0000802481-24-000015 | 10-K | XBRL Viewer

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TRADE ACCOUNTS AND OTHER RECEIVABLES - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
JBS USA Food Company
Financing Receivable, Allowance for Credit Loss [Line Items]
Uncommitted facility with a maximum capacity	$ 415.0

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Dec. 31, 2024 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan expenses \| $	$ 32.0	$ 30.9	$ 19.2
Weighted average duration of defined benefit obligation	12 years 7 months 6 days
Expenses related to defined contribution plans \| $	$ 28.5	27.0	$ 17.0
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Defined contribution plans, number of plans	2
Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Defined contribution plans, number of plans	3
U.K. and Europe
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Defined contribution plans, number of plans	2
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Accumulated benefit obligation, defined benefit pension plans \| $	$ 237.5	$ 236.1
Expected benefit payments discount rate beyond period (in years)	30 years
Pension Benefits \| Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Expected contributions during 2022 \| $				$ 7.7
Pension Benefits \| Union plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	50.00%
Pension Benefits \| GK Pension Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	35.00%
Pension Benefits \| GK Pension Plan \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	60.00%
Pension Benefits \| GK Pension Plan \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	5.00%
Pension Benefits \| U.K. Plans \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	28.00%
Pension Benefits \| U.K. Plans \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	21.00%
Pension Benefits \| U.K. Plans \| Hedge Funds, Multi-strategy
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	15.00%
Pension Benefits \| U.K. Plans \| Real Estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	10.00%
Pension Benefits \| U.K. Plans \| Other Debt Obligations
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	11.00%
Pension Benefits \| Tulip Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	20.00%
Pension Benefits \| Tulip Plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	37.00%
Pension Benefits \| Tulip Plan \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	18.00%
Pension Benefits \| Tulip Plan \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	15.00%
Pension Benefits \| Tulip Plan \| Corporate Bond Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	15.00%
Pension Benefits \| Geo Adams Group Pension Fund \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target plan asset allocations	10.00%
Pension Benefits \| Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of plans	4
Pension Benefits \| Nonqualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of plans	2
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Number of plans	1
Change in discount rate on projected benefit obligations, percentage	0.25%
Other Benefits \| Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Expected contributions during 2022 \| $				$ 0.2

RESTRUCTURING-RELATED ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table provides a summary of our estimates of costs associated with these restructuring initiatives by major type of cost:


	Moy Park		Pilgrim’s Pride Ltd.		Pilgrim’s Food Masters 2022		Pilgrim’s Food Masters 2023		Total
	(In thousands)
Earliest implementation date	October 2022		November 2022		December 2022		October 2023
Expected predominant completion date	June 2023		July 2023		July 2023		March 2024
Costs incurred and expected to be incurred:
Employee-related costs	$	11,103	$	20,098	$	15,156	$	3,113	$	49,470
Asset impairment costs	4,709		—		4,224		—		8,933
Contract termination costs	248		—		358		—		606
Other exit and disposal costs (a)	6,245		6,638		6,330		—		19,213
Total exit and disposal costs	$	22,305	$	26,736	$	26,068	$	3,113	$	78,222
Costs incurred since earliest implementation date:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	48,718
Asset impairment costs	3,476		—		4,141		—		7,617
Contract termination costs	248		—		—		—		248
Other exit and disposal costs (a)	6,245		5,654		6,330		—		18,229
Total exit and disposal costs	$	21,072	$	25,752	$	24,961	$	3,027	$	74,812

(a)Comprised of other costs directly related to the restructuring initiatives including Moy Park flock depletion, the write-off of Pilgrim’s Pride Ltd. prepaid maintenance costs and Pilgrim’s Food Masters consulting fees.

During 2023, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:


	Expenses		Cash Outlays
	(In thousands)
Moy Park	$	1,747	$	7,719
Pilgrim’s Pride Ltd.	15,611		21,364
Pilgrim’s Food Masters 2022	23,960		21,350
Pilgrim’s Food Masters 2023	3,027		929
	$	44,345	$	51,362

Schedule of Restructuring Reserve

The following table reconciles liabilities and reserves associated with each restructuring initiative from its respective inception to December 31, 2023. Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in our Consolidated Balance Sheets. The ending reserve balance for inventory adjustments is reported in the line item Inventories in our Consolidated Balance Sheets. The ending reserve balance for asset impairments is reporting in the line item Property, plant and equipment, net in our Consolidated Balance Sheets.


	Moy Park
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Asset impairment	$	2,391	$	(83)	$	(2,751)	$	443	$	—
Inventory adjustments	1		47		(48)		—		—
Other charges	6,025		162		(3,315)		(228)		2,644
Other employee costs	—		1,495		(1,495)		—		—
Contract termination	122		126		(110)		6		144
Total	$	8,539	$	1,747	$	(7,719)	$	221	$	2,788


	Pilgrim’s Pride Ltd.
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Employee retention benefits	$	—	$	1,784	$	(1,810)	$	61	$	35
Severance	5,503		10,105		(15,077)		203		734
Inventory adjustments	615		372		(722)		29		294
Lease termination	800		(236)		(597)		197		164
Other charges	501		3,586		(3,158)		(177)		752
Total	$	7,419	$	15,611	$	(21,364)	$	313	$	1,979


	Pilgrim’s Food Masters 2022
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Severance	$	639	$	13,502	$	(12,865)	$	5	$	1,281
Asset impairment	—		4,141		(4,143)		2		—
Inventory adjustments	—		793		(728)		—		65
Lease termination	—		1,219		—		70		1,289
Other charges	—		4,305		(3,614)		(6)		685
Total	$	639	$	23,960	$	(21,350)	$	71	$	3,320


	Pilgrim’s Food Masters 2023
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Employee retention benefits	$	—	$	1,015	$	(508)	$	15	$	522
Severance	—		2,012		(421)		45		1,636
Total	$	—	$	3,027	$	(929)	$	60	$	2,158

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2023

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.

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


	Year Ended December 31, 2023
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	8,105,268	$	978,423	$	533,205	$	410,846	$	10,027,742
U.K. and Europe	1,074,900		3,525,359		472,657		130,406		5,203,322
Mexico	1,796,670		212,651		—		121,832		2,131,153
Total net sales	$	10,976,838	$	4,716,433	$	1,005,862	$	663,084	$	17,362,217


	Year Ended December 25, 2022
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	8,624,421	$	1,107,734	$	552,823	$	463,372	$	10,748,350
U.K. and Europe	908,882		3,104,347		712,685		148,824		4,874,738
Mexico	1,587,809		167,589		—		89,891		1,845,289
Total net sales	$	11,121,112	$	4,379,670	$	1,265,508	$	702,087	$	17,468,377


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

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 liability balances for the years ended December 31, 2023 and December 25, 2022 were as follows:


	December 31, 2023		December 25, 2022
	(In thousands)
Balance, beginning of year	$	34,486	$	22,321
Revenue recognized	(28,674)		(19,712)
Cash received, excluding amounts recognized as revenue during the period	79,146		31,877
Balance, end of year	$	84,958	$	34,486

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in AOCL during 2023 and 2022:


	2023
	Losses Related to Foreign Currency Translation		Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)
Other comprehensive income (loss) before reclassifications	154,975		(2,579)		5,437		(124)		157,709
Amounts reclassified from accumulated other comprehensive loss to net income	—		1,813		807		133		2,753
Currency translation	—		14		(511)		—		(497)
Net current year other comprehensive income (loss)	154,975		(752)		5,733		9		159,965
Balance, end of year	$	(114,850)	$	(1,914)	$	(59,714)	$	(5)	$	(176,483)


	2022
	Gains (Losses) Related to Foreign Currency Translation		Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)
Other comprehensive income (loss) before reclassifications	(297,066)		(1,718)		6,383		(1)		(292,402)
Amounts reclassified from accumulated other comprehensive loss to net income	—		4,118		1,043		(13)		5,148
Currency translation	—		(1,197)		—		—		(1,197)
Net current year other comprehensive income (loss)	(297,066)		1,203		7,426		(14)		(288,451)
Balance, end of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)

Schedule of Reclassification from Accumulated Other Comprehensive Loss


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2023		2022
	(In thousands)
Realized loss on settlement of foreign currency derivatives classified as cash flow hedges	$	(1,816)	$	(3,193)	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedge	3		(851)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	—		(98)		Interest expense, net of capitalized interest
Realized gain (loss) on sale of securities	(175)		17		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,065)		(1,381)		Miscellaneous, net
Total before tax	(3,053)		(5,506)
Tax benefit	300		358
Total reclassification for the period	$	(2,753)	$	(5,148)

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

(b)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 15. Pension and Other Postretirement Benefits.”

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 11,322	$ 6,777	$ 5,763
Estimated return on plan assets	(10,393)	(10,298)	(10,562)
Settlement loss	0	1,591	2,313
Expenses paid from assets	327	337	425
Amortization of net loss	1,048	1,364	2,257
Amortization of past service cost	17	17	19
Net cost (income)	2,321	(212)	215
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	54	23	18
Estimated return on plan assets	0	0	0
Settlement loss	0	0	21
Expenses paid from assets	0	0	0
Amortization of net loss	0	0	2
Amortization of past service cost	0	0	0
Net cost (income)	$ 54	$ 23	$ 41

INCOME TAXES - Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Valuation allowance:
Beginning Balance	$ 64,361	$ 24,261	$ 33,678
Additions	25,296	43,188	0
Deductions	(1,197)	(3,088)	(9,417)
Ending Balance	$ 88,460	$ 64,361	$ 24,261

INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost and Income Tax Benefit

Compensation costs and the income tax benefit recognized for our stock-based compensation arrangements are included below:


	2023		2022		2021
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	629	$	959	$	3,209
Selling, general and administrative expense	6,958		5,904		7,420
Total cost	7,587		6,863		10,629
Income tax benefit	1,836		1,671		2,587
Net cost	$	5,751	$	5,192	$	8,042

Liability-based awards compensation cost:
Selling, general and administrative expense	$	2,491	$	1,773	$	7,715
Income tax benefit	603		432		1,878
Net cost	$	1,888	$	1,341	$	5,837

Schedule of RSU Activity

The Company’s RSU activity is included below:


	2023			2022			2021
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of year	993	$	22.00	554	$	20.40	584	$	22.12
Transferred to liability-based awards	—	—		—	—		(8)	23.53
Granted	324	23.67		405	23.88		817	21.58
Vested	(378)	22.25		(266)	23.25		(153)	19.48
Awards reinstated (forfeited)	(28)	24.99		300	23.52		(686)	23.44
Outstanding at end of year	911	$	22.40	993	$	22.00	554	$	20.40


	2023			2022			2021
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of year	377	$	23.80	574	$	27.55	267	$	19.35
Transferred from equity-based awards	—	—		—	—		8	23.53
Granted	158	24.21		269	22.09		358	21.61
Vested	(196)	25.27		(139)	27.55		(59)	20.10
Forfeited	(97)	22.81		(327)	24.71		—	—
Outstanding at end of year	242	$	27.66	377	$	23.80	574	$	27.55

(a)The milestone date fair value is either the closing price of the Company’s common stock on the grant date for equity-based awards or the closing price of a share of the Company’s common stock on the respective milestone date for cash-based liability-based awards (i.e., grant date, vesting date, forfeiture date or financial reporting date).

INCOME TAXES - Income Before Income Taxes by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 26,887	$ 928,709	$ (141,940)
Foreign	338,335	96,764	234,330
Income before income taxes	$ 365,222	$ 1,025,473	$ 92,390

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

STOCKHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	$ 2,853,276	$ 2,588,934	$ 2,575,347
Other comprehensive income (loss) before reclassifications	157,709	(292,402)
Amounts reclassified from accumulated other comprehensive loss to net income	2,753	5,148
Currency translation	(497)	(1,197)
Total other comprehensive income (loss), net of tax	159,965	(288,451)	(27,377)
Balance, end of year	3,344,577	2,853,276	2,588,934
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(336,448)	(47,997)	(20,620)
Total other comprehensive income (loss), net of tax	159,965	(288,451)	(27,377)
Balance, end of year	(176,483)	(336,448)	(47,997)
Losses Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(269,825)	27,241
Other comprehensive income (loss) before reclassifications	154,975	(297,066)
Amounts reclassified from accumulated other comprehensive loss to net income	0	0
Currency translation	0	0
Total other comprehensive income (loss), net of tax	154,975	(297,066)
Balance, end of year	(114,850)	(269,825)	27,241
Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(1,162)	(2,365)
Other comprehensive income (loss) before reclassifications	(2,579)	(1,718)
Amounts reclassified from accumulated other comprehensive loss to net income	1,813	4,118
Currency translation	14	(1,197)
Total other comprehensive income (loss), net of tax	(752)	1,203
Balance, end of year	(1,914)	(1,162)	(2,365)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(65,447)	(72,873)
Other comprehensive income (loss) before reclassifications	5,437	6,383
Amounts reclassified from accumulated other comprehensive loss to net income	807	1,043
Currency translation	(511)	0
Total other comprehensive income (loss), net of tax	5,733	7,426
Balance, end of year	(59,714)	(65,447)	(72,873)
Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of year	(14)	0
Other comprehensive income (loss) before reclassifications	(124)	(1)
Amounts reclassified from accumulated other comprehensive loss to net income	133	(13)
Currency translation	0	0
Total other comprehensive income (loss), net of tax	9	(14)
Balance, end of year	$ (5)	$ (14)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Income and Expense Line item in the Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Derivative [Line Items]
Net sales	$ 17,362,217	$ 17,468,377	$ 14,777,458
Cost of sales	16,243,816	15,656,574	13,411,631
Interest expense, net of capitalized interest	202,272	152,672	145,792
Impact from cash flow hedging relationship	(1,813)	(4,142)	$ 1,437
Sales contract \| Net sales
Derivative [Line Items]
Net sales	17,362,217	17,468,377
Commodity derivative \| Cost of sales
Derivative [Line Items]
Cost of sales	16,243,816	15,656,574
Foreign currency derivative \| Interest expense, net of capitalized interest
Derivative [Line Items]
Interest expense, net of capitalized interest	202,272	152,672
Interest rate swaps \| Interest expense, net of capitalized interest
Derivative [Line Items]
Impact from cash flow hedging relationship	0	98
Foreign currency derivatives gain (loss) \| Net sales
Derivative [Line Items]
Impact from cash flow hedging relationship	(1,816)	(3,194)
Foreign currency derivatives gain (loss) \| Cost of sales
Derivative [Line Items]
Impact from cash flow hedging relationship	$ (3)	$ 851

PENSION AND OTHER POSTRETIREMENT BENEFITS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans such as the Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”) the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”), the Tulip Limited Pension Plan and the Geo Adams Group Pension Fund (together, the “U.K. Plans”), nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $32.0 million, $30.9 million and $19.2 million in 2023, 2022 and 2021, respectively.

The Company used a year-end measurement date of December 31, 2023 for its pension and postretirement benefits plans. Certain disclosures are listed below. Other disclosures are not material to the financial statements.

Qualified Defined Benefit Pension Plans

The Company sponsors four qualified defined benefit pension plans named the Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”), the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”), the Tulip Limited Pension Plan (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan” and, together with the Tulip Plan, the “U.K. Plans”). The Union Plan covers certain locations or work groups within PPC. The GK Pension Plan covers certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007. Participation in the GK Pension Plan was frozen as of February 8, 2007 for all participants with the exception of terminated vested participants who are or may become permanently and totally disabled. The plan was frozen for that group as of March 31, 2007. The U.K. Plans cover certain eligible active and former U.K. employees who were employed at locations that the Company purchased through its acquisition of Tulip in 2019. Participation in the Tulip Plan was frozen as of October 31, 2007 and participation in the Geo Adams Plan was frozen as of September 5, 2008.

Nonqualified Defined Benefit Pension Plans

The Company sponsors two nonqualified defined benefit retirement plans named the Former Gold Kist Inc. Supplemental Executive Retirement Plan (the “SERP Plan”) and the Former Gold Kist Inc. Directors’ Emeriti Retirement Plan (the “Directors’ Emeriti Plan”). Pilgrim’s Pride assumed sponsorship of the SERP Plan and Directors’ Emeriti Plan through its acquisition of Gold Kist in 2007. The SERP Plan provides benefits on compensation in excess of certain IRC limitations to certain former executives with whom Gold Kist negotiated individual agreements. Benefits under the SERP Plan were frozen as of February 8, 2007. The Directors’ Emeriti Plan provides benefits to former Gold Kist directors.

Defined Benefit Postretirement Life Insurance Plan

The Company sponsors one defined benefit postretirement life insurance plan named the Gold Kist Inc. Retiree Life Insurance Plan (the “Retiree Life Plan” and together with the Union Plan, the GK Pension Plan, the SERP Plan and the Directors’ Emeriti Plan, the “U.S. Plans”). Pilgrim’s Pride assumed defined benefit postretirement medical and life insurance obligations, including the Retiree Life Plan, through its acquisition of Gold Kist in 2007. In January 2001, Gold Kist began to substantially curtail its programs for active employees. On July 1, 2003, Gold Kist terminated medical coverage for retirees age 65 or older, and only retired employees in the closed group between ages 55 and 65 could continue their coverage at rates above the average cost of the medical insurance plan for active employees. These retired employees all reached the age of 65 in 2012 and liabilities of the postretirement medical plan then ended.

Defined Benefit Plans Obligations and Assets

The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Consolidated Balance Sheets for these plans were as follows:


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Change in projected benefit obligation	(In thousands)
Projected benefit obligation, beginning of year	$	236,147	$	373,062	$	1,169	$	1,346
Interest cost	11,322		6,777		54		23
Actuarial (gains) losses	238		(106,909)		(21)		(184)
Benefits paid	(17,072)		(12,867)		(42)		(16)
Curtailments and settlements	—		(5,053)		—		—
Currency translation (gain) loss	6,873		(18,863)		—		—
Projected benefit obligation, end of year	$	237,508	$	236,147	$	1,160	$	1,169


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Change in plan assets	(In thousands)
Fair value of plan assets, beginning of year	$	210,133	$	326,409	$	—	$	—
Actual return on plan assets	17,709		(89,479)		—		—
Contributions by employer	8,570		9,789		42		16
Benefits paid	(17,072)		(12,867)		(42)		(16)
Curtailments and settlements	—		(5,053)		—		—
Expenses paid from assets	(327)		(337)		—		—
Currency translation gain (loss)	6,438		(18,329)		—		—
Fair value of plan assets, end of year	$	225,451	$	210,133	$	—	$	—


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Funded status	(In thousands)
Unfunded benefit obligation, end of year	$	(12,057)	$	(26,014)	$	(1,160)	$	(1,169)


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Amounts recognized in the Consolidated Balance Sheets as of end of year	(In thousands)
Current liabilities	$	(7,717)	$	(841)	$	(187)	$	(177)
Long-term liabilities	(4,340)		(25,173)		(973)		(992)
Recognized liabilities	$	(12,057)	$	(26,014)	$	(1,160)	$	(1,169)


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Amounts recognized in accumulated other comprehensive loss at end of year	(In thousands)
Net actuarial loss (gain)	$	40,487	$	48,121	$	(87)	$	(66)

The accumulated benefit obligation for the Company’s defined benefit pension plans was $237.5 million and $236.1 million as of December 31, 2023 and December 25, 2022, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets as of December 31, 2023 and December 25, 2022. As of December 31, 2023, the weighted average duration of our defined benefit obligation is 12.6 years.

Net Periodic Benefit Costs

Net benefit costs include the following components:


	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
	(In thousands)
Interest cost	$	11,322	$	6,777	$	5,763	$	54	$	23	$	18
Estimated return on plan assets	(10,393)		(10,298)		(10,562)		—		—		—
Settlement loss	—		1,591		2,313		—		—		21
Expenses paid from assets	327		337		425		—		—		—
Amortization of net loss	1,048		1,364		2,257		—		—		2
Amortization of past service cost	17		17		19		—		—		—
Net cost (income)	$	2,321	$	(212)	$	215	$	54	$	23	$	41

Economic Assumptions

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


	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
Benefit obligation
Discount rate	4.81	%	5.04	%	2.23	%	5.06	%	5.16	%	2.38	%
Net pension and other postretirement cost
Discount rate	4.93	%	3.67	%	2.08	%	5.16	%	2.38	%	1.80	%
Expected return on plan assets	4.95	%	4.68	%	3.53	%	NA		NA		NA

The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the Company’s pension and other benefit obligations. The discount rate assumptions used to determine future pension obligations at December 31, 2023 and December 25, 2022 were based on the Empower Above Mean Curve, which was designed by Empower to provide a means for plan sponsors to value the liabilities of their postretirement benefit plans. The Empower Above Mean Curve represents a series of annual discount rates from bonds with an AA minimum average credit quality rating as rated by Moody’s Investor Service, Standard & Poor’s and Fitch Ratings. The expected benefit payments were discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, the Company extended the curve assuming the discount rate derived in year 30 is extended to the end of the plan’s payment expectations. Once the present value of the string of benefit payments was established, the Company determined the single rate on the yield curve, that when applied to all obligations of the plan, would exactly match the previously determined present value. The discount rate assumptions used to determine future pension obligations for the U.K. pension plans at December 31, 2023 and December 25, 2022 were based on corporate bond spot yield curves provided by Merrill Lynch. Merrill Lynch bases this calculation entirely on AA1-AA3 rated bonds. As part of the evaluation of pension and other postretirement assumptions, the Company applied assumptions for mortality that incorporate generational white and blue collar mortality trends. In determining its benefit obligations, the Company used generational tables that take into consideration increases in plan participant longevity. As of December 31, 2023 and December 25, 2022, the U.S. pension and other postretirement benefit plans used variations of the Pri-2012 mortality table. The MP-2022 and MP-2021 mortality improvement scales were used for 2023 and 2022, respectively. As of December 31, 2023 and December 25, 2022, the U.K. pension plans used variations of the AxC00 mortality table in combination with the CMI_2022 Sk=7.5 and CMI_2021 Sk=7.5 mortality improvement scales for 2023 and 2022, respectively, for pre-retirement employees and the S3PMA mortality table in combination with the CMI_2022 Sk=7.5 and CMI_2021 Sk=7.5 mortality improvement scales for 2023 and 2022, respectively, for postretirement employees.

The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is immaterial. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as that for calculating the liability recognized in the Consolidated Balance Sheets.


	Increase in Discount Rate of 0.25%		Decrease in Discount Rate of 0.25%
	(In thousands)
Impact on projected benefit obligation for pension benefits	$	(6,358)	$	6,693

The expected rate of return on plan assets was primarily based on the determination of an expected return and behaviors for each plan’s current asset portfolio that the Company believes are likely to prevail over long periods. This determination was made using assumptions for return and volatility of the portfolio. Asset class assumptions were set using a combination of empirical and forward-looking analysis. To the extent historical results were affected by unsustainable trends or events, the effects of those trends or events were quantified and removed. The Company also considered anticipated asset allocations, investment strategies and the views of various investment professionals when developing this rate.

Plan Assets

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


	2023		2022
Cash and cash equivalents	2	%	6	%
Pooled separate accounts for the Union Plan(a):
Equity securities	2	%	2	%
Fixed income securities	2	%	2	%
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a):
Equity securities	25	%	23	%
Fixed income securities	15	%	15	%
Real estate	2	%	3	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	29	%	27	%
Fixed income funds	1	%	1	%
Liability driven investments	15	%	13	%
Real estate	7	%	8	%
Total assets	100	%	100	%

(a)Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.

Absent regulatory or statutory limitations, the target asset allocation for the investment of pension assets in the PSAs for the Union Plan is 50% in each of fixed income securities and equity securities, the target asset allocation for the investment of pension assets in the PSAs and/or CCTs for the GK Pension Plan is 35% in fixed income securities, 60% in equity securities and 5% in real estate and investment of pension assets in the PSAs for the U.K. Plans is 21% overseas equity, 15% diversified alternatives, 10% real estate, 28% equity-linked liability driven investments, 11% other liability driven investments and 15% cash for the Tulip Pension Plan; and 37% global equities, 20% equity-linked liability driven investments, 18% liability driven investments, 15% corporate bonds and 10% cash for the Geo Adams Group Pension Fund. The plans only invest in fixed income and equity instruments for which there is a readily available public market. The Company develops its expected long-term rate of return assumptions based on the historical rates of returns for equity and fixed income securities of the type in which its plans invest.

