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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 27, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 https://cdn.kscope.io/494bcd8a4ea282180c637eb53c90e5aa-ppc-20220327_g1.jpg

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1285071
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1770 Promontory Circle80634-9038
GreeleyCO
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (970506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Exchange on which Registered
Common Stock, Par Value $0.01PPCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated Filer 
Non-accelerated FilerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of April 27, 2022, was 240,329,764.





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



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Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 27, 2022December 26, 2021
 (In thousands)
Cash and cash equivalents$725,540 $427,661 
Restricted cash and cash equivalents30,258 22,460 
Trade accounts and other receivables, less allowance for doubtful accounts1,071,102 1,013,437 
Accounts receivable from related parties1,079 1,345 
Inventories1,708,995 1,575,658 
Income taxes receivable14,407 27,828 
Prepaid expenses and other current assets241,444 237,565 
Total current assets3,792,825 3,305,954 
Deferred tax assets5,191 5,314 
Other long-lived assets32,069 32,410 
Operating lease assets, net339,102 351,226 
Intangible assets, net938,564 963,243 
Goodwill1,320,100 1,337,252 
Property, plant and equipment, net2,890,016 2,917,806 
Total assets$9,317,867 $8,913,205 
Accounts payable$1,440,802 $1,378,077 
Accounts payable to related parties8,044 22,317 
Revenue contract liabilities21,522 22,321 
Accrued expenses and other current liabilities815,259 859,885 
Income taxes payable153,986 81,977 
Current maturities of long-term debt36,162 26,246 
Total current liabilities2,475,775 2,390,823 
Noncurrent operating lease liabilities, less current maturities262,830 271,366 
Long-term debt, less current maturities3,377,893 3,191,161 
Deferred tax liabilities344,492 369,185 
Other long-term liabilities63,271 101,736 
Total liabilities6,524,261 6,324,271 
Common stock2,616 2,614 
Treasury stock(372,157)(345,134)
Additional paid-in capital1,966,066 1,964,028 
Retained earnings1,284,007 1,003,569 
Accumulated other comprehensive loss(98,902)(47,997)
Total Pilgrim’s Pride Corporation stockholders’ equity2,781,630 2,577,080 
Noncontrolling interest11,976 11,854 
Total stockholders’ equity2,793,606 2,588,934 
Total liabilities and stockholders’ equity$9,317,867 $8,913,205 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


2


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended
 March 27, 2022March 28, 2021
 (in thousands, except per share data)
Net sales$4,240,395 $3,273,425 
Cost of sales3,698,415 3,012,182 
Gross profit541,980 261,243 
Selling, general and administrative expense139,967 102,779 
Operating income402,013 158,464 
Interest expense, net of capitalized interest36,296 30,334 
Interest income(1,274)(2,366)
Foreign currency transaction losses11,536 2,514 
Miscellaneous, net(324)(7,844)
Income before income taxes355,779 135,826 
Income tax expense75,219 35,358 
Net income280,560 100,468 
Less: Net income attributable to noncontrolling interests122 260 
Net income attributable to Pilgrim’s Pride Corporation$280,438 $100,208 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic243,670 243,580 
Effect of dilutive common stock equivalents630 278 
Diluted244,300 243,858 
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic$1.15 $0.41 
Diluted$1.15 $0.41 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



