenditures	87,004	77,597	58,795
U.K. and Europe \| Operating Segments
Operating income
Total operating income	(627)	102,734	79,182
Depreciation and amortization	113,256	92,673	60,499
Assets	4,292,558	3,034,219
Long-lived assets	1,125,197	842,049
Mexico
Net sales
Net sales	1,729,517	1,321,592	1,388,710
Operating income
Capital expenditures	19,733	13,016	19,716
Mexico \| Operating Segments
Operating income
Total operating income	228,773	72,879	124,015
Depreciation and amortization	24,624	26,187	$ 19,147
Assets	1,146,204	1,212,428
Long-lived assets	$ 284,980	$ 292,651

REPORTABLE SEGMENTS - Schedule of Sales by Product Lines and Markets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Segment Reporting Information [Line Items]
Net sales	$ 14,777,458	$ 12,091,901	$ 11,409,219
U.S.
Segment Reporting Information [Line Items]
Net sales	9,113,879	7,496,017	7,636,716
U.S. \| Fresh products
Segment Reporting Information [Line Items]
Net sales	7,264,448	6,137,265	6,214,954
U.S. \| Prepared foods
Segment Reporting Information [Line Items]
Net sales	898,614	714,563	842,365
U.S. \| Export
Segment Reporting Information [Line Items]
Net sales	459,371	306,478	282,791
U.S. \| Other Products
Segment Reporting Information [Line Items]
Net sales		337,711
U.S. \| Total U.S. reportable segment
Segment Reporting Information [Line Items]
Net sales	9,113,879	7,496,017	7,636,716
U.K. and Europe
Segment Reporting Information [Line Items]
Net sales	3,934,062	3,274,292	2,383,793
U.K. and Europe \| Fresh products
Segment Reporting Information [Line Items]
Net sales	1,151,330	1,594,373	1,054,837
U.K. and Europe \| Prepared foods
Segment Reporting Information [Line Items]
Net sales	2,214,180	1,237,486	951,718
U.K. and Europe \| Export
Segment Reporting Information [Line Items]
Net sales		297,414
U.K. and Europe \| Other Products
Segment Reporting Information [Line Items]
Net sales	109,964	145,019	99,023
U.K. and Europe \| Total U.K. and Europe reportable segment
Segment Reporting Information [Line Items]
Net sales	3,934,062	3,274,292	2,383,793
Mexico
Segment Reporting Information [Line Items]
Net sales	1,729,517	1,321,592	1,388,710
Mexico \| Fresh products
Segment Reporting Information [Line Items]
Net sales	1,515,453	1,210,952	1,245,976
Mexico \| Prepared foods
Segment Reporting Information [Line Items]
Net sales	128,208	66,572	95,733
Mexico \| Other Products
Segment Reporting Information [Line Items]
Net sales	85,856	44,068	47,001
Mexico \| Total Mexico reportable segment
Segment Reporting Information [Line Items]
Net sales	1,729,517	1,321,592	1,388,710
Eliminations
Segment Reporting Information [Line Items]
Net sales	$ 296,900	$ 210,600	$ 188,900

COMMITMENTS AND CONTINGENCIES (Details)							1 Months Ended	2 Months Ended	12 Months Ended		37 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2021 USD ($)	Jun. 14, 2021 USD ($)	Feb. 23, 2021 USD ($)	Oct. 13, 2020 USD ($) plan	Nov. 12, 2019 claim	Jan. 27, 2017 producer	Oct. 13, 2016 claim	Oct. 16, 2019 claim	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)	Jan. 15, 2021 claim	Jul. 29, 2021 formerEmployee	Oct. 06, 2020 employeeOfOtherCompany	Jun. 03, 2020 formerEmployee
Loss Contingencies [Line Items]
Outstanding purchase contracts, payable in 2022									$ 540,000,000
Outstanding purchase contracts, payable in 2023									2,800,000
Outstanding purchase contracts, payable in 2024									2,200,000
Outstanding purchase contracts, payable in 2025									2,100,000
Outstanding purchase contracts, payable thereafter									16,400,000
Number of former employees indicted \| formerEmployee												4		2
Number of employees of other companies indicted \| employeeOfOtherCompany													4
In Re Broiler Chicken Antitrust Litigation
Loss Contingencies [Line Items]
Number of complaints filed \| claim							3				82
Loss from settlement										$ 75,000,000
Number of other producers named in lawsuits \| producer						4
In Re Broiler Chicken Antitrust Litigation, Settlement with End-User Consumer Indirect Purchaser Plaintiff Class
Loss Contingencies [Line Items]
Fines to be paid	$ 75,500,000
In Re Broiler Chicken Antitrust Litigation, Settlement with Commercial and Institutional Indirect Purchaser Plaintiff Class
Loss Contingencies [Line Items]
Fines to be paid	$ 45,000,000
In Re Broiler Chicken Antitrust Litigation, Settlement Opt Outs
Loss Contingencies [Line Items]
Loss from settlement									489,300,000
Jien v. Perdue Farms, Inc. and Earnest v. Perdue Farms, Inc. et al
Loss Contingencies [Line Items]
Number of complaints filed \| claim					4			4
Fines to be paid		$ 29,000,000
Violation of Sherman Antitrust Act
Loss Contingencies [Line Items]
Fines to be paid			$ 107,900,000	$ 110,500,000
Number of counts \| plan				1
Mexican Tax Authority \| Tax Year 2009 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss									29,600,000
Mexican Tax Authority \| Tax Year 2010 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss									$ 17,900,000

