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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 24, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 https://cdn.kscope.io/1618dd8dc70b4e8bab644dc5201e53a3-pilgrimslogoa04a01a01a01a03.jpg

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1285071
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1770 Promontory Circle80634-9038
GreeleyCO
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (970506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Exchange on which Registered
Common Stock, Par Value $0.01PPCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated Filer 
Non-accelerated FilerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of October 25, 2023, was 236,789,929.





INDEX
PILGRIM’S PRIDE CORPORATION
Item 1.
Condensed Consolidated Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 5.
Other Information
Item 6.



1


Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 24, 2023December 25, 2022
 (In thousands)
Cash and cash equivalents$899,460 $400,988 
Restricted cash and restricted cash equivalents39,657 33,771 
Trade accounts and other receivables, less allowance for credit losses1,151,442 1,097,212 
Accounts receivable from related parties1,676 2,512 
Inventories1,996,720 1,990,184 
Income taxes receivable120,418 155,859 
Prepaid expenses and other current assets219,852 211,092 
Total current assets4,429,225 3,891,618 
Deferred tax assets26,165 1,969 
Other long-lived assets27,982 41,574 
Operating lease assets, net265,579 305,798 
Intangible assets, net832,271 846,020 
Goodwill1,243,173 1,227,944 
Property, plant and equipment, net3,103,421 2,940,846 
Total assets$9,927,816 $9,255,769 
Accounts payable$1,467,892 $1,587,939 
Accounts payable to related parties20,284 12,155 
Revenue contract liabilities75,168 34,486 
Accrued expenses and other current liabilities933,473 850,899 
Income taxes payable33,560 58,411 
Current maturities of long-term debt940 26,279 
Total current liabilities2,531,317 2,570,169 
Noncurrent operating lease liabilities, less current maturities201,699 230,701 
Long-term debt, less current maturities3,701,453 3,166,432 
Deferred tax liabilities346,556 364,184 
Other long-term liabilities55,568 71,007 
Total liabilities6,836,593 6,402,493 
Common stock2,619 2,617 
Treasury stock(544,687)(544,687)
Additional paid-in capital1,975,434 1,969,833 
Retained earnings1,936,420 1,749,499 
Accumulated other comprehensive loss(292,210)(336,448)
Total Pilgrim’s Pride Corporation stockholders’ equity3,077,576 2,840,814 
Noncontrolling interest13,647 12,462 
Total stockholders’ equity3,091,223 2,853,276 
Total liabilities and stockholders’ equity$9,927,816 $9,255,769 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


2


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months EndedNine Months Ended
 September 24, 2023September 25, 2022September 24, 2023September 25, 2022
 (in thousands, except per share data)
Net sales$4,360,196 $4,468,969 $12,833,915 $13,341,012 
Cost of sales4,014,314 3,971,699 12,036,561 11,624,991 
Gross profit345,882 497,270 797,354 1,716,021 
Selling, general and administrative expense138,569 158,068 420,683 461,902 
Restructuring activities940  38,684  
Operating income206,373 339,202 337,987 1,254,119 
Interest expense, net of capitalized interest45,645 36,895 135,459 111,303 
Interest income(12,115)(2,673)(23,343)(4,957)
Foreign currency transaction losses8,924 54 43,462 14,348 
Miscellaneous, net(2,201)(19,822)(26,185)(21,834)
Income before income taxes166,120 324,748 208,594 1,155,259 
Income tax expense44,553 65,749 20,488 253,679 
Net income121,567 258,999 188,106 901,580 
Less: Net income attributable to noncontrolling interests289 647 1,185 674 
Net income attributable to Pilgrim’s Pride Corporation$121,278 $258,352 $186,921 $900,906 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic236,787 238,559 236,702 240,865 
Effect of dilutive common stock equivalents560 649 542 629 
Diluted237,347 239,208 237,244 241,494 
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic$0.51 $1.08 $0.79 $3.74 
Diluted$0.51 $1.08 $0.79 $3.73 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



