0000802481-22-000104 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 25, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 25, 2022
Document Transition Report	false
Entity File Number	1-9273
Entity Registrant Name	PILGRIM’S PRIDE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1285071
Entity Address, Address Line One	1770 Promontory Circle
Entity Address, City or Town	Greeley
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80634-9038
City Area Code	970
Local Phone Number	506-8000
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	PPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		236,469,365
Amendment Flag	false
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-25
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 654,213	$ 427,661
Restricted cash and restricted cash equivalents	29,880	22,460
Trade accounts and other receivables, less allowance for credit losses	1,115,156	1,013,437
Accounts receivable from related parties	9,855	1,345
Inventories	1,934,698	1,575,658
Income taxes receivable	61,684	27,828
Prepaid expenses and other current assets	227,434	237,565
Total current assets	4,032,920	3,305,954
Deferred tax assets	4,637	5,314
Other long-lived assets	31,935	32,410
Operating lease assets, net	293,564	351,226
Intangible assets, net	779,621	963,243
Goodwill	1,124,286	1,337,252
Property, plant and equipment, net	2,812,049	2,917,806
Total assets	9,079,012	8,913,205
Accounts payable	1,539,752	1,378,077
Accounts payable to related parties	17,055	22,317
Revenue contract liabilities	35,734	22,321
Accrued expenses and other current liabilities	857,189	859,885
Income taxes payable	131,816	81,977
Current maturities of long-term debt	26,269	26,246
Total current liabilities	2,607,815	2,390,823
Noncurrent operating lease liabilities, less current maturities	221,514	271,366
Long-term debt, less current maturities	3,183,951	3,191,161
Deferred tax liabilities	278,143	369,185
Other long-term liabilities	47,340	101,736
Total liabilities	6,338,763	6,324,271
Common stock	2,617	2,614
Treasury stock	(544,687)	(345,134)
Additional paid-in capital	1,970,310	1,964,028
Retained earnings	1,904,475	1,003,569
Accumulated other comprehensive loss	(604,994)	(47,997)
Total Pilgrim’s Pride Corporation stockholders’ equity	2,727,721	2,577,080
Noncontrolling interest	12,528	11,854
Total stockholders’ equity	2,740,249	2,588,934
Total liabilities and stockholders’ equity	$ 9,079,012	$ 8,913,205

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Income Statement [Abstract]
Net sales	$ 4,468,969	$ 3,827,566	$ 13,341,012	$ 10,738,689
Cost of sales	3,971,699	3,455,723	11,624,991	9,725,362
Gross profit	497,270	371,843	1,716,021	1,013,327
Selling, general and administrative expense	158,068	251,066	461,902	857,217
Operating income	339,202	120,777	1,254,119	156,110
Interest expense, net of capitalized interest	36,895	29,833	111,303	110,818
Interest income	(2,673)	(1,244)	(4,957)	(4,452)
Foreign currency transaction losses	54	2,359	14,348	9,018
Miscellaneous, net	(19,822)	(1,391)	(21,834)	(10,005)
Income before income taxes	324,748	91,220	1,155,259	50,731
Income tax expense	65,749	30,385	253,679	55,931
Net income (loss)	258,999	60,835	901,580	(5,200)
Less: Net income attributable to noncontrolling interests	647	110	674	554
Net income (loss) attributable to Pilgrim’s Pride Corporation	$ 258,352	$ 60,725	$ 900,906	$ (5,754)
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic (in shares)	238,559	243,675	240,865	243,643
Effect of dilutive common stock equivalents (in shares)	649	520	629	0
Diluted (in shares)	239,208	244,195	241,494	243,643
Net income (loss) attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 1.08	$ 0.25	$ 3.74	$ (0.02)
Diluted (in dollars per share)	$ 1.08	$ 0.25	$ 3.73	$ (0.02)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 258,999	$ 60,835	$ 901,580	$ (5,200)
Foreign currency translation adjustment:
Gains (losses) arising during the period	(314,600)	(36,003)	(572,130)	13,135
Derivative financial instruments designated as cash flow hedges:
Gains (losses) arising during the period	(1,919)	(1,030)	(2,242)	1,179
Income tax effect	0	9	0	41
Reclassification to net earnings for losses (gains) realized	1,342	102	2,661	(1,146)
Income tax effect	0	(43)	(24)	(115)
Available-for-sale securities:
Losses arising during the period	(28)	0	(28)	0
Income tax effect	7	0	7	0
Reclassification to net earnings for gains realized	0	0	0	0
Income tax effect	0	0	0	0
Defined benefit plans:
Gains (losses) arising during the period	2,472	(7,073)	18,625	32,030
Income tax effect	(555)	1,412	(4,564)	(8,506)
Reclassification to net earnings for gains realized	0	0	0	0
Income tax effect	0	0	0	0
Reclassification to net earnings of losses realized	346	613	923	1,568
Income tax effect	(84)	(143)	(225)	(368)
Total other comprehensive income (loss), net of tax	(313,019)	(42,156)	(556,997)	37,818
Comprehensive income (loss)	(54,020)	18,679	344,583	32,618
Less: Comprehensive income attributable to noncontrolling interests	647	110	674	554
Comprehensive income (loss) attributable to Pilgrim’s Pride Corporation	$ (54,667)	$ 18,569	$ 343,909	$ 32,064

CONDENSED 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 Income (Loss)	Noncontrolling Interest
Balance, beginning of period (in shares) at Dec. 27, 2020		261,185	(17,673)
Balance, beginning of period at Dec. 27, 2020	$ 2,575,347	$ 2,612	$ (345,134)	$ 1,954,334	$ 972,569	$ (20,620)	$ 11,586
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,200)				(5,754)		554
Other comprehensive (loss) income, net of tax	37,818					37,818
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	8,418			8,418
Balance, end of period (in shares) at Sep. 26, 2021		261,347	(17,673)
Balance, end of period at Sep. 26, 2021	2,616,383	$ 2,614	$ (345,134)	1,962,750	966,815	17,198	12,140
Balance, beginning of period (in shares) at Jun. 27, 2021		261,347	(17,673)
Balance, beginning of period at Jun. 27, 2021	2,594,512	$ 2,614	$ (345,134)	1,959,558	906,090	59,354	12,030
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	60,835				60,725		110
Other comprehensive (loss) income, net of tax	(42,156)					(42,156)
Stock-based compensation plans:
Requisite service period recognition	3,192			3,192
Balance, end of period (in shares) at Sep. 26, 2021		261,347	(17,673)
Balance, end of period at Sep. 26, 2021	2,616,383	$ 2,614	$ (345,134)	1,962,750	966,815	17,198	12,140
Stock-based compensation plans:
Treasury Stock, Common, Shares			(17,673)
Balance, beginning of period (in shares) at Dec. 26, 2021		261,347
Balance, beginning of period at Dec. 26, 2021	2,588,934	$ 2,614	$ (345,134)	1,964,028	1,003,569	(47,997)	11,854
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	901,580				900,906		674
Other comprehensive (loss) income, net of tax	(556,997)					(556,997)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		262
Common stock issued under compensation plans	0	$ 3		(3)
Requisite service period recognition	$ 6,285			6,285
Common stock purchased under share repurchase program (in shares)	(7,500)		(7,469)
Common stock purchased under share repurchase program	$ (199,553)		$ (199,553)
Balance, end of period (in shares) at Sep. 25, 2022		261,609
Balance, end of period at Sep. 25, 2022	2,740,249	$ 2,617	$ (544,687)	1,970,310	1,904,475	(604,994)	12,528
Stock-based compensation plans:
Treasury Stock, Common, Shares			(22,305)
Balance, beginning of period (in shares) at Jun. 26, 2022		261,578
Balance, beginning of period at Jun. 26, 2022	2,872,084	$ 2,616	$ (465,123)	1,968,562	1,646,123	(291,975)	11,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	258,999				258,352		647
Other comprehensive (loss) income, net of tax	(313,019)					(313,019)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		31
Common stock issued under compensation plans	0	$ 1		(1)
Requisite service period recognition	1,749			1,749
Common stock purchased under share repurchase program (in shares)			(2,837)
Common stock purchased under share repurchase program	(79,564)		$ (79,564)
Balance, end of period (in shares) at Sep. 25, 2022		261,609
Balance, end of period at Sep. 25, 2022	$ 2,740,249	$ 2,617	$ (544,687)	$ 1,970,310	$ 1,904,475	$ (604,994)	$ 12,528
Stock-based compensation plans:
Treasury Stock, Common, Shares			(25,142)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Cash flows from operating activities:
Net income (loss)	$ 901,580	$ (5,200)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	300,962	274,336
Deferred income tax benefit	(48,611)	(26,436)
Stock-based compensation	5,982	8,418
Gain on property disposals	(5,620)	(3,605)
Loan cost amortization	4,311	3,762
Accretion of discount related to Senior Notes	1,288	1,104
Loss (gain) on equity-method investments	1	(12)
Loss on early extinguishment of debt recognized as a component of interest expense	0	24,654
Amortization of premium related to Senior Notes	0	(167)
Changes in operating assets and liabilities:
Trade accounts and other receivables	(211,827)	(138,948)
Inventories	(455,465)	(149,653)
Prepaid expenses and other current assets	(3,525)	13,718
Accounts payable, accrued expenses and other current liabilities	297,271	274,932
Income taxes	10,241	66,413
Long-term pension and other postretirement obligations	(3,128)	(13,491)
Other operating assets and liabilities	(2,847)	(2,330)
Cash provided by operating activities	790,613	327,495
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(342,588)	(280,820)
Proceeds from property disposals	14,607	22,896
Purchase of acquired business, net of cash acquired	(9,692)	(953,947)
Proceeds from insurance recoveries	7,339	0
Cash used in investing activities	(330,334)	(1,211,871)
Cash flows from financing activities:
Payments on revolving line of credit, long-term borrowings and finance lease obligations	(370,332)	(2,005,960)
Proceeds from revolving line of credit and long-term borrowings	362,541	2,951,707
Purchase of common stock under share repurchase program	(199,553)	0
Payments of capitalized loan costs	(3,070)	(22,293)
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation	(1,961)	(650)
Payments on early extinguishment of debt	0	(21,258)
Cash provided by (used in) financing activities	(212,375)	901,546
Effect of exchange rate changes on cash and cash equivalents	(13,932)	(381)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents	233,972	16,789
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	450,121	548,406
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 684,093	$ 565,195

BUSINESS INTERRUPTION INSURANCE - USD ($) $ in Millions	3 Months Ended	9 Months Ended
BUSINESS INTERRUPTION INSURANCE - USD ($) $ in Millions	Sep. 25, 2022	Sep. 25, 2022
Supplemental Income Statement Elements [Abstract]
Gain on business interruption insurance recovery	$ 5.5	$ 5.5
Income in business interruption insurance	$ 12.2	$ 12.2

BUSINESS INTERRUPTION INSURANCE	9 Months Ended
BUSINESS INTERRUPTION INSURANCE	Sep. 25, 2022
Income Statement [Abstract]
BUSINESS INTERRUPTION INSURANCE	BUSINESS INTERRUPTION INSURANCEOn December 10, 2021, the Company experienced a tornado in Mayfield, Kentucky that significantly damaged two hatcheries and a feed mill. The Company maintains certain insurance coverage, including business interruption insurance, intended to cover such circumstances. In the three and nine months ended September 25, 2022, the Company received $5.5 million in proceeds from business interruption insurance. In the three and nine months ended September 25, 2022, the Company recognized $12.2 million in income from business interruption insurance on the Condensed Consolidated Statement of Income.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 25, 2022

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 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 September 25, 2022, Pilgrim’s had over 61,800 employees and had the capacity to process approximately 43.1 million birds per 5-day work week. Approximately 4,750 contract growers supply chicken for the Company’s operations. As of September 25, 2022, PPC had the capacity to process approximately 49,500 pigs per 5-day work week and approximately 260 contract growers supply pigs for the Company’s operations. As of September 25, 2022, JBS S.A., through its indirect wholly-owned subsidiaries (together, “JBS”), beneficially owned 82.7% of the Company’s outstanding common stock.

Condensed Consolidated Financial Statements

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 25, 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 September 25, 2022 represents the period from June 27, 2022 through September 25, 2022. The three months ended September 26, 2021 represents the period from June 28, 2021 through September 26, 2021. The nine months ended September 25, 2022 represents the period from December 27, 2021 through September 25, 2022. The nine months ended September 26, 2021 represents the period from December 28, 2020 through September 26, 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 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 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 in the Condensed Consolidated Statements of Income.

Restricted Cash and Restricted Cash Equivalents

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 and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral.

The following table reconciles cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:


	September 25, 2022		December 26, 2021
	(In thousands)
Cash and cash equivalents	$	654,213	$	427,661
Restricted cash and restricted cash equivalents	29,880		22,460
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows	$	684,093	$	450,121

Accounting Pronouncements Adopted in 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.

Accounting Pronouncements Not Yet Adopted as of September 25, 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 are 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. The Company plans to adopt this guidance effective December 26, 2022 and does not expect implementation to have a material impact on our Condensed Consolidated Financial Statements.