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 31, 2023 and December 25, 2022:


	2023								2022
	Level 1(a)		Level 2(b)		Level 3(c)		Total		Level 1(a)		Level 2(b)		Level 3(c)		Total
	(In thousands)
Cash and cash equivalents	$	5,394	$	—	$	—	$	5,394	$	12,072	$	—	$	—	$	12,072
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		2,123		—		2,123		—		1,995		—		1,995
Small/Mid U.S. equity funds(e)	—		1,133		—		1,133		—		1,055		—		1,055
International equity funds(f)	—		1,654		—		1,654		—		1,672		—		1,672
Fixed income funds(g)	—		3,640		—		3,640		—		3,838		—		3,838
Real estate(h)	—		437		—		437		—		—		—		—
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		27,516		—		27,516		—		23,541		—		23,541
Small/Mid U.S. equity funds(e)	—		13,991		—		13,991		—		12,446		—		12,446
International equity funds(f)	—		13,751		—		13,751		—		13,171		—		13,171
Fixed income funds(g)	—		34,111		—		34,111		—		30,865		—		30,865
Real estate(h)	—		5,174		—		5,174		—		6,458		—		6,458
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		29,648		—		29,648		—		23,149		—		23,149
International equity funds(f)	—		36,507		—		36,507		—		31,767		—		31,767
Fixed income funds(g)	—		3,376		—		3,376		—		3,081		—		3,081
Real estate(h)	—		14,985		—		14,985		—		16,297		—		16,297
Liability driven investments(i)	—		32,011		—		32,011		—		28,726		—		28,726
Total assets	$	5,394	$	220,057	$	—	$	225,451	$	12,072	$	198,061	$	—	$	210,133

(a)Unadjusted quoted prices in active markets for identical assets are used to determine fair value.

(b)Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.

(c)Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.

(d)This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.

(e)This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.

(f)This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.

(g)This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). These investment options typically carry more risk than short-term fixed income investment options, but less overall risk than equities.

(h)This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.

(i)This category is comprised of investments that seek to ensure availability of funds to cover current and future liabilities. These investments are typically focused on both the assets and liabilities of the plan.

Benefit Payments

The following table reflects the benefits as of December 31, 2023 expected to be paid through 2033 from the Company’s pension and other postretirement plans. The Company’s pension plans are primarily funded plans. Therefore, anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. The Company’s other postretirement plans are unfunded. Therefore, anticipated benefits with respect to these plans will come from the Company’s own assets.


	Pension Benefits		Other Benefits
	(In thousands)
2024	$	21,857	$	187
2025	16,157		172
2026	16,031		158
2027	16,023		144
2028	15,807		130
2029-2033	75,749		452
Total	$	161,624	$	1,243

As required by funding regulations or laws, the Company anticipates contributing $7.7 million and less than $0.2 million to its pension and other postretirement plans, respectively, during 2024.

Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss

The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:


	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
	(In thousands)
Net actuarial loss, beginning of year	$	48,121	$	58,143	$	95,522	$	(66)	$	118	$	174
Amortization	(1,065)		(1,381)		(2,276)		—		—		(2)
Settlement adjustments	—		(1,591)		(2,313)		—		—		(21)
Actuarial loss (gain)	238		(106,909)		(14,535)		(21)		(184)		(33)
Asset loss (gain)	(7,317)		99,777		(18,563)		—		—		—
Net prior service cost	—		—		—		—		—		—
Currency translation loss	510		82		308		—		—		—
Net actuarial loss (gain), end of year	$	40,487	$	48,121	$	58,143	$	(87)	$	(66)	$	118

Risk Management

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

Asset volatility. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets under perform this yield, this will create a deficit. The pension plans hold a significant proportion of equities, which are expected to outperform corporate bonds in the long-term while contributing volatility and risk in the short-term. The Company monitors the level of investment risk but has no current plan to significantly modify the mixture of investments. The investment position is discussed more below.

Changes in bond yields. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings.

The investment position is managed and monitored by a committee of individuals from various departments. This group actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The group has not changed the processes used to manage its risks from previous periods. The group does not use derivatives to manage its risk. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. The majority of equities are in U.S. large and small cap companies with some global diversification into international entities.

Remeasurement

The Company remeasures both plan assets and obligations on a quarterly basis.

Defined Contribution Plans

The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains two defined contribution retirement savings plans in the U.K. and Europe reportable segment for eligible U.K. and Europe employees, as required by U.K. and Europe law. The Company’s expenses related to its defined contribution plans totaled $28.5 million, $27.0 million and $17.0 million in 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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+ Details

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2023 segment
Lessee, Lease, Description [Line Items]
Number of segments	3
Renewal term (up to) (in years)	5 years
Termination term (in years)	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	17 years

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ (2,565)	$ (2,915)	$ 398
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	(2,579)	1,817	383
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency derivatives gain (loss)
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	(2,579)	1,719	471
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap derivatives
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ 0	$ 98	$ (88)

DEBT - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands			12 Months Ended
	Aug. 15, 2023	Dec. 14, 2018	Dec. 31, 2023	Oct. 12, 2023	Apr. 19, 2023	Dec. 25, 2022	Sep. 02, 2021	Apr. 08, 2021	Sep. 29, 2017
Debt Instrument [Line Items]
Finance lease obligations			$ 2,486			$ 3,624
Long-term debt			3,379,200			3,221,976
Less: Current maturities of long-term debt			(674)			(26,279)
Long-term debt, less current maturities			3,378,526			3,195,697
Less: Capitalized financing costs			(37,685)			(29,265)
Long-term debt, less current maturities, net of capitalized financing costs			3,340,841			3,166,432
Term note payable at 6.40% - 8.50% \| Credit facility
Debt Instrument [Line Items]
Long-term debt			$ 0			480,078
Term note payable at 6.40% - 8.50% \| Credit facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate			6.40%
Term note payable at 6.40% - 8.50% \| Credit facility \| Maximum
Debt Instrument [Line Items]
Stated interest rate			8.50%
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 Revolver Facility (defined below) with notes payable at SONIA plus 1.25% \| Credit facility \| SONIA Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate			1.25%
Long-term debt			$ 0			$ 0
Senior notes \| Senior notes payable, net of discount, at 6.875%
Debt Instrument [Line Items]
Stated interest rate			6.875%	6.875%		6.875%
Long-term debt			$ 490,408			$ 0
Senior notes \| Senior notes payable, net of discount, at 6.25%
Debt Instrument [Line Items]
Stated interest rate			6.25%		6.25%
Long-term debt			$ 993,595			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			$ 992,711			991,692
Senior notes \| Senior notes payable, net of discount at 5.875%
Debt Instrument [Line Items]
Stated interest rate			5.875%	5.875%					5.875%
Long-term debt			$ 0			846,582
Credit facility \| U.S. Revolving Credit Facility at 6.66% - 8.75%
Debt Instrument [Line Items]
Long-term debt			$ 0			0
Credit facility \| U.S. Revolving Credit Facility at 6.66% - 8.75% \| Minimum
Debt Instrument [Line Items]
Stated interest rate			6.66%
Credit facility \| U.S. Revolving Credit Facility at 6.66% - 8.75% \| Maximum
Debt Instrument [Line Items]
Stated interest rate			8.75%
Credit facility \| Mexico BBVA Credit Facility \| Credit facility
Debt Instrument [Line Items]
Long-term debt			$ 0
Credit facility \| Mexico BBVA Credit Facility \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.35%		1.35%
Long-term debt			$ 0			0
Credit facility \| Mexico Credit Facility \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.70%	1.70%
Long-term debt			$ 0			$ 0

REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Net Sales, Operating Income, Depreciation and Amortization, Long-lived Assets and Capital Expenditures

Additional information regarding reportable segments is as follows:


	Year Ended
	December 31, 2023(a)		December 25, 2022(b)		December 26, 2021(c)
	(In thousands)
Net sales
U.S.	$	10,027,742	$	10,748,350	$	9,113,879
U.K. and Europe	5,203,322		4,874,738		3,934,062
Mexico	2,131,153		1,845,289		1,729,517
Total	$	17,362,217	$	17,468,377	$	14,777,458

(a)For the year 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $370.1 million. These sales consisted of fresh products, prepared products and grain and are eliminated in our consolidation.

(b)For the year 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $120.9 million. These sales consisted of fresh products, prepared products, eggs and grain and are eliminated in our consolidation.. For the year 2022, the U.K. and Europe reportable segment had intercompany sales of eggs to the U.S. reportable segment of $5.3 million, which were eliminated in our consolidation.

(c)For the year 2021, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $296.9 million. These sales consisted of fresh products, prepared products and grain and are eliminated in our consolidation.


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Operating income
U.S.	$	238,894	$	1,094,025	$	(17,036)
U.K. and Europe	128,151		(934)		(627)
Mexico	155,455		83,450		228,773
Eliminations	(214)		54		54
Total operating income	522,286		1,176,595		211,164
Interest expense, net of capitalized interest	202,272		152,672		145,792
Interest income	(35,651)		(9,028)		(6,056)
Foreign currency transaction losses (gains)	20,570		30,817		(9,382)
Miscellaneous, net	(30,127)		(23,339)		(11,580)
Income before income taxes	365,222		1,025,473		92,390
Income tax expense	42,905		278,935		61,122
Net income	$	322,317	$	746,538	$	31,268


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Depreciation and amortization
U.S.	$	255,052	$	244,617	$	242,944
U.K. and Europe	142,190		134,374		113,256
Mexico	22,658		24,119		24,624
Total	$	419,900	$	403,110	$	380,824


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Capital expenditures(a)
U.S.	$	417,919	$	343,825	$	274,934
U.K. and Europe	109,590		114,330		87,004
Mexico	30,244		28,955		19,733
Total	$	557,753	$	487,110	$	381,671

(a) Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of December 31, 2023.


	December 31, 2023		December 25, 2022
	(In thousands)
Total assets
U.S.	$	7,012,211	$	6,847,209
U.K. and Europe	4,299,985		4,033,990
Mexico	1,684,711		1,292,056
Eliminations	(3,186,546)		(2,917,486)
Total	$	9,810,361	$	9,255,769


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Net sales to customers by customer location
U.S.	$	9,496,709	$	10,204,411	$	8,657,648
Europe	5,148,931		4,813,108		3,878,475
Mexico	2,180,418		1,895,658		1,778,355
Asia-Pacific	384,946		390,679		317,685
Canada, Caribbean and Central America	72,339		87,515		81,549
Africa	66,519		61,894		47,948
South America	12,355		15,112		15,798

Total	$	17,362,217	$	17,468,377	$	14,777,458


	December 31, 2023		December 25, 2022
	(In thousands)
Long-lived assets(a)
U.S.	$	2,085,222	$	1,943,967
U.K. and Europe	1,041,857		1,011,283
Mexico	301,919		295,069
Eliminations	(3,888)		(3,675)
Total	$	3,425,110	$	3,246,644

(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.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor name	KPMG LLP
Auditor location	Denver, CO
Auditor firm ID	185

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Capital contribution (distribution) under tax sharing agreement
Related Party Transaction [Line Items]
Other related party transactions	$ (1,425)	$ 1,592	$ 1,961
Related Party
Related Party Transaction [Line Items]
Sales to related parties	35,803	29,947	21,456
Cost of goods purchased from related parties	240,139	223,570	223,135
Expenditures paid by related parties	156,454	91,665	97,726
Expenditures paid on behalf of related parties	22,739	58,579	42,951
Accounts receivable from related parties	1,778	2,512
Accounts payable to related parties	41,254	12,155
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related parties	27,687	24,224	17,296
Cost of goods purchased from related parties	185,258	156,452	210,657
Expenditures paid by related parties	156,439	91,568	97,713
Expenditures paid on behalf of related parties	22,734	53,065	42,951
Accounts receivable from related parties	967	2,062
Accounts payable to related parties	34,038	7,434
Goods in transit	200
JBS Australia Pty. Ltd.
Related Party Transaction [Line Items]
Sales to related parties	4,981	2,855	2,439
Other related parties
Related Party Transaction [Line Items]
Sales to related parties	3,135	2,868	1,721
Cost of goods purchased from related parties	7,168	1,476	1,054
Expenditures paid by related parties	15	97	13
Expenditures paid on behalf of related parties	5	5,514	0
Accounts receivable from related parties	765	389
Accounts payable to related parties	523	117
Seara Meats B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	28,828	44,364	4,722
Accounts receivable from related parties	46	61
Accounts payable to related parties	2,252	1,565
Penasul UK LTD
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	13,932	13,516	6,697
Accounts payable to related parties	2,187	940
JBS Asia Co Limited
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	4,953	7,762	$ 5
Accounts payable to related parties	$ 2,254	$ 2,099

LEASES - Weighted Average Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 25, 2022
Weighted-average remaining lease term:
Operating leases	5 years 8 months 23 days	5 years 9 months 18 days
Finance leases	4 years 4 months 2 days	4 years 6 months 7 days
Weighted-average discount rate:
Operating leases	4.24%	4.00%
Finance leases	2.81%	3.19%

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Trade Accounts and Other Receivables

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


	December 31, 2023		December 25, 2022
	(In thousands)
Trade accounts receivable	$	1,027,916	$	984,332
Notes receivable	51,168		33,477
Other receivables	59,435		88,962
Receivables, gross	1,138,519		1,106,771
Allowance for credit losses	(9,341)		(9,559)
Receivables, net	$	1,129,178	$	1,097,212

Accounts receivable from related parties(a)	$	1,778	$	2,512

(a)Additional information regarding accounts receivable from related parties is included in “Note 19. Related Party Transactions.”

Activity in the allowance for credit losses was as follows:


	December 31, 2023		December 25, 2022
Allowance for Credit Losses:	(In thousands)
Balance, beginning of period	$	(9,559)	$	(9,673)
Provision charged to operating results	(1,439)		(675)
Account write-offs and recoveries	2,436		597
Effect of exchange rate	(779)		192
Balance, end of period	$	(9,341)	$	(9,559)


	December 31, 2023		December 25, 2022
Allowance for Sales Adjustments(a):	(In thousands)
Balance, beginning of period	$	6,905	$	11,472
Charged to operating results	337,546		238,135

Deductions	(335,253)		(242,702)
Balance, end of period	$	9,198	$	6,905

(a) Deductions either written off, rebilled or reclassified as liabilities.

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Accounts payable
Trade accounts	$ 1,294,830	$ 1,476,552
Book overdrafts	90,612	93,800
Other payables	25,134	17,587
Revenue contract liabilities	84,958	34,486
Accrued expenses and other current liabilities
Compensation and benefits	249,474	258,098
Accrued sales rebates	104,390	55,002
Insurance and self-insured claims	76,287	72,453
Interest and debt-related fees	71,508	32,433
Current maturities of operating lease liabilities	67,440	79,222
Taxes	37,635	33,550
Derivative liabilities	17,841	18,917
Other accrued expenses	228,822	201,994
Total accrued expenses and other current liabilities	926,727	850,899
Total current liabilities	$ 2,463,515	$ 2,485,479
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Nonrelated Party
Accounts payable
Total accounts payable	$ 1,410,576	$ 1,587,939
Related Party
Accounts payable
Total accounts payable	41,254	12,155
Other Litigation Cases
Accrued expenses and other current liabilities
Litigation settlements	$ 73,330	$ 99,230

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 697,748	$ 400,988
Restricted cash and restricted cash equivalents	33,475	33,771
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Consolidated Statements of Cash Flows	$ 731,223	$ 434,759	$ 450,121	$ 548,406

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

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


	December 31, 2023		December 25, 2022
	(In thousands)
Cash and cash equivalents	$	697,748	$	400,988
Restricted cash and restricted cash equivalents	33,475		33,771
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Consolidated Statements of Cash Flows	$	731,223	$	434,759

Schedule of Cash, Cash Equivalents and Restricted Cash


	December 31, 2023		December 25, 2022
	(In thousands)
Cash and cash equivalents	$	697,748	$	400,988
Restricted cash and restricted cash equivalents	33,475		33,771
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Consolidated Statements of Cash Flows	$	731,223	$	434,759

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plan Obligations and Assets

The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Consolidated Balance Sheets for these plans were as follows:


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Change in projected benefit obligation	(In thousands)
Projected benefit obligation, beginning of year	$	236,147	$	373,062	$	1,169	$	1,346
Interest cost	11,322		6,777		54		23
Actuarial (gains) losses	238		(106,909)		(21)		(184)
Benefits paid	(17,072)		(12,867)		(42)		(16)
Curtailments and settlements	—		(5,053)		—		—
Currency translation (gain) loss	6,873		(18,863)		—		—
Projected benefit obligation, end of year	$	237,508	$	236,147	$	1,160	$	1,169


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Change in plan assets	(In thousands)
Fair value of plan assets, beginning of year	$	210,133	$	326,409	$	—	$	—
Actual return on plan assets	17,709		(89,479)		—		—
Contributions by employer	8,570		9,789		42		16
Benefits paid	(17,072)		(12,867)		(42)		(16)
Curtailments and settlements	—		(5,053)		—		—
Expenses paid from assets	(327)		(337)		—		—
Currency translation gain (loss)	6,438		(18,329)		—		—
Fair value of plan assets, end of year	$	225,451	$	210,133	$	—	$	—


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Funded status	(In thousands)
Unfunded benefit obligation, end of year	$	(12,057)	$	(26,014)	$	(1,160)	$	(1,169)


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Amounts recognized in the Consolidated Balance Sheets as of end of year	(In thousands)
Current liabilities	$	(7,717)	$	(841)	$	(187)	$	(177)
Long-term liabilities	(4,340)		(25,173)		(973)		(992)
Recognized liabilities	$	(12,057)	$	(26,014)	$	(1,160)	$	(1,169)


	Pension Benefits				Other Benefits
	2023		2022		2023		2022
Amounts recognized in accumulated other comprehensive loss at end of year	(In thousands)
Net actuarial loss (gain)	$	40,487	$	48,121	$	(87)	$	(66)

Schedule of Net Periodic Benefit Cost (Income)

Net benefit costs include the following components:


	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
	(In thousands)
Interest cost	$	11,322	$	6,777	$	5,763	$	54	$	23	$	18
Estimated return on plan assets	(10,393)		(10,298)		(10,562)		—		—		—
Settlement loss	—		1,591		2,313		—		—		21
Expenses paid from assets	327		337		425		—		—		—
Amortization of net loss	1,048		1,364		2,257		—		—		2
Amortization of past service cost	17		17		19		—		—		—
Net cost (income)	$	2,321	$	(212)	$	215	$	54	$	23	$	41

Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation

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


	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
Benefit obligation
Discount rate	4.81	%	5.04	%	2.23	%	5.06	%	5.16	%	2.38	%
Net pension and other postretirement cost
Discount rate	4.93	%	3.67	%	2.08	%	5.16	%	2.38	%	1.80	%
Expected return on plan assets	4.95	%	4.68	%	3.53	%	NA		NA		NA


	Increase in Discount Rate of 0.25%		Decrease in Discount Rate of 0.25%
	(In thousands)
Impact on projected benefit obligation for pension benefits	$	(6,358)	$	6,693

Schedule of Plan Asset Allocations

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


	2023		2022
Cash and cash equivalents	2	%	6	%
Pooled separate accounts for the Union Plan(a):
Equity securities	2	%	2	%
Fixed income securities	2	%	2	%
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a):
Equity securities	25	%	23	%
Fixed income securities	15	%	15	%
Real estate	2	%	3	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	29	%	27	%
Fixed income funds	1	%	1	%
Liability driven investments	15	%	13	%
Real estate	7	%	8	%
Total assets	100	%	100	%

Schedule of Fair Value Assumptions of Plan Assets

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 31, 2023 and December 25, 2022:


	2023								2022
	Level 1(a)		Level 2(b)		Level 3(c)		Total		Level 1(a)		Level 2(b)		Level 3(c)		Total
	(In thousands)
Cash and cash equivalents	$	5,394	$	—	$	—	$	5,394	$	12,072	$	—	$	—	$	12,072
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		2,123		—		2,123		—		1,995		—		1,995
Small/Mid U.S. equity funds(e)	—		1,133		—		1,133		—		1,055		—		1,055
International equity funds(f)	—		1,654		—		1,654		—		1,672		—		1,672
Fixed income funds(g)	—		3,640		—		3,640		—		3,838		—		3,838
Real estate(h)	—		437		—		437		—		—		—		—
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		27,516		—		27,516		—		23,541		—		23,541
Small/Mid U.S. equity funds(e)	—		13,991		—		13,991		—		12,446		—		12,446
International equity funds(f)	—		13,751		—		13,751		—		13,171		—		13,171
Fixed income funds(g)	—		34,111		—		34,111		—		30,865		—		30,865
Real estate(h)	—		5,174		—		5,174		—		6,458		—		6,458
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		29,648		—		29,648		—		23,149		—		23,149
International equity funds(f)	—		36,507		—		36,507		—		31,767		—		31,767
Fixed income funds(g)	—		3,376		—		3,376		—		3,081		—		3,081
Real estate(h)	—		14,985		—		14,985		—		16,297		—		16,297
Liability driven investments(i)	—		32,011		—		32,011		—		28,726		—		28,726
Total assets	$	5,394	$	220,057	$	—	$	225,451	$	12,072	$	198,061	$	—	$	210,133

(a)Unadjusted quoted prices in active markets for identical assets are used to determine fair value.

(b)Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.

(c)Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.

(f)This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.