3


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedNine Months Ended
September 24, 2023September 25, 2022September 24, 2023September 25, 2022
(In thousands)
Net income$121,567 $258,999 $188,106 $901,580 
Other comprehensive income (loss):
Foreign currency translation adjustment:
Gains (losses) arising during the period(104,656)(314,600)39,269 (572,130)
Derivative financial instruments designated as cash flow hedges:
Gains (losses) arising during the period1,384 (1,919)(275)(2,242)
Income tax effect    
Reclassification to net earnings for gains (losses) realized133 1,342 (216)2,661 
Income tax effect   (24)
Available-for-sale securities:
Losses arising during the period(112)(28)(166)(28)
Income tax effect27 7 40 7 
Reclassification to net earnings for gains realized139  168  
Income tax effect(34) (41) 
Defined benefit plans:
Gains (losses) arising during the period(365)2,472 9,628 18,625 
Income tax effect(1,583)(555)(4,710)(4,564)
Reclassification to net earnings of gains realized266 346 714 923 
Income tax effect(67)(84)(173)(225)
Total other comprehensive income (loss), net of tax(104,868)(313,019)44,238 (556,997)
Comprehensive income (loss)16,699 (54,020)232,344 344,583 
Less: Comprehensive income attributable to noncontrolling interests289 647 1,185 674 
Comprehensive income (loss) attributable to Pilgrim’s Pride Corporation$16,410 $(54,667)$231,159 $343,909 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Nine Months Ended September 24, 2023Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 25, 2022261,611 $2,617 (25,142)$(544,687)$1,969,833 $1,749,499 $(336,448)$12,462 $2,853,276 
Net income— — — — — 186,921 — 1,185 188,106 
Other comprehensive income, net of tax— — — — — — 44,238 — 44,238 
Stock-based compensation plans:
Common stock issued under compensation plans264 2 — — (2)— — —  
Requisite service period recognition— — — — 5,603 — — — 5,603 
Balance at September 24, 2023261,875 $2,619 (25,142)$(544,687)$1,975,434 $1,936,420 $(292,210)$13,647 $3,091,223 
Three Months Ended September 24, 2023Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmountSharesAmount
(In thousands)
Balance at June 25, 2023261,875 $2,619 (25,142)$(544,687)$1,973,498 $1,815,142 $(187,342)$13,358 $3,072,588 
Net income— — — — — 121,278 — 289 121,567 
Other comprehensive loss, net of tax— — — — — — (104,868)— (104,868)
Stock-based compensation plans:
Requisite service period recognition— — — — 1,936 — — — 1,936 
Balance at September 24, 2023261,875 $2,619 (25,142)$(544,687)$1,975,434 $1,936,420 $(292,210)$13,647 $3,091,223 


5


Nine Months Ended September 25, 2022Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 26, 2021261,347 $2,614 (17,673)$(345,134)$1,964,028 $1,003,569 $(47,997)$11,854 $2,588,934 
Net income— — — — — 900,906 — 674 901,580 
Other comprehensive loss, net of tax— — — — — — (556,997)— (556,997)
Stock-based compensation plans:
Common stock issued under compensation plans262 3 — — (3)— — —  
Requisite service period recognition— — — — 6,285 — — — 6,285 
Common stock purchased under share repurchase program— — (7,469)(199,553)— — — — (199,553)
Balance at September 25, 2022261,609 $2,617 (25,142)$(544,687)$1,970,310 $1,904,475 $(604,994)$12,528 $2,740,249 
Three Months Ended September 25, 2022Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmountSharesAmount
(In thousands)
Balance at June 26, 2022261,578 $2,616 (22,305)$(465,123)$1,968,562 $1,646,123 $(291,975)$11,881 $2,872,084 
Net income— — — — — 258,352 — 647 258,999 
Other comprehensive loss, net of tax— — — — — — (313,019)— (313,019)
Stock-based compensation plans:
Common stock issued under compensation plans31 1 — — (1)— — —  
Requisite service period recognition— — — — 1,749 — — — 1,749 
Common stock purchased under share repurchase program— — (2,837)(79,564)— — — — (79,564)
Balance at September 25, 2022261,609 $2,617 (25,142)$(544,687)$1,970,310 $1,904,475 $(604,994)$12,528 $2,740,249 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