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which requires disclosure of the existence of supplier financing programs. The guidance requires disclosure about the nature of the supplier financing agreements, including key terms and payment timing and determination of amounts, the accounting treatment for the transactions and the effect of the transactions on the financial statements, as well as any assets pledged or guarantees provided to the providers of the financing programs. The provisions of the new guidance will be effective for years beginning after December 15, 2022 with the requirement to add

rollforward disclosures for years beginning after December 15, 2023. The Company plans to adopt this guidance effective December 26, 2022 and is assessing the impacts on our Condensed Consolidated Financial Statements.

BUSINESS ACQUISITION

9 Months Ended

Sep. 25, 2022

Business Combination and Asset Acquisition [Abstract]

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 (“PFM”), 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 $19.3 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 and net income generated by the acquired business during the three months ended September 25, 2022 totaled $247.6 million and $4.9 million, respectively. Net sales and net income generated by the acquired business during the nine months ended September 25, 2022 totaled $774.1 million and $10.3 million, respectively.

The assets acquired and liabilities assumed in the acquisition were measured at their fair values as of September 24, 2021 as set forth below. The excess of the purchase price over the 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.

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


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
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
Total identifiable net assets	605,510
Goodwill	353,397
Total consideration transferred	$	958,907

The valuation of 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:


	Nine Months Ended
	September 25, 2022		September 26, 2021
	(In thousands, except per share amounts)
Net sales	$	13,341,012	$	11,403,955
Net income attributable to Pilgrim's Pride Corporation	901,575		(43,684)
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	$	3.73	(0.18)

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 values of acquired property, plant and equipment, amortization on the 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.

REVENUE RECOGNITION

9 Months Ended

Sep. 25, 2022

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.

The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.

Disaggregated Revenue

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


	Three Months Ended September 25, 2022
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	2,309,402	$	280,114	$	146,704	$	100,700	$	2,836,920
U.K. and Europe	205,403		783,048		180,605		34,039		1,203,095
Mexico	364,060		40,785		—		24,109		428,954
Total net sales	$	2,878,865	$	1,103,947	$	327,309	$	158,848	$	4,468,969


	Three Months Ended September 26, 2021
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	1,931,953	$	235,763	$	117,454	$	181,680	$	2,466,850
U.K. and Europe	248,232		543,838		104,442		33,928		930,440
Mexico	375,470		31,209		—		23,597		430,276
Total net sales	$	2,555,655	$	810,810	$	221,896	$	239,205	$	3,827,566


	Nine Months Ended September 25, 2022
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	6,709,441	$	839,164	$	421,517	$	347,885	$	8,318,007
U.K. and Europe	674,758		2,320,873		538,878		105,620		3,640,129
Mexico	1,200,329		116,264		—		66,283		1,382,876
Total net sales	$	8,584,528	$	3,276,301	$	960,395	$	519,788	$	13,341,012


	Nine Months Ended September 26, 2021
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	5,337,016	$	637,344	$	347,269	$	393,250	$	6,714,879
U.K. and Europe	915,087		1,445,728		278,636		81,568		2,721,019
Mexico	1,150,486		88,352		—		63,953		1,302,791
Total net sales	$	7,402,589	$	2,171,424	$	625,905	$	538,771	$	10,738,689

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 14 to 30 days 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	(33,681)
Cash received, excluding amounts recognized as revenue during the period	47,094
Balance as of September 25, 2022	$	35,734

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.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 25, 2022

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 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 restricted cash equivalents on the Condensed Consolidated Balance Sheets.

Undesignated contracts may include contracts not designated as hedges or contracts that do not qualify for hedge accounting. 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 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 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 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 first quarter of 2022 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.

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


	September 25, 2022			December 26, 2021
	(In thousands)
Fair values:
Commodity derivative assets	$	16,641		$	17,567
Commodity derivative liabilities	(11,720)			(14,119)
Foreign currency derivative assets	5,403			518
Foreign currency derivative liabilities	(2,027)			(4,958)
Interest rate swap derivative liabilities	—			(98)
Sales contract derivative liabilities	(11,243)			(12,691)
Cash collateral posted with brokers(a)	29,880			22,459
Derivatives coverage(b):
Corn	16.9		%	6.6		%
Soybean meal	14.6		%	11.8		%
Period through which stated percent of needs are covered:
Corn	July 2023			December 2022
Soybean meal	August 2023			December 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				Nine Months Ended
Gains (Losses) by Type of Contract (a)	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Foreign currency derivatives	$	(51)	$	(4,493)	$	(18,611)	$	(7,975)	Foreign currency transaction losses
Commodity derivatives	28,810		25,632		47,833		44,430		Cost of sales
Sales contract derivative liabilities	(6,734)		(2,932)		1,448		2,201		Net sales
Total	$	22,025	$	18,207	$	30,670	$	38,656

(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				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Foreign currency derivatives	$	(1,974)	$	(984)	$	(2,317)	$	1,327
Interest rate swap derivatives	—		(35)		—		(164)
Total	$	(1,974)	$	(1,019)	$	(2,317)	$	1,163


	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended September 25, 2022						Three Months Ended September 26, 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	$	4,468,969	$	3,971,699	$	36,895	$	3,827,566	$	3,455,723	$	29,833
Impact from cash flow hedging instruments:
Foreign currency derivatives	(1,067)		275		—		67		(2)		—
Interest rates swap derivatives	—		—		—		—		—		170

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

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


	Gain (Loss) Reclassified from AOCI into Income
	Nine Months Ended September 25, 2022						Nine Months Ended September 26, 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	$	13,341,012	$	11,624,991	$	111,303	$	10,738,689	$	9,725,362	$	110,818
Impact from cash flow hedging instruments:
Foreign currency derivatives	(2,001)		562		—		2,475		868		—
Interest rates swap derivatives	—		—		98		—		—		460

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

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

At September 25, 2022, there were immaterial 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. 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.

TRADE ACCOUNTS AND OTHER RECEIVABLES

9 Months Ended

Sep. 25, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

Trade accounts and other receivables, less allowance for credit losses, consisted of the following:


	September 25, 2022		December 26, 2021
	(In thousands)
Trade accounts receivable	$	1,031,180	$	947,697

Notes receivable	22,110		18,697
Other receivables	71,270		56,716
Receivables, gross	1,124,560		1,023,110
Allowance for credit losses	(9,404)		(9,673)
Receivables, net	$	1,115,156	$	1,013,437

Accounts receivable from related parties(a)	$	9,855	$	1,345

(a) Additional information regarding accounts receivable from related parties is included in “Note 16. Related Party Transactions.”

Activity in the allowance for credit losses was as follows:


	Nine Months Ended
	September 25, 2022
	(In thousands)
Balance, beginning of period	$	(9,673)
Provision charged to operating results	(772)
Account write-offs and recoveries	552
Effect of exchange rate	489
Balance, end of period	$	(9,404)

INVENTORIES

9 Months Ended

Sep. 25, 2022

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	September 25, 2022		December 26, 2021(a)
	(In thousands)
Raw materials and work-in-process	$	1,215,034	$	1,034,518
Finished products	548,960		369,292
Operating supplies	82,949		87,332
Maintenance materials and parts	87,755		84,516
Total inventories	$	1,934,698	$	1,575,658

(a) The inventory component amounts as of December 26, 2021 reported in this table differ from the inventory component amounts as of December 26, 2021 reported in our annual report on Form 10-K. We increased Operating supplies and Maintenance material and parts amounts as of December 26, 2021 by $10.7 million and $9.9 million, respectively, and decreased Raw materials and work-in-process and Finished products amounts as of December 26, 2021 by $10.2 million and $10.4 million, respectively, to conform to the inventory component amounts presented as of September 25, 2022.

INVESTMENTS IN SECURITIES

9 Months Ended

Sep. 25, 2022

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:


	September 25, 2022				December 26, 2021
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	359,542	$	359,660	$	48,851	$	48,851

Gross realized gains during the three and nine months ended September 25, 2022 related to the Company’s available-for-sale securities totaled $1.8 million and $3.3 million, respectively, while gross realized losses were immaterial. Gross realized gains during the three and nine months ended September 26, 2021 related to the Company’s available-for-sale securities totaled $1.0 million and $3.9 million, respectively, while gross realized losses were immaterial. Proceeds received from the sale or maturity of available-for-sale securities investments are historically disclosed in the Condensed Consolidated Statements of Cash Flows. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the nine months ended September 25, 2022 and September 26, 2021 that have been included in accumulated other comprehensive income (loss) and the net amount of gains and losses reclassified out of accumulated other comprehensive income (loss) to earnings during the nine months ended September 25, 2022 and September 26, 2021 are disclosed in “Note 13. Stockholders’ Equity”.

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by segment for the nine months ended September 25, 2022 was as follows:


	December 26, 2021		Additions		Currency Translation		September 25, 2022
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,167,512		5,401		(218,367)		954,546
Mexico	127,804		—		—		127,804
Total	$	1,337,252	$	5,401	$	(218,367)	$	1,124,286

Additions shown in goodwill table above are primarily comprised of working capital adjustments made as part of the prior year business acquisitions. For additional information, refer to “Note 2. Business Acquisition.”

Intangible assets consisted of the following:


	December 26, 2021		Amortization		Disposals		Currency Translation		September 25, 2022
	(In thousands)
Cost:
Trade names not subject to amortization	$	609,713	$	—	$	—	$	(119,483)	$	490,230
Trade names subject to amortization	114,268		—		—		(1,865)		112,403
Customer relationships	455,459		—		—		(53,724)		401,735
Non-compete agreements	320		—		(320)		—		—
Accumulated amortization:
Trade names	(49,901)		(2,961)		—		111		(52,751)
Customer relationships	(166,296)		(22,668)		—		16,968		(171,996)
Non-compete agreements	(320)		—		320		—		—
Intangible assets, net	$	963,243	$	(25,629)	$	—	$	(157,993)	$	779,621

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

At September 25, 2022, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its intangible assets subject to amortization at that date.

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 25, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment (“PP&E”), net consisted of the following:


	September 25, 2022		December 26, 2021
	(In thousands)
Land	$	251,259	$	260,079
Buildings	1,994,467		2,043,034
Machinery and equipment	3,488,169		3,594,482
Autos and trucks	76,493		76,710
Finance leases	5,709		5,710
Construction-in-progress	325,325		229,837
PP&E, gross	6,141,422		6,209,852
Accumulated depreciation	(3,329,373)		(3,292,046)
PP&E, net	$	2,812,049	$	2,917,806

The Company recognized depreciation expense of $90.8 million and $86.3 million during the three months ended September 25, 2022 and September 26, 2021, respectively. The Company recognized depreciation expense of $275.3 million and $256.9 million during the nine months ended September 25, 2022 and September 26, 2021, respectively.

During the nine months ended September 25, 2022, Pilgrim’s spent $342.6 million on capital projects and transferred $230.7 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures were primarily incurred during the nine months ended September 25, 2022 to improve efficiencies and reduce costs. During the nine months ended September 26, 2021, the Company spent $280.8 million on capital projects and transferred $324.1 million of completed projects from construction-in-progress to depreciable assets.

During the three and nine months ended September 25, 2022, the Company sold certain PP&E for $12.2 million and $14.6 million, respectively, in cash and recognized a net gain of $8.3 million and $5.6 million, respectively, on these sales. PP&E sold during the nine months ended September 25, 2022 consisted of a farm in Mexico and other miscellaneous equipment. During the three and nine months ended September 26, 2021, the Company sold miscellaneous equipment for cash of $1.5 million and $22.9 million, respectively, and recognized a net loss of $1.5 million and a net gain of $3.6 million on these sales, respectively.

The Company has closed or idled various facilities in the U.S. and in 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 September 25, 2022, the carrying amounts of these idled assets totaled $33.8 million based on depreciable value of $182.3 million and accumulated depreciation of $148.5 million.

As of September 25, 2022, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its PP&E held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its PP&E held for use at that date.

CURRENT LIABILITIES

9 Months Ended

Sep. 25, 2022

Payables and Accruals [Abstract]

CURRENT LIABILITIES

Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components:


	September 25, 2022		December 26, 2021
	(In thousands)
Accounts payable:
Trade accounts	$	1,412,572	$	1,273,297
Book overdrafts	112,106		77,139
Other payables	15,074		27,641
Total accounts payable	1,539,752		1,378,077
Accounts payable to related parties(a)	17,055		22,317
Revenue contract liabilities(b)	35,734		22,321
Accrued expenses and other current liabilities:
Compensation and benefits	264,384		224,368
Litigation settlements(c)	93,426		172,440
Current maturities of operating lease liabilities	74,180		82,947
Insurance and self-insured claims	68,033		64,697
Taxes	65,858		68,163
Interest and debt-related fees	47,657		31,810
Accrued sales rebates	44,386		35,613
Derivative liabilities(d)	24,990		31,866
Other accrued expenses	174,275		147,981
Total accrued expenses and other current liabilities	857,189		859,885
Total	$	2,449,730	$	2,282,600

(a) Additional information regarding accounts payable to related parties is included in “Note 16. Related Party Transactions.”

(b) Additional information regarding revenue contract liabilities is included in “Note 3. Revenue Recognition.”

(d) Additional information regarding derivative liabilities is included in “Note 4. Derivative Financial Instruments.”