Schedule of Benefit Payments


	Pension Benefits		Other Benefits
	(In thousands)
2024	$	21,857	$	187
2025	16,157		172
2026	16,031		158
2027	16,023		144
2028	15,807		130
2029-2033	75,749		452
Total	$	161,624	$	1,243

Schedule of Unrecognized Benefit Amounts

The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:


	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
	(In thousands)
Net actuarial loss, beginning of year	$	48,121	$	58,143	$	95,522	$	(66)	$	118	$	174
Amortization	(1,065)		(1,381)		(2,276)		—		—		(2)
Settlement adjustments	—		(1,591)		(2,313)		—		—		(21)
Actuarial loss (gain)	238		(106,909)		(14,535)		(21)		(184)		(33)
Asset loss (gain)	(7,317)		99,777		(18,563)		—		—		—
Net prior service cost	—		—		—		—		—		—
Currency translation loss	510		82		308		—		—		—
Net actuarial loss (gain), end of year	$	40,487	$	48,121	$	58,143	$	(87)	$	(66)	$	118

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 27, 2020		261,185,000
Balance, beginning of year at Dec. 27, 2020	$ 2,575,347	$ 2,612	$ (345,134)	$ 1,954,334	$ 972,569	$ (20,620)	$ 11,586
Treasury stock, beginning of year (in shares) at Dec. 27, 2020			(17,673,000)
Comprehensive income:
Net income	31,268				31,000		268
Other comprehensive income (loss), net of tax expense	(27,377)					(27,377)
Capital distribution under TSA	(1,961)			(1,961)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		162,000
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	11,657			11,657
Common stock, ending balance of year (in shares) at Dec. 26, 2021		261,347,000
Treasury stock, end of year (in shares) at Dec. 26, 2021			(17,673,000)
Balance, end of year at Dec. 26, 2021	2,588,934	$ 2,614	$ (345,134)	1,964,028	1,003,569	(47,997)	11,854
Comprehensive income:
Net income	746,538				745,930		608
Other comprehensive income (loss), net of tax expense	(288,451)					(288,451)
Capital distribution under TSA	(1,592)			(1,592)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		264,000
Common stock issued under compensation plans	0	$ 3		(3)
Requisite service period recognition	7,400			7,400
Common stock purchased under share repurchase program (in shares)			(7,469,000)
Common stock purchased under share repurchase program	$ (199,553)		$ (199,553)
Common stock, ending balance of year (in shares) at Dec. 25, 2022	236,469,365	261,611,000
Treasury stock, end of year (in shares) at Dec. 25, 2022	(25,141,153)		(25,142,000)
Balance, end of year at Dec. 25, 2022	$ 2,853,276	$ 2,617	$ (544,687)	1,969,833	1,749,499	(336,448)	12,462
Comprehensive income:
Net income	322,317				321,574		743
Other comprehensive income (loss), net of tax expense	159,965					159,965
Capital distribution under TSA	1,425			1,425
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		320,000
Common stock issued under compensation plans	0	$ 3		(3)
Requisite service period recognition	$ 7,594			7,594
Common stock, ending balance of year (in shares) at Dec. 31, 2023	236,789,927	261,931,000
Treasury stock, end of year (in shares) at Dec. 31, 2023	(25,141,153)		(25,142,000)
Balance, end of year at Dec. 31, 2023	$ 3,344,577	$ 2,620	$ (544,687)	$ 1,978,849	$ 2,071,073	$ (176,483)	$ 13,205

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes by Jurisdiction

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
U.S.	$	26,887	$	928,709	$	(141,940)
Foreign	338,335		96,764		234,330
Total	$	365,222	$	1,025,473	$	92,390

Schedule of Components of Income Tax Expense (Benefit)

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Current:
Federal	$	(19,727)	$	169,660	$	22,591
Foreign	59,326		52,995		115,772
State and other	(3,369)		34,985		9,150
Total current	36,230		257,640		147,513
Deferred:
Federal	12,783		14,654		(52,147)
Foreign	(10,573)		5,694		(16,225)
State and other	4,465		947		(18,019)
Total deferred	6,675		21,295		(86,391)
Total	$	42,905	$	278,935	$	61,122

Schedule of Income Tax Reconciliation

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	0.6		3.2		(4.5)
Mexico tax audit	—		3.8		—
Intercompany financing	(5.7)		(1.9)		(14.1)
Permanent items	(0.9)		(0.9)		1.7
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.2		1.2		22.3
Rate change	(0.7)		(0.9)		26.6
Foreign currency translation	(7.4)		(0.9)		10.6
Tax credits	(3.0)		(0.4)		(4.1)
Change in reserve for unrecognized tax benefits	—		(0.4)		7.3
Change in valuation allowance	6.9		2.8		(0.2)
Return to provision	(4.1)		—		—
Other	(0.2)		0.6		(0.4)
Total	11.7	%	27.2	%	66.2	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31, 2023		December 25, 2022
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	519,458	$	547,113
Inventories	99,144		99,889
Incentive compensation	8,984		11,138
Operating lease assets	81,942		76,914
Other	2,534		7,867
Total deferred tax liabilities	712,062		742,921
Deferred tax assets:
U.S. net operating losses	24,902		12,297
Foreign net operating losses	55,583		53,801
Credit carry forwards	23,985		18,102
Allowance for credit losses	5,167		9,197
Accrued liabilities	81,156		127,714
Workers’ compensation	5,361		4,192
Pension and other postretirement benefits	—		3,351
Operating lease liabilities	80,823		76,914
Advance payments	22,774		68,361
Interest expense limitations	93,685		37,353
Other	26,428		33,785
Total deferred tax assets	419,864		445,067
Valuation allowance	(88,460)		(64,361)
Net deferred tax assets	331,404		380,706
Net deferred tax liabilities	$	380,658	$	362,215

Summary of Valuation Allowance


	Beginning Balance		Additions		Deductions		Ending Balance
	(In thousands)
Valuation allowance:
2023	$	64,361	$	25,296	$	(1,197)	$	88,460
2022	24,261		43,188		(3,088)		64,361
2021	33,678		—		(9,417)		24,261

Schedule of Unrecognized Tax Benefits

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


	December 31, 2023		December 25, 2022
	(In thousands)
Unrecognized tax benefits, beginning of year	$	27,585	$	20,242
Increase as a result of tax positions taken during prior years	17,415		13,950
Decrease for lapse in statute of limitations	(7,201)		(6,473)
Decrease for tax positions of prior years	(234)		(134)
Unrecognized tax benefits, end of year	$	37,565	$	27,585

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities measured at fair value must be categorized into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation:


Level 1						Unadjusted quoted prices in active markets for identical assets or liabilities 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 December 31, 2023 and December 25, 2022, the Company held assets and liabilities that were required to be measured at fair value on a recurring basis. The Company’s assets and liabilities consist of fixed income securities, long and short positions on exchange-traded commodity futures instruments, commodity options instruments, sales contracts instruments, and foreign currency instruments to manage translation and remeasurement risk.

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


	December 31, 2023				December 25, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)				(In thousands)
Assets:
Fixed income securities	$	324,947	$	—	$	324,947	$	167,430	$	—	$	167,430
Commodity derivative assets	1,202		—		1,202		17,922		—		17,922
Foreign currency derivative assets	175		—		175		555		—		555
Sales contract derivative assets	—		960		960		—		—		—
Liabilities:
Commodity derivative liabilities	(17,118)		—		(17,118)		(9,042)		—		(9,042)
Foreign currency derivative liabilities	(723)		—		(723)		(6,170)		—		(6,170)
Sales contract derivative liabilities	—		—		—		—		(3,705)		(3,705)

See “Note 4. Derivative Financial Instruments” and “Note 7. Investments in Securities” for additional information.

The valuation of financial assets and liabilities classified in Level 1 is determined using a market approach, taking into account current interest rates, creditworthiness, and liquidity risks in relation to current market conditions, and is based upon unadjusted quoted prices for identical assets in active markets. The valuation of financial assets and liabilities in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for substantially the full term of the financial instrument. The valuation of financial assets in Level 3 is determined using an income approach based on unobservable inputs such as discounted cash flow models or valuations. For each class of assets and liabilities not measured at fair value in the Consolidated Balance Sheets but for which fair value is disclosed, the Company is not required to provide the quantitative disclosure about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy.

In addition to the fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim disclosures regarding the fair value of all of the Company’s financial instruments. The methods and significant assumptions used to estimate the fair value of financial instruments and any changes in methods or significant assumptions from prior periods are also required to be disclosed.

The carrying amounts and estimated fair values of our debt obligations recorded in the Consolidated Balance Sheets consisted of the following:


	December 31, 2023		December 25, 2022
	Carrying Amount	Fair Value	Carrying Amount	Fair Value
	(In thousands)
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	(900,000)	(760,203)	(900,000)	(726,498)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(992,711)	(902,650)	(991,691)	(734,349)
Fixed-rate senior notes payable at 5.875%, at Level 2 inputs	—	—	(846,582)	(846,175)
Fixed-rate senior notes payable at 6.25%, at Level 2 inputs	(993,595)	(1,029,020)	—	—
Fixed-rate senior notes payable at 6.875%, at Level 2 inputs	(490,408)	(540,230)	—	—
Variable-rate term note payable at 8.50%, at Level 3 inputs	—	—	(480,078)	(489,857)

See “Note 13. Debt” for additional information.

The carrying amounts of our cash and cash equivalents, derivative trading accounts’ margin cash, restricted cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximate their fair values due to their relatively short maturities. Derivative assets were recorded at fair value based on quoted market prices and are included in the line item Prepaid expenses and other current assets on the Consolidated Balance Sheets. Derivative liabilities were recorded at fair value based on quoted market prices and are included in the line item Accrued expenses and other current liabilities on the Consolidated Balance Sheets. The fair values of the Company’s Level 2 fixed-rate debt obligations were based on the quoted market price at December 31, 2023 or December 25, 2022, as applicable. The Company had no Level 3 debt obligations outstanding as of December 31, 2023.

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

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax expense (benefit)	$ 2,083	$ 2,478	$ 8,197

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 25, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	261,931,080	261,610,518
Common stock, shares outstanding (in shares)	236,789,927	236,469,365
Treasury stock, shares outstanding (in shares)	25,141,153	25,141,153

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 386,800	$ 369,400	$ 354,400
Expenditures on capital projects	557,800	487,100
Completed projects transferred from construction-in-progress to depreciable assets	461,000	354,200
Proceeds from property disposals	19,784	35,516	$ 24,724
Gain (loss) on property disposals	(6,100)	(18,900)
Idled assets property, plant and equipment, net	59,900
Idled asset property, plant and equipment gross	217,400
Idled asset accumulated depreciation	$ 157,500
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expense
Impairment of leasehold improvements	$ 4,000
Capital expenditures in accounts payable and accrued expenses	$ 85,900	$ 72,000

RESTRUCTURING-RELATED ACTIVITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2022	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Expected future restructuring costs		$ 74,812
GNP
Restructuring Cost and Reserve [Line Items]
Expected future restructuring costs	$ 75,100	$ 3,100
Expected future payments for restructuring	$ 49,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Sales to related parties
JBS USA Food Company(a)	$	27,687	$	24,224	$	17,296
JBS Australia Pty. Ltd.	4,981		2,855		2,439
Other related parties	3,135		2,868		1,721
Total sales to related parties	$	35,803	$	29,947	$	21,456


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Cost of goods purchased from related parties
JBS USA Food Company(a)	$	185,258	$	156,452	$	210,657
Seara Meats B.V.	28,828		44,364		4,722
Penasul UK LTD	13,932		13,516		6,697
JBS Asia CO Limited	4,953		7,762		5
Other related parties	7,168		1,476		1,054
Total cost of goods purchased from related parties	$	240,139	$	223,570	$	223,135


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Expenditures paid by related parties
JBS USA Food Company(b)	$	156,439	$	91,568	$	97,713
Other related parties	15		97		13
Total expenditures paid by related parties	$	156,454	$	91,665	$	97,726


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Expenditures paid on behalf of related parties
JBS USA Food Company(b)	$	22,734	$	53,065	$	42,951
Other related parties	5		5,514		—
Total expenditures paid on behalf of related parties	$	22,739	$	58,579	$	42,951


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Other related party transactions
Capital distribution (contribution) under tax sharing agreement (c)	$	(1,425)	$	1,592	$	1,961


	December 31, 2023		December 25, 2022
	(In thousands)
Accounts receivable from related parties
JBS USA Food Company(a)	$	967	$	2,062
Seara Meats B.V.	46		61
Other related parties	765		389
Total accounts receivable from related parties	$	1,778	$	2,512


	December 31, 2023		December 25, 2022
	(In thousands)
Accounts payable to related parties
JBS USA Food Company(a)	$	34,038	$	7,434
JBS Asia Co Limited	2,254		2,099
Seara Meats B.V.	2,252		1,565
Penasul UK LTD	2,187		940
Other related parties	523		117
Total accounts payable to related parties	$	41,254	$	12,155

(a)The Company routinely execute transactions to both purchase products from JBS USA Food Company and sell products to them. As of December 31, 2023, approximately $0.2 million of goods from JBS USA were in transit and not reflected on our Consolidated Balance Sheets.

(b)The Company has an agreement with JBS USA to allocate costs associated with JBS USA’s procurement of SAP licenses and maintenance services for both companies. Under this agreement, the fees associated with procuring SAP licenses and maintenance services are allocated between the Company and JBS USA in proportion to the percentage of licenses used by each company. The agreement expires on the date of expiration, or earlier termination, of the underlying SAP license agreement. The Company also has an agreement with JBS USA to allocate the costs of supporting the business operations by one consolidated corporate team, which have historically been supported by their respective corporate teams. Expenditures paid by JBS USA on behalf of the Company will be reimbursed by the Company and expenditures paid by the Company on behalf of JBS USA will be reimbursed by JBS USA. This agreement expires on December 31, 2024.

(c)The Company entered into a TSA during 2014 with JBS USA Holdings effective for tax years starting in 2010. The net tax receivable for tax year 2023 was recorded in 2023 and will be paid in 2024. The net tax payable for tax year 2022 was accrued in 2022 and was paid in 2023. The net tax payable for tax year 2021 was accrued in 2021 and was paid in 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Cash flows from operating activities
Net income	$ 322,317	$ 746,538	$ 31,268
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	419,900	403,110	380,824
Loss on early extinguishment of debt recognized as a component of interest expense	20,694	0	24,654
Loan cost amortization	7,366	4,753	5,095
Stock-based compensation activity	7,226	6,985	11,655
Deferred income tax expense (benefit)	6,675	21,295	(86,391)
Gain on property disposals	(6,052)	(18,908)	(1,476)
Asset impairment	4,010	3,559	0
Accretion of bond discount	2,278	1,717	1,533
Loss (gain) on equity method investments	328	(2)	(16)
Amortization of bond premium	0	0	(167)
Changes in operating assets and liabilities
Trade accounts and other receivables	(19,007)	(149,599)	(259,377)
Inventories	12,602	(472,224)	(177,864)
Prepaid expenses and other current assets	17,776	18,264	(53,797)
Accounts payable and accrued expenses	(68,677)	263,288	359,589
Income taxes	(8,878)	(142,455)	115,216
Long-term pension and other postretirement obligations	(9,993)	(4,128)	(18,461)
Other operating assets and liabilities	(30,688)	(12,330)	(5,826)
Cash provided by operating activities	677,877	669,863	326,459
Cash flows from investing activities
Acquisitions of property, plant and equipment	(543,816)	(487,110)	(381,671)
Proceeds from property insurance recoveries	20,681	16,034	0
Proceeds from property disposals	19,784	35,516	24,724
Purchase of acquired businesses, net of cash acquired	0	(9,692)	(966,766)
Cash used in investing activities	(503,351)	(445,252)	(1,323,713)
Cash flows from financing activities
Proceeds from revolving line of credit and long-term borrowings	1,768,236	362,540	2,951,707
Payments on revolving line of credit, long-term borrowings and finance lease obligations	(1,616,321)	(388,299)	(2,006,195)
Payment of capitalized loan costs	(19,816)	(4,741)	(22,293)
Payment on early extinguishment of debt	(13,780)	0	(21,258)
Distribution of capital under the TSA	(1,592)	(1,961)	(650)
Purchase of common stock under share repurchase program	0	(199,553)	0
Cash provided by (used in) financing activities	116,727	(232,014)	901,311
Effect of exchange rate changes on cash and cash equivalents	5,211	(7,959)	(2,342)
Increase (decrease) in cash and cash equivalents	296,464	(15,362)	(98,285)
Cash and cash equivalents, restricted cash and restricted cash equivalents, beginning of year	434,759	450,121	548,406
Cash and cash equivalents, restricted cash and restricted cash equivalents, end of year	731,223	434,759	450,121
Supplemental Disclosure Information
Interest paid (net of amount capitalized)	131,205	156,292	119,328
Income taxes paid	$ 19,749	$ 385,585	$ 20,863

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$ 94,087	$ 69,349
Operating cash flows - finance leases	96	132
Financing cash flows - finance leases	979	924
Operating lease assets obtained in exchange for operating lease liabilities	$ 36,967	$ 56,988

INVENTORIES

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	December 31, 2023		December 25, 2022
	(In thousands)
Raw materials and work-in-process	$	1,158,467	$	1,204,092
Finished products	642,028		596,375
Operating supplies	75,530		95,367
Maintenance materials and parts	109,374		94,350
Total inventories	$	1,985,399	$	1,990,184

STOCKHOLDERS' EQUITY - Narrative (Details)	Dec. 31, 2023 $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized (in shares)	50,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.01
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0

REPORTABLE SEGMENTS

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

REPORTABLE SEGMENTS

The Company operates in three reportable segments: U.S., U.K. and Europe and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico and U.K. and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. reportable segment.

We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.

The U.K. and Europe reportable segment processes primarily fresh chicken, pork products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.

The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.

Additional information regarding reportable segments is as follows:


	Year Ended
	December 31, 2023(a)		December 25, 2022(b)		December 26, 2021(c)
	(In thousands)
Net sales
U.S.	$	10,027,742	$	10,748,350	$	9,113,879
U.K. and Europe	5,203,322		4,874,738		3,934,062
Mexico	2,131,153		1,845,289		1,729,517
Total	$	17,362,217	$	17,468,377	$	14,777,458


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Operating income
U.S.	$	238,894	$	1,094,025	$	(17,036)
U.K. and Europe	128,151		(934)		(627)
Mexico	155,455		83,450		228,773
Eliminations	(214)		54		54
Total operating income	522,286		1,176,595		211,164
Interest expense, net of capitalized interest	202,272		152,672		145,792
Interest income	(35,651)		(9,028)		(6,056)
Foreign currency transaction losses (gains)	20,570		30,817		(9,382)
Miscellaneous, net	(30,127)		(23,339)		(11,580)
Income before income taxes	365,222		1,025,473		92,390
Income tax expense	42,905		278,935		61,122
Net income	$	322,317	$	746,538	$	31,268


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Depreciation and amortization
U.S.	$	255,052	$	244,617	$	242,944
U.K. and Europe	142,190		134,374		113,256
Mexico	22,658		24,119		24,624
Total	$	419,900	$	403,110	$	380,824


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Capital expenditures(a)
U.S.	$	417,919	$	343,825	$	274,934
U.K. and Europe	109,590		114,330		87,004
Mexico	30,244		28,955		19,733
Total	$	557,753	$	487,110	$	381,671

(a) Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of December 31, 2023.


	December 31, 2023		December 25, 2022
	(In thousands)
Total assets
U.S.	$	7,012,211	$	6,847,209
U.K. and Europe	4,299,985		4,033,990
Mexico	1,684,711		1,292,056
Eliminations	(3,186,546)		(2,917,486)
Total	$	9,810,361	$	9,255,769


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Net sales to customers by customer location
U.S.	$	9,496,709	$	10,204,411	$	8,657,648
Europe	5,148,931		4,813,108		3,878,475
Mexico	2,180,418		1,895,658		1,778,355
Asia-Pacific	384,946		390,679		317,685
Canada, Caribbean and Central America	72,339		87,515		81,549
Africa	66,519		61,894		47,948
South America	12,355		15,112		15,798

Total	$	17,362,217	$	17,468,377	$	14,777,458


	December 31, 2023		December 25, 2022
	(In thousands)
Long-lived assets(a)
U.S.	$	2,085,222	$	1,943,967
U.K. and Europe	1,041,857		1,011,283
Mexico	301,919		295,069
Eliminations	(3,888)		(3,675)
Total	$	3,425,110	$	3,246,644

Information regarding net sales attributable to each of our primary product lines and markets served with those products is included in “Note 2. Revenue Recognition.” We based the table on our internal sales reports and their classification of products.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,227,944	$ 1,337,252
Additions	0	5,401
Currency Translation	58,317	(114,709)
Goodwill, end of period	1,286,261	1,227,944
U.S.
Goodwill [Roll Forward]
Goodwill, beginning of period	41,936	41,936
Additions	0	0
Currency Translation	0	0
Goodwill, end of period	41,936	41,936
U.K. and Europe
Goodwill [Roll Forward]
Goodwill, beginning of period	1,058,204	1,167,512
Additions	0	5,401
Currency Translation	58,317	(114,709)
Goodwill, end of period	1,116,521	1,058,204
Mexico
Goodwill [Roll Forward]
Goodwill, beginning of period	127,804	127,804
Additions	0	0
Currency Translation	0	0
Goodwill, end of period	$ 127,804	$ 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