6


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
 September 24, 2023September 25, 2022
 (In thousands)
Cash flows from operating activities:
Net income$188,106 $901,580 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization307,414 300,962 
Deferred income tax benefit(46,808)(48,611)
Gain on property disposals(8,416)(5,620)
Loan cost amortization6,059 4,311 
Stock-based compensation5,236 5,982 
Asset impairment4,011  
Accretion of discount related to Senior Notes1,581 1,288 
Loss on equity-method investments330 1 
Changes in operating assets and liabilities:
Trade accounts and other receivables(65,183)(211,827)
Inventories(12,957)(455,465)
Prepaid expenses and other current assets(8,039)(3,525)
Accounts payable, accrued expenses and other current liabilities12,224 297,271 
Income taxes40,463 10,241 
Long-term pension and other postretirement obligations(1,700)(3,128)
Other operating assets and liabilities(22,723)(2,847)
Cash provided by operating activities399,598 790,613 
Cash flows from investing activities:
Acquisitions of property, plant and equipment(432,339)(342,588)
Proceeds from insurance recoveries20,681 7,339 
Proceeds from property disposals17,188 14,607 
Purchase of acquired business, net of cash acquired (9,692)
Cash used in investing activities(394,470)(330,334)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings1,278,032 362,541 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(765,899)(370,332)
Payments of capitalized loan costs(10,275)(3,070)
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation(1,592)(1,961)
Purchase of common stock under share repurchase program (199,553)
Cash provided by (used in) financing activities500,266 (212,375)
Effect of exchange rate changes on cash and cash equivalents(1,036)(13,932)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents504,358 233,972 
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period434,759 450,121 
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period$939,117 $684,093 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


7


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) 
1.    BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to approximately 110 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 the U.S., the U.K., Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. As of September 24, 2023, Pilgrim’s had approximately 61,200 employees and had the capacity to process approximately 42.1 million birds per 5-day work week. Approximately 4,650 contract growers supply chicken for the Company’s operations. As of September 24, 2023, PPC had the capacity to process approximately 42,000 pigs per 5-day work week and 220 contract growers supply pigs for the Company’s operations. As of September 24, 2023, JBS S.A., through its indirect wholly-owned subsidiaries (collectively, “JBS”), beneficially owned 82.5% of the Company’s outstanding common stock.
Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 24, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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 25, 2022.
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, 2023) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The nine months ended September 24, 2023 represents the period from December 26, 2022 through September 24, 2023. The nine months ended September 25, 2022 represents the period from December 27, 2021 through September 25, 2022.
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 assets and liabilities using the exchange rates in effect as of the balance sheet date.


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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 24, 2023December 25, 2022
(In thousands)
Cash and cash equivalents$899,460 $400,988 
Restricted cash and restricted cash equivalents39,657 33,771 
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows$939,117 $434,759 
Accounting Pronouncements Adopted in 2023
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 were effective for years beginning after December 15, 2022 with the requirement to add rollforward disclosures for years beginning after December 15, 2023. The Company adopted this guidance effective December 26, 2022. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. Additional information regarding supplier finance programs is included in “Note 10. Supplier Finance Programs.”
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. The Company adopted this guidance effective December 26, 2022. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.
2.    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


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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 24, 2023
(In thousands)
FreshPreparedExportOtherTotal
U.S.$2,020,480 $241,933 $129,624 $96,280 $2,488,317 
U.K. and Europe267,748 888,299 114,768 41,390 1,312,205 
Mexico479,100 53,126  27,448 559,674 
Total net sales$2,767,328 $1,183,358 $244,392 $165,118 $4,360,196 
Three Months Ended September 25, 2022
(In thousands)
FreshPreparedExportOtherTotal
U.S.$2,309,402 $280,114 $146,704 $100,700 $2,836,920 
U.K. and Europe205,403 783,048 180,605 34,039 1,203,095 
Mexico364,060 40,785  24,109 428,954 
Total net sales$2,878,865 $1,103,947 $327,309 $158,848 $4,468,969 
Nine Months Ended September 24, 2023
(In thousands)
FreshPreparedExportOtherTotal
U.S.$5,956,474 $708,389 $397,397 $304,833 $7,367,093 
U.K. and Europe813,118 2,598,748 349,492 100,861 3,862,219 
Mexico1,364,761 149,330  90,512 1,604,603 
Total net sales$8,134,353 $3,456,467 $746,889 $496,206 $12,833,915 
Nine Months Ended September 25, 2022
(In thousands)
FreshPreparedExportOtherTotal
U.S.$6,709,441 $839,164 $421,516 $347,886 $8,318,007 
U.K. and Europe674,757 2,320,873 538,878 105,621 3,640,129 
Mexico1,200,329 116,264  66,283 1,382,876 
Total net sales$8,584,527 $3,276,301 $960,394 $519,790 $13,341,012 
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.