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 25, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income tax expense of $253.7 million, a 21.9% effective tax rate, for the nine months ended September 25, 2022 compared to income tax expense of $55.9 million, a 110.3% effective tax rate, for the nine months ended September 26, 2021. The increase in income tax expense in 2022 resulted primarily from the increase of profit before income taxes. 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 September 25, 2022, the Company did not believe it had sufficient positive evidence to conclude that realization of a portion of its foreign net deferred tax assets are more likely than not to be realized. For the nine months ended September 25, 2022 and September 26, 2021, there is a tax effect of $(4.8) million and $(8.5) million, respectively, reflected in other comprehensive income. For the nine months ended September 25, 2022 and September 26, 2021, there are immaterial tax effects reflected in income tax expense due to excess tax windfalls and shortfalls related to stock-based compensation. The Company and its subsidiaries file a variety of consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In general, tax returns filed by the Company and its subsidiaries for years prior to 2011 are no longer subject to examination by tax authorities. As of July 27, 2020, JBS owns in excess of 80% of Pilgrim’s. JBS has a federal tax election to file a consolidated tax return with subsidiaries in which it holds an ownership of at least 80%. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which includes significant law changes relating to tax, climate change, energy and health care. The Company is currently analyzing the tax effects of this legislation, most of which are applicable for tax years beginning after December 31, 2022.

- 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
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+ Details

DEBT

9 Months Ended

Sep. 25, 2022

Debt Disclosure [Abstract]

DEBT

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


	Maturity	September 25, 2022		December 26, 2021
		(In thousands)
Senior notes payable at 3.50%	2032	$	900,000	$	900,000
Senior notes payable, net of discount, at 4.25%	2031	991,441		990,691
Senior notes payable, net of discount, at 5.875%	2027	846,403		845,866
U.S. Credit Facility (defined below):
Term note payable at 4.43%	2026	486,405		506,250
Revolving note payable at 4.33%	2026	—		—
U.K. and Europe Revolving Facility (defined below) with notes payable at Sonia plus 1.25%	2027	10,859		—
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50%	2023	—		—
Secured loans with payables at weighted average of 3.34%	2022	—		3
Finance lease obligations	Various	3,859		4,548

Long-term debt		3,238,967		3,247,358
Less: Current maturities of long-term debt		(26,269)		(26,246)
Long-term debt, less current maturities		3,212,698		3,221,112
Less: Capitalized financing costs		(28,747)		(29,951)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,183,951	$	3,191,161

U.S. Senior Notes

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 semi-annually 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 previously issued senior notes. 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 22, 2022, the Company announced expiration and receipt of requisite consents in its consent solicitation for certain amendments to its Senior Notes due 2031. The proposed amendments conform certain provisions and restrictive covenants in each indenture to reflect PPC investment grade status. The proposed amendments permanently eliminated certain covenants for the Company, including limitation on incurrence of additional debt, issuance of capital stock, restricted payments, asset sales, restrictions on distributions, affiliate transactions, guarantees of debt by restricted subsidiaries and provisions related to mergers and consolidation. In addition, provisions related to limitation on liens, sale and leaseback transactions, substitution of the company and measuring compliance were amended.

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 acquisition of the Kerry Consumer Foods’ meats and meals businesses (now Pilgrim’s Food Masters) 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.

On September 22, 2022, the Company announced expiration and receipt of requisite consents in its consent solicitation for certain amendments to its Senior Notes due 2032. The proposed amendments conform certain provisions and restrictive covenants in each indenture to (i) reflect PPC investment grade status and (ii) the corresponding provisions and restrictive covenants set forth in the indenture governing its Senior Notes due 2032. The proposed amendments permanently eliminated certain covenants for the Company, including limitation on incurrence of additional debt, issuance of capital stock, restricted payments, asset sales, restrictions on distributions, affiliate transactions, guarantees of debt by restricted subsidiaries and provisions related to mergers and consolidation. In addition, provisions related to limitation on liens, sale and leaseback transactions, substitution of the company and measuring compliance were amended.

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 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 Facilities

On August 9, 2021, the Company and certain of the Company’s subsidiaries entered into a Fifth Amended and Restated Credit Agreement (the “U.S. Credit Facility”) with CoBank, ACB, as administrative agent and collateral agent, and the other lenders party thereto. The 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 “Term Loans”). The 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 U.S. Credit Facility matures on August 9, 2026. All principal on the Term Loans is due at maturity on August 9, 2026. Installments of principal in amounts predetermined by CoBank, ACB are required to be made on a quarterly basis prior to the maturity date of the Term Loans beginning in January 2022. As of September 25, 2022, the Company had outstanding borrowings under the term loan commitment of $486.4 million. As of September 25, 2022, 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 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 Term Loans bear interest at a per annum rate, based on the 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 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 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 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 U.S. Credit Facility. The Company is currently in compliance with the covenants under the U.S. Credit Facility.

U.K. and Europe Revolving Facility

On June 24, 2022, Moy Park Holdings (Europe) Ltd. (“MPH(E)”) and other Pilgrim’s entities located in the U.K. and Republic of Ireland entered into an unsecured multicurrency revolving facility agreement (the “U.K. and Europe Revolver Facility”) with the Governor and Company of the Bank of Ireland, as agent, and the other lenders party thereto. The U.K. and Europe Revolver Facility provides for a multicurrency revolving loan commitment of up to £150.0 million. The loan commitment matures on June 24, 2027. Outstanding borrowings bear interest at the (1) current index interest rate, depending on the currency of the borrowing, plus (2) a margin, ranging from 1.25% to 2.00% based on leverage (as defined in the U.K. and Europe Revolver Facility). All obligations under this agreement are guaranteed by certain of the Company’s subsidiaries. As of September 25, 2022, the U.S. dollar-equivalent loan commitment and borrowing availability were $162.9 million and $152.0 million, respectively. As of September 25, 2022, there were $10.9 million outstanding borrowings under this agreement.

The U.K. and Europe Revolver Facility contains representations and warranties, covenants, indemnities and conditions, in each case, that the Company believes are customary for transactions of this type. Pursuant to the terms of the agreement, the Company is required to meet certain financial and other restrictive covenants. Additionally, the Company 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 U.K. and Europe Revolver Facility. The Company is currently in compliance with the covenants under the U.K. and Europe Revolver Facility.

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 Mex$1.5 billion 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 Company is currently in compliance with the covenants under the Mexico Credit Facility. 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 September 25, 2022, the U.S. dollar-equivalent of the loan commitment and borrowing availability was $74.2 million. As of September 25, 2022, 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.

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+ Details

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 25, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

The following tables provide information regarding the changes in accumulated other comprehensive income (loss):


	Nine Months Ended September 25, 2022
	Gains (Losses) Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)

Other comprehensive income (loss) before reclassifications	(572,130)		(2,317)		14,061		(21)		(560,407)
Amounts reclassified from accumulated other comprehensive loss to net income	—		2,637		698		—		3,335
Currency translation	—		75		—		—		75
Net current period other comprehensive income (loss)	(572,130)		395		14,759		(21)		(556,997)
Balance, end of period	$	(544,889)	$	(1,970)	$	(58,114)	$	(21)	$	(604,994)


	Nine Months Ended September 26, 2021
	Gains Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)

Other comprehensive income before reclassifications	13,135		1,204		23,524		—		37,863
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,261)		1,200		—		(61)
Currency translation	—		16		—		—		16
Net current period other comprehensive income	13,135		(41)		24,724		—		37,818
Balance, end of period	$	95,917	$	(1,232)	$	(77,487)	$	—	$	17,198


	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Nine Months Ended September 25, 2022		Nine Months Ended September 26, 2021		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	$	(2,001)	$	746	Net sales
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	(562)		860		Cost of sales
Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges	(98)		(460)		Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)	(923)		(1,568)		Miscellaneous, net
Total before tax	(3,584)		(422)
Tax expense	249		483
Total reclassification for the period	$	(3,335)	$	61

(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 14. 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 Plan and Treasury Stock

On March 8, 2022, the Company’s Board of Directors approved a $200.0 million share repurchase authorization. The Company repurchased shares through open market purchases. As of September 25, 2022, the Company repurchased approximately 7.5 million shares under this plan with a market value of approximately $199.6 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.

Restrictions on Dividends

Both the U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, the U.K. and Europe Revolver Facility prohibits MPH(E) and other Pilgrim's entities located in the U.K. and Republic of Ireland 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

9 Months Ended

Sep. 25, 2022

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITSThe 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 (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan”), 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 $7.1 million and $4.3 million in the three months ended September 25, 2022 and September 26, 2021, respectively, and $23.9 million and $13.6 million in the nine months ended September 25, 2022 and September 26, 2021, respectively.

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 Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	373,062	$	1,346	$	404,194	$	1,593
Interest cost	4,885		15		4,119		12
Actuarial gain	(105,562)		(135)		(9,873)		(20)
Benefits paid	(9,305)		(105)		(9,792)		(113)
Curtailments and settlements	(4,436)		—		(4,393)		—

Currency translation loss (gain)	(22,079)		—		2,169		—
Projected benefit obligation, end of period	$	236,565	$	1,121	$	386,424	$	1,472


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period	$	326,409	$	—	$	305,983	$	—
Actual return on plan assets	(80,820)		—		28,325		—
Contributions by employer	7,679		105		10,569		113
Benefits paid	(9,305)		(105)		(9,792)		(113)
Curtailments and settlements	(4,436)		—		(4,393)		—
Expenses paid from assets	(247)		—		(279)		—
Currency translation gain (loss)	(21,136)		—		1,466		—
Fair value of plan assets, end of period	$	218,144	$	—	$	331,879	$	—


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Funded status:
Unfunded benefit obligation, end of period	$	(18,421)	$	(1,121)	$	(46,653)	$	(1,346)


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	$	(1,934)	$	(165)	$	(6,063)	$	(157)
Long-term liability	(16,487)		(956)		(40,590)		(1,189)
Recognized liability	$	(18,421)	$	(1,121)	$	(46,653)	$	(1,346)


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$	38,294	$	(17)	$	58,143	$	118

The accumulated benefit obligation for the Company’s defined benefit pension plans was $236.6 million and $373.1 million at September 25, 2022 and December 26, 2021, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both September 25, 2022 and December 26, 2021.

Net Periodic Benefit Costs

Net defined benefit pension and other postretirement costs included the following components:


	Three Months Ended								Nine Months Ended
	September 25, 2022				September 26, 2021				September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits		Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Interest cost	$	1,661	$	5	$	1,682	$	4	$	4,885	$	15	$	4,119	$	12
Estimated return on plan assets	(2,519)		—		(3,170)		—		(7,533)		—		(7,626)		—
Settlement loss	229		—		539		—		1,396		—		1,376		—
Expenses paid from assets	59		—		110		—		247		—		279		—
Amortization of net loss	342		—		607		—		910		—		1,553		1
Amortization of past service cost	4		—		6		—		13		—		14		—
Net costs(a)	$	(224)	$	5	$	(226)	$	4	$	(82)	$	15	$	(285)	$	13

(a) Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.

Economic Assumptions

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


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	4.97	%	4.53	%	2.23	%	2.38	%


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.40	%	2.38	%	1.87	%	1.80	%

Expected return on plan assets	3.31	%	NA		3.53	%	NA

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:


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Net actuarial loss, beginning of period	$	58,143	$	118	$	95,522	$	174
Amortization	(923)		—		(1,567)		(1)
Settlement adjustments	(1,396)		—		(1,376)		—
Actuarial gain	(105,562)		(135)		(9,873)		(20)
Asset loss (gain)	88,353		—		(20,699)		—
Currency translation loss (gain)	(321)		—		508		—
Net actuarial loss (gain), end of period	$	38,294	$	(17)	$	62,515	$	153

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 seven 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 $6.6 million in the three months ended September 25, 2022 and $21.0 million in the nine months ended September 25, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 25, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

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 available in active markets for identical assets or liabilities at the measurement date;

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 September 25, 2022 and December 26, 2021, 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:


	September 25, 2022						December 26, 2021
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)
Assets:
Commodity derivative assets	$	16,641	$	—	$	16,641	$	17,567	$	—	$	17,567
Foreign currency derivative assets	5,403		—		5,403		518		—		518
Liabilities:
Commodity derivative liabilities	(11,721)		—		(11,721)		(14,119)		—		(14,119)
Foreign currency derivative liabilities	(2,027)		—		(2,027)		(4,958)		—		(4,958)
Sales contract derivative liabilities	—		(11,243)		(11,243)		—		(12,691)		(12,691)
Interest rate swap derivative liabilities	—		—		—		—		(98)		(98)

See “Note 4. Derivative Financial Instruments” for additional information.

The valuation of financial assets and liabilities classified in Level 1 is based upon unadjusted quoted prices for identical assets or liabilities 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 Condensed 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 Condensed Consolidated Balance Sheets consisted of the following:


	September 25, 2022				December 26, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	$	(900,000)	$	(704,016)	$	(900,000)	$	(915,120)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(991,441)		(818,000)		(990,691)		(1,055,140)
Fixed-rate senior notes payable at 5.875%, at Level 2 inputs	(846,406)		(837,250)		(845,866)		(900,193)
Secured loans, at Level 3 inputs	—		—		(3)		(3)

See “Note 12. Debt” for additional information.

The carrying amounts of our cash and cash equivalents, restricted cash and restricted 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 Condensed 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 Condensed Consolidated Balance Sheets. The fair value of the Company’s Level 2 fixed-rate debt obligations was based on the quoted market price at September 25, 2022 or December 26, 2021, as applicable.

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

9 Months Ended

Sep. 25, 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONSPilgrim’s has been and, in some cases, continues to be a party to certain transactions with affiliated companies.