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Financial Statements	Consolidated Financial Statements The Company operates on the basis of a 52/53-week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year. The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for credit losses, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, identifiable intangible assets, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions and valuations of acquired businesses.
Foreign Currency Transactions and Translations	The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of the Company’s U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for most assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to the U.S. dollar is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records are reflected in Foreign currency transaction losses (gains) in the Consolidated Statements of Income. The Company or its subsidiaries may use derivatives for the purpose of mitigating exposure to changes in foreign currency exchange rates. Foreign currency transaction gains or losses are reported in the Consolidated Statements of Income.
Revenue Recognition and Shipping and Handling Costs	Revenue Recognition The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering its products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable. The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facilities, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order. The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration. Shipping and Handling Costs In the rare case when shipping and handling activities are performed after a customer obtains control of the good, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. When revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Shipping and handling costs are recorded within cost of sales.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers highly liquid investments with an original maturity of three months or less when acquired to be cash equivalents. The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows.
Restricted Cash	Restricted Cash The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
Investments	Investments The Company’s current investments are all highly liquid investments with an original maturity of three months or less when acquired and are, therefore, considered cash equivalents. The Company’s current investments are comprised of fixed income securities, such as commercial paper. These investments are classified as available-for-sale. These securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a separate component of accumulated other comprehensive loss. Investments in fixed income securities with remaining maturities of less than one year and those identified by management at the time of purchase for funding operations in less than one year are classified as current assets. Investments in fixed income securities with remaining maturities in excess of one year that management has not identified at the time of purchase for funding operations in less than one year are classified as long-term assets. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. Management reviews several factors to determine whether a loss is other than temporary, such as the length of time a security is in an unrealized loss position, the extent to which fair value is less than amortized cost, the impact of changing interest rates in the short and long term, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company determines the cost of each security sold and each amount reclassified out of accumulated other comprehensive loss into earnings using the specific identification method. Purchases and sales are recorded on a settlement date basis. Investments in entities in which the Company has an ownership interest greater than 50% and exercises control over the entity are consolidated in the Consolidated Financial Statements. Investments in entities in which the Company has an ownership interest between 20% and 50% and exercises significant influence are accounted for using the equity method. The Company invests from time to time in ventures in which its ownership interest is less than 20% and over which it does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures’ forecasted financial performance and management’s evaluation of the ventures’ viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge.
Accounts Receivable	Accounts Receivable The Company records accounts receivable when revenue is recognized. We record an allowance for expected credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable, and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.
Inventories	Inventories Live chicken and pig inventories are stated at the lower of cost or net realizable value and breeder hen, breeder sow and boar inventories are stated at the lower of cost, less accumulated amortization, or net realizable value. The costs associated with breeder hen inventories are accumulated up to the production stage and amortized over their productive lives using the unit-of-production method. The costs associated with breeder sow inventories are accumulated up to the production stage and amortized on a straight-line basis over their productive lives to the estimated residual cull value. Finished poultry products, finished pork products, feed, eggs and other inventories are stated at the lower of cost (average) or net realizable value. Inventory typically transfers from one stage of production to another at a standard cost, where it accumulates additional cost directly incurred with the production of inventory, including overhead. The standard cost at which each type of inventory transfers is set by management to reflect the actual costs incurred in the prior steps. We monitor and adjust standard costs throughout the year to ensure that standard costs reasonably reflect the actual average cost of the inventory produced. The Company allocates meat costs between its various finished chicken products based on a by-product costing technique that reduces the cost of the whole bird by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes leg quarters, wings, tenders and offal, which are carried in inventory at the estimated recovery amounts, with the remaining amount being reflected as its breast meat cost. The Company allocates meat costs between its various finished pork products based on a by-product costing technique that allocates the cost of the whole pig into the primal cuts by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes legs, shoulders, bellies, offal and fifth quarter parts, which are carried in inventory at the estimated recoverable amounts, with the remaining amount being reflected as our loin meat cost. The Company values its other prepared foods products, raw materials and packaging materials at the lower of weighted average cost and net realizable value. Work in progress is valued at the latest production cost (raw materials, packaging), finished goods are valued at the lower of the latest actual monthly production cost (raw materials, packaging and direct labor) and attributable overheads and net realizable value, and engineering spares and consumables are valued at cost with an appropriate provision for obsolete engineering spares consistent with historical practice. Generally, the Company performs an evaluation of whether any lower of cost or net realizable value adjustments are required at the country level based on a number of factors, including: (1) pools of related inventory, (2) product continuation or discontinuation, (3) estimated market selling prices and (4) expected distribution channels. If actual market conditions or other factors are less favorable than those projected by management, additional inventory adjustments may be required. The Company also records valuation adjustments, when necessary, for estimated obsolescence at or equal to the difference between the cost of inventory and the estimated market value based upon known conditions affecting inventory obsolescence, including significantly aged products, discontinued product lines, or damaged or obsolete products.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, net, Accrued expenses and other current liabilities, and Noncurrent operating lease liability, less current maturities, in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and Long-term debt, less current maturities in our Consolidated Balance Sheets. Operating lease assets and operating lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the present value of future payments. IBR is derived from the Company’s credit facility’s margin as a basis with adjustments to periodically updated SOFR swap rate and foreign currency curve. The operating lease asset also includes any lease payments made, including upfront costs and prepayments, and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate a lease when it is reasonably certain that it will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with a corresponding reduction to the operating lease asset. The Company has lease agreements with lease and non-lease components. Lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, the Company accounts for the lease and non-lease components as a single lease component.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, and repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of these assets. Estimated useful lives for building, machinery and equipment are five to 33 years and for automobiles and trucks are three to ten years. The charge to income resulting from amortization of assets recorded under capital leases is included with depreciation expense. The Company records impairment charges on long-lived assets held for use when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When the above is true, the impairment charge is determined based upon the amount the net book value of the assets exceeds their fair market value. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (1) future cash flows estimated to be generated by these assets, which are based on additional assumptions such as asset utilization, remaining length of service and estimated salvage values, (2) estimated fair market value of the assets and (3) determinations with respect to the lowest level of cash flows relevant to the respective impairment test, generally groupings of related operational facilities. Given the interdependency of the Company’s individual facilities during the production process, which operate as a vertically integrated network, it evaluates impairment of assets held for use at the country level (i.e., the U.S. and Mexico). Management believes this is the lowest level of identifiable cash flows for its assets that are held for use in production activities. At the present time, the Company’s forecasts indicate that it can recover the carrying value of its assets held for use based on the projected undiscounted cash flows of the operations. The Company records impairment charges on long-lived assets held for sale when the carrying amount of those assets exceeds their fair value less appropriate selling costs. Fair value is based on amounts documented in sales contracts or letters of intent accepted by the Company, amounts included in counteroffers initiated by the Company, or, in the absence of current contract negotiations, amounts determined using a sales comparison approach for real property and amounts determined using a cost approach for personal property. Under the sales comparison approach, sales and asking prices of reasonably comparable properties are considered to develop a range of unit prices within which the current real estate market is operating. Under the cost approach, a current cost to replace the asset new is calculated and then the estimated replacement cost is reduced to reflect the applicable decline in value resulting from physical deterioration, functional obsolescence and economic obsolescence. Appropriate selling costs includes reasonable broker’s commissions, costs to produce title documents, filing fees, legal expenses and the like.
Goodwill and Other Intangibles, net	Goodwill and Other Intangibles, net Goodwill represents the excess of the aggregate purchase price over the fair value of the net identifiable assets acquired in a business combination. Identified intangible assets represent trade names, customer relationships and non-compete agreements arising from acquisitions that are recorded at fair value as of the date acquired less accumulated amortization, if any. The Company uses various market valuation techniques to determine the fair value of its identified intangible assets. Goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment on an annual basis in the fourth quarter of each fiscal year or more frequently if impairment indicators arise. For goodwill, an impairment loss is recognized for any excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. Management first reviews relevant qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent), that the fair value of a reporting unit is less than the unit’s carrying amount (including goodwill). If management determines it is more likely than not that the carrying amount of a reporting unit goodwill might be impaired, a quantitative impairment test is performed. Management has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative impairment test. Management would be able to resume performing the qualitative assessment in any subsequent period. In 2023, the Company experienced (1) an increase in long-term treasury rates that management determined could negatively affect discount rates and (2) continued inflationary pressures impacting primarily our Moy Park and Pilgrim’s Food Masters reporting units that management determined could negatively affect our margins. Due to these factors in 2023, management elected to bypass the qualitative assessment for all reporting units and performed a quantitative impairment test for each reporting unit with a material amount of goodwill reported as of December 31, 2023 and the results of the quantitative tests are reported below. As of December 31, 2023, our Moy Park, Pilgrim’s Food Masters, Pilgrim’s Mexico, and Pilgrim’s U.S. reporting units had reported goodwill of $784.8 million, $329.4 million, $127.8 million, and $41.9 million, respectively. Our Pilgrim’s U.K. reporting unit had reported goodwill of $2.3 million as of December 31, 2023, which was considered immaterial to warrant quantitative goodwill impairment testing. To perform the quantitative assessments, Management estimated the fair value of our reporting units with material goodwill carrying amounts using an income approach (discounted cash flow method). The method to estimate the fair value of each reporting unit involves the use of assumptions about revenue growth, margins, industry data, discount rates, and terminal growth values. These assumptions use data from internally-developed economic projections and external industry data obtained from government authorities, such as the U.S. Department of Agriculture, and other sources. The margin assumptions are based on operating performance expectations, historically realized margins within each reporting units’ industries, and general macroeconomic trends. We use the weighted average cost of capital as a proxy for the discount rates. We consider reporting units that have a 20% or less excess fair value over carrying amount to have a heightened risk of future goodwill impairment. Based on the outcomes of the reporting units’ quantitative assessments, Management determined that no goodwill impairment existed in any of the reporting units’ with material carrying amounts of goodwill. Our Moy Park reporting unit was determined to have a heightened risk of future goodwill impairment as the excess fair value over the reporting unit’s carrying amount was less than 20%. Some of the assumptions used in determining the fair values of the reporting units are outside the control of management and while we believe we have made reasonable estimates and assumptions to calculate these fair values, it is possible a material change could occur. If actual results of the reporting units are not consistent with the estimates and assumptions used to calculate the fair values, it could result in material impairments of our reported goodwill. For indefinite-lived intangible assets, an impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value of that intangible asset. Management first reviews relevant qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that an intangible asset is impaired. If management determines there is an indication that the carrying amount of the intangible asset might be impaired, a quantitative impairment test is performed. Management has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. For 2023, management elected to bypass qualitative assessments for all indefinite-lived intangible assets and performed quantitative impairment tests and determined that no impairment existed as of December 31, 2023. The fair value of our indefinite-life intangible assets is calculated principally using a relief-from-royalty valuation approach, which uses significant unobservable inputs as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under this valuation approach, we make estimates and assumptions about brand sales growth, royalty rates and discount rates based on specific brand sales projections, general economic projections, anticipated future cash flows and marketplace data. We consider indefinite-life intangible assets that have 20% or less excess fair value over carrying amount to have a heightened risk of future impairment. Our 2022 and 2021 indefinite-life intangible assets impairment analyses did not result in an impairment charge. In 2023, we experienced an increase in long-term treasury rates that management determined could negatively affect discount rates, which are used in estimating the fair value of the reporting units. Therefore, management elected to bypass qualitative assessments for all indefinite-life intangible assets and performed quantitative impairment tests and determined that no material impairment existed as of December 31, 2023. The estimated fair values of two of our indefinite-life intangibles did not exceed their carrying values by more than 20% at December 31, 2023. This includes one brand within our U.K. and Europe reportable segment and one brand in our Mexico reportable segment with carrying amounts $36.1 million and $0.8 million, respectively, as of December 31, 2023. We generally assumed brand revenue growth rates in future years would normalize over time as we believe this is consistent with market participant views in an exit transaction.The current year results are not indicative of future market participant expectations in an exit transaction primarily due to the expected temporary impacts of continued inflationary pressures and volatile market conditions. We do not currently consider any of our other indefinite-life intangible assets, which had aggregate carrying value of $543.5 million at December 31, 2023 to be at heightened risk of future impairment. Identifiable intangible assets with definite lives, such as customer relationships and trade names that the Company expects to use for a limited amount of time, are amortized over their estimated useful lives on a straight-line basis. The useful lives range from 15 to 20 years for trade names and three to 18 years for customer relationships. Identified intangible assets with definite lives are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Management assessed if events or changes in circumstances indicated that the aggregate carrying amount of its identified intangible assets with definite lives might not be recoverable and determined that there were no impairment indicators during the years ended December 31, 2023 and December 25, 2022.
Litigation and Contingent Liabilities	Litigation and Contingent Liabilities The Company is subject to lawsuits, investigations and other claims related to employment, environmental, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses, to these matters. The Company estimates the amount of reserves required for these contingencies when losses are determined to be probable and after considerable analysis of each individual issue. The Company expenses legal costs related to such loss contingencies as they are incurred. The accrual for environmental remediation liabilities is measured on an undiscounted basis. These reserves may change in the future due to changes in the Company’s assumptions, the effectiveness of strategies, or other factors beyond the Company’s control.
Accrued Self Insurance	Accrued Self Insurance Insurance expense for casualty claims and employee-related health care benefits are estimated using historical and current experience and actuarial estimates. Stop-loss coverage is maintained with third-party insurers to limit the Company’s total exposure. Certain categories of claim liabilities are actuarially determined. The assumptions used to arrive at periodic expenses are reviewed regularly by management. However, actual expenses could differ from these estimates and could result in adjustments to be recognized.
Asset Retirement Obligations	Asset Retirement Obligations The Company monitors certain asset retirement obligations in connection with its operations. These obligations relate to clean-up, removal or replacement activities and related costs for “in-place” exposures only when those exposures are moved or modified, such as during renovations of our facilities. These in-place exposures include asbestos, refrigerants, wastewater, oil, lubricants and other contaminants common in manufacturing environments. Under existing regulations, the Company is not required to remove these exposures and there are no plans to undertake a renovation that would require removal of the asbestos or the remediation of the other in-place exposures at this time. The facilities are expected to be maintained and repaired by activities that will not result in the removal or disruption of these in-place exposures at this time. As a result, there is an indeterminate settlement date for these asset retirement obligations because the range of time over which the Company may incur these liabilities is unknown and cannot be reasonably estimated. Therefore, the Company has not recorded the fair value of any potential liability.
Income Taxes	Income Taxes The Company follows provisions stated in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, with regard to members of a group that file a consolidated tax return but issue separate financial statements. The Company files certain state unitary returns with JBS USA Food Company Holdings (“JBS USA Holdings”). The income tax expense of the Company is computed using the separate return method. The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes. For the unitary states, we have an obligation to make tax payments to JBS USA Holdings for our share of the unitary taxable income, which is included in taxes payable in our Consolidated Balance Sheets. Under this approach, deferred income taxes reflect the net tax effect of temporary differences between the book and tax bases of recorded assets and liabilities, net operating losses and tax credit carry forwards. The amount of deferred tax on these temporary differences is determined using the tax rates expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on the tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, potential for carry back of tax losses, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances have been established primarily for net operating loss carry forwards of certain foreign subsidiaries. The Company deems its earnings from Mexico, Puerto Rico, the U.K., the Republic of Ireland, France, the Netherlands, Luxembourg and Malta as of December 31, 2023 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided. The Company follows provisions within ASC Topic 740, Income Taxes, that provide a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date.
Pension and Other Postemployment Benefits	Pension and Other Postemployment Benefits Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, long-term return on plan assets and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over either (1) the estimated average future service period of active plan participants if the plan is active or (2) the estimated average future life expectancy of all plan participants if the plan is frozen.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments (e.g., futures, forwards options and swaps) for the purpose of mitigating exposure to changes in commodity prices, foreign currency exchange rates and interest rates. •Commodity Price Risk - The Company utilizes various raw materials, which are all considered commodities, in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel. The Company considers these raw materials to be generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company enters into derivative contracts such as physical forward contracts and exchange-traded futures or option contracts in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for periods up to 12 months. The Company may enter into longer-term derivatives on particular commodities if deemed appropriate. •Foreign Currency Risk - The Company has foreign operations and, therefore, has exposure to foreign exchange risk when the financial results of those operations are translated to U.S. dollars. The Company will occasionally purchase derivative financial instruments such as foreign currency forward contracts in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico reportable segment that are denominated in Mexican pesos. The Company’s U.K. and Europe reportable segment also attempts to mitigate foreign currency exposure on certain transactions denominated in foreign currencies through the use of derivative financial instruments. •Interest Rate Risk - The Company has exposure to variability in cash flows from interest payments due to the use of variable interest rates on certain long-term debt arrangements. The Company has purchased in the past an interest rate swap contract to convert the variable interest rate to a fixed interest rate on a portion of its outstanding long-term debt arrangements in order to manage this interest rate risk and add stability to interest expense and cash flows. Pilgrim’s recognizes all commodity derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measures those instruments at fair value unless they qualify for, and we elect, the normal purchases and normal sales scope exception (“NPNS”). The permitted accounting treatments include: cash flow hedge; fair value hedge; and undesignated contracts. Undesignated contract accounting is the default accounting treatment for all derivatives unless they qualify, and we specifically designate them, for one of the other accounting treatments. Derivatives designated for any of the elective accounting treatments must meet specific, restrictive criteria both at the time of designation and on an ongoing basis. The Company has generally applied the NPNS exception for certain of its forward physical grain purchase and energy purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, there were no amounts recorded in the Consolidated Financial Statements at December 31, 2023 and December 25, 2022. Undesignated contracts may include contracts not designated as a hedge or for which the NPNS exception was not elected, contracts that do not qualify for hedge accounting and derivatives that do not or no longer qualify for the NPNS scope exception. The fair value of these derivatives is recognized in the Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of these derivatives are recognized immediately in the Consolidated Statements of Income within Net sales, Cost of sales or SG&A expense, depending on the risk they are intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated nor accounted for as hedges as a result of the extensive record keeping requirements.
Business Combination Accounting	Business Combination Accounting Pilgrim’s allocates the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. The Company uses all available information to estimate fair values. Pilgrim’s uses various models to determine the value of assets acquired and liabilities assumed such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles and discounted cash flow to value goodwill. The Company typically engages third-party valuation specialists to assist in the fair value determination of tangible long-lived assets and intangible assets other than goodwill. The fair value of acquired inventories is determined by extending physical counts of the inventories taken at or near the acquisition date to market pricing in effect for such inventories at or near the acquisition date. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, Pilgrim’s may engage third-party specialists to assist in the estimation of fair value for certain liabilities. The Company adjusts the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date for those items that existed at the acquisition date and were provisionally accounted for at that time, as it obtains more information regarding asset valuations and liabilities assumed. The Company’s acquisition accounting methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows and market multiple analyses. Unanticipated events or circumstances may occur which could affect the accuracy of the Company’s fair value estimates, including changes in assumptions regarding industry economic factors and business strategies. If actual results are materially different than the assumptions used to determine fair value of the assets and liabilities acquired through a business combination, it is possible that adjustments to the carrying values of such assets and liabilities will have an impact on the Company’s net earnings.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We make significant estimates in regard to realization of deferred tax assets; valuation of long-lived assets; valuation of contingent liabilities and self-insurance liabilities; and valuation of acquired businesses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in 2023 In September 2022, the FASB issued Accounting Standards Update (“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 Consolidated Financial Statements. Additional information regarding supplier finance programs is included in “Note 11. 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 Consolidated Financial Statements. Recent 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 Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted as of December 31, 2023 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional disclosures for reportable segments. The guidance requires disclosures about significant segment expenses that are regularly provided to the chief operating decision maker along with additional measures of segment profit that are regularly used by the chief operating decision maker in assessing segment performance and deciding how to allocate resources. The provisions of the new guidance will be effective for years beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. The Company plans to adopt this guidance in the next fiscal year and are still assessing the impacts on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures for income taxes to enhance transparency and usefulness of income tax disclosures. The guidance requires additional disclosures for the tabular rate reconciliation, income taxes paid, and the disaggregation of domestic, federal and state, and foreign components within income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. The provisions of the new guidance will be effective for years beginning after December 15, 2024. The Company plans to adopt this guidance as it becomes effective and is assessing the impacts on our Consolidated Financial Statements.

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 33,096	$ 33,738
Expected amortization expense, 2023	30,300
Expected amortization expense, 2024	30,300
Expected amortization expense, 2025	28,300
Expected amortization expense, 2026	24,400
Expected amortization expense, 2027	$ 24,400

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Unrecognized Benefit Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Pension Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net actuarial loss, beginning of year	$ 48,121	$ 58,143	$ 95,522
Amortization	(1,065)	(1,381)	(2,276)
Settlement adjustments	0	(1,591)	(2,313)
Actuarial loss (gain)	238	(106,909)	(14,535)
Asset loss (gain)	(7,317)	99,777	(18,563)
Net prior service cost	0	0	0
Currency translation loss	510	82	308
Net actuarial loss (gain), end of year	40,487	48,121	58,143
Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net actuarial loss, beginning of year	(66)	118	174
Amortization	0	0	(2)
Settlement adjustments	0	0	(21)
Actuarial loss (gain)	(21)	(184)	(33)
Asset loss (gain)	0	0	0
Net prior service cost	0	0	0
Currency translation loss	0	0	0
Net actuarial loss (gain), end of year	$ (87)	$ (66)	$ 118

INCENTIVE COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Equity-Based RSU
Number
Outstanding at beginning of period (in shares)	993,000	554,000	584,000
Transferred to and from equity-based awards (in shares)	0	0	(8,000)
Granted (in shares)	324,000	405,000	817,000
Vested (in shares)	(378,000)	(266,000)	(153,000)
Forfeited (in shares)	(28,000)	300,000	(686,000)
Outstanding at end of period (in shares)	911,000	993,000	554,000
Weighted Average Milestone Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 22.00	$ 20.40	$ 22.12
Transferred to and from equity-based awards (in dollars per share)	0	0	23.53
Granted (in dollars per share)	23.67	23.88	21.58
Vested (in dollars per share)	22.25	23.25	19.48
Forfeited awards reinstated (forfeited) (in dollars per share)	24.99	23.52	23.44
Outstanding at end of period (in dollars per share)	$ 22.40	$ 22.00	$ 20.40
Liability-Based RSU
Number
Outstanding at beginning of period (in shares)	377,000	574,000	267,000
Transferred to and from equity-based awards (in shares)	0	0	8,000
Granted (in shares)	158,000	269,000	358,000
Vested (in shares)	(196,000)	(139,000)	(59,000)
Forfeited (in shares)	(97,000)	(327,000)	0
Outstanding at end of period (in shares)	242,000	377,000	574,000
Weighted Average Milestone Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 23.80	$ 27.55	$ 19.35
Transferred to and from equity-based awards (in dollars per share)	0	0	23.53
Granted (in dollars per share)	24.21	22.09	21.61
Vested (in dollars per share)	25.27	27.55	20.10
Forfeited awards reinstated (forfeited) (in dollars per share)	22.81	24.71	0
Outstanding at end of period (in dollars per share)	$ 27.66	$ 23.80	$ 27.55

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	December 31, 2023		December 25, 2022
	(In thousands)
Land	$	273,846	$	263,494
Buildings	2,170,716		2,065,042
Machinery and equipment	3,953,008		3,651,464
Autos and trucks	93,858		77,865
Finance lease assets	5,550		5,710
Construction-in-progress	458,146		358,819
PP&E, gross	6,955,124		6,422,394
Accumulated depreciation	(3,796,721)		(3,481,548)
PP&E, net	$	3,158,403	$	2,940,846

The Company recognized depreciation expense of $386.8 million, $369.4 million and $354.4 million during 2023, 2022 and 2021, respectively.

During 2023, the Company incurred $557.8 million on capital projects and transferred $461 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures during 2023 were primarily incurred for growth projects, such as the Athens, GA expansion and the South Georgia protein conversion plant, and to improve operational efficiencies, system enhancement projects, and to reduce costs. During 2022, the Company spent $487.1 million on capital projects and transferred $354.2 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the years ended December 31, 2023 and December 25, 2022 were $85.9 million and $72.0 million, respectively.

During 2023, the Company sold certain PP&E for $19.8 million and recognized a gain of $6.1 million. PP&E sold in 2023 consisted of a farm in Mexico and other miscellaneous equipment. During 2022, the Company sold certain PP&E for $35.5 million and recognized a gain of $18.9 million. PP&E sold in 2022 consisted of a farm in Mexico and other miscellaneous equipment.

The Company has closed or idled various facilities in the U.S. and the U.K. The Board of Directors has not determined if it would be in the best interest of the Company to divest any of these idled assets. Management is therefore not certain that it can or will divest any of these assets within one year, is not actively marketing these assets and, accordingly, has not classified them as assets held for sale. The Company continues to depreciate these assets. As of December 31, 2023, the carrying amount of these idled assets was $59.9 million based on depreciable value of $217.4 million and accumulated depreciation of $157.5 million. During 2023, the Company recognized an impairment loss on PP&E of $4.0 million incurred as a result of planned restructuring activities in the U.K. and Europe reportable segment. Additional information regarding restructuring activities is included in “Note 18. Restructuring-Related Activities.”

As of December 31, 2023, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its property, plant and equipment held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its property, plant and equipment held for use at that date.

RESTRUCTURING-RELATED ACTIVITIES

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING-RELATED ACTIVITIES

In 2022, the Company began restructuring initiatives to phase out and reduce processing volumes at multiple production facilities throughout the U.K. and Europe reportable segment. Implementation of these initiatives is expected to result in total pre-tax charges of approximately $75.1 million, and approximately $49.6 million of these charges are estimated to result in cash outlays. These activities were initiated in the fourth quarter of 2022 and were substantially completed by the end of 2023.

In 2023, the Company began a restructuring initiative to phase out and reduce processing volumes at a production facility in the U.K. and Europe reportable segment. Implementation of this initiative is expected to result in total pre-tax charges of approximately $3.1 million, and all of these charges are estimated to result in cash outlays. This activity was initiated in the fourth quarter of 2023 and is expected to be substantially completed by the end of the first quarter of 2024.

The following table provides a summary of our estimates of costs associated with these restructuring initiatives by major type of cost:


	Moy Park		Pilgrim’s Pride Ltd.		Pilgrim’s Food Masters 2022		Pilgrim’s Food Masters 2023		Total
	(In thousands)
Earliest implementation date	October 2022		November 2022		December 2022		October 2023
Expected predominant completion date	June 2023		July 2023		July 2023		March 2024
Costs incurred and expected to be incurred:
Employee-related costs	$	11,103	$	20,098	$	15,156	$	3,113	$	49,470
Asset impairment costs	4,709		—		4,224		—		8,933
Contract termination costs	248		—		358		—		606
Other exit and disposal costs (a)	6,245		6,638		6,330		—		19,213
Total exit and disposal costs	$	22,305	$	26,736	$	26,068	$	3,113	$	78,222
Costs incurred since earliest implementation date:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	48,718
Asset impairment costs	3,476		—		4,141		—		7,617
Contract termination costs	248		—		—		—		248
Other exit and disposal costs (a)	6,245		5,654		6,330		—		18,229
Total exit and disposal costs	$	21,072	$	25,752	$	24,961	$	3,027	$	74,812

During 2023, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:


	Expenses		Cash Outlays
	(In thousands)
Moy Park	$	1,747	$	7,719
Pilgrim’s Pride Ltd.	15,611		21,364
Pilgrim’s Food Masters 2022	23,960		21,350
Pilgrim’s Food Masters 2023	3,027		929
	$	44,345	$	51,362

These expenses are reported in the line item Restructuring activities on the Consolidated Statements of Income.