MARKET RISKS AND CONCENTRATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Concentration Risk [Line Items]
Period over which there have been no labor-related work stoppages	10 years
Mexico
Concentration Risk [Line Items]
Aggregate carrying amount of net assets	$ 1,100.0	$ 922.5
U.K. and Europe
Concentration Risk [Line Items]
Aggregate carrying amount of net assets	$ 3,200.0	$ 2,300.0
Net sales \| Customer Concentration Risk \| Largest single customer
Concentration Risk [Line Items]
Concentration risk, percentage	7.10%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	45.40%

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Allowance for Credit Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 7,173	$ 7,467	$ 8,057
Additions, Charged to Operating Results	2,243	94	1,690
Additions, Charged to Other Accounts	51	186	110
Deductions	(206)	574	2,390
Ending Balance	9,673	7,173	7,467
Allowance for Sales Adjustments
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	6,002	8,380	12,987
Additions, Charged to Operating Results	234,735	287,193	267,165
Additions, Charged to Other Accounts	0	0	0
Deductions	229,265	289,571	271,772
Ending Balance	11,472	6,002	8,380
Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	33,678	33,522	26,150
Additions, Charged to Operating Results	(9,417)	156	0
Additions, Charged to Other Accounts	0	0	8,190
Deductions	0	0	818
Ending Balance	$ 24,261	$ 33,678	$ 33,522

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Fair Value Measurements of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Dec. 27, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 326,409	$ 305,983
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	6,166	1,487
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	320,243	304,496
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	6,166	1,487
Cash and cash equivalents \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	6,166	1,487
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
PSAs for the Union Plan \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	2,595	3,100
PSAs for the 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
PSAs for the Union Plan \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	2,595	3,100
PSAs for the 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
PSAs for the Union Plan \| Small/Mid U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,338	392
PSAs for the 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
PSAs for the 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	1,338	392
PSAs for the 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
PSAs for the Union Plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,954	1,874
PSAs for the Union Plan \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,954	1,874
PSAs for the Union Plan \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,186	5,365
PSAs for the Union Plan \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,186	5,365
PSAs for the Union Plan \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	31,960	29,602
PSAs and CCTs for the 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
PSAs and CCTs for the 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	31,960	29,602
PSAs and CCTs for the 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
PSAs and CCTs for the GK Pension Plan \| Small/Mid U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	16,232	17,569
PSAs and CCTs for the 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
PSAs and CCTs for the 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	16,232	17,569
PSAs and CCTs for the 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
PSAs and CCTs for the GK Pension Plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	15,710	16,320
PSAs and CCTs for the 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
PSAs and CCTs for the GK Pension Plan \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	15,710	16,320
PSAs and CCTs for the 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
PSAs and CCTs for the GK Pension Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	40,470	38,944
PSAs and CCTs for the 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
PSAs and CCTs for the GK Pension Plan \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	40,470	38,944
PSAs and CCTs for the 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
PSAs and CCTs for the GK Pension Plan \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,405	5,677
PSAs and CCTs for the GK Pension Plan \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,405	5,677
PSAs and CCTs for the GK Pension Plan \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	47,995	39,002
PSAs for the 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
PSAs for the 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	47,995	39,002
PSAs for the 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
PSAs for the U.K. Plans \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	71,883	69,251
PSAs for the 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
PSAs for the U.K. Plans \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	71,883	69,251
PSAs for the 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
PSAs for the U.K. Plans \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	60,914	60,212
PSAs for the 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
PSAs for the U.K. Plans \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	60,914	60,212
PSAs for the 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
PSAs for the U.K. Plans \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	18,601	17,188
PSAs for the U.K. Plans \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	18,601	17,188
PSAs for the U.K. Plans \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 0	$ 0