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Sales to related parties:
JBS USA Food Company(a)	$	8,314	$	4,437	$	17,911	$	11,519
JBS Australia Pty. Ltd.	935		172		2,331		1,994
Other related parties	748		467		1,783		1,331
Total sales to related parties	$	9,997	$	5,076	$	22,025	$	14,844


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company(a)	$	6,393	$	62,371	$	119,546	$	168,167
Seara Meats BV	14,795		1,074		27,926		3,418
Penasul UK LTD	4,091		1,071		10,514		6,227
JBS Asia Co Limited	2,448		—		6,370		5
Other related parties	699		266		1,161		953
Total cost of goods purchased from related parties	$	28,426	$	64,782	$	165,517	$	178,770


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company(b)	$	19,035	$	27,295	$	72,974	$	68,027
Other related parties	16		—		71		12




Total expenditures paid by related parties	$	19,051	$	27,295	$	73,045	$	68,039


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company(b)	$	7,553	$	8,011	$	46,895	$	35,457




Total expenditures paid on behalf of related parties	$	7,553	$	8,011	$	46,895	$	35,457


	September 25, 2022		December 26, 2021
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company(a)	$	650	$	1,059
Seara Meats BV	8,483		—
Other related parties	722		286
Total accounts receivable from related parties	$	9,855	$	1,345


	September 25, 2022		December 26, 2021
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company(a)	$	6,581	$	21,628
Seara Meats BV	3,976		534
JBS Asia Co Limited	3,588		—
Penasul UK LTD	2,639		147
Other related parties	271		8
Total accounts payable to related parties	$	17,055	$	22,317

(a) The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of September 25, 2022, approximately $1.6 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 its combined 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, 2023.

REPORTABLE SEGMENTS

9 Months Ended

Sep. 25, 2022

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:


	Three Months Ended				Nine Months Ended
	September 25, 2022(a)		September 26, 2021(b)		September 25, 2022(c)		September 26, 2021(d)
	(In thousands)
Net sales
U.S.	$	2,836,920	$	2,466,850	$	8,318,007	$	6,714,879
U.K. and Europe	1,203,095		930,440		3,640,129		2,721,019
Mexico	428,954		430,276		1,382,876		1,302,791
Total	$	4,468,969	$	3,827,566	$	13,341,012	$	10,738,689

(a)For the three months ended September 25, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $31.9 million. These sales consisted of fresh products, prepared products, grain and egg sales.

(b)For the three months ended September 26, 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $83.9 million. These sales consisted of fresh products, prepared products and grain.

(c)For the nine months ended September 25, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $101.6 million. These sales consisted of fresh products, prepared products, grain and egg sales.

(d)For the nine months ended September 26, 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $234.7 million. These sales consisted of fresh products, prepared products and grain.


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Reportable segment profit:
U.S.	$	338,548	$	70,666	$	1,146,821	$	(85,380)
U.K. and Europe	14,198		445		406		32,771
Mexico	(13,558)		49,652		106,850		208,677
Eliminations	14		14		42		42
Total operating income	339,202		120,777		1,254,119		156,110
Interest expense, net of capitalized interest	36,895		29,833		111,303		110,818
Interest income	(2,673)		(1,244)		(4,957)		(4,452)
Foreign currency transaction losses	54		2,359		14,348		9,018
Miscellaneous, net	(19,822)		(1,391)		(21,834)		(10,005)

Income before income taxes	324,748		91,220		1,155,259		50,731
Income tax expense	65,749		30,385		253,679		55,931
Net income (loss)	$	258,999	$	60,835	$	901,580	$	(5,200)


	September 25, 2022		December 26, 2021
	(In thousands)
Total assets by reportable segment:
U.S.	$	7,126,485	$	6,390,845
U.K. and Europe	3,610,728		4,292,558
Mexico	1,265,673		1,146,204
Eliminations	(2,923,874)		(2,916,402)
Total assets	$	9,079,012	$	8,913,205


	September 25, 2022		December 26, 2021
	(In thousands)
Long-lived assets by reportable segment(a):
U.S.	$	1,909,697	$	1,862,584
U.K. and Europe	910,395		1,125,197
Mexico	289,209		284,980
Eliminations	(3,688)		(3,729)
Total long-lived assets	$	3,105,613	$	3,269,032

(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.

- 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

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 25, 2022
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. 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. (“Avícola”) 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 Avícola 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, Avícola 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). Avícola is currently appealing the opinion. Amounts under appeal, calculated by PPC and its advisors, are $32.4 million and $19.8 million for tax years 2009 and 2010, respectively. No loss has been recorded for these amounts at this time. On May 12, 2022, the Mexican Tax Authorities issued tax assessments against Pilgrim’s Pride, S. de R.L. de C.V. and Provemex Holdings, LLC in connection with PPC’s acquisition of Tyson de México. Following the acquisition, PPC re-domiciled Provemex Holdings, LLC from the U.S. to Mexico. The tax authorities claim that Provemex Holdings, LLC was a Mexican entity at the time of the acquisition and, as a result, was obligated to pay taxes on the sale. The Mexican subsidiaries of PPC are currently appealing these assessments. Amounts under appeal are approximately $244.4 million for such tax assessments. 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 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 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 direct 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 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 fall 2023. The schedule for the rest of the plaintiffs is still awaiting an order from the Illinois Court. On May 27, 2022, the Illinois Court certified each of the three classes. On January 11, 2021, PPC announced that it had entered into an agreement to settle all claims made by the DPPs for $75.0 million within Selling, general and administrative expense in the Condensed Consolidated Statement of Income for the year ended December 27, 2020. The Illinois Court granted final approval of the settlement on June 29, 2021. On July 28, 2021, PPC and the putative End-User Consumer Indirect Purchaser Plaintiff Class (“EUCPs”) reached an agreement to settle all claims for $75.5 million. The Illinois Court granted final approval of the settlement on December 20, 2021. On August 3, 2021, PPC and the putative Commercial and Institutional Indirect Purchaser Plaintiff Class (“CIIPPs”) reached an agreement to settle all claims for $45.0 million. The Illinois Court granted final approval of the settlement on April 18, 2022. 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. To date, PPC has recognized an expense of $508.6 million to cover settlements with various Opt Outs. PPC recognizes these expenses within Selling, general and administrative expense in the Consolidated Statements of Income. 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 answered 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 answered 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 Florida CID. PPC is cooperating with the Louisiana AG in producing documents pursuant to the CID. 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 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 was opened in the U.S. Court of Appeals for the Tenth Circuit, which is now fully briefed with oral argument to occur the week of January 17, 2023. 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 consolidated amended class action complaint 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. 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 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 defendants breached their fiduciary duties by (1) failing to prevent PPC from engaging in an antitrust conspiracy as alleged in the Broiler 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. Given the ruling in the UFCW Litigation, the Derivative Litigation stay has been lifted and PPC filed a motion to dismiss, which is fully briefed and awaiting a decision from the Weld County Court. 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 it 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 this amount during the third quarter of 2021, though the agreement is still subject to final approval by the Maryland Court. On December 17, 2021, the plaintiffs filed a motion for leave to amend their complaint, which the Maryland Court granted on March 21, 2022. 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. On March 8, 2022, the Colorado Court granted the motion to dismiss with prejudice as to all claims. The plaintiffs filed a motion to amend the judgment on April 5, 2022, which the Colorado Court denied on October 21, 2022. 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 U.S. Department of Justice (the “DOJ”) issued a subpoena to PPC in connection with its investigation arising from the Broilers Litigation. On July 29, 2021, PPC learned of an indictment by a Grand Jury in the Colorado Court against four former employees of PPC (the “July 29 Indictment”), which alleged, among other charges, 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 July 12, 2022, PPC learned of a superseding indictment by a Grand Jury in the Colorado Court alleging that one of the former employees named in the July 29 Indictment engaged in witness tampering and obstruction of an official proceeding (together with the July 29 Indictment, the “Indictment”). On August 11, 2022, the Colorado Court granted an unopposed motion to dismiss two of the former PPC employees from the Indictment, and on October 17, 2022, the Colorado Court granted a separate motion to dismiss for the remaining two former PPC employees from the Indictment. On February 9, 2022, the Company learned that the DOJ opened a civil investigation into human resources antitrust matters, and on October 6, 2022 the Company learned that the DOJ opened a civil investigation into grower contracts and payment practices. The Company has begun, and will continue, to cooperate with the DOJ in its investigations. 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.

SUBSEQUENTS EVENTS	9 Months Ended
SUBSEQUENTS EVENTS	Sep. 25, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn September 6, 2022, one of the Company's U.K. subsidiaries announced that it had entered into consultation proceedings with employee representatives regarding the proposed closures of two facilities in that country that would put approximately 610 employees at risk of redundancy. During consultation proceedings for redundancies of 100 or more employees, which requires a minimum of 45 days to complete, expected severance, retention, relocation and other employee-related costs can change significantly. Recognition of such costs does not occur until the consultation proceedings have been completed. As a result of the closures, the Company also expects to incur costs related to contract terminations with growers and other vendors, lease terminations and dilapidation-related repairs. The Company currently estimates that exit or disposal costs related to these planned closures will total approximately £7.9 million.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 25, 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 September 25, 2022 represents the period from June 27, 2022 through September 25, 2022. The three months ended September 26, 2021 represents the period from June 28, 2021 through September 26, 2021. The nine months ended September 25, 2022 represents the period from December 27, 2021 through September 25, 2022. The nine months ended September 26, 2021 represents the period from December 28, 2020 through September 26, 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.
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 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 in the Condensed Consolidated Statements of Income.
Restricted Cash	Restricted Cash and Restricted Cash Equivalents 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 and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in 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. Accounting Pronouncements Not Yet Adopted as of September 25, 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 are 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. The Company plans to adopt this guidance effective December 26, 2022 and does not expect implementation to have a material impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which requires disclosure of the existence of supplier financing programs. The guidance requires disclosure about the nature of the supplier financing agreements, including key terms and payment timing and determination of amounts, the accounting treatment for the transactions and the effect of the transactions on the financial statements, as well as any assets pledged or guarantees provided to the providers of the financing programs. The provisions of the new guidance will be effective for years beginning after December 15, 2022 with the requirement to add rollforward disclosures for years beginning after December 15, 2023. The Company plans to adopt this guidance effective December 26, 2022 and is assessing the impacts on our Condensed Consolidated Financial Statements.
Revenue	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. 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 14 to 30 days 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.
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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 20
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126899994&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 25, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents


	September 25, 2022		December 26, 2021
	(In thousands)
Cash and cash equivalents	$	654,213	$	427,661
Restricted cash and restricted cash equivalents	29,880		22,460
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows	$	684,093	$	450,121

Schedule of Restricted Cash and Cash Equivalents


	September 25, 2022		December 26, 2021
	(In thousands)
Cash and cash equivalents	$	654,213	$	427,661
Restricted cash and restricted cash equivalents	29,880		22,460
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows	$	684,093	$	450,121

BUSINESS ACQUISITION (Tables)

9 Months Ended

Sep. 25, 2022

Business Combination and Asset Acquisition [Abstract]

Fair Values for Assets Acquired and Liabilities Assumed

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


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
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
Total identifiable net assets	605,510
Goodwill	353,397
Total consideration transferred	$	958,907

Unaudited Pro Forma Information

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:


	Nine Months Ended
	September 25, 2022		September 26, 2021
	(In thousands, except per share amounts)
Net sales	$	13,341,012	$	11,403,955
Net income attributable to Pilgrim's Pride Corporation	901,575		(43,684)
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	$	3.73	(0.18)

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 25, 2022

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

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


	Three Months Ended September 25, 2022
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	2,309,402	$	280,114	$	146,704	$	100,700	$	2,836,920
U.K. and Europe	205,403		783,048		180,605		34,039		1,203,095
Mexico	364,060		40,785		—		24,109		428,954
Total net sales	$	2,878,865	$	1,103,947	$	327,309	$	158,848	$	4,468,969


	Three Months Ended September 26, 2021
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	1,931,953	$	235,763	$	117,454	$	181,680	$	2,466,850
U.K. and Europe	248,232		543,838		104,442		33,928		930,440
Mexico	375,470		31,209		—		23,597		430,276
Total net sales	$	2,555,655	$	810,810	$	221,896	$	239,205	$	3,827,566


	Nine Months Ended September 25, 2022
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	6,709,441	$	839,164	$	421,517	$	347,885	$	8,318,007
U.K. and Europe	674,758		2,320,873		538,878		105,620		3,640,129
Mexico	1,200,329		116,264		—		66,283		1,382,876
Total net sales	$	8,584,528	$	3,276,301	$	960,395	$	519,788	$	13,341,012


	Nine Months Ended September 26, 2021
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	5,337,016	$	637,344	$	347,269	$	393,250	$	6,714,879
U.K. and Europe	915,087		1,445,728		278,636		81,568		2,721,019
Mexico	1,150,486		88,352		—		63,953		1,302,791
Total net sales	$	7,402,589	$	2,171,424	$	625,905	$	538,771	$	10,738,689

Contract Balances

Changes in the revenue contract liabilities balance are as follows (in thousands):


Balance as of December 26, 2021	$	22,321
Revenue recognized	(33,681)
Cash received, excluding amounts recognized as revenue during the period	47,094
Balance as of September 25, 2022	$	35,734

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 25, 2022

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:


	September 25, 2022			December 26, 2021
	(In thousands)
Fair values:
Commodity derivative assets	$	16,641		$	17,567
Commodity derivative liabilities	(11,720)			(14,119)
Foreign currency derivative assets	5,403			518
Foreign currency derivative liabilities	(2,027)			(4,958)
Interest rate swap derivative liabilities	—			(98)
Sales contract derivative liabilities	(11,243)			(12,691)
Cash collateral posted with brokers(a)	29,880			22,459
Derivatives coverage(b):
Corn	16.9		%	6.6		%
Soybean meal	14.6		%	11.8		%
Period through which stated percent of needs are covered:
Corn	July 2023			December 2022
Soybean meal	August 2023			December 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.