	Moy Park
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Asset impairment	$	2,391	$	(83)	$	(2,751)	$	443	$	—
Inventory adjustments	1		47		(48)		—		—
Other charges	6,025		162		(3,315)		(228)		2,644
Other employee costs	—		1,495		(1,495)		—		—
Contract termination	122		126		(110)		6		144
Total	$	8,539	$	1,747	$	(7,719)	$	221	$	2,788


	Pilgrim’s Pride Ltd.
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Employee retention benefits	$	—	$	1,784	$	(1,810)	$	61	$	35
Severance	5,503		10,105		(15,077)		203		734
Inventory adjustments	615		372		(722)		29		294
Lease termination	800		(236)		(597)		197		164
Other charges	501		3,586		(3,158)		(177)		752
Total	$	7,419	$	15,611	$	(21,364)	$	313	$	1,979


	Pilgrim’s Food Masters 2022
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Severance	$	639	$	13,502	$	(12,865)	$	5	$	1,281
Asset impairment	—		4,141		(4,143)		2		—
Inventory adjustments	—		793		(728)		—		65
Lease termination	—		1,219		—		70		1,289
Other charges	—		4,305		(3,614)		(6)		685
Total	$	639	$	23,960	$	(21,350)	$	71	$	3,320


	Pilgrim’s Food Masters 2023
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Employee retention benefits	$	—	$	1,015	$	(508)	$	15	$	522
Severance	—		2,012		(421)		45		1,636
Total	$	—	$	3,027	$	(929)	$	60	$	2,158

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Sep. 02, 2021	Apr. 08, 2021
Senior notes \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.50%		3.50%
Senior notes \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (900,000)	$ (900,000)
Senior notes \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (760,203)	(726,498)
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 4.25%, at Level 2 inputs \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (992,711)	(991,691)
Senior notes \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (902,650)	(734,349)
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.875%
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0	(846,582)
Senior notes \| Fixed-rate senior notes payable at 5.875%, at Level 2 inputs \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0	(846,175)
Senior notes \| Fixed-rate senior notes payable at 6.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.25%
Senior notes \| Fixed-rate senior notes payable at 6.25%, at Level 2 inputs \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (993,595)	0
Senior notes \| Fixed-rate senior notes payable at 6.25%, at Level 2 inputs \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (1,029,020)	0
Senior notes \| Fixed-rate senior notes payable at 6.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.875%
Senior notes \| Fixed-rate senior notes payable at 6.875%, at Level 2 inputs \| Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (490,408)	0
Senior notes \| Fixed-rate senior notes payable at 6.875%, at Level 2 inputs \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (540,230)	0
Secured loans \| Variable-rate term note payable at 8.50%, at Level 3 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	8.50%
Secured loans \| Variable-rate term note payable at 8.50%, at Level 3 inputs \| Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0	(480,078)
Secured loans \| Variable-rate term note payable at 8.50%, at Level 3 inputs \| Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0	$ (489,857)

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Current:
Federal	$ (19,727)	$ 169,660	$ 22,591
Foreign	59,326	52,995	115,772
State and other	(3,369)	34,985	9,150
Total current	36,230	257,640	147,513
Deferred:
Federal	12,783	14,654	(52,147)
Foreign	(10,573)	5,694	(16,225)
State and other	4,465	947	(18,019)
Total deferred	6,675	21,295	(86,391)
Income tax expense (benefit)	$ 42,905	$ 278,935	$ 61,122

REPORTABLE SEGMENTS - Schedule of Segment Reporting, Goodwill and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	$ 419,900	$ 403,110	$ 380,824
Capital expenditures(a)	557,753	487,110	381,671
Assets	9,810,361	9,255,769
Long-lived assets	3,425,110	3,246,644
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Capital expenditures(a)	417,919	343,825	274,934
U.K. and Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Capital expenditures(a)	109,590	114,330	87,004
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Capital expenditures(a)	30,244	28,955	19,733
Operating Segments \| U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	255,052	244,617	242,944
Assets	7,012,211	6,847,209
Long-lived assets	2,085,222	1,943,967
Operating Segments \| U.K. and Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	142,190	134,374	113,256
Assets	4,299,985	4,033,990
Long-lived assets	1,041,857	1,011,283
Operating Segments \| Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	22,658	24,119	$ 24,624
Assets	1,684,711	1,292,056
Long-lived assets	301,919	295,069
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	(3,186,546)	(2,917,486)
Long-lived assets	$ (3,888)	$ (3,675)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Fair values:
Cash collateral posted with brokers	$ 33,475	$ 33,771
Corn
Derivatives Coverage:
Derivatives Coverage	10.90%	14.40%
Soybean meal
Derivatives Coverage:
Derivatives Coverage	39.60%	10.10%
Commodity derivative
Fair values:
Derivative assets	$ 1,202	$ 17,922
Derivative liabilities	(17,118)	(9,042)
Foreign currency derivative
Fair values:
Derivative assets	175	555
Derivative liabilities	(723)	(6,170)
Sales contract derivative assets
Fair values:
Derivative assets	960	0
Sales contract derivative liabilities
Fair values:
Derivative liabilities	$ 0	$ (3,705)

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in AOCL during 2023 and 2022:


	2023
	Losses Related to Foreign Currency Translation		Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)
Other comprehensive income (loss) before reclassifications	154,975		(2,579)		5,437		(124)		157,709
Amounts reclassified from accumulated other comprehensive loss to net income	—		1,813		807		133		2,753
Currency translation	—		14		(511)		—		(497)
Net current year other comprehensive income (loss)	154,975		(752)		5,733		9		159,965
Balance, end of year	$	(114,850)	$	(1,914)	$	(59,714)	$	(5)	$	(176,483)


	2022
	Gains (Losses) Related to Foreign Currency Translation		Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)
Other comprehensive income (loss) before reclassifications	(297,066)		(1,718)		6,383		(1)		(292,402)
Amounts reclassified from accumulated other comprehensive loss to net income	—		4,118		1,043		(13)		5,148
Currency translation	—		(1,197)		—		—		(1,197)
Net current year other comprehensive income (loss)	(297,066)		1,203		7,426		(14)		(288,451)
Balance, end of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)


Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2023		2022
	(In thousands)
Realized loss on settlement of foreign currency derivatives classified as cash flow hedges	$	(1,816)	$	(3,193)	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedge	3		(851)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	—		(98)		Interest expense, net of capitalized interest
Realized gain (loss) on sale of securities	(175)		17		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,065)		(1,381)		Miscellaneous, net
Total before tax	(3,053)		(5,506)
Tax benefit	300		358
Total reclassification for the period	$	(2,753)	$	(5,148)

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

(b)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 15. Pension and Other Postretirement Benefits.”

Preferred Stock

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

Restrictions on Dividends

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

INVESTMENTS IN SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Debt Securities, Available-for-sale [Line Items]
Gross realized gains recognized on available-for-sale securities	$ 21,500	$ 7,100
Gross realized losses recognized on available-for-sale securities	0	0
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	324,808	167,366
Fair Value	$ 324,947	$ 167,430

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Paragraph 3
-Subparagraph (c)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

INVESTMENTS IN SECURITIES

12 Months Ended

Dec. 31, 2023

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:


	December 31, 2023				December 25, 2022
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Fixed income securities	$	324,808	$	324,947	$	167,366	$	167,430

Gross realized gains during 2023 and 2022 related to the Company’s available-for-sale securities totaled $21.5 million and $7.1 million, respectively, while gross realized losses were immaterial. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during 2023 and 2022 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 2023 and 2022 are disclosed in “Note 14. Stockholders’ Equity.”

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning of year	$ 27,585	$ 20,242
Increase as a result of tax positions taken during prior years	17,415	13,950
Decrease for lapse in statute of limitations	(7,201)	(6,473)
Decrease for tax positions of prior years	(234)	(134)
Unrecognized tax benefits, end of year	$ 37,565	$ 27,585

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	December 31, 2023		December 25, 2022
	(In thousands)
Raw materials and work-in-process	$	1,158,467	$	1,204,092
Finished products	642,028		596,375
Operating supplies	75,530		95,367
Maintenance materials and parts	109,374		94,350
Total inventories	$	1,985,399	$	1,990,184

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 322,317	$ 746,538	$ 31,268
Foreign currency translation adjustment
Gains (losses) arising during the period	154,975	(297,066)	(55,541)
Derivative financial instruments designated as cash flow hedges
Gains (losses) arising during the period	(2,565)	(2,915)	398
Income tax effect	0	0	22
Reclassification to net earnings for losses (gains) realized	1,813	4,142	(1,437)
Income tax effect	0	(24)	(157)
Available-for-sale securities
Losses arising during the period	(166)	(3)	0
Income tax effect	42	2	0
Reclassification to net earnings for losses (gains) realized	175	(17)	0
Income tax effect	(42)	4	0
Defined benefit plans
Gains realized during the period	6,751	8,505	35,122
Income tax effect	(1,825)	(2,122)	(7,524)
Reclassification to net earnings of losses realized	1,065	1,381	2,278
Income tax effect	(258)	(338)	(538)
Total other comprehensive income (loss), net of tax	159,965	(288,451)	(27,377)
Comprehensive income	482,282	458,087	3,891
Less: Comprehensive income attributable to noncontrolling interests	743	608	268
Comprehensive income attributable to Pilgrim’s Pride Corporation	$ 481,539	$ 457,479	$ 3,623

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Income Statement [Abstract]
Net sales	$ 17,362,217	$ 17,468,377	$ 14,777,458
Cost of sales	16,243,816	15,656,574	13,411,631
Gross profit	1,118,401	1,811,803	1,365,827
Selling, general and administrative expense	551,770	604,742	1,148,861
Restructuring activities	44,345	30,466	5,802
Operating income	522,286	1,176,595	211,164
Interest expense, net of capitalized interest	202,272	152,672	145,792
Interest income	(35,651)	(9,028)	(6,056)
Foreign currency transaction losses (gains)	20,570	30,817	(9,382)
Miscellaneous, net	(30,127)	(23,339)	(11,580)
Income before income taxes	365,222	1,025,473	92,390
Income tax expense	42,905	278,935	61,122
Net income	322,317	746,538	31,268
Less: Net income attributable to noncontrolling interest	743	608	268
Net income attributable to Pilgrim’s Pride Corporation	$ 321,574	$ 745,930	$ 31,000
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic (in shares)	236,725	239,766	243,652
Effect of dilutive common stock equivalents (in shares)	572	628	477
Diluted (in shares)	237,297	240,394	244,129
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 1.36	$ 3.11	$ 0.13
Diluted (in dollars per share)	$ 1.36	$ 3.10	$ 0.13

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Sales to related parties
JBS USA Food Company(a)	$	27,687	$	24,224	$	17,296
JBS Australia Pty. Ltd.	4,981		2,855		2,439
Other related parties	3,135		2,868		1,721
Total sales to related parties	$	35,803	$	29,947	$	21,456


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Cost of goods purchased from related parties
JBS USA Food Company(a)	$	185,258	$	156,452	$	210,657
Seara Meats B.V.	28,828		44,364		4,722
Penasul UK LTD	13,932		13,516		6,697
JBS Asia CO Limited	4,953		7,762		5
Other related parties	7,168		1,476		1,054
Total cost of goods purchased from related parties	$	240,139	$	223,570	$	223,135


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Expenditures paid by related parties
JBS USA Food Company(b)	$	156,439	$	91,568	$	97,713
Other related parties	15		97		13
Total expenditures paid by related parties	$	156,454	$	91,665	$	97,726


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Expenditures paid on behalf of related parties
JBS USA Food Company(b)	$	22,734	$	53,065	$	42,951
Other related parties	5		5,514		—
Total expenditures paid on behalf of related parties	$	22,739	$	58,579	$	42,951


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Other related party transactions
Capital distribution (contribution) under tax sharing agreement (c)	$	(1,425)	$	1,592	$	1,961


	December 31, 2023		December 25, 2022
	(In thousands)
Accounts receivable from related parties
JBS USA Food Company(a)	$	967	$	2,062
Seara Meats B.V.	46		61
Other related parties	765		389
Total accounts receivable from related parties	$	1,778	$	2,512


	December 31, 2023		December 25, 2022
	(In thousands)
Accounts payable to related parties
JBS USA Food Company(a)	$	34,038	$	7,434
JBS Asia Co Limited	2,254		2,099
Seara Meats B.V.	2,252		1,565
Penasul UK LTD	2,187		940
Other related parties	523		117
Total accounts payable to related parties	$	41,254	$	12,155

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Cash and cash equivalents	$ 697,748	$ 400,988
Restricted cash and cash equivalents	33,475	33,771
Inventories	1,985,399	1,990,184
Income taxes receivable	161,062	155,859
Prepaid expenses and other current assets	195,831	211,092
Total current assets	4,204,471	3,891,618
Deferred tax assets	4,890	1,969
Other long-lived assets	35,646	41,574
Operating lease assets, net	266,707	305,798
Intangible assets, net	853,983	846,020
Goodwill	1,286,261	1,227,944
Property, plant and equipment, net	3,158,403	2,940,846
Total assets	9,810,361	9,255,769
Revenue contract liabilities	84,958	34,486
Accrued expenses and other current liabilities	926,727	850,899
Income taxes payable	31,678	58,411
Current maturities of long-term debt	674	26,279
Total current liabilities	2,495,867	2,570,169
Noncurrent operating lease liabilities, less current maturities	203,348	230,701
Long-term debt, less current maturities	3,340,841	3,166,432
Deferred tax liabilities	385,548	364,184
Other long-term liabilities	40,180	71,007
Total liabilities	6,465,784	6,402,493
Common stock, $.01 par value, 800,000,000 shares authorized; 261,931,080 and 261,610,518 shares issued at year-end 2023 and year-end 2022, respectively; 236,789,927 and 236,469,365 shares outstanding at year-end 2023 and year-end 2022, respectively	2,620	2,617
Treasury stock, at cost, 25,141,153 shares at year-end 2023 and year-end 2022.	(544,687)	(544,687)
Additional paid-in capital	1,978,849	1,969,833
Retained earnings	2,071,073	1,749,499
Accumulated other comprehensive loss	(176,483)	(336,448)
Total Pilgrim’s Pride Corporation stockholders’ equity	3,331,372	2,840,814
Noncontrolling interest	13,205	12,462
Total stockholders’ equity	3,344,577	2,853,276
Total liabilities and stockholders’ equity	$ 9,810,361	$ 9,255,769
Common stock, shares issued (in shares)	261,931,080	261,610,518
Common stock, shares outstanding (in shares)	236,789,927	236,469,365
Treasury stock, shares outstanding (in shares)	25,141,153	25,141,153
Nonrelated Party
Trade accounts, receivable from related party and other receivables, net	$ 1,129,178	$ 1,097,212
Accounts payable	1,410,576	1,587,939
Related Party
Trade accounts, receivable from related party and other receivables, net	1,778	2,512
Accounts payable	$ 41,254	$ 12,155

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

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 partially manage this translational foreign exchange risk.

The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the Consolidated Balance Sheets while the fair value of derivative liabilities is included in the line item Accrued expenses and other current liabilities on the same statements. The Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item Restricted cash and cash equivalents on the Consolidated Balance Sheets.

Undesignated contracts may include contracts not designated as hedges or contracts that do not qualify for hedge accounting. The fair value of each of these derivatives is recognized in the Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of each derivative are

recognized immediately in the Consolidated Statements of Income within Net sales, Cost of sales, Selling, general and administrative expense, or Foreign currency transaction (gains) 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 Consolidated Statements of Income. Realized gains and losses related to cash flows are disclosed in the Consolidated Statements of Cash Flows in Cash Provided by Operating Activities. Unrealized gains and losses related to cash flows are disclosed in the 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 (gains) and Cost of sales in the Consolidated Statements of Income.

The Company does apply hedge accounting to certain derivative financial instruments related to its U.K. and Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the cash flow hedge into accumulated other comprehensive loss (“AOCL”). When the derivative financial instruments are settled, the amount in AOCL is then reclassified to earnings. Gains or losses related to these derivative financial instruments are included in the line items Net sales and Cost of sales in the Consolidated Statements of Income.

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 Consolidated Financial Statements at December 31, 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:


	December 31, 2023			December 25, 2022
	(In thousands)
Fair values:
Commodity derivative assets	$	1,202		$	17,922
Commodity derivative liabilities	(17,118)			(9,042)
Foreign currency derivative assets	175			555
Foreign currency derivative liabilities	(723)			(6,170)

Sales contract derivative assets	960			—
Sales contract derivative liabilities	—			(3,705)
Cash collateral posted with brokers(a)	33,475			33,771
Derivatives Coverage(b):
Corn	10.9		%	14.4		%
Soybean meal	39.6		%	10.1		%
Period through which stated percent of needs are covered:
Corn	July 2024			December 2023
Soybean meal	March 2024			December 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:


	Years Ended
Type of Contract (a)	December 31, 2023		December 25, 2022		December 26, 2021		Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)	$	(34,229)	$	(35,586)	$	12,806	Foreign currency transaction losses (gains)
Commodity derivative gain (loss)	(5,318)		53,899		50,404		Cost of sales
Sales contract derivative gain (loss)	4,665		8,985		(12,691)		Net sales
Total	$	(34,882)	$	27,298	$	50,519

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

The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:


	Gain (Loss) Recognized in Other Comprehensive Loss
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Foreign currency derivatives	$	(2,579)	$	1,719	$	471
Interest rate swap derivatives	—		98		(88)
Total	$	(2,579)	$	1,817	$	383


	Gain (Loss) Reclassified from AOCI into Income
	December 31, 2023						December 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	17,362,217	$	16,243,816	$	202,272	$	17,468,377	$	15,656,574	$	152,672
Impact from cash flow hedging instruments:
Interest rates swap derivatives	—		—		—		—		—		98
Foreign currency derivatives	(1,816)		(3)		—		(3,194)		851		—

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

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

As of December 31, 2023, there were immaterial pre-tax deferred net losses on foreign currency derivatives recorded in AOCL that are expected to be reclassified to the 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.

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
U.S.	$	26,887	$	928,709	$	(141,940)
Foreign	338,335		96,764		234,330
Total	$	365,222	$	1,025,473	$	92,390

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Current:
Federal	$	(19,727)	$	169,660	$	22,591
Foreign	59,326		52,995		115,772
State and other	(3,369)		34,985		9,150
Total current	36,230		257,640		147,513
Deferred:
Federal	12,783		14,654		(52,147)
Foreign	(10,573)		5,694		(16,225)
State and other	4,465		947		(18,019)
Total deferred	6,675		21,295		(86,391)
Total	$	42,905	$	278,935	$	61,122

The effective tax rate for 2023 was 11.7% compared to 27.2% for 2022 and 66.2% for 2021.

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


	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	0.6		3.2		(4.5)
Mexico tax audit	—		3.8		—
Intercompany financing	(5.7)		(1.9)		(14.1)
Permanent items	(0.9)		(0.9)		1.7
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.2		1.2		22.3
Rate change	(0.7)		(0.9)		26.6
Foreign currency translation	(7.4)		(0.9)		10.6
Tax credits	(3.0)		(0.4)		(4.1)
Change in reserve for unrecognized tax benefits	—		(0.4)		7.3
Change in valuation allowance	6.9		2.8		(0.2)
Return to provision	(4.1)		—		—
Other	(0.2)		0.6		(0.4)
Total	11.7	%	27.2	%	66.2	%

Included in the return to provision is a decrease of (4.2)% in the effective tax rate related to a return to provision amount from the 2020 federal income tax return due to deconsolidation. The amount was recorded during the year ended December 31, 2023. Included in the Mexico tax audit is an increase of 3.8% in the effective tax rate related to the Mexican tax authority’s claim that Avícola Pilgrim’s Pride de Mexico, S.A. de C.V. (“Avícola”) should have considered dividends paid out of its subsidiaries as partially taxable in tax years 2009 and 2010. The amount was recorded during the year ended December 25, 2022. Included in the change in reserve for unrecognized tax benefits is an increase of 7.0% in the effective tax rate related

to interest deductions in the U.K. for tax years 2017 through 2021. The amount was recorded during the year ended December 25, 2021.

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


	December 31, 2023		December 25, 2022
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	519,458	$	547,113
Inventories	99,144		99,889
Incentive compensation	8,984		11,138
Operating lease assets	81,942		76,914
Other	2,534		7,867
Total deferred tax liabilities	712,062		742,921
Deferred tax assets:
U.S. net operating losses	24,902		12,297
Foreign net operating losses	55,583		53,801
Credit carry forwards	23,985		18,102
Allowance for credit losses	5,167		9,197
Accrued liabilities	81,156		127,714
Workers’ compensation	5,361		4,192
Pension and other postretirement benefits	—		3,351
Operating lease liabilities	80,823		76,914
Advance payments	22,774		68,361
Interest expense limitations	93,685		37,353
Other	26,428		33,785
Total deferred tax assets	419,864		445,067
Valuation allowance	(88,460)		(64,361)
Net deferred tax assets	331,404		380,706
Net deferred tax liabilities	$	380,658	$	362,215

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment.

As of December 31, 2023, the Company believes it has sufficient positive evidence to conclude that realization of its federal, state and foreign net deferred tax assets are more likely than not to be realized. As of December 31, 2023, the Company’s valuation allowance is $88.5 million, of which $11.0 million relates to our U.K. and Europe operations, $0.1 million relates to our Mexico operations, $53.0 million relates to Onix Investments UK Limited, Sandstone Holdings Sàrl and Arkose Investments ULC, indirect subsidiaries of Pilgrim’s, $11.8 million relates to our Puerto Rico operations, $11.8 million relates to U.S. foreign tax credits and $0.8 million relates to state net operating losses.


	Beginning Balance		Additions		Deductions		Ending Balance
	(In thousands)
Valuation allowance:
2023	$	64,361	$	25,296	$	(1,197)	$	88,460
2022	24,261		43,188		(3,088)		64,361
2021	33,678		—		(9,417)		24,261

As of December 31, 2023, the Company had state net operating loss carry forwards of approximately $104.8 million that begin to expire in 2024. The Company also had Mexico net operating loss carry forwards as of December 31, 2023 of approximately $4.3 million that begin to expire in 2028. The Company also had U.K. net operating loss carry forwards as of December 31, 2023 of approximately $202.6 million that may be carried forward indefinitely.

As of December 31, 2023, the Company had approximately $5.8 million of state tax credit carry forwards that begin to expire in 2024.

For the years ended December 31, 2023 and December 25, 2022, there is a tax effect of $(2.1) million and $(2.5) million, respectively, reflected in other comprehensive loss.

For the years ended December 31, 2023 and December 25, 2022, there are immaterial tax effects reflected in income tax expense due to excess tax benefits and shortfalls related to stock-based compensation. See “Note 1. Business and Summary of Significant Accounting Policies” for additional information.

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


	December 31, 2023		December 25, 2022
	(In thousands)
Unrecognized tax benefits, beginning of year	$	27,585	$	20,242
Increase as a result of tax positions taken during prior years	17,415		13,950
Decrease for lapse in statute of limitations	(7,201)		(6,473)
Decrease for tax positions of prior years	(234)		(134)
Unrecognized tax benefits, end of year	$	37,565	$	27,585

Included in unrecognized tax benefits of $37.6 million as of December 31, 2023, was $18.0 million of tax benefits that, if recognized, would reduce the Company’s effective tax rate. It is not practicable at this time to estimate the amount of unrecognized tax benefits that will change in the next twelve months.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. As of December 31, 2023, the Company had recorded a liability of $5.9 million for interest and penalties. During 2023, accrued interest and penalty amounts related to uncertain tax positions increased by $2.7 million.

The Company operates in the U.S. (including multiple state jurisdictions), Puerto Rico and several foreign locations including Mexico, the U.K., the Republic of Ireland, and continental Europe. With few exceptions, the Company is no longer subject to examinations by taxing authorities for years prior to 2019 in U.S. federal, state and local jurisdictions, for years prior to 2010 in Mexico, and for years prior to 2017 in the U.K.