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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 25, 2022$34,486 
Revenue recognized(24,357)
Cash received, excluding amounts recognized as revenue during the period65,039 
Balance as of September 24, 2023$75,168 
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.
3.     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 a portion of this foreign exchange risk.
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


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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. Realized gains and losses related to cash flows are disclosed in the Condensed Consolidated Statements of Cash Flows in Cash Provided by Operating Activities. Unrealized gains and losses related to cash flows are disclosed in the Condensed Consolidated Statements of Cash Flows in the line item Other operating assets and liabilities. 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.
We have generally applied the normal purchase and normal sale scope exception (“NPNS”) to our forward physical grain purchase contracts delivered by truck and to our forward physical natural gas and solar-generated power purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, amounts payable under these contracts are recorded when we take delivery of the contracted product and no amounts were recorded for the fair value of these contracts in the condensed consolidated financial statements at September 24, 2023 and December 25, 2022.
Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
September 24, 2023December 25, 2022
 (In thousands)
Fair values:
Commodity derivative assets$5,071 $17,922 
Commodity derivative liabilities(22,874)(9,042)
Foreign currency derivative assets944 555 
Foreign currency derivative liabilities(1,395)(6,170)
Sales contract derivative assets1,923  
Sales contract derivative liabilities (3,705)
Cash collateral posted with brokers(a)
39,657 33,771 
Derivatives coverage(b):
Corn10.9 %14.4 %
Soybean meal18.7 %10.1 %
Period through which stated percent of needs are covered:
CornJuly 2024December 2023
Soybean mealJuly 2024December 2023
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedNine Months Ended
Gains (Losses) by Type of Contract (a)
September 24, 2023September 25, 2022September 24, 2023September 25, 2022Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives$(6,164)$(51)$(53,818)$(18,611)Foreign currency transaction losses
Commodity derivatives3,324 28,810 (13,023)47,833 Cost of sales
Sales contract derivative3,100 (6,734)5,628 1,448 Net sales
Total$260 $22,025 $(61,213)$30,670 
(a)Amounts represent income (expenses) related to results of operations.


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The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gains (Losses) Recognized in Other Comprehensive Income
Three Months EndedNine Months Ended
September 24, 2023September 25, 2022September 24, 2023September 25, 2022
(In thousands)
Foreign currency derivatives$1,346 $(1,974)$(302)$(2,317)
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended September 24, 2023Three Months Ended September 25, 2022
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$4,360,196 $4,014,314 $45,645 $4,468,969 $3,971,699 $36,895 
Impact from cash flow hedging instruments:
Foreign currency derivatives106 239  (1,067)275 — 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales and interest expense.

Gains (Losses) Reclassified from AOCI into Income
Nine Months Ended September 24, 2023Nine Months Ended September 25, 2022
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$12,833,915 $12,036,561 $135,459 $13,341,012 $11,624,991 $111,303 
Impact from cash flow hedging instruments:
Foreign currency derivatives440 224  (2,001)562 — 
Interest rates swap derivatives— —  — — 98 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales and interest expense.
At September 24, 2023, there was a $1.9 million pre-tax deferred net loss on foreign currency derivatives recorded in AOCI that is 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.


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4.    TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables, less allowance for credit losses, consisted of the following:
September 24, 2023December 25, 2022
 (In thousands)
Trade accounts receivable$1,084,388 $984,332 
Notes receivable from third parties14,576 33,477 
Other receivables60,505 88,962 
Receivables, gross1,159,469 1,106,771 
Allowance for credit losses(8,027)(9,559)
Receivables, net$1,151,442 $1,097,212 
Accounts receivable from related parties(a)
$1,676 $2,512 
(a)    Additional information regarding accounts receivable from related parties is included in “Note 17. Related Party Transactions.”
Activity in the allowance for credit losses was as follows:
Nine Months Ended
September 24, 2023
(In thousands)
Balance, beginning of period$(9,559)
Provision charged to operating results(316)
Account write-offs and recoveries2,431 
Effect of exchange rate(583)
Balance, end of period$(8,027)
In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with a maximum capacity of $265.0 million and no recourse to the Company or JBS USA. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860, Broad Transactions – Transfers and Servicing. At the transfer date, the Company received cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.
5.     INVENTORIES
Inventories consisted of the following:
September 24, 2023December 25, 2022
 (In thousands)
Raw materials and work-in-process$1,157,966 $1,204,092 
Finished products662,178 596,375 
Operating supplies71,167 95,367 
Maintenance materials and parts105,409 94,350 
Total inventories$1,996,720 $1,990,184 
6.    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 24, 2023December 25, 2022
CostFair ValueCostFair Value
(In thousands)
Cash equivalents:
Fixed income securities$374,484 $374,591 $167,366 $167,430 


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Gross realized gains during the three and nine months ended September 24, 2023 related to the Company’s available-for-sale securities were $5.8 million and $12.1 million, respectively and gross realized gains during the three and nine months ended September 25, 2022 were