Schedule of Derivative Gains (Losses)

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				Nine Months Ended
Gains (Losses) by Type of Contract (a)	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Foreign currency derivatives	$	(51)	$	(4,493)	$	(18,611)	$	(7,975)	Foreign currency transaction losses
Commodity derivatives	28,810		25,632		47,833		44,430		Cost of sales
Sales contract derivative liabilities	(6,734)		(2,932)		1,448		2,201		Net sales
Total	$	22,025	$	18,207	$	30,670	$	38,656

(a)Amounts 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
	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Foreign currency derivatives	$	(1,974)	$	(984)	$	(2,317)	$	1,327
Interest rate swap derivatives	—		(35)		—		(164)
Total	$	(1,974)	$	(1,019)	$	(2,317)	$	1,163

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income


	Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended September 25, 2022						Three Months Ended September 26, 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	$	4,468,969	$	3,971,699	$	36,895	$	3,827,566	$	3,455,723	$	29,833
Impact from cash flow hedging instruments:
Foreign currency derivatives	(1,067)		275		—		67		(2)		—
Interest rates swap derivatives	—		—		—		—		—		170

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

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


	Gain (Loss) Reclassified from AOCI into Income
	Nine Months Ended September 25, 2022						Nine Months Ended September 26, 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	$	13,341,012	$	11,624,991	$	111,303	$	10,738,689	$	9,725,362	$	110,818
Impact from cash flow hedging instruments:
Foreign currency derivatives	(2,001)		562		—		2,475		868		—
Interest rates swap derivatives	—		—		98		—		—		460

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

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

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

9 Months Ended

Sep. 25, 2022

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Trade Accounts and Other Receivables, and Allowance for Doubtful Accounts

Trade accounts and other receivables, less allowance for credit losses, consisted of the following:


	September 25, 2022		December 26, 2021
	(In thousands)
Trade accounts receivable	$	1,031,180	$	947,697

Notes receivable	22,110		18,697
Other receivables	71,270		56,716
Receivables, gross	1,124,560		1,023,110
Allowance for credit losses	(9,404)		(9,673)
Receivables, net	$	1,115,156	$	1,013,437

Accounts receivable from related parties(a)	$	9,855	$	1,345

(a) Additional information regarding accounts receivable from related parties is included in “Note 16. Related Party Transactions.”

Activity in the allowance for credit losses was as follows:


	Nine Months Ended
	September 25, 2022
	(In thousands)
Balance, beginning of period	$	(9,673)
Provision charged to operating results	(772)
Account write-offs and recoveries	552
Effect of exchange rate	489
Balance, end of period	$	(9,404)

INVENTORIES (Tables)

9 Months Ended

Sep. 25, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	September 25, 2022		December 26, 2021(a)
	(In thousands)
Raw materials and work-in-process	$	1,215,034	$	1,034,518
Finished products	548,960		369,292
Operating supplies	82,949		87,332
Maintenance materials and parts	87,755		84,516
Total inventories	$	1,934,698	$	1,575,658

INVESTMENTS IN SECURITIES (Tables)

9 Months Ended

Sep. 25, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

The following table summarizes our investments in available-for-sale securities:


	September 25, 2022				December 26, 2021
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	359,542	$	359,660	$	48,851	$	48,851

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The activity in goodwill by segment for the nine months ended September 25, 2022 was as follows:


	December 26, 2021		Additions		Currency Translation		September 25, 2022
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,167,512		5,401		(218,367)		954,546
Mexico	127,804		—		—		127,804
Total	$	1,337,252	$	5,401	$	(218,367)	$	1,124,286

Schedule of Identified Intangible Assets

Intangible assets consisted of the following:


	December 26, 2021		Amortization		Disposals		Currency Translation		September 25, 2022
	(In thousands)
Cost:
Trade names not subject to amortization	$	609,713	$	—	$	—	$	(119,483)	$	490,230
Trade names subject to amortization	114,268		—		—		(1,865)		112,403
Customer relationships	455,459		—		—		(53,724)		401,735
Non-compete agreements	320		—		(320)		—		—
Accumulated amortization:
Trade names	(49,901)		(2,961)		—		111		(52,751)
Customer relationships	(166,296)		(22,668)		—		16,968		(171,996)
Non-compete agreements	(320)		—		320		—		—
Intangible assets, net	$	963,243	$	(25,629)	$	—	$	(157,993)	$	779,621

Finite-Lived Intangible Assets 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)

9 Months Ended

Sep. 25, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	September 25, 2022		December 26, 2021
	(In thousands)
Land	$	251,259	$	260,079
Buildings	1,994,467		2,043,034
Machinery and equipment	3,488,169		3,594,482
Autos and trucks	76,493		76,710
Finance leases	5,709		5,710
Construction-in-progress	325,325		229,837
PP&E, gross	6,141,422		6,209,852
Accumulated depreciation	(3,329,373)		(3,292,046)
PP&E, net	$	2,812,049	$	2,917,806

CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 25, 2022

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:


	September 25, 2022		December 26, 2021
	(In thousands)
Accounts payable:
Trade accounts	$	1,412,572	$	1,273,297
Book overdrafts	112,106		77,139
Other payables	15,074		27,641
Total accounts payable	1,539,752		1,378,077
Accounts payable to related parties(a)	17,055		22,317
Revenue contract liabilities(b)	35,734		22,321
Accrued expenses and other current liabilities:
Compensation and benefits	264,384		224,368
Litigation settlements(c)	93,426		172,440
Current maturities of operating lease liabilities	74,180		82,947
Insurance and self-insured claims	68,033		64,697
Taxes	65,858		68,163
Interest and debt-related fees	47,657		31,810
Accrued sales rebates	44,386		35,613
Derivative liabilities(d)	24,990		31,866
Other accrued expenses	174,275		147,981
Total accrued expenses and other current liabilities	857,189		859,885
Total	$	2,449,730	$	2,282,600

(a) Additional information regarding accounts payable to related parties is included in “Note 16. Related Party Transactions.”

(b) Additional information regarding revenue contract liabilities is included in “Note 3. Revenue Recognition.”

(d) Additional information regarding derivative liabilities is included in “Note 4. Derivative Financial Instruments.”

DEBT (Tables)

9 Months Ended

Sep. 25, 2022

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	September 25, 2022		December 26, 2021
		(In thousands)
Senior notes payable at 3.50%	2032	$	900,000	$	900,000
Senior notes payable, net of discount, at 4.25%	2031	991,441		990,691
Senior notes payable, net of discount, at 5.875%	2027	846,403		845,866
U.S. Credit Facility (defined below):
Term note payable at 4.43%	2026	486,405		506,250
Revolving note payable at 4.33%	2026	—		—
U.K. and Europe Revolving Facility (defined below) with notes payable at Sonia plus 1.25%	2027	10,859		—
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50%	2023	—		—
Secured loans with payables at weighted average of 3.34%	2022	—		3
Finance lease obligations	Various	3,859		4,548

Long-term debt		3,238,967		3,247,358
Less: Current maturities of long-term debt		(26,269)		(26,246)
Long-term debt, less current maturities		3,212,698		3,221,112
Less: Capitalized financing costs		(28,747)		(29,951)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,183,951	$	3,191,161

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 25, 2022

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive income (loss):


	Nine Months Ended September 25, 2022
	Gains (Losses) Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)

Other comprehensive income (loss) before reclassifications	(572,130)		(2,317)		14,061		(21)		(560,407)
Amounts reclassified from accumulated other comprehensive loss to net income	—		2,637		698		—		3,335
Currency translation	—		75		—		—		75
Net current period other comprehensive income (loss)	(572,130)		395		14,759		(21)		(556,997)
Balance, end of period	$	(544,889)	$	(1,970)	$	(58,114)	$	(21)	$	(604,994)


	Nine Months Ended September 26, 2021
	Gains Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)

Other comprehensive income before reclassifications	13,135		1,204		23,524		—		37,863
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,261)		1,200		—		(61)
Currency translation	—		16		—		—		16
Net current period other comprehensive income	13,135		(41)		24,724		—		37,818
Balance, end of period	$	95,917	$	(1,232)	$	(77,487)	$	—	$	17,198

Schedule of Reclassification from Accumulated Other Comprehensive Loss


	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Nine Months Ended September 25, 2022		Nine Months Ended September 26, 2021		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	$	(2,001)	$	746	Net sales
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	(562)		860		Cost of sales
Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges	(98)		(460)		Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)	(923)		(1,568)		Miscellaneous, net
Total before tax	(3,584)		(422)
Tax expense	249		483
Total reclassification for the period	$	(3,335)	$	61

(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 14. Pension and Other Postretirement Benefits.”

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

9 Months Ended

Sep. 25, 2022

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 Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	373,062	$	1,346	$	404,194	$	1,593
Interest cost	4,885		15		4,119		12
Actuarial gain	(105,562)		(135)		(9,873)		(20)
Benefits paid	(9,305)		(105)		(9,792)		(113)
Curtailments and settlements	(4,436)		—		(4,393)		—

Currency translation loss (gain)	(22,079)		—		2,169		—
Projected benefit obligation, end of period	$	236,565	$	1,121	$	386,424	$	1,472


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period	$	326,409	$	—	$	305,983	$	—
Actual return on plan assets	(80,820)		—		28,325		—
Contributions by employer	7,679		105		10,569		113
Benefits paid	(9,305)		(105)		(9,792)		(113)
Curtailments and settlements	(4,436)		—		(4,393)		—
Expenses paid from assets	(247)		—		(279)		—
Currency translation gain (loss)	(21,136)		—		1,466		—
Fair value of plan assets, end of period	$	218,144	$	—	$	331,879	$	—


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Funded status:
Unfunded benefit obligation, end of period	$	(18,421)	$	(1,121)	$	(46,653)	$	(1,346)


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	$	(1,934)	$	(165)	$	(6,063)	$	(157)
Long-term liability	(16,487)		(956)		(40,590)		(1,189)
Recognized liability	$	(18,421)	$	(1,121)	$	(46,653)	$	(1,346)


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$	38,294	$	(17)	$	58,143	$	118

Schedule of Net Defined Benefit Pension and Other Postretirement Costs

Net defined benefit pension and other postretirement costs included the following components:


	Three Months Ended								Nine Months Ended
	September 25, 2022				September 26, 2021				September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits		Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Interest cost	$	1,661	$	5	$	1,682	$	4	$	4,885	$	15	$	4,119	$	12
Estimated return on plan assets	(2,519)		—		(3,170)		—		(7,533)		—		(7,626)		—
Settlement loss	229		—		539		—		1,396		—		1,376		—
Expenses paid from assets	59		—		110		—		247		—		279		—
Amortization of net loss	342		—		607		—		910		—		1,553		1
Amortization of past service cost	4		—		6		—		13		—		14		—
Net costs(a)	$	(224)	$	5	$	(226)	$	4	$	(82)	$	15	$	(285)	$	13

(a) Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.

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:


	September 25, 2022				December 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	4.97	%	4.53	%	2.23	%	2.38	%


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.40	%	2.38	%	1.87	%	1.80	%

Expected return on plan assets	3.31	%	NA		3.53	%	NA

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:


	Nine Months Ended
	September 25, 2022				September 26, 2021
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Net actuarial loss, beginning of period	$	58,143	$	118	$	95,522	$	174
Amortization	(923)		—		(1,567)		(1)
Settlement adjustments	(1,396)		—		(1,376)		—
Actuarial gain	(105,562)		(135)		(9,873)		(20)
Asset loss (gain)	88,353		—		(20,699)		—
Currency translation loss (gain)	(321)		—		508		—
Net actuarial loss (gain), end of period	$	38,294	$	(17)	$	62,515	$	153

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 25, 2022

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:


	September 25, 2022						December 26, 2021
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)
Assets:
Commodity derivative assets	$	16,641	$	—	$	16,641	$	17,567	$	—	$	17,567
Foreign currency derivative assets	5,403		—		5,403		518		—		518
Liabilities:
Commodity derivative liabilities	(11,721)		—		(11,721)		(14,119)		—		(14,119)
Foreign currency derivative liabilities	(2,027)		—		(2,027)		(4,958)		—		(4,958)
Sales contract derivative liabilities	—		(11,243)		(11,243)		—		(12,691)		(12,691)
Interest rate swap derivative liabilities	—		—		—		—		(98)		(98)

Schedule of Fair Value and Carrying Value of Debt Obligations

The carrying amounts and estimated fair values of our fixed-rate debt obligation recorded in the Condensed Consolidated Balance Sheets consisted of the following:


	September 25, 2022				December 26, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	$	(900,000)	$	(704,016)	$	(900,000)	$	(915,120)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(991,441)		(818,000)		(990,691)		(1,055,140)
Fixed-rate senior notes payable at 5.875%, at Level 2 inputs	(846,406)		(837,250)		(845,866)		(900,193)
Secured loans, at Level 3 inputs	—		—		(3)		(3)

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 25, 2022

Schedule of Related Party Transactions

Pilgrim’s has been and, in some cases, continues to be a party to certain transactions with affiliated companies.