The Company has a tax sharing agreement with JBS USA Holdings effective for tax years beginning 2010. $1.4 million net tax receivable was accrued in 2023 as a capital contribution and an account receivable from a related party in our Consolidated Balance Sheet. The 2023 tax sharing accrual is related to true-ups of prior year tax sharing accruals. No tax sharing receivable or payable is accrued for the 2023 tax year.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

LEASES - Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Accrued expenses and other current liabilities	$ 67,440	$ 79,222
Current maturities of long-term debt	674	966
Noncurrent operating lease liability, less current maturities	203,348	230,701
Long-term debt, less current maturities	1,812	2,658
Total lease liabilities	270,788	309,923
Total lease liabilities	$ 2,486	$ 3,624
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-Term Debt, Current Maturities	Long-Term Debt, Current Maturities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, less current maturities	Long-term debt, less current maturities

REPORTABLE SEGMENTS - Schedule of Net Sales, Operating Income, Depreciation and Amortization, Capital Expenditures, Assets, Customer Location and Long-lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Net sales
Net sales	$ 17,362,217	$ 17,468,377	$ 14,777,458
Operating income
Total operating income	522,286	1,176,595	211,164
Interest expense, net of capitalized interest	202,272	152,672	145,792
Interest income	(35,651)	(9,028)	(6,056)
Foreign currency transaction losses (gains)	20,570	30,817	(9,382)
Miscellaneous, net	(30,127)	(23,339)	(11,580)
Income before income taxes	365,222	1,025,473	92,390
Income tax expense	42,905	278,935	61,122
Net income	322,317	746,538	31,268
U.S.
Net sales
Net sales	9,496,709	10,204,411	8,657,648
Europe
Net sales
Net sales	5,148,931	4,813,108	3,878,475
Mexico
Net sales
Net sales	2,180,418	1,895,658	1,778,355
Asia-Pacific
Net sales
Net sales	384,946	390,679	317,685
Canada, Caribbean and Central America
Net sales
Net sales	72,339	87,515	81,549
Africa
Net sales
Net sales	66,519	61,894	47,948
South America
Net sales
Net sales	12,355	15,112	15,798
Eliminations
Operating income
Total operating income	(214)	54	54
U.S.
Net sales
Net sales	10,027,742	10,748,350	9,113,879
U.S. \| Operating Segments
Operating income
Total operating income	238,894	1,094,025	(17,036)
U.K. and Europe
Net sales
Net sales	5,203,322	4,874,738	3,934,062
U.K. and Europe \| Operating Segments
Operating income
Total operating income	128,151	(934)	(627)
U.K. and Europe \| Eliminations
Net sales
Net sales		5,300
Mexico
Net sales
Net sales	2,131,153	1,845,289	1,729,517
Mexico \| Operating Segments
Operating income
Total operating income	155,455	83,450	228,773
Mexico \| Eliminations
Net sales
Net sales	$ 370,100	$ 120,900	$ 296,900

INCENTIVE COMPENSATION - Schedule of Compensation Cost and Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 7,587	$ 6,863	$ 10,629
Income tax benefit	1,836	1,671	2,587
Net cost	5,751	5,192	8,042
Equity-Based RSU \| Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	629	959	3,209
Equity-Based RSU \| Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	6,958	5,904	7,420
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	603	432	1,878
Net cost	1,888	1,341	5,837
Liability-Based RSU \| Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cost	$ 2,491	$ 1,773	$ 7,715

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 27, 2024	Jun. 25, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 per share
Trading Symbol	PPC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 853,768,552
Entity Common Stock, Shares Outstanding		236,790,798
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this annual report.
Amendment Flag	false
Entity Central Index Key	0000802481
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Net pension and other postretirement cost
Increase in Discount Rate of 0.25% - impact on defined benefit obligation for pension benefits	$ (6,358)
Decrease in Discount Rate of 0.25% - impact on defined benefit obligation for pension benefits	$ 6,693
Pension Benefits
Benefit obligation
Discount rate	4.81%	5.04%	2.23%
Net pension and other postretirement cost
Discount rate	4.93%	3.67%	2.08%
Expected return on plan assets	4.95%	4.68%	3.53%
Other Benefits
Benefit obligation
Discount rate	5.06%	5.16%	2.38%
Net pension and other postretirement cost
Discount rate	5.16%	2.38%	1.80%

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Operating lease cost	$ 92,877	$ 98,353
Amortization of finance lease assets	921	472
Interest on finance leases	95	132
Short-term lease cost	93,739	77,100
Variable lease cost	2,751	4,102
Net lease cost	$ 190,383	$ 180,159

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Gains (Losses) and Location of Income Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Derivative [Line Items]
Gains (loss) by type of contract	$ (34,882)	$ 27,298	$ 50,519
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net sales	Net sales	Net sales
Foreign currency derivatives gain (loss)
Derivative [Line Items]
Gains (loss) by type of contract	$ (34,229)	$ (35,586)	$ 12,806
Commodity derivative
Derivative [Line Items]
Gains (loss) by type of contract	(5,318)	53,899	50,404
Sales contract derivative liabilities
Derivative [Line Items]
Gains (loss) by type of contract	$ 4,665	$ 8,985	$ (12,691)

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The activity in goodwill by reportable segment for the years ended December 31, 2023 and December 25, 2022 were as follows:


	December 25, 2022		Additions		Currency Translation		December 31, 2023
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,058,204		—		58,317		1,116,521
Mexico	127,804		—		—		127,804
Total	$	1,227,944	$	—	$	58,317	$	1,286,261


	December 26, 2021		Additions		Currency Translation		December 25, 2022
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,167,512		5,401		(114,709)		1,058,204
Mexico	127,804		—		—		127,804
Total	$	1,337,252	$	5,401	$	(114,709)	$	1,227,944

Schedule of Indefinite and Finite-Lived Intangible Assets

Intangible assets consisted of the following:


	December 25, 2022		Amortization		Disposals		Currency Translation		December 31, 2023
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	549,024	$	—	$	—	$	31,449	$	580,473
Trade names subject to amortization	112,057		—		—		624		112,681
Customer relationships	427,662		—		—		14,057		441,719
Accumulated amortization:
Trade names	(53,708)		(3,886)		—		(168)		(57,762)
Customer relationships	(189,015)		(29,210)		—		(4,903)		(223,128)
Total	$	846,020	$	(33,096)	$	—	$	41,059	$	853,983


	December 26, 2021		Amortization		Disposals		Currency Translation		December 25, 2022
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	609,713	$	—	$	—	$	(60,689)	$	549,024
Trade names subject to amortization	114,268		—		—		(2,211)		112,057
Customer relationships	455,459		—		—		(27,797)		427,662
Non-compete agreements	320		—		(320)		—		—
Accumulated amortization:
Trade names	(49,901)		(3,894)		—		87		(53,708)
Customer relationships	(166,296)		(29,844)		—		7,125		(189,015)
Non-compete agreements	(320)		—		320		—		—
Total	$	963,243	$	(33,738)	$	—	$	(83,485)	$	846,020

Schedule of Intangible Assets Amortization and Estimated Useful Lives

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


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

GOODWILL AND INTANGIBLE ASSETS - Useful Life of Assets (Details)	Dec. 31, 2023
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	18 years
Trade names subject to amortization \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	15 years
Trade names subject to amortization \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	3 years

INCOME TAXES - Schedule of Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Operating Loss Carryforwards [Line Items]
Federal income tax rate	21.00%	21.00%	21.00%
State tax rate, net	0.60%	3.20%	(4.50%)
Intercompany financing	(5.70%)	(1.90%)	(14.10%)
Permanent items	(0.90%)	(0.90%)	1.70%
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.20%	1.20%	22.30%
Rate change	(0.70%)	(0.90%)	26.60%
Foreign currency translation	(7.40%)	(0.90%)	10.60%
Tax credits	(3.00%)	(0.40%)	(4.10%)
Change in reserve for unrecognized tax benefits	0.00%	(0.40%)	7.30%
Change in valuation allowance	6.90%	2.80%	(0.20%)
Return to provision	(4.10%)	0.00%	0.00%
Other	(0.20%)	0.60%	(0.40%)
Total	11.70%	27.20%	66.20%
Mexico tax audit
Operating Loss Carryforwards [Line Items]
Mexico tax audit	0.00%	3.80%	0.00%

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES General The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its financial condition, results of operations and cash flows. Purchase Obligations The Company will sometimes enter into noncancelable contracts to purchase capital equipment and certain commodities such as corn, soybean meal, wheat and energy. As of December 31, 2023, the Company was party to outstanding purchase contracts totaling $414.5 million payable in 2024, $26.4 million payable in 2025, $2.0 million payable in 2026, $1.9 million payable in 2027 and $12.5 million payable thereafter. Operating Leases Additional information regarding operating leases is included in “Note 3. Leases.” Financial Instruments The Company’s loan agreements generally obligate the Company to reimburse the applicable lender for incremental increased costs due to a change in law that imposes (1) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (2) any tax, duty or other charge with respect to the loan (except standard income tax) or (3) capital adequacy requirements. In addition, some of the Company’s loan agreements contain a withholding tax provision that requires the Company to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. These increased cost and withholding tax provisions continue for the entire term of the applicable transaction, and there is no limitation on the maximum additional amounts the Company could be obligated to pay under such provisions. Any failure to pay amounts due under such provisions generally would trigger an event of default and, in a secured financing transaction, would entitle the lender to foreclose upon the collateral to realize the amount due. Litigation The Company is subject to various legal proceedings and claims which arise in the ordinary course of business. In the Company’s opinion, it has made appropriate and adequate accruals for claims where necessary; however, the ultimate liability for these matters is uncertain, and if significantly different than the amounts accrued, the ultimate outcome could have a material effect on the financial condition or results of operations of the Company. The Company cannot predict the outcome of the litigation matters or other actions nor when they will be resolved. The consequences of the pending litigation matters are inherently uncertain, and settlements, adverse actions, or adverse judgments in some or all of these matters, including investigations by the U.S. Department of Justice (“DOJ”) or the Attorneys General, may result in monetary damages, fines, penalties, or injunctive relief against the Company, which could be material and could adversely affect its financial condition or results of operations. Any claims or litigation, even if fully indemnified or insured, could damage the Company’s reputation and make it more difficult to compete effectively or to obtain adequate insurance in the future. In addition, the U.S. government’s recent focus on market dynamics in the meat processing industry could expose the Company to additional costs and risks. Tax Claims and Proceedings During 2014 and 2015, the Mexican Tax Administration Service (“SAT”) opened a review of Avícola with regard to tax years 2009 and 2010. In both instances, the SAT claims 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 SAT, 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 appealed the opinion, and on January 31, 2023, the appeal as to tax year 2009 was dismissed by the Mexico Supreme Court. Accordingly, the Company has paid $25.9 million for tax year 2009. The opinion for tax year 2010 is still under appeal. Avícola has recorded a tax reserve of $17.2 million in connection therewith. 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 filed a petition to nullify these assessments, and on June 7, 2023, the tax court granted the petition. The Mexican Tax Authorities have appealed that decision. Amounts under appeal are approximately $290.9 million for such tax assessments. No loss has been recorded for these amounts at this time. U.S. Litigation Between September 2, 2016 and October 13, 2016, a series of federal class action lawsuits 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 and styled as In re Broiler Chicken Antitrust Litigation, Case No. 1:16-cv-08637 (“Broiler Antitrust 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: the direct purchasers (“Broiler DPPs”), the commercial and institutional indirect purchasers (“Broiler CIIPPs”), and the end-user consumer indirect purchasers (“Broiler EUCPs”). Between December 8, 2017 and September 1, 2021, 82 individual direct action complaints were filed with the Illinois Court by individual direct purchaser entities (“Broiler DAPs”) naming PPC as a defendant, the allegations of which largely mirror those in the class action complaints, though some added allegations of price fixing and bid rigging on certain sales. On May 27, 2022, the Illinois Court certified each of the three classes. On June 30, 2023, the Illinois Court issued its summary judgment order that dismissed certain claims against PPC but denied dismissal as to the supply reduction claims from 2008-2012. Thereafter, the Illinois Court issued a revised scheduling order for certain plaintiffs who limited their claims to reduction of output, and the first trial began on September 12, 2023 with Broiler DPPs and certain Broiler DAPs as plaintiffs. PPC settled with all plaintiffs in the first trial prior to its commencement, so PPC was not a participant in the trial. On October 25, 2023, the first trial concluded with a jury verdict in favor of the defendant. PPC has entered into agreements to settle all claims made by the Broiler DPPs, Broiler CIIPPs, and Broiler EUCPs, for an aggregate total of $195.5 million, each of which has received final approval from the Illinois Court. PPC continues to defend itself against the Broiler DAPs as well as parties that have opted out of the class settlements (collectively, the “Broiler Opt Outs”). PPC will seek reasonable settlements where they are available. To date, PPC has recognized an expense of $537.4 million to cover settlements with various Broiler Opt Outs. For the twelve months ending December 31, 2023, $23.0 million has been recognized by PPC in Selling, general and administrative expense (“SG&A expense”) in the Consolidated Statements of Income. Trials with the other Broiler Antitrust Litigation plaintiffs are not yet scheduled. Between August 30, 2019 and October 16, 2019, a series of 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, styled as Jien, et al. v. Perdue Farms, Inc., et al., No.19-cv-02521. The plaintiffs are a putative class of poultry processing plant production and maintenance workers (“Poultry Workers Class”) and allege that the defendants conspired to fix and depress the compensation paid to Poultry Workers Class in violation of the Sherman Antitrust Act. Defendants moved to dismiss on December 18, 2020, which the Maryland Court denied on March 10, 2021. On June 14, 2021, PPC entered into an agreement to settle all claims made by the Poultry Workers Class for $29.0 million, though the agreement is still subject to final approval by the Maryland Court. On February 16, 2022, the plaintiffs filed an amended complaint, which extended the relevant period, added defendants, and included additional workers in the class. PPC recognizes these settlement expenses within SG&A expense in the Consolidated Statements of Income. On January 27, 2017, a purported class action on behalf of broiler chicken farmers was brought against PPC and other chicken 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. The complaint was consolidated with several subsequently filed consolidated amended class action complaints and styled as In re Broiler Chicken Grower Litigation, Case No. CIV-17-033. The defendants (including PPC) jointly moved to dismiss the consolidated amended complaint, which the Oklahoma Court denied as to PPC and certain other defendants. PPC, therefore, continues to litigate against the putative class plaintiffs. On October 20, 2016, Patrick Hogan, acting on behalf of himself and a putative class of certain PPC stockholders, 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 styled as Hogan v. Pilgrim’s Pride Corporation, et al., No. 16-CV-02611 (“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. On July 31, 2020, defendants filed a motion to dismiss, which the Colorado Court granted on procedural grounds on April 19, 2021. 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. On July 13, 2023, the Tenth Circuit reversed the Colorado Court decision and remanded to consider the complaint on the merits. PPC filed a renewed motion to dismiss the complaint in the Colorado Court which was denied on December 26, 2023. PPC will therefore litigate against the putative class plaintiffs. U.S. State Matters From February 21, 2017 through May 4, 2021, the Attorneys General for multiple U.S. states have issued civil investigative demands (“CIDs”). The CIDs request, 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 Attorneys General in these states in producing documents pursuant to the CIDs. On September 1, 2020, February 22, 2021, and October 28, 2021, the Attorneys General in New Mexico (State of New Mexico v. Koch Foods, et al., D-101-CV-2020-01891), Alaska (State of Alaska v. Agri Stats, Inc., et al., 3AN-21-04632), and Washington (State of Washington v. Tyson Foods Inc., et al., 21-2-14174-5), respectively, filed complaints against PPC and others based on allegations similar to those asserted in the Broiler Antitrust Litigation. PPC has answered all of the complaints and each case is now in discovery. On March 9, 2023, PPC entered into an agreement to settle all claims made by the State of Washington for $11.0 million. The State of Washington claim was paid in the second quarter of 2023. PPC will seek reasonable settlements where they are available. To date, PPC has recognized an accrual of $5.4 million to cover settlements with other Attorneys General. U.S. Federal Matters 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 and on October 2, 2023, received a CID requesting information from the Company. The Company is cooperating with the DOJ in its investigations and CID. The DOJ has informed the Company that it is likely to file a civil complaint pursuant to at least one of these investigations.

BUSINESS INTERRUPTION INSURANCE (Details) $ in Millions	12 Months Ended
BUSINESS INTERRUPTION INSURANCE (Details) $ in Millions	Dec. 31, 2023 USD ($) claim	Dec. 25, 2022 USD ($)
Business Interruption Loss [Line Items]
Number of experienced business interruptions \| claim	2
Proceeds from business interruption insurance recovery	$ 60.4	$ 11.0
Gain on business interruption insurance recovery	$ 54.4	$ 26.4
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Miscellaneous, net	Miscellaneous, net
U.S.
Business Interruption Loss [Line Items]
Gain on business interruption insurance recovery	$ 43.8
U.K. and Europe
Business Interruption Loss [Line Items]
Gain on business interruption insurance recovery	$ 10.6

INCENTIVE COMPENSATION - Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Equity-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 9.3	$ 7.5
Unrecognized compensation cost	$ 9.0
Unrecognized compensation cost, period for recognition (in years)	1 year 11 months 4 days
Liability-Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 5.0	$ 5.6
Unrecognized compensation cost	$ 4.1
Unrecognized compensation cost, period for recognition (in years)	1 year 8 months 23 days
2019 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	0.5
U.S.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	$ 26.6
U.K. and Europe
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	27.5
Mexico
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued costs related to cash bonus awards	$ 8.1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments and Cash Collateral

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


	December 31, 2023			December 25, 2022
	(In thousands)
Fair values:
Commodity derivative assets	$	1,202		$	17,922
Commodity derivative liabilities	(17,118)			(9,042)
Foreign currency derivative assets	175			555
Foreign currency derivative liabilities	(723)			(6,170)

Sales contract derivative assets	960			—
Sales contract derivative liabilities	—			(3,705)
Cash collateral posted with brokers(a)	33,475			33,771
Derivatives Coverage(b):
Corn	10.9		%	14.4		%
Soybean meal	39.6		%	10.1		%
Period through which stated percent of needs are covered:
Corn	July 2024			December 2023
Soybean meal	March 2024			December 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.

Schedule of Derivative Instruments, Gain (Loss)

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


	Years Ended
Type of Contract (a)	December 31, 2023		December 25, 2022		December 26, 2021		Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss)	$	(34,229)	$	(35,586)	$	12,806	Foreign currency transaction losses (gains)
Commodity derivative gain (loss)	(5,318)		53,899		50,404		Cost of sales
Sales contract derivative gain (loss)	4,665		8,985		(12,691)		Net sales
Total	$	(34,882)	$	27,298	$	50,519

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

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:


	Gain (Loss) Recognized in Other Comprehensive Loss
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Foreign currency derivatives	$	(2,579)	$	1,719	$	471
Interest rate swap derivatives	—		98		(88)
Total	$	(2,579)	$	1,817	$	383

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income


	Gain (Loss) Reclassified from AOCI into Income
	December 31, 2023						December 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 Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	17,362,217	$	16,243,816	$	202,272	$	17,468,377	$	15,656,574	$	152,672
Impact from cash flow hedging instruments:
Interest rates swap derivatives	—		—		—		—		—		98
Foreign currency derivatives	(1,816)		(3)		—		(3,194)		851		—

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

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

CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Current Liabilities

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


	December 31, 2023		December 25, 2022
	(In thousands)
Accounts payable
Trade accounts	$	1,294,830	$	1,476,552
Book overdrafts	90,612		93,800
Other payables	25,134		17,587
Total accounts payable	1,410,576		1,587,939
Accounts payable to related parties(a)	41,254		12,155
Revenue contract liabilities(b)	84,958		34,486
Accrued expenses and other current liabilities
Compensation and benefits	249,474		258,098
Accrued sales rebates	104,390		55,002
Insurance and self-insured claims	76,287		72,453
Litigation settlements	73,330		99,230
Interest and debt-related fees	71,508		32,433
Current maturities of operating lease liabilities(c)	67,440		79,222
Taxes	37,635		33,550
Derivative liabilities(d)	17,841		18,917
Other accrued expenses	228,822		201,994
Total accrued expenses and other current liabilities	926,727		850,899
Total current liabilities	$	2,463,515	$	2,485,479

(a)Additional information regarding accounts payable to related parties is included in “Note 19. Related Party Transactions.”

(b)Additional information regarding revenue contract liabilities is included in “Note 2. Revenue Recognition.”

(c)Additional information regarding current maturities of operating lease liabilities is included in “Note 3. Leases.”

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	Maturity	December 31, 2023		December 25, 2022
		(In thousands)
Senior notes payable, net of discount, at 6.875%	2034	$	490,408	$	—
Senior notes payable, net of discount, at 6.25%	2033	993,595		—
Senior notes payable at 3.50%	2032	900,000		900,000
Senior notes payable, net of discount, at 4.25%	2031	992,711		991,692
Senior notes payable, net of discount at 5.875%	2027	—		846,582
U.S. Revolving Credit Facility at 6.66% - 8.75%	2028	—		—
2021 U.S. Credit Facility (defined below)
Term note payable at 6.40% - 8.50%	2026	—		480,078
Revolving note payable at 4.33%	2026	—		—
U.K. and Europe Revolver Facility (defined below) with notes payable at SONIA plus 1.25%	2027	—		—
Mexico BBVA Credit Facility (defined below) with notes payable at TIIE plus 1.35%	2026	—		—
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.70%	2023	—		—
Finance lease obligations	Various	2,486		3,624
Long-term debt		3,379,200		3,221,976
Less: Current maturities of long-term debt		(674)		(26,279)
Long-term debt, less current maturities		3,378,526		3,195,697
Less: Capitalized financing costs		(37,685)		(29,265)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,340,841	$	3,166,432

REVENUE RECOGNITION - Narrative (Details)	12 Months Ended
REVENUE RECOGNITION - Narrative (Details)	Dec. 31, 2023
Minimum
Disaggregation of Revenue [Line Items]
Payments due period (in days)	14 days
Maximum
Disaggregation of Revenue [Line Items]
Payments due period (in days)	30 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by reportable segment for the years ended December 31, 2023 and December 25, 2022 were as follows:


	December 25, 2022		Additions		Currency Translation		December 31, 2023
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,058,204		—		58,317		1,116,521
Mexico	127,804		—		—		127,804
Total	$	1,227,944	$	—	$	58,317	$	1,286,261


	December 26, 2021		Additions		Currency Translation		December 25, 2022
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,167,512		5,401		(114,709)		1,058,204
Mexico	127,804		—		—		127,804
Total	$	1,337,252	$	5,401	$	(114,709)	$	1,227,944

Intangible assets consisted of the following:


	December 25, 2022		Amortization		Disposals		Currency Translation		December 31, 2023
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	549,024	$	—	$	—	$	31,449	$	580,473
Trade names subject to amortization	112,057		—		—		624		112,681
Customer relationships	427,662		—		—		14,057		441,719
Accumulated amortization:
Trade names	(53,708)		(3,886)		—		(168)		(57,762)
Customer relationships	(189,015)		(29,210)		—		(4,903)		(223,128)
Total	$	846,020	$	(33,096)	$	—	$	41,059	$	853,983


	December 26, 2021		Amortization		Disposals		Currency Translation		December 25, 2022
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	609,713	$	—	$	—	$	(60,689)	$	549,024
Trade names subject to amortization	114,268		—		—		(2,211)		112,057
Customer relationships	455,459		—		—		(27,797)		427,662
Non-compete agreements	320		—		(320)		—		—
Accumulated amortization:
Trade names	(49,901)		(3,894)		—		87		(53,708)
Customer relationships	(166,296)		(29,844)		—		7,125		(189,015)
Non-compete agreements	(320)		—		320		—		—
Total	$	963,243	$	(33,738)	$	—	$	(83,485)	$	846,020

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


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

The Company expects to recognize amortization expense associated with intangible assets of $30.3 million in 2024, $30.3 million in 2025, $28.3 million in 2026, $24.4 million in 2027 and $24.4 million in 2028.

The Company elected to bypass a qualitative assessment to determine whether it was more likely than not that reporting unit fair value was less than reporting unit carrying amount (including goodwill) for each of its reporting units with a material amount of goodwill reported as of December 31, 2023. Instead, the Company performed a quantitative impairment test for each reporting unit with a material amount of goodwill reported as of December 31, 2023. Based on the results of the quantitative impairment tests, there was no goodwill impairment in any of the Company’s reporting units as of December 31, 2023.