3


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 27, 2022March 28, 2021
(In thousands)
Net income$280,560 $100,468 
Other comprehensive income (loss):
Foreign currency translation adjustment:
Gains (losses) arising during the period(58,202)33,291 
Derivative financial instruments designated as cash flow hedges:
Gains arising during the period528 1,468 
Income tax effect 7 
Reclassification to net earnings for losses (gains) realized157 (168)
Income tax effect(42)(32)
Defined benefit plans:
Gains arising during the period8,651 29,227 
Income tax effect(2,172)(6,330)
Reclassification to net earnings of losses realized232 571 
Income tax effect(57)(135)
Total other comprehensive income (loss), net of tax(50,905)57,899 
Comprehensive income229,655 158,367 
Less: Comprehensive income attributable to noncontrolling interests122 260 
Comprehensive income attributable to Pilgrim’s Pride Corporation$229,533 $158,107 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Three Months Ended March 27, 2022Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 26, 2021261,347 $2,614 (17,673)$(345,134)$1,964,028 $1,003,569 $(47,997)$11,854 $2,588,934 
Net income— — — — — 280,438 — 122 280,560 
Other comprehensive loss, net of tax— — — — — — (50,905)— (50,905)
Stock-based compensation plans:
Common stock issued under compensation plans221 2 — — (2)— — —  
Requisite service period recognition— — — — 2,040 — — — 2,040 
Common stock purchased under share repurchase plan— — (1,158)(27,023)— — — — (27,023)
Balance at March 27, 2022261,568 $2,616 (18,831)$(372,157)$1,966,066 $1,284,007 $(98,902)$11,976 $2,793,606 
Three Months Ended March 28, 2021Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 27, 2020261,185 $2,612 (17,673)$(345,134)$1,954,334 $972,569 $(20,620)$11,586 $2,575,347 
Net income— — — — — 100,208 — 260 100,468 
Other comprehensive income, net of tax— — — — — — 57,899 — 57,899 
Stock-based compensation plans:
Common stock issued under compensation plans153 1 — — (1)— — —  
Requisite service period recognition— — — — 2,042 — — — 2,042 
Balance at March 28, 2021261,338 $2,613 (17,673)$(345,134)$1,956,375 $1,072,777 $37,279 $11,846 $2,735,756 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


5


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
 March 27, 2022March 28, 2021
 (In thousands)
Cash flows from operating activities:
Net income$280,560 $100,468 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization102,142 86,532 
Deferred income tax expense (benefit)(21,917)12,483 
Stock-based compensation1,963 2,042 
Loss (gain) on property disposals1,855 (2,396)
Loan cost amortization1,280 1,215 
Accretion of discount related to Senior Notes429 246 
Loss (gain) on equity-method investments8 (4)
Amortization of premium related to Senior Notes (167)
Changes in operating assets and liabilities:
Trade accounts and other receivables(66,669)(54,892)
Inventories(146,035)(82,550)
Prepaid expenses and other current assets(5,889)20,228 
Accounts payable, accrued expenses and other current liabilities(2,454)(240,183)
Income taxes84,780 25,440 
Long-term pension and other postretirement obligations(1,101)(10,841)
Other operating assets and liabilities(1,956)(1,172)
Cash provided by (used in) operating activities226,996 (143,551)
Cash flows from investing activities:
Acquisitions of property, plant and equipment(81,578)(102,167)
Purchase of acquired business, net of cash acquired(4,847) 
Proceeds from property disposals849 13,074 
Cash used in investing activities(85,576)(89,093)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings228,505 328,932 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(32,093)(235,292)
Purchase of common stock under share repurchase plan(27,023) 
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation(1,961)(650)
Payments of capitalized loan costs(1,098) 
Cash provided by financing activities166,330 92,990 
Effect of exchange rate changes on cash and cash equivalents(2,073)1,488 
Increase (decrease) in cash, cash equivalents and restricted cash305,677 (138,166)
Cash, cash equivalents and restricted cash, beginning of period450,121 548,406 
Cash, cash equivalents and restricted cash, end of period$755,798 $410,240 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


6


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1.    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 120 countries. Our fresh products consist of refrigerated (nonfrozen) whole or cut-up chicken, 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. As of March 27, 2022, Pilgrim’s had over 59,000 employees. As of March 27, 2022, PPC had the capacity to process approximately 43.3 million birds per 5-day work week for a total of more than 12.8 billion pounds of live chicken annually. Approximately 4,780 contract growers supply chicken for the Company’s operations. As of March 27, 2022, PPC had the capacity to process approximately 49,500 pigs per 5-day work week for a total of 534.2 million pounds of live pork annually and approximately 240 contract growers supply pork for the Company’s operations. As of March 27, 2022, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned 80.5% of the Company’s outstanding common stock.
Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the three months ended March 27, 2022 are not necessarily indicative of the results that may be expected for the year ending December 25, 2022. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 26, 2021.
The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2022) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The three months ended March 27, 2022 represents the period from December 27, 2021 through March 27, 2022. The three months ended March 28, 2021 represents the period from December 28, 2020 through March 28, 2021.
The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation.
The Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for 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, certain litigation reserves 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