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Sales to related parties:
JBS USA Food Company(a)	$	8,314	$	4,437	$	17,911	$	11,519
JBS Australia Pty. Ltd.	935		172		2,331		1,994
Other related parties	748		467		1,783		1,331
Total sales to related parties	$	9,997	$	5,076	$	22,025	$	14,844


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Cost of goods purchased from related parties:
JBS USA Food Company(a)	$	6,393	$	62,371	$	119,546	$	168,167
Seara Meats BV	14,795		1,074		27,926		3,418
Penasul UK LTD	4,091		1,071		10,514		6,227
JBS Asia Co Limited	2,448		—		6,370		5
Other related parties	699		266		1,161		953
Total cost of goods purchased from related parties	$	28,426	$	64,782	$	165,517	$	178,770


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Expenditures paid by related parties:
JBS USA Food Company(b)	$	19,035	$	27,295	$	72,974	$	68,027
Other related parties	16		—		71		12




Total expenditures paid by related parties	$	19,051	$	27,295	$	73,045	$	68,039


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Expenditures paid on behalf of related parties:
JBS USA Food Company(b)	$	7,553	$	8,011	$	46,895	$	35,457




Total expenditures paid on behalf of related parties	$	7,553	$	8,011	$	46,895	$	35,457


	September 25, 2022		December 26, 2021
	(In thousands)
Accounts receivable from related parties:
JBS USA Food Company(a)	$	650	$	1,059
Seara Meats BV	8,483		—
Other related parties	722		286
Total accounts receivable from related parties	$	9,855	$	1,345


	September 25, 2022		December 26, 2021
	(In thousands)
Accounts payable to related parties:
JBS USA Food Company(a)	$	6,581	$	21,628
Seara Meats BV	3,976		534
JBS Asia Co Limited	3,588		—
Penasul UK LTD	2,639		147
Other related parties	271		8
Total accounts payable to related parties	$	17,055	$	22,317

REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 25, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Additional information regarding reportable segments is as follows:


	Three Months Ended				Nine Months Ended
	September 25, 2022(a)		September 26, 2021(b)		September 25, 2022(c)		September 26, 2021(d)
	(In thousands)
Net sales
U.S.	$	2,836,920	$	2,466,850	$	8,318,007	$	6,714,879
U.K. and Europe	1,203,095		930,440		3,640,129		2,721,019
Mexico	428,954		430,276		1,382,876		1,302,791
Total	$	4,468,969	$	3,827,566	$	13,341,012	$	10,738,689


	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
	(In thousands)
Reportable segment profit:
U.S.	$	338,548	$	70,666	$	1,146,821	$	(85,380)
U.K. and Europe	14,198		445		406		32,771
Mexico	(13,558)		49,652		106,850		208,677
Eliminations	14		14		42		42
Total operating income	339,202		120,777		1,254,119		156,110
Interest expense, net of capitalized interest	36,895		29,833		111,303		110,818
Interest income	(2,673)		(1,244)		(4,957)		(4,452)
Foreign currency transaction losses	54		2,359		14,348		9,018
Miscellaneous, net	(19,822)		(1,391)		(21,834)		(10,005)

Income before income taxes	324,748		91,220		1,155,259		50,731
Income tax expense	65,749		30,385		253,679		55,931
Net income (loss)	$	258,999	$	60,835	$	901,580	$	(5,200)


	September 25, 2022		December 26, 2021
	(In thousands)
Total assets by reportable segment:
U.S.	$	7,126,485	$	6,390,845
U.K. and Europe	3,610,728		4,292,558
Mexico	1,265,673		1,146,204
Eliminations	(2,923,874)		(2,916,402)
Total assets	$	9,079,012	$	8,913,205


	September 25, 2022		December 26, 2021
	(In thousands)
Long-lived assets by reportable segment(a):
U.S.	$	1,909,697	$	1,862,584
U.K. and Europe	910,395		1,125,197
Mexico	289,209		284,980
Eliminations	(3,688)		(3,729)
Total long-lived assets	$	3,105,613	$	3,269,032

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) bird in Millions		9 Months Ended
	Jul. 27, 2020	Sep. 25, 2022 employee country state bird grower pig
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of countries in which entity exports products \| country		120
Number of states in which entity operates \| state		14
Number of employees (over) \| employee		61,800
Pilgrims Pride Corporation \| JBS S.A.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of beneficial ownership by holding company	80.00%	82.70%
Chicken
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in animals per week) \| bird		43.1
Number of contract growers		4,750
Pork
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in animals per week) \| pig		49,500
Number of contract growers		260

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021	Sep. 26, 2021	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 654,213	$ 427,661
Restricted cash and restricted cash equivalents	29,880	22,460
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows	$ 684,093	$ 450,121	$ 565,195	$ 548,406

BUSINESS ACQUISITION - Narrative (Details) - Kerry Consumer Foods Meats and Meals $ in Thousands, £ in Millions			3 Months Ended			9 Months Ended
	Sep. 24, 2021 USD ($)	Sep. 24, 2021 GBP (£)	Sep. 25, 2022 USD ($)	Mar. 27, 2022 USD ($)	Sep. 26, 2021 USD ($)	Sep. 25, 2022 USD ($)	Jun. 26, 2022 USD ($)	Sep. 26, 2021 USD ($)
Business Acquisition [Line Items]
Percentage of equity acquired	100.00%
Cash consideration	$ 954,100	£ 695.3		$ 958,900
Payments for working capital adjustments				$ 4,800
Transaction costs							$ 19,300
Net sales of acquiree since acquisition date			$ 247,600		$ 4,900
Net income of acquiree since acquisition date						$ 774,100		$ 10,300
Intangible assets	415,157
Trade names
Business Acquisition [Line Items]
Finite lived intangible assets acquired	$ 36,800
Trade names \| Minimum
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)	15 years	15 years
Trade names \| Maximum
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)	20 years	20 years
Customer and distributor relationships
Business Acquisition [Line Items]
Finite lived intangible assets acquired	$ 164,300
Customer and distributor relationships \| Minimum
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)	15 years	15 years
Customer and distributor relationships \| Maximum
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)	18 years	18 years
Trade names
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 214,000

BUSINESS ACQUISITION - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021	Sep. 24, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,124,286	$ 1,337,252
Kerry Consumer Foods Meats and Meals
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
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
Total identifiable net assets			605,510
Goodwill			353,397
Total consideration transferred			$ 958,907

BUSINESS ACQUISITION - Pro Forma Information (Details) - Kerry Consumer Foods Meats and Meals - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Business Acquisition [Line Items]
Net sales	$ 13,341,012	$ 11,403,955
Net income attributable to Pilgrim's Pride Corporation	$ 901,575	$ (43,684)
Net income attributable to Pilgrim's per common share - diluted (in dollars per share)	$ 3.73	$ (0.18)

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 4,468,969	$ 3,827,566	$ 13,341,012	$ 10,738,689
Fresh
Disaggregation of Revenue [Line Items]
Revenue	2,878,865	2,555,655	8,584,528	7,402,589
Prepared
Disaggregation of Revenue [Line Items]
Revenue	1,103,947	810,810	3,276,301	2,171,424
Export
Disaggregation of Revenue [Line Items]
Revenue	327,309	221,896	960,395	625,905
Other
Disaggregation of Revenue [Line Items]
Revenue	158,848	239,205	519,788	538,771
U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,836,920	2,466,850	8,318,007	6,714,879
U.S. \| Fresh
Disaggregation of Revenue [Line Items]
Revenue	2,309,402	1,931,953	6,709,441	5,337,016
U.S. \| Prepared
Disaggregation of Revenue [Line Items]
Revenue	280,114	235,763	839,164	637,344
U.S. \| Export
Disaggregation of Revenue [Line Items]
Revenue	146,704	117,454	421,517	347,269
U.S. \| Other
Disaggregation of Revenue [Line Items]
Revenue	100,700	181,680	347,885	393,250
U.K. and Europe
Disaggregation of Revenue [Line Items]
Revenue	1,203,095	930,440	3,640,129	2,721,019
U.K. and Europe \| Fresh
Disaggregation of Revenue [Line Items]
Revenue	205,403	248,232	674,758	915,087
U.K. and Europe \| Prepared
Disaggregation of Revenue [Line Items]
Revenue	783,048	543,838	2,320,873	1,445,728
U.K. and Europe \| Export
Disaggregation of Revenue [Line Items]
Revenue	180,605	104,442	538,878	278,636
U.K. and Europe \| Other
Disaggregation of Revenue [Line Items]
Revenue	34,039	33,928	105,620	81,568
Mexico
Disaggregation of Revenue [Line Items]
Revenue	428,954	430,276	1,382,876	1,302,791
Mexico \| Fresh
Disaggregation of Revenue [Line Items]
Revenue	364,060	375,470	1,200,329	1,150,486
Mexico \| Prepared
Disaggregation of Revenue [Line Items]
Revenue	40,785	31,209	116,264	88,352
Mexico \| Export
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Mexico \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 24,109	$ 23,597	$ 66,283	$ 63,953

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE RECOGNITION - Contract Balances (Details) $ in Thousands	9 Months Ended
	Sep. 25, 2022 USD ($)
Movement in Contract with Customer, Liability [Roll Forward]
Balance as of beginning of period	$ 22,321
Revenue recognized	(33,681)
Cash received, excluding amounts recognized as revenue during the period	47,094
Balance as of end of period	$ 35,734

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 25, 2022	Dec. 26, 2021
Fair values:
Cash collateral posted with brokers	$ 29,880	$ 22,459
Corn
Derivatives Coverage:
Derivatives coverage (as a percentage)	16.90%	6.60%
Soybean meal
Derivatives Coverage:
Derivatives coverage (as a percentage)	14.60%	11.80%
Commodity
Fair values:
Derivative assets, gross	$ 16,641	$ 17,567
Derivative liabilities, gross	(11,720)	(14,119)
Foreign currency
Fair values:
Derivative assets, gross	5,403	518
Derivative liabilities, gross	(2,027)	(4,958)
Interest rate swap derivative liabilities
Fair values:
Derivative liabilities, gross	0	(98)
Sales contract derivative liabilities
Fair values:
Derivative liabilities, gross	$ (11,243)	$ (12,691)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Gains (Losses) and Location of Income Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Derivative [Line Items]
Gains (Losses) by type of contract	$ 22,025	$ 18,207	$ 30,670	$ 38,656
Foreign currency derivatives
Derivative [Line Items]
Gains (Losses) by type of contract	(51)	(4,493)	(18,611)	(7,975)
Commodity derivatives
Derivative [Line Items]
Gains (Losses) by type of contract	28,810	25,632	47,833	44,430
Sales contract derivative liabilities
Derivative [Line Items]
Gains (Losses) by type of contract	$ (6,734)	$ (2,932)	$ 1,448	$ 2,201

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ (1,919)	$ (1,030)	$ (2,242)	$ 1,179
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	(1,974)	(1,019)	(2,317)	1,163
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency derivatives
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	(1,974)	(984)	(2,317)	1,327
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap derivatives
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ 0	$ (35)	$ 0	$ (164)

DERIVATIVE FINANCIAL INSTRUMENTS - Income and Expense Line item in the Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Derivative [Line Items]
Net sales	$ 4,468,969	$ 3,827,566	$ 13,341,012	$ 10,738,689
Cost of sales	3,971,699	3,455,723	11,624,991	9,725,362
Interest expense, net of capitalized interest	36,895	29,833	111,303	110,818
Impact from cash flow hedging relationship	(1,342)	(102)	(2,661)	1,146
Sales contract derivative liabilities \| Net sales
Derivative [Line Items]
Net sales	4,468,969	3,827,566	13,341,012	10,738,689
Commodity \| Cost of sales
Derivative [Line Items]
Cost of sales	3,971,699	3,455,723	11,624,991	9,725,362
Foreign currency derivative \| Interest expense, net of capitalized interest
Derivative [Line Items]
Interest expense, net of capitalized interest	36,895	29,833	111,303	110,818
Interest rate swaps \| Interest expense, net of capitalized interest
Derivative [Line Items]
Impact from cash flow hedging relationship	0	170	98	460
Foreign currency derivatives \| Net sales
Derivative [Line Items]
Impact from cash flow hedging relationship	(1,067)	67	(2,001)	2,475
Foreign currency derivatives \| Cost of sales
Derivative [Line Items]
Impact from cash flow hedging relationship	$ 275	$ (2)	$ 562	$ 868

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	Sep. 25, 2022 USD ($)
Foreign currency derivative
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 0

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2022	Dec. 26, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Trade accounts receivable	$ 1,031,180	$ 947,697
Notes receivable	22,110	18,697
Other receivables	71,270	56,716
Receivables, gross	1,124,560	1,023,110
Allowance for credit losses	(9,404)	(9,673)
Receivables, net	1,115,156	1,013,437
Account receivable from related parties	9,855	$ 1,345
Receivables, Net [Roll Forward]
Balance, beginning of period	(9,673)
Provision charged to operating results	(772)
Account write-offs and recoveries	552
Effect of exchange rate	489
Balance, end of period	$ (9,404)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021
Reclassification [Line Items]
Raw materials and work-in-process	$ 1,215,034	$ 1,034,518
Finished products	548,960	369,292
Operating supplies	82,949	87,332
Maintenance materials and parts	87,755	84,516
Total inventories	$ 1,934,698	1,575,658
Changes to Previously Reported
Reclassification [Line Items]
Raw materials and work-in-process		(10,200)
Finished products		(10,400)
Operating supplies		10,700
Maintenance materials and parts		$ 9,900