The Company elected to bypass a qualitative assessment to determine whether it was more likely than not that indefinite-lived intangible asset fair value was less than indefinite-lived intangible asset carrying amount for each of its intangible assets not subject to amortization as of December 31, 2023. Instead, the Company performed a quantitative impairment test for each intangible asset not subject to amortization as of December 31, 2023. Based on the results of the quantitative impairment tests, there was no impairment of any of the Company’s intangible assets not subject to amortization as of December 31, 2023.

As of December 31, 2023, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount 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 aggregate carrying amount of its intangible assets subject to amortization at that date.

BUSINESS INTERRUPTION INSURANCE	12 Months Ended
BUSINESS INTERRUPTION INSURANCE	Dec. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
BUSINESS INTERRUPTION INSURANCE	BUSINESS INTERRUPTION INSURANCE The Company experienced business interruptions from the COVID-19 pandemic, a winter storm in Texas and Louisiana during February 2021, and a tornado on December 10, 2021 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 year ended December 31, 2023, the Company received $60.4 million in proceeds and recognized $54.4 million in income from business interruption insurance in Cost of sales on the Consolidated Statement of Income. Of the total amount recognized in 2023, $43.8 million was in the U.S. reportable segment and $10.6 million was in the U.K. and Europe reportable segment. In the year ended December 25, 2022, the Company received $11.0 million in proceeds and recognized $26.4 million in income from business interruption insurance in Cost of sales on the Consolidated Statement of Income.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) country state	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Number of countries to which the company exports products (over) \| country	115
Number of states in which entity operates \| state	14
Advertising costs	$ 56,700,000	$ 58,000,000	$ 32,400,000
Research and development costs	5,700,000	12,500,000	5,100,000
Impairment of intangible assets	0	0
Goodwill	$ 1,286,261,000	$ 1,227,944,000	$ 1,337,252,000
Fair value in over carry value for heightened risk of future goodwill impairment threshold percent (or less)	20.00%
Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure	$ 543,500,000
Moy Park
Property, Plant and Equipment [Line Items]
Goodwill	784,800,000
Pilgrim’s Food Masters 2022
Property, Plant and Equipment [Line Items]
Goodwill	329,400,000
Pilgrim's Mexico Reporting Unit
Property, Plant and Equipment [Line Items]
Goodwill	127,800,000
Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure	800,000
Pilgrim's U.S. Reporting Unit
Property, Plant and Equipment [Line Items]
Goodwill	41,900,000
Pilgrim's U.K. Reporting Unit
Property, Plant and Equipment [Line Items]
Goodwill	2,300,000
Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure	$ 36,100,000
Minimum \| Trade Names and Non-Compete Agreements
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life (in years)	15 years
Minimum \| Customer relationships
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life (in years)	3 years
Minimum \| Building, Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (in years)	5 years
Minimum \| Automobiles and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (in years)	3 years
Maximum \| Trade Names and Non-Compete Agreements
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life (in years)	20 years
Maximum \| Customer relationships
Property, Plant and Equipment [Line Items]
Intangible assets, estimated useful life (in years)	18 years
Maximum \| Building, Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (in years)	33 years
Maximum \| Automobiles and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (in years)	10 years

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 5,550	$ 5,710
PP&E, gross	6,955,124	6,422,394
Accumulated depreciation	(3,796,721)	(3,481,548)
PP&E, net	$ 3,158,403	$ 2,940,846
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	PP&E, net	PP&E, net
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 273,846	$ 263,494
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,170,716	2,065,042
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3,953,008	3,651,464
Autos and trucks
Property, Plant and Equipment [Line Items]
Property, plant and equipment	93,858	77,865
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 458,146	$ 358,819

MARKET RISKS AND CONCENTRATIONS (Details) $ in Billions	12 Months Ended
MARKET RISKS AND CONCENTRATIONS (Details) $ in Billions	Dec. 31, 2023 USD ($) employee	Dec. 25, 2022 USD ($)
Concentration Risk [Line Items]
Period over which there have been no labor-related work stoppages	10 years
U.S.
Concentration Risk [Line Items]
Number of employees \| employee	61,200
Mexico
Concentration Risk [Line Items]
Aggregate carrying amount of net assets	$ 1.3	$ 1.1
U.K. and Europe
Concentration Risk [Line Items]
Aggregate carrying amount of net assets	$ 3.1	$ 2.8
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	35.20%

TRADE ACCOUNTS AND OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

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


	December 31, 2023		December 25, 2022
	(In thousands)
Trade accounts receivable	$	1,027,916	$	984,332
Notes receivable	51,168		33,477
Other receivables	59,435		88,962
Receivables, gross	1,138,519		1,106,771
Allowance for credit losses	(9,341)		(9,559)
Receivables, net	$	1,129,178	$	1,097,212

Accounts receivable from related parties(a)	$	1,778	$	2,512

(a)Additional information regarding accounts receivable from related parties is included in “Note 19. Related Party Transactions.”

Activity in the allowance for credit losses was as follows:


	December 31, 2023		December 25, 2022
Allowance for Credit Losses:	(In thousands)
Balance, beginning of period	$	(9,559)	$	(9,673)
Provision charged to operating results	(1,439)		(675)
Account write-offs and recoveries	2,436		597
Effect of exchange rate	(779)		192
Balance, end of period	$	(9,341)	$	(9,559)

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 $415.0 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.


	December 31, 2023		December 25, 2022
Allowance for Sales Adjustments(a):	(In thousands)
Balance, beginning of period	$	6,905	$	11,472
Charged to operating results	337,546		238,135

Deductions	(335,253)		(242,702)
Balance, end of period	$	9,198	$	6,905

(a) Deductions either written off, rebilled or reclassified as liabilities.

TRADE ACCOUNTS AND OTHER RECEIVABLES - Schedule of Trade Accounts and Other Receivables, and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Receivables, Net, Current [Abstract]
Trade accounts receivable	$ 1,027,916	$ 984,332
Notes receivable	51,168	33,477
Other receivables	59,435	88,962
Receivables, gross	1,138,519	1,106,771
Allowance for credit losses	(9,341)	(9,559)
Receivables, net	1,129,178	1,097,212
Allowance for Credit Losses:
Balance, beginning of period	9,559	9,673
Provision charged to operating results	(1,439)	(675)
Account write-offs and recoveries	2,436	597
Effect of exchange rate	(779)	192
Balance, end of period	9,341	9,559
Allowance for Sales Adjustments(a):
Balance, beginning of period	6,905	11,472
Charged to operating results	337,546	238,135
Deductions	(335,253)	(242,702)
Balance, end of period	9,198	6,905
Related Party
Receivables, Net, Current [Abstract]
Account receivable from related parties	$ 1,778	$ 2,512

INCENTIVE COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

INCENTIVE COMPENSATION

The Company sponsors short-term incentive plans that provide the grant of either cash or stock-based bonus awards payable upon achievement of specified performance goals. As of December 31, 2023, the Company has accrued $26.6 million, $27.5 million and $8.1 million related to cash bonus awards that are recognized in the U.S., U.K & Europe, and Mexico reportable segments, respectively.

The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and liability-based awards to the Company’s officers and other employees, members of the Board of Directors and any consultants (the “LTIP”). Awards that may be granted under the LTIP include “incentive stock options,” within the meaning of the IRC, nonqualified stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”). Equity-based awards are converted into shares of the Company’s common stock shortly after award vesting. Compensation cost to be recognized for an equity-based awards grant is determined by multiplying the number of awards granted by the closing price of a share of the Company’s common stock on the award grant date. Liability-based awards granted under the LTIP are converted into cash shortly after award vesting. Compensation cost to be recognized for a liability-based awards grant is first determined by multiplying the number of awards granted by the closing price of a share of PPC’s common stock on the award grant date. However, the compensation cost to be recognized is adjusted at each subsequent milestone date (i.e., forfeiture date, vesting date or financial reporting date) by multiplying the number of awards granted by the closing price of a share of PPC’s common stock on the milestone date. On May 1, 2019, the Company’s stockholders approved the Pilgrim’s Pride Corporation 2019 Long Term Incentive Plan (the “2019 LTIP”), which replaced the expiring Pilgrim’s Pride Corporation 2009 Long-Term Incentive Plan (the “2009 LTIP”). The 2019 LTIP became effective as of December 28, 2019. As of December 31, 2023, we have in reserve approximately 0.5 million shares of common stock for future issuance under the 2019 LTIP.

Compensation costs and the income tax benefit recognized for our stock-based compensation arrangements are included below:


	2023		2022		2021
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	629	$	959	$	3,209
Selling, general and administrative expense	6,958		5,904		7,420
Total cost	7,587		6,863		10,629
Income tax benefit	1,836		1,671		2,587
Net cost	$	5,751	$	5,192	$	8,042

Liability-based awards compensation cost:
Selling, general and administrative expense	$	2,491	$	1,773	$	7,715
Income tax benefit	603		432		1,878
Net cost	$	1,888	$	1,341	$	5,837

The Company’s RSU activity is included below:


	2023			2022			2021
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of year	993	$	22.00	554	$	20.40	584	$	22.12
Transferred to liability-based awards	—	—		—	—		(8)	23.53
Granted	324	23.67		405	23.88		817	21.58
Vested	(378)	22.25		(266)	23.25		(153)	19.48
Awards reinstated (forfeited)	(28)	24.99		300	23.52		(686)	23.44
Outstanding at end of year	911	$	22.40	993	$	22.00	554	$	20.40


	2023			2022			2021
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of year	377	$	23.80	574	$	27.55	267	$	19.35
Transferred from equity-based awards	—	—		—	—		8	23.53
Granted	158	24.21		269	22.09		358	21.61
Vested	(196)	25.27		(139)	27.55		(59)	20.10
Forfeited	(97)	22.81		(327)	24.71		—	—
Outstanding at end of year	242	$	27.66	377	$	23.80	574	$	27.55

The total fair values of equity-based awards and liability-based awards vested during 2023 were $9.3 million and $5.0 million, respectively. The total fair values of equity-based awards and liability-based awards vested during 2022 were $7.5 million and $5.6 million, respectively.

As of December 31, 2023, the total unrecognized compensation cost related to all nonvested equity-based awards was $9.0 million. This cost is expected to be recognized over a weighted average period of 1.93 years. As of December 31, 2023, the total unrecognized compensation cost related to all nonvested liability-based awards was $4.1 million. This cost is expected to be recognized over a weighted average period of 1.73 years.

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

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 17,362,217	$ 17,468,377	$ 14,777,458
Fresh
Disaggregation of Revenue [Line Items]
Net sales	10,976,838	11,121,112	9,931,231
Prepared
Disaggregation of Revenue [Line Items]
Net sales	4,716,433	4,379,670	3,241,002
Export
Disaggregation of Revenue [Line Items]
Net sales	1,005,862	1,265,508	917,959
Other
Disaggregation of Revenue [Line Items]
Net sales	663,084	702,087	687,266
U.S.
Disaggregation of Revenue [Line Items]
Net sales	10,027,742	10,748,350	9,113,879
U.S. \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	8,105,268	8,624,421	7,264,448
U.S. \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	978,423	1,107,734	898,614
U.S. \| Export
Disaggregation of Revenue [Line Items]
Net sales	533,205	552,823	459,371
U.S. \| Other
Disaggregation of Revenue [Line Items]
Net sales	410,846	463,372	491,446
U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales	5,203,322	4,874,738	3,934,062
U.K. and Europe \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	1,074,900	908,882	1,151,330
U.K. and Europe \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	3,525,359	3,104,347	2,214,180
U.K. and Europe \| Export
Disaggregation of Revenue [Line Items]
Net sales	472,657	712,685	458,588
U.K. and Europe \| Other
Disaggregation of Revenue [Line Items]
Net sales	130,406	148,824	109,964
Mexico
Disaggregation of Revenue [Line Items]
Net sales	2,131,153	1,845,289	1,729,517
Mexico \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	1,796,670	1,587,809	1,515,453
Mexico \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	212,651	167,589	128,208
Mexico \| Export
Disaggregation of Revenue [Line Items]
Net sales	0	0	0
Mexico \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 121,832	$ 89,891	$ 85,856

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	$ 21,857
2025	16,157
2026	16,031
2027	16,023
2028	15,807
2027-2031	75,749
Total	161,624
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	187
2025	172
2026	158
2027	144
2028	130
2027-2031	452
Total	$ 1,243

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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


	Year Ended December 31, 2023
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	8,105,268	$	978,423	$	533,205	$	410,846	$	10,027,742
U.K. and Europe	1,074,900		3,525,359		472,657		130,406		5,203,322
Mexico	1,796,670		212,651		—		121,832		2,131,153
Total net sales	$	10,976,838	$	4,716,433	$	1,005,862	$	663,084	$	17,362,217


	Year Ended December 25, 2022
	Fresh		Prepared		Export		Other		Total
	(In thousands)
U.S.	$	8,624,421	$	1,107,734	$	552,823	$	463,372	$	10,748,350
U.K. and Europe	908,882		3,104,347		712,685		148,824		4,874,738
Mexico	1,587,809		167,589		—		89,891		1,845,289
Total net sales	$	11,121,112	$	4,379,670	$	1,265,508	$	702,087	$	17,468,377


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

Schedule of Changes in Revenue Contract Liability

Changes in the revenue contract liability balances for the years ended December 31, 2023 and December 25, 2022 were as follows:


	December 31, 2023		December 25, 2022
	(In thousands)
Balance, beginning of year	$	34,486	$	22,321
Revenue recognized	(28,674)		(19,712)
Cash received, excluding amounts recognized as revenue during the period	79,146		31,877
Balance, end of year	$	84,958	$	34,486

STOCKHOLDERS' EQUITY - Schedule of Reclassification from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	$ 17,362,217	$ 17,468,377	$ 14,777,458
Cost of sales	(16,243,816)	(15,656,574)	(13,411,631)
Interest expense, net of capitalized interest	(202,272)	(152,672)	(145,792)
Interest income	35,651	9,028	6,056
Miscellaneous, net	30,127	23,339	11,580
Tax benefit	(42,905)	(278,935)	(61,122)
Net income	322,317	746,538	$ 31,268
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Income before income taxes	(3,053)	(5,506)
Tax benefit	300	358
Net income	(2,753)	(5,148)
Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges \| Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	(1,816)	(3,193)
Cost of sales	3	(851)
Interest expense, net of capitalized interest	0	(98)
Gains (Losses) on Available-for-Sale Securities \| Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Interest income	(175)	17
Losses Related to Pension and Other Postretirement Benefits \| Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net	$ (1,065)	$ (1,381)

RESTRUCTURING-RELATED ACTIVITIES - Restructuring and Related Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Expenses	$ 44,345
Cash Outlays	51,362
Moy Park
Restructuring Cost and Reserve [Line Items]
Expenses	1,747
Cash Outlays	7,719
Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Expenses	15,611
Cash Outlays	21,364
Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Expenses	23,960
Cash Outlays	21,350
Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Expenses	3,027
Cash Outlays	$ 929

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	December 31, 2023		December 25, 2022
	(In thousands)
Land	$	273,846	$	263,494
Buildings	2,170,716		2,065,042
Machinery and equipment	3,953,008		3,651,464
Autos and trucks	93,858		77,865
Finance lease assets	5,550		5,710
Construction-in-progress	458,146		358,819
PP&E, gross	6,955,124		6,422,394
Accumulated depreciation	(3,796,721)		(3,481,548)
PP&E, net	$	3,158,403	$	2,940,846

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The following table presents components of lease expense (in thousands). Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, SG&A expense and Interest expense, net of capitalized interest in the Consolidated Statements of Income.


	For the Year Ended
	December 31, 2023		December 25, 2022
Operating lease cost(a)	$	92,877	$	98,353
Amortization of finance lease assets	921		472
Interest on finance leases	95		132
Short-term lease cost	93,739		77,100
Variable lease cost	2,751		4,102
Net lease cost	$	190,383	$	180,159

(a)Sublease income is immaterial and not included in operating lease costs.

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


	Year Ended
	December 31, 2023		December 25, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	94,087	$	69,349
Operating cash flows - finance leases	96		132
Financing cash flows - finance leases	979		924
Operating lease assets obtained in exchange for operating lease liabilities	36,967		56,988

Schedule of Balance Sheet Information Related to Leases

The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:


	December 31, 2023		December 25, 2022
Weighted-average remaining lease term:
Operating leases	5.73 years		5.80 years
Finance leases	4.34 years		4.52 years
Weighted-average discount rate:
Operating leases	4.24	%	4.00	%
Finance leases	2.81	%	3.19	%

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


	December 31, 2023				December 25, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	67,440	$	—	$	79,222	$	—
Current maturities of long-term debt	—		674		—		966
Noncurrent operating lease liability, less current maturities	203,348		—		230,701		—
Long-term debt, less current maturities	—		1,812		—		2,658
Total lease liabilities	$	270,788	$	2,486	$	309,923	$	3,624

Schedule of Maturities of Finance Lease Liability

Future minimum lease payments under noncancelable leases as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2024	$	77,745	$	742
2025	57,462		587
2026	51,548		554
2027	37,909		526
2028	24,907		219
Thereafter	55,859		—
Total future minimum lease payments	305,430		2,628
Less: imputed interest	(34,642)		(142)
Present value of lease liabilities	$	270,788	$	2,486

Schedule of Maturities of Operating Lease Liability

Future minimum lease payments under noncancelable leases as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2024	$	77,745	$	742
2025	57,462		587
2026	51,548		554
2027	37,909		526
2028	24,907		219
Thereafter	55,859		—
Total future minimum lease payments	305,430		2,628
Less: imputed interest	(34,642)		(142)
Present value of lease liabilities	$	270,788	$	2,486

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 324,947	$ 167,430
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,202	17,922
Derivative liability	(17,118)	(9,042)
Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	175	555
Derivative liability	(723)	(6,170)
Sales contract derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	960	0
Sales contract derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	(3,705)
Level 1 \| Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	324,947	167,430
Level 1 \| Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,202	17,922
Derivative liability	(17,118)	(9,042)
Level 1 \| Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	175	555
Derivative liability	(723)	(6,170)
Level 1 \| Sales contract derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Level 1 \| Sales contract derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2 \| Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Level 2 \| Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Level 2 \| Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Level 2 \| Sales contract derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	960	0
Level 2 \| Sales contract derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ (3,705)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 1,158,467	$ 1,204,092
Finished products	642,028	596,375
Operating supplies	75,530	95,367
Maintenance materials and parts	109,374	94,350
Total inventories	$ 1,985,399	$ 1,990,184

SUPPLIER FINANCE PROGRAMS (Details) - USD ($) $ in Millions	12 Months Ended
SUPPLIER FINANCE PROGRAMS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 25, 2022
Supplier Finance Program [Line Items]
Supplier Finance Program Obligation Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	supplier finance programs
Outstanding balance of confirmed invoices	$ 192.7	$ 239.6
Minimum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing period	65 days
Maximum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing period	180 days

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Expected Future Restructuring Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	$ 78,222
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Total exit and disposal costs
Costs incurred since earliest implementation date:	$ 74,812
Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	22,305
Costs incurred since earliest implementation date:	21,072
Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	26,736
Costs incurred since earliest implementation date:	25,752
Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	26,068
Costs incurred since earliest implementation date:	24,961
Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,113
Costs incurred since earliest implementation date:	3,027
Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	49,470
Costs incurred since earliest implementation date:	48,718
Employee-related costs \| Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	11,103
Costs incurred since earliest implementation date:	11,103
Employee-related costs \| Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	20,098
Costs incurred since earliest implementation date:	20,098
Employee-related costs \| Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	15,156
Costs incurred since earliest implementation date:	14,490
Employee-related costs \| Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,113
Costs incurred since earliest implementation date:	3,027
Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	8,933
Costs incurred since earliest implementation date:	7,617
Asset impairment costs \| Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	4,709
Costs incurred since earliest implementation date:	3,476
Asset impairment costs \| Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Costs incurred since earliest implementation date:	0
Asset impairment costs \| Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	4,224
Costs incurred since earliest implementation date:	4,141
Asset impairment costs \| Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Costs incurred since earliest implementation date:	0
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	606
Costs incurred since earliest implementation date:	248
Contract termination costs \| Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	248
Costs incurred since earliest implementation date:	248
Contract termination costs \| Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Costs incurred since earliest implementation date:	0
Contract termination costs \| Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	358
Costs incurred since earliest implementation date:	0
Contract termination costs \| Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Costs incurred since earliest implementation date:	0
Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	19,213
Costs incurred since earliest implementation date:	18,229
Other exit and disposal costs \| Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	6,245
Costs incurred since earliest implementation date:	6,245
Other exit and disposal costs \| Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	6,638
Costs incurred since earliest implementation date:	5,654
Other exit and disposal costs \| Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	6,330
Costs incurred since earliest implementation date:	6,330
Other exit and disposal costs \| Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Costs incurred since earliest implementation date:	$ 0

LEASES - Future Minimum Lease Payments on Non-cancellable Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022
Operating Leases
2024	$ 77,745
2025	57,462
2026	51,548
2027	37,909
2028	24,907
Thereafter	55,859
Total future minimum lease payments	305,430
Less: imputed interest	(34,642)
Present value of lease liabilities	270,788	$ 309,923
Finance Leases
2024	742
2025	587
2026	554
2027	526
2028	219
Thereafter	0
Total future minimum lease payments	2,628
Less: imputed interest	(142)
Present value of lease liabilities	$ 2,486

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

The Company is party to operating lease agreements for warehouses, office space, vehicle maintenance facilities and livestock growing farms in the U.S., distribution centers, hatcheries and office space in Mexico and farms, processing facilities and office space in the U.K. and Europe. Additionally, the Company leases equipment, over-the-road transportation vehicles and other assets in all three reportable segments. The Company is also party to a limited number of finance lease agreements in the U.S.

The Company’s leases have remaining lease terms of less than one year to 17 years, some of which may include options to extend the lease for up to five years and some of which may include options to terminate the lease within one year. The exercise of options to extend lease terms is at the Company’s sole discretion. Certain leases also include options to purchase the leased property.

Certain lease agreements include rental payment increases over the lease term that can be either fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index are recognized as incurred. Certain lease agreements contain residual value guarantees, primarily vehicle and transportation equipment leases.


	For the Year Ended
	December 31, 2023		December 25, 2022
Operating lease cost(a)	$	92,877	$	98,353
Amortization of finance lease assets	921		472
Interest on finance leases	95		132
Short-term lease cost	93,739		77,100
Variable lease cost	2,751		4,102
Net lease cost	$	190,383	$	180,159

(a)Sublease income is immaterial and not included in operating lease costs.

The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:


	December 31, 2023		December 25, 2022
Weighted-average remaining lease term:
Operating leases	5.73 years		5.80 years
Finance leases	4.34 years		4.52 years
Weighted-average discount rate:
Operating leases	4.24	%	4.00	%
Finance leases	2.81	%	3.19	%

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


	Year Ended
	December 31, 2023		December 25, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	94,087	$	69,349
Operating cash flows - finance leases	96		132
Financing cash flows - finance leases	979		924
Operating lease assets obtained in exchange for operating lease liabilities	36,967		56,988

Future minimum lease payments under noncancelable leases as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2024	$	77,745	$	742
2025	57,462		587
2026	51,548		554
2027	37,909		526
2028	24,907		219
Thereafter	55,859		—
Total future minimum lease payments	305,430		2,628
Less: imputed interest	(34,642)		(142)
Present value of lease liabilities	$	270,788	$	2,486

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


	December 31, 2023				December 25, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	67,440	$	—	$	79,222	$	—
Current maturities of long-term debt	—		674		—		966
Noncurrent operating lease liability, less current maturities	203,348		—		230,701		—
Long-term debt, less current maturities	—		1,812		—		2,658
Total lease liabilities	$	270,788	$	2,486	$	309,923	$	3,624

LEASES


	For the Year Ended
	December 31, 2023		December 25, 2022
Operating lease cost(a)	$	92,877	$	98,353
Amortization of finance lease assets	921		472
Interest on finance leases	95		132
Short-term lease cost	93,739		77,100
Variable lease cost	2,751		4,102
Net lease cost	$	190,383	$	180,159

(a)Sublease income is immaterial and not included in operating lease costs.