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is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for most assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
Restricted Cash
The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
The following table reconciles cash, cash equivalents and restricted cash as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
March 27, 2022December 26, 2021
(In thousands)
Cash and cash equivalents$725,540 $427,661 
Restricted cash30,258 22,460 
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$755,798 $450,121 
Recent Accounting Pronouncements Adopted as of March 27, 2022
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires annual disclosures for transactions with a government authority that are accounted for by a grant or contribution model. The guidance requires disclosure about the nature of certain government assistance received, the accounting treatment for the transactions, and the effect of the transactions on the financial statements. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements.
Recent Accounting Pronouncements Not Yet Adopted as of March 27, 2022
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.
2.    BUSINESS ACQUISITION
On September 24, 2021, the Company acquired 100% of the equity of the Kerry Consumer Foods’ meats and meals businesses, collectively known as Pilgrim's Food Masters, for cash of £695.3 million, or $954.1 million, subject to working capital adjustments. The acquisition was funded with the Company’s recent senior notes offering and borrowings under the credit facility. During the first quarter of 2022, a payment of $4.8 million for working capital and net debt adjustments was paid to the sellers bringing the total cash paid to $958.9 million. 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.
To date, transaction costs incurred in conjunction with this acquisition were approximately $19.1 million. These costs were expensed as incurred and are reflected within Selling, general and administrative expense in the Company’s Consolidated Statements of Income.
The results of operations of the acquired business since September 24, 2021 are included in the Company’s Condensed Consolidated Statements of Income. Net sales generated and net income generated by the acquired business during the three months ended March 27, 2022 totaled $260.7 million and $1.9 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 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 receivables7,387 
Inventories60,341 
Prepaid expenses and other current assets1,727 
Operating lease assets14,648 
Property, plant and equipment247,133 
Identifiable intangible assets415,157 
Other assets335 
Total assets acquired746,841 
Accounts payable4,615 
Other current liabilities407 
Operating lease liabilities18,996 
Deferred tax liabilities114,701 
Other long-term liabilities2,612 
Total liabilities assumed141,331 
Total identifiable net assets605,510 
Goodwill353,397 
Total consideration transferred$958,907 
The provisional valuation of identifiable 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 for 2021 as if the acquisition had been completed at the beginning of 2021:
Three Months Ended March 28, 2021
(In thousands, except per share amounts)
Net sales$3,495,180 
Net income attributable to Pilgrim's Pride Corporation76,104 
Net income attributable to Pilgrim's Pride Corporation
     per common share - diluted
$0.31 
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.
3.    REVENUE RECOGNITION
The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.
The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order.
The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.
Disaggregated Revenue


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Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended March 27, 2022
(In thousands)
FreshPreparedExportOtherTotal
U.S.$2,087,621 $255,087 $133,797 $104,703 $2,581,208 
U.K. and Europe237,309 746,636 173,411 34,626 1,191,982 
Mexico410,420 36,141  20,644 467,205 
Total net sales$2,735,350 $1,037,864 $307,208 $159,973 $4,240,395 
Three Months Ended March 28, 2021
(In thousands)
FreshPreparedExportOtherTotal
U.S.$1,597,423 $194,272 $113,971 $93,893 $1,999,559 
U.K. and Europe386,886 376,122 79,382 12,345 854,735 
Mexico372,721 27,404  19,006 419,131 
Total net sales$2,357,030 $597,798 $193,353 $125,244 $3,273,425 
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. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Changes in the revenue contract liabilities balance are as follows (in thousands):
Balance as of December 26, 2021$22,321 
Revenue recognized(11,537)
Cash received, excluding amounts recognized as revenue during the period10,738 
Balance as of March 27, 2022$21,522 
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.
4.     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