INVESTMENTS IN SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Dec. 26, 2021
Debt Securities, Available-for-sale [Line Items]
Gross realized gains recognized on available-for-sale securities	$ 1,800	$ 1,000	$ 3,300	$ 3,900
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	359,542		359,542		$ 48,851
Fair Value	$ 359,660		$ 359,660		$ 48,851

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 25, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,337,252
Additions	5,401
Currency Translation	(218,367)
Goodwill, ending balance	1,124,286
U.S.
Goodwill [Roll Forward]
Goodwill, beginning balance	41,936
Additions	0
Currency Translation	0
Goodwill, ending balance	41,936
U.K. and Europe
Goodwill [Roll Forward]
Goodwill, beginning balance	1,167,512
Additions	5,401
Currency Translation	(218,367)
Goodwill, ending balance	954,546
Mexico
Goodwill [Roll Forward]
Goodwill, beginning balance	127,804
Additions	0
Currency Translation	0
Goodwill, ending balance	$ 127,804

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 25, 2022 USD ($)
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (25,629)
Intangible assets, net, beginning balance	963,243
Amortization	25,629
Disposals	0
Currency Translation	(157,993)
Intangible assets, net, ending balance	779,621
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, beginning balance	609,713
Disposals	0
Currency Translation	(119,483)
Indefinite-lived intangible assets, ending balance	490,230
Trade names
Finite-lived Intangible Assets [Rollforward]
Finite-lived intangible assets, beginning balance	114,268
Disposals	0
Currency Translation	(1,865)
Finite-lived intangible assets, ending balance	112,403
Accumulated Amortization Rollforward [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning balance	(49,901)
Amortization	(2,961)
Disposals	0
Currency Translation	111
Finite-lived intangible assets, accumulated amortization, ending balance	(52,751)
Amortization	2,961
Customer relationships
Finite-lived Intangible Assets [Rollforward]
Finite-lived intangible assets, beginning balance	455,459
Disposals	0
Currency Translation	(53,724)
Finite-lived intangible assets, ending balance	401,735
Accumulated Amortization Rollforward [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning balance	(166,296)
Amortization	(22,668)
Disposals	0
Currency Translation	16,968
Finite-lived intangible assets, accumulated amortization, ending balance	(171,996)
Amortization	22,668
Non-compete agreements
Finite-lived Intangible Assets [Rollforward]
Finite-lived intangible assets, beginning balance	320
Disposals	(320)
Currency Translation	0
Finite-lived intangible assets, ending balance	0
Accumulated Amortization Rollforward [Roll Forward]
Finite-lived intangible assets, accumulated amortization, beginning balance	(320)
Amortization	0
Disposals	320
Currency Translation	0
Finite-lived intangible assets, accumulated amortization, ending balance	0
Amortization	$ 0

GOODWILL AND INTANGIBLE ASSETS - Estimated Useful Lives of Finite-Lived Intangible Assets (Details)	9 Months Ended
	Sep. 25, 2022
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	18 years
Trade names subject to amortization \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	15 years
Trade names subject to amortization \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	3 years

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021
Property, Plant and Equipment [Line Items]
Finance leases	$ 5,709	$ 5,710
PP&E, gross	6,141,422	6,209,852
Accumulated depreciation	(3,329,373)	(3,292,046)
PP&E, net	2,812,049	2,917,806
Land
Property, Plant and Equipment [Line Items]
PP&E	251,259	260,079
Buildings
Property, Plant and Equipment [Line Items]
PP&E	1,994,467	2,043,034
Machinery and equipment
Property, Plant and Equipment [Line Items]
PP&E	3,488,169	3,594,482
Autos and trucks
Property, Plant and Equipment [Line Items]
PP&E	76,493	76,710
Construction-in-progress
Property, Plant and Equipment [Line Items]
PP&E	$ 325,325	$ 229,837

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 90,800	$ 86,300	$ 275,300	$ 256,900
Payments for capital projects			342,588	280,820
Transfer of property, plant and equipment			230,700	324,100
Proceeds from property disposals	12,200	1,500	14,607	22,896
(Loss (gain) on property disposals	8,300	$ (1,500)	5,620	$ 3,605
Idled assets, carrying amount	33,800		33,800
Idled assets, depreciable value	182,300		182,300
Idled assets, accumulated depreciation	$ 148,500		$ 148,500

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021
Accounts payable:
Trade accounts	$ 1,412,572	$ 1,273,297
Book overdrafts	112,106	77,139
Other payables	15,074	27,641
Total accounts payable	1,539,752	1,378,077
Accounts payable to related parties	17,055	22,317
Revenue contract liabilities	35,734	22,321
Accrued expenses and other current liabilities:
Compensation and benefits	264,384	224,368
Litigation settlements(c)	93,426	172,440
Current maturities of operating lease liabilities	74,180	82,947
Insurance and self-insured claims	68,033	64,697
Taxes	65,858	68,163
Interest and debt-related fees	47,657	31,810
Accrued sales rebates	44,386	35,613
Derivative liabilities(d)	24,990	31,866
Other accrued expenses	174,275	147,981
Total accrued expenses and other current liabilities	857,189	859,885
Total	$ 2,449,730	$ 2,282,600

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jul. 27, 2020	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Income Tax Disclosure [Abstract]
Income tax expense		$ 65,749	$ 30,385	$ 253,679	$ 55,931
Effective tax rate				21.90%	110.30%
Other comprehensive income, tax effect				$ (4,800)	$ (8,500)
Pilgrims Pride Corporation \| JBS S.A.
Related Party Transaction [Line Items]
Percentage of beneficial ownership by holding company	80.00%			82.70%
Pilgrims Pride Corporation \| JBS S.A. \| Minimum
Related Party Transaction [Line Items]
Percentage of beneficial ownership by holding company	80.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

DEBT - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands		9 Months Ended
	Dec. 14, 2018	Sep. 25, 2022	Dec. 26, 2021	Sep. 02, 2021	Apr. 08, 2021	Sep. 29, 2017
Debt Instrument [Line Items]
Finance lease obligations		$ 3,859	$ 4,548
Long-term debt		3,238,967	3,247,358
Less: Current maturities of long-term debt		(26,269)	(26,246)
Long-term debt, less current maturities		3,212,698	3,221,112
Less: Capitalized financing costs		(28,747)	(29,951)
Long-term debt, less current maturities, net of capitalized financing costs		$ 3,183,951	3,191,161
Term note payable at 4.43% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate		4.43%
Long-term debt		$ 486,405	506,250
Revolving note payable at 4.33% \| Credit facility
Debt Instrument [Line Items]
Stated interest rate		4.33%
Long-term debt		$ 0	0
U.K. and Europe Revolving Facility (defined below) with notes payable at Sonia plus 1.25% \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Long-term debt		10,859	0
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Long-term debt		$ 0	0
Senior notes \| Senior notes payable at 3.50%
Debt Instrument [Line Items]
Stated interest rate		3.50%		3.50%
Long-term debt		$ 900,000	900,000
Senior notes \| Senior notes payable, net of discount, at 4.25%
Debt Instrument [Line Items]
Stated interest rate		4.25%			4.25%
Long-term debt		$ 991,441	990,691
Senior notes \| Senior notes payable, net of discount, at 5.875%
Debt Instrument [Line Items]
Stated interest rate		5.875%				5.875%
Long-term debt		$ 846,403	845,866
Credit facility \| U.K. and Europe Revolving Facility (defined below) with notes payable at Sonia plus 1.25% \| Credit facility \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.25%
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| Credit facility
Debt Instrument [Line Items]
Long-term debt		$ 0
Credit facility \| Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%	1.50%
Secured loans with payables at weighted average of 3.34%
Debt Instrument [Line Items]
Weighted average interest rate		3.34%
Long-term debt		$ 0	$ 3

DEBT - Narrative (Details)						9 Months Ended
DEBT - Narrative (Details)	Aug. 09, 2021 USD ($)	Apr. 08, 2021 USD ($)	Dec. 14, 2018 MXN ($)	Jun. 02, 2018	Mar. 07, 2018 USD ($)	Sep. 25, 2022 USD ($)	Jun. 24, 2022 GBP (£)	Dec. 26, 2021 USD ($)	Sep. 02, 2021 USD ($)	Sep. 29, 2017 USD ($)
Debt Instrument [Line Items]
Maximum secured leverage ratio on a pro-forma basis (not to exceed)	3.00
Mexico Credit Facility \| Credit facility
Debt Instrument [Line Items]
Debt outstanding						$ 0		$ 0
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%				5.875%
Add-on issuance percentage of face value					97.25%
Gross amount					$ 243,100,000
Debt discount					$ 6,900,000
Debt outstanding						$ 846,403,000		845,866,000
Senior notes \| Senior notes payable, net of discount, at 4.25%
Debt Instrument [Line Items]
Principal amount		$ 1,000,000,000
Stated interest rate		4.25%				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%
Debt outstanding						$ 991,441,000		990,691,000
Senior notes \| Senior Notes 3.50% Due 2032
Debt Instrument [Line Items]
Principal amount									$ 900,000,000
Stated interest rate						3.50%			3.50%
Debt outstanding						$ 900,000,000		$ 900,000,000
Credit facility \| US Credit Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 800,000,000
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 \| US Credit Facility Term Loans \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000
Debt outstanding						486,400,000
Credit facility \| Bank Of Ireland Revolving Facility, Due 2023 \| Credit facility
Debt Instrument [Line Items]
Debt outstanding						10,900,000
Letters of credit issued						162,900,000
Current borrowing capacity						152,000,000
Credit facility \| Bank Of Ireland Revolving Facility, Due 2023 \| Credit facility \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate				1.25%
Credit facility \| Bank Of Ireland Revolving Facility, Due 2023 \| Credit facility \| EURIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate				2.00%
Credit facility \| Bank Of Ireland Revolving Facility, Amended, Due 2027 \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| £							£ 150,000,000
Credit facility \| Mexico Credit Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,500,000,000
Debt outstanding						0
Current borrowing capacity						$ 74,200,000
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	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 2,872,084	$ 2,594,512	$ 2,588,934	$ 2,575,347
Other comprehensive income (loss) before reclassifications			(560,407)	37,863
Amounts reclassified from accumulated other comprehensive income to net income			3,335	(61)
Currency translation			75	16
Total other comprehensive income (loss), net of tax	(313,019)	(42,156)	(556,997)	37,818
Balance, end of period	2,740,249	2,616,383	2,740,249	2,616,383
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(291,975)	59,354	(47,997)	(20,620)
Total other comprehensive income (loss), net of tax	(313,019)	(42,156)	(556,997)	37,818
Balance, end of period	(604,994)	17,198	(604,994)	17,198
Gains (Losses) Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			27,241	82,782
Other comprehensive income (loss) before reclassifications			(572,130)	13,135
Amounts reclassified from accumulated other comprehensive income to net income			0	0
Currency translation			0	0
Total other comprehensive income (loss), net of tax			(572,130)	13,135
Balance, end of period	(544,889)	95,917	(544,889)	95,917
Losses on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(2,365)	(1,191)
Other comprehensive income (loss) before reclassifications			(2,317)	1,204
Amounts reclassified from accumulated other comprehensive income to net income			2,637	(1,261)
Currency translation			75	16
Total other comprehensive income (loss), net of tax			395	(41)
Balance, end of period	(1,970)	(1,232)	(1,970)	(1,232)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(72,873)	(102,211)
Other comprehensive income (loss) before reclassifications			14,061	23,524
Amounts reclassified from accumulated other comprehensive income to net income			698	1,200
Currency translation			0	0
Total other comprehensive income (loss), net of tax			14,759	24,724
Balance, end of period	(58,114)	(77,487)	(58,114)	(77,487)
Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			0	0
Other comprehensive income (loss) before reclassifications			(21)	0
Amounts reclassified from accumulated other comprehensive income to net income			0	0
Currency translation			0	0
Total other comprehensive income (loss), net of tax			(21)	0
Balance, end of period	$ (21)	$ 0	$ (21)	$ 0

STOCKHOLDERS' EQUITY - Schedule of Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	$ 4,468,969	$ 3,827,566	$ 13,341,012	$ 10,738,689
Cost of sales	3,971,699	3,455,723	11,624,991	9,725,362
Interest expense, net of capitalized interest	(36,895)	(29,833)	(111,303)	(110,818)
Miscellaneous, net	19,822	1,391	21,834	10,005
Tax expense	(65,749)	(30,385)	(253,679)	(55,931)
Net income (loss)	$ 258,999	$ 60,835	901,580	(5,200)
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Total before tax			(3,584)	(422)
Tax expense			249	483
Net income (loss)			(3,335)	61
Amount Reclassified from Accumulated Other Comprehensive Loss \| Realized gain (loss) on settlement of derivatives classified as cash flow hedges
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales			(2,001)	746
Cost of sales			(562)	860
Interest expense, net of capitalized interest			(98)	(460)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Amortization of defined benefit pension and other postretirement plan actuarial losses
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net			$ (923)	$ (1,568)

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 25, 2022	Sep. 25, 2022	Mar. 08, 2022
Equity [Abstract]
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Share repurchase, authorized amount			$ 200,000
Common stock purchased under share repurchase program (in shares)		7,500,000
Common stock purchased under share repurchase program	$ 79,564	$ 199,553

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)	Sep. 25, 2022 USD ($) plan	Sep. 26, 2021 USD ($)	Dec. 26, 2021 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses \| $	$ 7.1	$ 4.3	$ 23.9	$ 13.6
Accumulated benefit obligation, defined benefit pension plans \| $	236.6		236.6		$ 373.1
Expenses related to defined contribution plans \| $	$ 6.6		$ 21.0
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of defined contribution plans \| plan			2
Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of defined contribution plans \| plan			3
U.K.
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of defined contribution plans \| plan			7

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Defined Benefit Plan Obligations and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Dec. 26, 2021	Dec. 27, 2020
Pension Benefits
Change in projected benefit obligation:
Projected, benefit obligation, beginning of period			$ 373,062	$ 404,194
Interest cost	$ 1,661	$ 1,682	4,885	4,119
Actuarial gain			(105,562)	(9,873)
Benefits paid			(9,305)	(9,792)
Curtailments and settlements			(4,436)	(4,393)
Currency translation loss (gain)			(22,079)	2,169
Projected benefit obligation, end of period	236,565	386,424	236,565	386,424
Change in plan assets:
Fair value of plan assets, beginning balance			326,409	305,983
Actual return on plan assets			(80,820)	28,325
Contributions by employer			7,679	10,569
Benefits paid			(9,305)	(9,792)
Curtailments and settlements			(4,436)	(4,393)
Expenses paid from assets			(247)	(279)
Currency translation gain (loss)			(21,136)	1,466
Fair value of plan assets, end of period	218,144	331,879	218,144	331,879
Funded status:
Unfunded benefit obligation, end of period	(18,421)		(18,421)		$ (46,653)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(1,934)		(1,934)		(6,063)
Long-term liability	(16,487)		(16,487)		(40,590)
Recognized liability	(18,421)		(18,421)		(46,653)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	38,294	62,515	38,294	62,515	58,143	$ 95,522
Other Benefits
Change in projected benefit obligation:
Projected, benefit obligation, beginning of period			1,346	1,593
Interest cost	5	4	15	12
Actuarial gain			(135)	(20)
Benefits paid			(105)	(113)
Curtailments and settlements			0	0
Currency translation loss (gain)			0	0
Projected benefit obligation, end of period	1,121	1,472	1,121	1,472
Change in plan assets:
Fair value of plan assets, beginning balance			0	0
Actual return on plan assets			0	0
Contributions by employer			105	113
Benefits paid			(105)	(113)
Curtailments and settlements			0	0
Expenses paid from assets			0	0
Currency translation gain (loss)			0	0
Fair value of plan assets, end of period	0	0	0	0
Funded status:
Unfunded benefit obligation, end of period	(1,121)		(1,121)		(1,346)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(165)		(165)		(157)
Long-term liability	(956)		(956)		(1,189)
Recognized liability	(1,121)		(1,121)		(1,346)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$ (17)	$ 153	$ (17)	$ 153	$ 118	$ 174

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Net Defined Benefit Pension and Other Postretirement Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 1,661	$ 1,682	$ 4,885	$ 4,119
Estimated return on plan assets	(2,519)	(3,170)	(7,533)	(7,626)
Settlement loss	229	539	1,396	1,376
Expenses paid from assets	59	110	247	279
Amortization of net loss	342	607	910	1,553
Amortization of past service cost	4	6	13	14
Net costs	(224)	(226)	(82)	(285)
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	5	4	15	12
Estimated return on plan assets	0	0	0	0
Settlement loss	0	0	0	0
Expenses paid from assets	0	0	0	0
Amortization of net loss	0	0	0	1
Amortization of past service cost	0	0	0	0
Net costs	$ 5	$ 4	$ 15	$ 13

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation (Details)	9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Dec. 26, 2021
Pension Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	4.97%		2.23%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.40%	1.87%
Expected return on plan assets	3.31%	3.53%
Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	4.53%		2.38%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	2.38%	1.80%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Unrecognized Benefit Amounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Pension Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss, beginning of period	$ 58,143	$ 95,522
Amortization	(923)	(1,567)
Settlement adjustments	(1,396)	(1,376)
Actuarial gain	(105,562)	(9,873)
Asset loss (gain)	88,353	(20,699)
Currency translation loss (gain)	(321)	508
Net actuarial (gain) loss, end of period	38,294	62,515
Other Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss, beginning of period	118	174
Amortization	0	(1)
Settlement adjustments	0	0
Actuarial gain	(135)	(20)
Asset loss (gain)	0	0
Currency translation loss (gain)	0	0
Net actuarial (gain) loss, end of period	$ (17)	$ 153

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 16,641	$ 17,567
Derivative liabilities	(11,721)	(14,119)
Commodity derivative \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	16,641	17,567
Derivative liabilities	(11,721)	(14,119)
Commodity derivative \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5,403	518
Derivative liabilities	(2,027)	(4,958)
Foreign currency derivative \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5,403	518
Derivative liabilities	(2,027)	(4,958)
Foreign currency derivative \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate swap derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(98)
Interest rate swap derivative liabilities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Interest rate swap derivative liabilities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(98)
Net sales
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(11,243)	(12,691)
Net sales \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Net sales \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (11,243)	$ (12,691)

FAIR VALUE MEASUREMENT - Schedule of Fair Value and Carrying Amount of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021	Sep. 02, 2021	Apr. 08, 2021	Sep. 29, 2017
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 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.25%			4.25%
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%				5.875%
Senior notes \| Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ (900,000)	$ (900,000)
Senior notes \| Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(991,441)	(990,691)
Senior notes \| Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(846,406)	(845,866)
Senior notes \| Level 2 \| Fair Value \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(704,016)	(915,120)
Senior notes \| Level 2 \| Fair Value \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(818,000)	(1,055,140)
Senior notes \| Level 2 \| Fair Value \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	(837,250)	(900,193)
Secured loans \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	(3)
Secured loans \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ (3)

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Dec. 26, 2021
Related Party Transaction [Line Items]
Sales to related parties:	$ 9,997	$ 5,076	$ 22,025	$ 14,844
Cost of goods purchased from related parties:	28,426	64,782	165,517	178,770
Expenditures paid by related parties:	19,051	27,295	73,045	68,039
Expenditures paid on behalf of related parties:	7,553	8,011	46,895	35,457
Accounts receivable from related parties	9,855		9,855		$ 1,345
Accounts payable to related parties:	17,055		17,055		22,317
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related parties:	8,314	4,437	17,911	11,519
Cost of goods purchased from related parties:	6,393	62,371	119,546	168,167
Expenditures paid by related parties:	19,035	27,295	72,974	68,027
Expenditures paid on behalf of related parties:	7,553	8,011	46,895	35,457
Accounts receivable from related parties	650		650		1,059
Accounts payable to related parties:	6,581		6,581		21,628
In transit transactions with related party			1,600
JBS Australia Pty. Ltd.
Related Party Transaction [Line Items]
Sales to related parties:	935	172	2,331	1,994
Seara Meats BV
Related Party Transaction [Line Items]
Cost of goods purchased from related parties:	14,795	1,074	27,926	3,418
Accounts receivable from related parties	8,483		8,483		0
Accounts payable to related parties:	3,976		3,976		534
Penasul UK LTD
Related Party Transaction [Line Items]
Cost of goods purchased from related parties:	4,091	1,071	10,514	6,227
Accounts payable to related parties:	2,639		2,639		147
JBS Asia Co Limited
Related Party Transaction [Line Items]
Cost of goods purchased from related parties:	2,448	0	6,370	5
Accounts payable to related parties:	3,588		3,588		0
Other related parties
Related Party Transaction [Line Items]
Sales to related parties:	748	467	1,783	1,331
Cost of goods purchased from related parties:	699	266	1,161	953
Expenditures paid by related parties:	16	$ 0	71	$ 12
Accounts receivable from related parties	722		722		286
Accounts payable to related parties:	$ 271		$ 271		$ 8

REPORTABLE SEGMENTS - Narrative (Details)	9 Months Ended
REPORTABLE SEGMENTS - Narrative (Details)	Sep. 25, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

REPORTABLE SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Segment Reporting Information [Line Items]
Net sales	$ 4,468,969	$ 3,827,566	$ 13,341,012	$ 10,738,689
Reportable segment profit (loss)	339,202	120,777	1,254,119	156,110
Interest expense, net of capitalized interest	36,895	29,833	111,303	110,818
Interest income	(2,673)	(1,244)	(4,957)	(4,452)
Foreign currency transaction losses	54	2,359	14,348	9,018
Miscellaneous, net	(19,822)	(1,391)	(21,834)	(10,005)
Income before income taxes	324,748	91,220	1,155,259	50,731
Income tax expense	65,749	30,385	253,679	55,931
Net income (loss)	258,999	60,835	901,580	(5,200)
Eliminations
Segment Reporting Information [Line Items]
Net sales	31,900	83,900	101,600	234,700
Reportable segment profit (loss)	14	14	42	42
U.S.
Segment Reporting Information [Line Items]
Net sales	2,836,920	2,466,850	8,318,007	6,714,879
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	338,548	70,666	1,146,821	(85,380)
U.K. and Europe
Segment Reporting Information [Line Items]
Net sales	1,203,095	930,440	3,640,129	2,721,019
U.K. and Europe \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	14,198	445	406	32,771
Mexico
Segment Reporting Information [Line Items]
Net sales	428,954	430,276	1,382,876	1,302,791
Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	$ (13,558)	$ 49,652	$ 106,850	$ 208,677

REPORTABLE SEGMENTS - Schedule of Segment Reporting, Goodwill and Assets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Dec. 26, 2021
Segment Reporting Information [Line Items]
Total assets by reportable segment	$ 9,079,012	$ 8,913,205
Long-lived assets by reportable segment	3,105,613	3,269,032
Eliminations
Segment Reporting Information [Line Items]
Total assets by reportable segment	(2,923,874)	(2,916,402)
Long-lived assets by reportable segment	(3,688)	(3,729)
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Total assets by reportable segment	7,126,485	6,390,845
Long-lived assets by reportable segment	1,909,697	1,862,584
U.K. and Europe \| Operating Segments
Segment Reporting Information [Line Items]
Total assets by reportable segment	3,610,728	4,292,558
Long-lived assets by reportable segment	910,395	1,125,197
Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Total assets by reportable segment	1,265,673	1,146,204
Long-lived assets by reportable segment	$ 289,209	$ 284,980

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES (Details)								1 Months Ended	2 Months Ended	9 Months Ended	12 Months Ended	45 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Aug. 03, 2021 USD ($)	Jul. 29, 2021 formerEmployee	Jul. 28, 2021 USD ($)	Jul. 12, 2021 formerEmployee	Jun. 14, 2021 USD ($)	Nov. 12, 2019 claim	Jan. 27, 2017 producer	Oct. 13, 2016 claim	Oct. 16, 2019 claim	Sep. 25, 2022 USD ($)	Dec. 27, 2020 USD ($)	Sep. 01, 2021 claim
Loss Contingencies [Line Items]
Loss contingency, loss in period										$ 0
Number of defendants \| formerEmployee		4		1
In Re Broiler Chicken Antitrust Litigation
Loss Contingencies [Line Items]
Number of complaints filed \| claim								3				82
Expense from settlement											$ 75,000,000
In Re Broiler Chicken Antitrust Litigation, Settlement with EUCPs
Loss Contingencies [Line Items]
Settlement amount to be paid			$ 75,500,000
In Re Broiler Chicken Antitrust Litigation, Settlement with CIIPPs
Loss Contingencies [Line Items]
Settlement amount to be paid	$ 45,000,000
In Re Broiler Chicken Antitrust Litigation, Settlement Opt Outs
Loss Contingencies [Line Items]
Expense from settlement										508,600,000
In re Broiler Chicken Grower Litigation, Case No. CIV-17-033-RJS
Loss Contingencies [Line Items]
Number of other producers named in lawsuits \| producer							4
Jien v. Perdue Farms, Inc. and Earnest v. Perdue Farms, Inc. et al
Loss Contingencies [Line Items]
Number of complaints filed \| claim						4			4
Settlement amount to be paid					$ 29,000,000
Mexican Tax Authority \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss										244,400,000
Mexican Tax Authority \| Tax Year 2009 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss										32,400,000
Mexican Tax Authority \| Tax Year 2010 \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss										$ 19,800,000

SUBSEQUENT EVENTS (Details) £ in Millions	Sep. 06, 2022 employee subsidiaries facility	Sep. 25, 2022 GBP (£)
Subsequent Event [Line Items]
Estimated exit and disposal costs related to planned closures \| £		£ 7.9
Facility Closing \| UK Subsidiary Facility Closure
Subsequent Event [Line Items]
Restructuring and related activities, number of subsidiaries \| subsidiaries	1
Restructuring and related activities, number of subsidiary facilities \| facility	2
Restructuring and related cost, expected number of positions eliminated	610
Restructuring and related cost, number of positions eliminated	100
Restructuring and related activities, consultation proceedings period	45 days