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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 Condensed 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 Condensed Consolidated Balance Sheets.
Undesignated contracts may include contracts not designated as a hedge or for which the normal purchase normal sales (“NPNS”) exception was not elected, contracts that do not qualify for hedge accounting and derivatives that do not or no longer qualify for the NPNS scope exception. The fair value of each of these derivatives is recognized in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of each derivative are recognized immediately in the Condensed Consolidated Statements of Income within Net sales, Cost of sales, Selling, general and administrative expense, or Foreign currency transaction 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 contract are accounted for as undesignated derivatives and recognized at fair value.
The Company does not apply hedge accounting treatment to certain derivative financial instruments that it has purchased to mitigate commodity purchase exposures in the U.S. and Mexico or foreign currency transaction exposures on our Mexico operations. Therefore, the Company recognized changes in the fair value of these derivative financial instruments immediately in earnings. Gains or losses related to the commodity derivative financial instruments are included in the line item Cost of sales in the Condensed Consolidated Statements of Income. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction losses (gains) and Cost of sales in the Condensed Consolidated Statements of Income.
The Company does apply hedge accounting treatment to certain derivative financial instruments related to its U.K. and Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the cash flow hedge into accumulated other comprehensive income (“AOCI”). When the derivative financial instruments are settled, the amount in AOCI is then reclassified to earnings. Gains or losses related to these derivative financial instruments are included in the line item Net sales and Cost of sales in the Condensed Consolidated Statements of Income.
The Company did apply hedge accounting treatment in prior periods to a derivative financial instrument related to its U.S. reportable segment that it had purchased to mitigate variable interest rate exposures; however, this instrument disqualified from hedge accounting treatment in the current quarter due to a change in the variable interest rate used on the underlying instrument. Gains or losses related to the interest rate swap derivative financial instrument are included in the line item Interest expense, net of capitalized interest in the Condensed Consolidated Statements of Income.


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Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
March 27, 2022December 26, 2021
 (In thousands)
Fair values
Commodity derivative assets$37,563 $17,567 
Commodity derivative liabilities(22,860)(14,119)
Foreign currency derivative assets768 518 
Foreign currency derivative liabilities(12,197)(4,958)
Interest rate swap derivative liabilities (98)
Sales contract derivative liabilities(21,357)(12,691)
Cash collateral posted with brokers(a)
30,258 22,459 
Derivatives coverage(b):
Corn35.0 %6.6 %
Soybean meal27.0 %11.8 %
Period through which stated percent of needs are covered:
CornDecember 2022December 2022
Soybean mealJanuary 2023December 2022
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills, or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
    The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months Ended
Gains (Losses) by Type of Contract (a)
March 27, 2022March 28, 2021Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives gain (loss)$(13,300)$5,340 Foreign currency transaction losses (gains)
Commodity derivative gain31,540 17,378 Cost of sales
Sales contract derivative gain (loss)(8,666)(18,104)Net sales
Total$9,574 $4,614 
(a)Amounts 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
Three Months Ended
March 27, 2022March 28, 2021
(In thousands)
Foreign currency derivatives$523 $1,485 
Interest rate swap derivatives (29)
Total$523 $1,456 


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Gain (Loss) Reclassified from AOCI into Income
Three Months Ended March, 27, 2022Three Months Ended March 28, 2021
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 Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$4,240,395 $3,698,415 $36,296 $3,273,425 $3,012,182 $30,334 
Impact from cash flow hedging instruments:
Interest rates swaps— — 98 — — 132 
Foreign currency contracts32 91 — 278 (22)— 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent (income) expenses related to cost of sales and interest expense.
At March 27, 2022, the pre-tax deferred net losses on foreign currency derivatives recorded in AOCI that are expected to be reclassified to the Condensed Consolidated Statements of Income during the next twelve months are $0.3 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.
5.    TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables, less allowance for doubtful accounts, consisted of the following:
March 27, 2022December 26, 2021