The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:


	December 31, 2023		December 25, 2022
Weighted-average remaining lease term:
Operating leases	5.73 years		5.80 years
Finance leases	4.34 years		4.52 years
Weighted-average discount rate:
Operating leases	4.24	%	4.00	%
Finance leases	2.81	%	3.19	%

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


	Year Ended
	December 31, 2023		December 25, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	94,087	$	69,349
Operating cash flows - finance leases	96		132
Financing cash flows - finance leases	979		924
Operating lease assets obtained in exchange for operating lease liabilities	36,967		56,988

Future minimum lease payments under noncancelable leases as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases
For the fiscal years ending December:
2024	$	77,745	$	742
2025	57,462		587
2026	51,548		554
2027	37,909		526
2028	24,907		219
Thereafter	55,859		—
Total future minimum lease payments	305,430		2,628
Less: imputed interest	(34,642)		(142)
Present value of lease liabilities	$	270,788	$	2,486

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


	December 31, 2023				December 25, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Accrued expenses and other current liabilities	$	67,440	$	—	$	79,222	$	—
Current maturities of long-term debt	—		674		—		966
Noncurrent operating lease liability, less current maturities	203,348		—		230,701		—
Long-term debt, less current maturities	—		1,812		—		2,658
Total lease liabilities	$	270,788	$	2,486	$	309,923	$	3,624

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Defined Benefit Plan Obligations and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Pension Benefits
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$ 236,147	$ 373,062
Interest cost	11,322	6,777	$ 5,763
Actuarial (gains) losses	238	(106,909)
Benefits paid	(17,072)	(12,867)
Curtailments and settlements	0	(5,053)
Currency translation (gain) loss	6,873	(18,863)
Projected benefit obligation, end of year	237,508	236,147	373,062
Change in plan assets
Fair value of plan assets, beginning of year	210,133	326,409
Actual return on plan assets	17,709	(89,479)
Contributions by employer	8,570	9,789
Benefits paid	(17,072)	(12,867)
Curtailments and settlements	0	(5,053)
Expenses paid from assets	(327)	(337)
Currency translation gain (loss)	6,438	(18,329)
Fair value of plan assets, end of year	225,451	210,133	326,409
Funded status
Unfunded benefit obligation, end of year	(12,057)	(26,014)
Amounts recognized in the Consolidated Balance Sheets as of end of year
Current liabilities	(7,717)	(841)
Long-term liabilities	(4,340)	(25,173)
Recognized liabilities	(12,057)	(26,014)
Amounts recognized in accumulated other comprehensive loss at end of year
Net actuarial loss (gain)	40,487	48,121	58,143	$ 95,522
Other Benefits
Change in projected benefit obligation
Projected benefit obligation, beginning of year	1,169	1,346
Interest cost	54	23
Actuarial (gains) losses	(21)	(184)
Benefits paid	(42)	(16)
Curtailments and settlements	0	0
Currency translation (gain) loss	0	0
Projected benefit obligation, end of year	1,160	1,169	1,346
Change in plan assets
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Contributions by employer	42	16
Benefits paid	(42)	(16)
Curtailments and settlements	0	0
Expenses paid from assets	0	0
Currency translation gain (loss)	0	0
Fair value of plan assets, end of year	0	0	0
Funded status
Unfunded benefit obligation, end of year	(1,160)	(1,169)
Amounts recognized in the Consolidated Balance Sheets as of end of year
Current liabilities	(187)	(177)
Long-term liabilities	(973)	(992)
Recognized liabilities	(1,160)	(1,169)
Amounts recognized in accumulated other comprehensive loss at end of year
Net actuarial loss (gain)	$ (87)	$ (66)	$ 118	$ 174

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Deferred tax liabilities:
PP&E and identified intangible assets	$ 519,458	$ 547,113
Inventories	99,144	99,889
Incentive compensation	8,984	11,138
Operating lease assets	81,942	76,914
Other	2,534	7,867
Total deferred tax liabilities	712,062	742,921
Deferred tax assets:
U.S. net operating losses	24,902	12,297
Foreign net operating losses	55,583	53,801
Credit carry forwards	23,985	18,102
Allowance for credit losses	5,167	9,197
Accrued liabilities	81,156	127,714
Workers’ compensation	5,361	4,192
Pension and other postretirement benefits	0	3,351
Operating lease liabilities	80,823	76,914
Advance payments	22,774	68,361
Interest expense limitations	93,685	37,353
Other	26,428	33,785
Total deferred tax assets	419,864	445,067
Valuation allowance	(88,460)	(64,361)	$ (24,261)	$ (33,678)
Net deferred tax assets	331,404	380,706
Net deferred tax liabilities	$ 380,658	$ 362,215

SUPPLIER FINANCE PROGRAMS	12 Months Ended
SUPPLIER FINANCE PROGRAMS	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLIER FINANCE PROGRAMS	SUPPLIER FINANCE PROGRAMS The Company maintains supplier finance programs, under which we agree to pay for confirmed invoices from participating suppliers to a financing entity. Maturity dates are generally between 65-180 days and we pay either the supplier or the financing entity depending on the supplier’s election. We do not have an economic interest in a supplier’s participation in the program or a direct financial relationship with the financial institution funding the program. As of December 31, 2023 and December 25, 2022, the outstanding balance of confirmed invoices was $192.7 million and $239.6 million respectively and are included in Accounts payable in the Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES (Details)				1 Months Ended	12 Months Ended	45 Months Ended	88 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 09, 2023 USD ($)	May 27, 2022 USD ($) number_of_class	Jun. 14, 2021 USD ($)	Oct. 13, 2016 claim	Dec. 31, 2023 USD ($)	Sep. 01, 2021 claim	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Outstanding purchase contracts, payable in 2023					$ 414,500,000		$ 414,500,000
Outstanding purchase contracts, payable in 2024					26,400,000		26,400,000
Outstanding purchase contracts, payable in 2025					2,000,000		2,000,000
Outstanding purchase contracts, payable in 2026					1,900,000		1,900,000
Outstanding purchase contracts, payable thereafter					12,500,000		12,500,000
Loss contingency, loss in period					0
In Re Broiler Chicken Antitrust Litigation
Loss Contingencies [Line Items]
Number of complaints filed \| claim				3		82
Broiler Chicken Antitrust Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party		$ 195,500,000
Settlement expense					23,000,000		537,400,000
Broiler Chicken Antitrust Litigation \| Settled Litigation \| ILLINOIS
Loss Contingencies [Line Items]
Number of complaints filed \| number_of_class		3
Jien v. Perdue Farms, Inc. and Earnest v. Perdue Farms, Inc. et al \| Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party			$ 29,000,000
Washington v. Tyson Foods Inc \| Settled Litigation \| Damages from Product Defects
Loss Contingencies [Line Items]
Settlement expense	$ 11,000,000
Loss contingency accrual					5,400,000		5,400,000
Mexico tax audit \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss					290,900,000		290,900,000
Mexico tax audit \| Foreign Tax Authority \| Avícola Pilgrim’s Pride de Mexico, S.A. de C.V Litigation
Loss Contingencies [Line Items]
Income tax examination, amount under appeal					17,200,000		$ 17,200,000
Mexico tax audit \| Foreign Tax Authority \| Avícola Pilgrim’s Pride de Mexico, S.A. de C.V Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Tax settlement amount					$ 25,900,000

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Plan Asset Allocations (Details) - Pension Benefits	Dec. 31, 2023	Dec. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	2.00%	6.00%
Union plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	2.00%	2.00%
Union plan \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	2.00%	2.00%
GK Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	25.00%	23.00%
GK Pension Plan \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	15.00%	15.00%
GK Pension Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	2.00%	3.00%
U.K. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	29.00%	27.00%
U.K. Plans \| Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	1.00%	1.00%
U.K. Plans \| Liability driven investments
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	15.00%	13.00%
U.K. Plans \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, actual allocation, percent	7.00%	8.00%

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

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


	Maturity	December 31, 2023		December 25, 2022
		(In thousands)
Senior notes payable, net of discount, at 6.875%	2034	$	490,408	$	—
Senior notes payable, net of discount, at 6.25%	2033	993,595		—
Senior notes payable at 3.50%	2032	900,000		900,000
Senior notes payable, net of discount, at 4.25%	2031	992,711		991,692
Senior notes payable, net of discount at 5.875%	2027	—		846,582
U.S. Revolving Credit Facility at 6.66% - 8.75%	2028	—		—
2021 U.S. Credit Facility (defined below)
Term note payable at 6.40% - 8.50%	2026	—		480,078
Revolving note payable at 4.33%	2026	—		—
U.K. and Europe Revolver Facility (defined below) with notes payable at SONIA plus 1.25%	2027	—		—
Mexico BBVA Credit Facility (defined below) with notes payable at TIIE plus 1.35%	2026	—		—
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.70%	2023	—		—
Finance lease obligations	Various	2,486		3,624
Long-term debt		3,379,200		3,221,976
Less: Current maturities of long-term debt		(674)		(26,279)
Long-term debt, less current maturities		3,378,526		3,195,697
Less: Capitalized financing costs		(37,685)		(29,265)
Long-term debt, less current maturities, net of capitalized financing costs		$	3,340,841	$	3,166,432

There are no future minimum principal payments due in each of the next five fiscal years subsequent to the year ended December 31, 2023. See “Note 3. Leases” for future minimum payments of finance lease obligations.

U.S. Senior Notes

U.S. Senior Notes Due 2027

On September 29, 2017, the Company completed a sale of $600.0 million aggregate principal amount of its 5.875% unsecured 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 was amortized over the life of the Senior Notes due 2027 up to the point of redemption on October 12, 2023. Each issuance of the Senior Notes due 2027 is treated as a single class for all purposes under the 2017 Indenture (defined below) and have the same terms.

The Senior Notes due 2027 are governed by, and were issued pursuant to, an indenture dated as of September 29, 2017 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “2017 Indenture”). The 2017 Indenture provides, among other things, that the Senior Notes due 2027 bear interest at a rate of 5.875% per annum from the date of issuance until maturity, payable semiannually in cash in arrears, beginning on March 30, 2018 for the Senior Notes due 2027 that were issued in September 2017 and beginning on March 15, 2018 for the Senior Notes due 2027 that were issued in March 2018. On October 12, 2023, the outstanding balance for the Senior Notes due 2027 was paid in full with the proceeds from the Senior Notes due 2034, along with cash on hand as outlined below.

U.S. Senior Notes Due 2031

On April 8, 2021, the Company completed a sale of $1.0 billion aggregate principal amount of its 4.25% sustainability-linked unsecured 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. 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.

U.S. Senior Notes Due 2032

On September 2, 2021, the Company completed a sale of $900.0 million in aggregate principal amount of its 3.50% unsecured 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.

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 and Senior Notes due 2032. The amendments conform certain provisions and restrictive covenants in each indenture to (1) reflect PPC investment grade status and (2) the corresponding provisions and restrictive covenants set forth in the indenture governing its Senior Notes due 2031 and Senior Notes due 2032. The 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.

U.S. Senior Notes Due 2033

On April 19, 2023, the Company completed a sale of $1.0 billion aggregate principal amount of its 6.25% unsecured, registered senior notes due 2033 (“Senior Notes due 2033”). The Company used the net proceeds to repay the term loans and the outstanding balance under the U.S. Credit Facility as defined below. The remaining proceeds will be used for general corporate purposes, including repaying existing debt. The issuance price of this offering to the public was 99.312%, which created gross proceeds of $993.1 million before transaction costs. The $6.9 million discount will be amortized over the remaining life of the Senior Notes due 2033. The Senior Notes due 2033 bear interest at a rate of 6.25% per annum from the date of issuance until maturity, payable semiannually on January 1 and July 1 of each year, commencing on January 1, 2024.

The Senior Notes due 2027, Senior Notes due 2031, Senior Notes due 2032, and Senior Notes due 2033 (together, “Guaranteed Senior Notes”) were and are each guaranteed on a senior unsecured basis by the Company’s guarantor subsidiaries. On February 16, 2023, the Company exchanged all of its outstanding principal amounts on the Senior Notes due 2031 and the Senior Notes due 2032 for an equal principal amount of new notes in a transaction registered under the Securities Act. The Senior Notes due 2033 were registered under the Securities Act from the date of sale. In addition, all 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 Guaranteed Senior Notes. All the Guaranteed Senior Notes 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 Guaranteed Senior Notes also contain customary covenants and events of default.

U.S. Senior Notes Due 2034

On October 12, 2023, the Company completed a sale of $500.0 million aggregate principal amount of its 6.875% unsecured, registered senior notes due 2034 (“Senior Notes due 2034”). The Company used the net proceeds from the offering

of the Senior Notes due 2034, together with cash on hand, to repurchase pursuant to a tender offer and redeem all of its outstanding 5.875% Senior Notes due 2027. The issuance price of this offering to the public was 98.041%, which created gross proceeds of $490.2 million before transaction costs. The $9.8 million discount will be amortized over the remaining life of the Senior Notes due 2034. The Senior Notes due 2034 bear interest at a rate of 6.875% per annum from the date of issuance until maturity, payable semiannually in arrears on May 15 and November 15 of each year, commencing on May 15, 2024.

The Senior Notes due 2034 are the Company’s senior unsecured obligations and will rank equally with all of the Company’s existing and future senior unsecured debt and rank senior to all of the Company’s existing and future subordinated debt. The Senior Notes due 2034 will be effectively junior to the Company’s existing and future secured debt to the extent of the value of the collateral securing such debt. The Senior Notes due 2034 are not guaranteed by the Company’s subsidiaries will be structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries.

U.S. Credit Facilities

2021 U.S. Credit Facility

On August 9, 2021, the Company and certain of the Company’s subsidiaries entered into a Fifth Amended and Restated Credit Agreement (the “2021 U.S. Credit Facility”) with CoBank, ACB, as administrative agent and collateral agent, and the other lenders party thereto. The 2021 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”). On April 19, 2023, the outstanding balances for the swingline loans and term loans under the 2021 U.S. Credit Facility were paid in full with the proceeds from the Senior Notes 2033 as outlined above.

On June 21, 2023, PPC, CoBank and the other lenders entered into a first amendment to the 2021 U.S. Credit Facility in connection with a benchmark transition event with respect to LIBOR. With the first amendment the parties agreed to replace LIBOR with Adjusted Term Secured Overnight Financing rate (“SOFR”), corresponding to Term SOFR plus a SOFR adjustment percentage per annum equal to 0.10%.

The 2021 U.S. Credit Facility was replaced by the Revolving Syndicated Facility Agreement (“RCF”) on October 4, 2023 as outlined in the details below.

U.S. Revolving Syndicated Credit Facility

On October 4, 2023 (the “Effective Date”), the Company and certain of the Company’s subsidiaries entered into an unsecured Revolving Credit Facility (the “RCF”) with CoBank, ACB as administrative agent, and the other lenders party thereto. The RCF replaced the 2021 U.S. Credit Facility detailed above. The RCF increased the Company’s availability under the revolving loan commitment from $800.0 million to $850.0 million, amended certain covenants, and extended the maturity date of the Company’s revolving loan commitments from August 9, 2026 to October 4, 2028. As of December 31, 2023, the Company had outstanding letters of credit and available borrowings under the revolving credit commitment of $25.1 million and $824.9 million, respectively. There were no outstanding borrowings as of December 31, 2023. Outstanding borrowings under the RCF bear interest at a per annum rate equal to SOFR or the prime rate plus applicable margins based on the Company’s credit ratings.

The RCF also requires compliance with a minimum interest coverage ratio of 3.50:1.00 (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all U.S. assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the RCF shall be limited to collateral coverage, may be subject to a minimum fixed charge coverage ratio if utilization is above 80% and there shall be limitation on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions, and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. The Company is currently in compliance with the covenants under the RCF.

U.K. and Europe Revolver 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 current Sterling Overnight Index Average (SONIA) interest rate plus 1.25% (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 December 31, 2023, both the U.S. dollar-equivalent loan commitment and borrowing availability were $191.1 million and there were no 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 Facilities

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 (TIIE) plus 1.7%. The Mexico Credit Facility contains covenants and defaults that the Company believes are customary for transactions of this type. The Mexico Credit Facility matured on December 14, 2023 and was not renewed.

Mexico BBVA Credit Facility

On August 15, 2023, certain of the Company’s Mexican subsidiaries entered into an unsecured credit agreement (the “Mexico BBVA Credit Facility”) with BBVA México as lender. The loan commitment under the Mexico BBVA Credit Facility is Mex$1.1 billion and can be borrowed on a revolving basis. Outstanding borrowings under the Mexico BBVA Credit Facility accrue interest at a rate equal to TIIE plus 1.35%. The Mexico BBVA 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 BBVA Credit Facility. The Mexico BBVA Credit Facility will be used for general corporate and working capital purposes. The Mexico BBVA Credit Facility will mature on August 15, 2026. As of December 31, 2023, the U.S. dollar-equivalent of the loan commitment and borrowing availability was $65.4 million. As of December 31, 2023, there were no outstanding borrowings under the Mexico BBVA Credit Facility.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

DEBT - Narrative (Details) € in Millions									12 Months Ended
DEBT - Narrative (Details) € in Millions	Oct. 12, 2023 USD ($)	Aug. 15, 2023 MXN ($)	Jun. 21, 2023	Apr. 19, 2023 USD ($)	Jun. 24, 2022 EUR (€)	Apr. 08, 2021 USD ($)	Dec. 14, 2018 MXN ($)	Mar. 07, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 MXN ($)	Oct. 04, 2023 USD ($)	Dec. 25, 2022 USD ($)	Sep. 02, 2021 USD ($)	Aug. 09, 2021 USD ($)	Sep. 29, 2017 USD ($)
2021 US Credit Facility \| SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate			0.10%
Credit facility
Debt Instrument [Line Items]
Outstanding borrowings									$ 0
Credit facility \| 2021 US Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 850,000,000
Letters of credit issued									25,100,000
Current borrowing capacity									824,900,000
Line of Credit Facility, Current Borrowing Capacity											$ 800,000,000
Credit facility \| 2021 US Credit Facility Term Loans \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity														$ 700,000,000
Credit facility \| Moy Park Bank Of Ireland Revolving Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| €					€ 150.0
Credit facility \| Bank Of Ireland Revolving Facility, Due 2023 \| Credit facility
Debt Instrument [Line Items]
Letters of credit issued									191,100,000
Credit facility \| Bank Of Ireland Revolving Facility, Due 2023 \| Credit facility \| SONIA Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate					1.25%
Credit facility \| U.K. and Europe Revolving Facility \| Credit facility
Debt Instrument [Line Items]
Outstanding borrowings									$ 0
Credit facility \| Mexico Credit Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 1,500,000,000			$ 65,400,000
Credit facility \| Mexico Credit Facility \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate							1.70%		1.70%
Long-term debt									$ 0			$ 0
Credit facility \| Mexico BBVA Credit Facility \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,100,000,000
Long-term debt									$ 0
Credit facility \| Mexico BBVA Credit Facility \| Credit facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.35%							1.35%
Long-term debt									$ 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%	5.875%					5.875%
Add-on issuance percentage of face value								97.25%
Gross amount								$ 243,100,000
Debt discount								$ 6,900,000
Long-term debt									$ 0			846,582,000
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%	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%
Long-term debt									$ 992,711,000			991,692,000
Senior notes \| Senior notes payable at 3.50%
Debt Instrument [Line Items]
Principal amount													$ 900,000,000
Stated interest rate									3.50%	3.50%			3.50%
Long-term debt									$ 900,000,000			900,000,000
Senior notes \| Senior notes payable, net of discount, at 6.25%
Debt Instrument [Line Items]
Principal amount				$ 1,000,000,000
Stated interest rate				6.25%					6.25%	6.25%
Add-on issuance percentage of face value				99.312%
Gross amount				$ 993,100,000
Debt discount				$ 6,900,000
Long-term debt									$ 993,595,000			$ 0
Senior notes \| Senior notes payable, net of discount, at 6.875%
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Stated interest rate	6.875%								6.875%	6.875%		6.875%
Add-on issuance percentage of face value	98.041%
Gross amount	$ 490,200,000
Debt discount	$ 9,800,000
Long-term debt									$ 490,408,000			$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Foreign currency derivative
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 0.0

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (33,096)	$ (33,738)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Beginning balance	846,020	963,243
Amortization	(33,096)	(33,738)
Disposals	0	0
Currency Translation	41,059	(83,485)
Ending balance	853,983	846,020
Trade names subject to amortization
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	549,024	609,713
Disposals	0	0
Currency Translation	31,449	(60,689)
Ending balance	580,473	549,024
Trade names subject to amortization
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	112,057	114,268
Disposals	0	0
Currency Translation	624	(2,211)
Ending balance	112,681	112,057
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(53,708)	(49,901)
Amortization	(3,886)	(3,894)
Disposals	0	0
Currency Translation	(168)	87
Ending balance	(57,762)	(53,708)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	(3,886)	(3,894)
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	427,662	455,459
Disposals	0	0
Currency Translation	14,057	(27,797)
Ending balance	441,719	427,662
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(189,015)	(166,296)
Amortization	(29,210)	(29,844)
Disposals	0	0
Currency Translation	(4,903)	7,125
Ending balance	(223,128)	(189,015)
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization	(29,210)	(29,844)
Non-compete agreements
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	0	320
Disposals		(320)
Currency Translation		0
Ending balance		0
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	$ 0	(320)
Amortization		0
Disposals		320
Currency Translation		0
Ending balance		0
Intangible Assets (Excluding Goodwill) Rollforward [Roll Forward]
Amortization		$ 0

INVESTMENTS IN SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

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


	December 31, 2023				December 25, 2022
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Fixed income securities	$	324,808	$	324,947	$	167,366	$	167,430

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

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 (from its U.K. operations) to over 115 countries. Our fresh products consist of refrigerated 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.

Consolidated Financial Statements

The Company operates on the basis of a 52/53-week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year.

The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for credit losses, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, identifiable intangible assets, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions and valuations of acquired businesses.

The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of the Company’s U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for most assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to the U.S. dollar is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records are reflected in Foreign currency transaction losses (gains) in the Consolidated Statements of Income.

The Company or its subsidiaries may use derivatives for the purpose of mitigating exposure to changes in foreign currency exchange rates. Foreign currency transaction gains or losses are reported in the Consolidated Statements of Income.

Revenue Recognition

The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering its products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both

parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.

The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), and depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facilities, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order.

Shipping and Handling Costs

In the rare case when shipping and handling activities are performed after a customer obtains control of the good, the Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. When revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Shipping and handling costs are recorded within cost of sales.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs are included in Selling, general and administrative (“SG&A”) expense and totaled $56.7 million, $58.0 million and $32.4 million for 2023, 2022 and 2021, respectively.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs totaled $5.7 million, $12.5 million and $5.1 million for 2023, 2022 and 2021, respectively.

Cash and Cash Equivalents

The Company considers highly liquid investments with an original maturity of three months or less when acquired to be cash equivalents. The majority of the Company’s disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows.

Restricted Cash

The Company is required to maintain cash balances with a broker as collateral for exchange traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash may also include investments in U.S. Treasury Bills that qualify as cash equivalents, as required by the broker, to offset the obligation to return cash collateral.


	December 31, 2023		December 25, 2022
	(In thousands)
Cash and cash equivalents	$	697,748	$	400,988
Restricted cash and restricted cash equivalents	33,475		33,771
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Consolidated Statements of Cash Flows	$	731,223	$	434,759

Investments

The Company’s current investments are all highly liquid investments with an original maturity of three months or less when acquired and are, therefore, considered cash equivalents. The Company’s current investments are comprised of fixed income securities, such as commercial paper. These investments are classified as available-for-sale. These securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a separate component of accumulated other comprehensive loss. Investments in fixed income securities with remaining maturities of less than one year and those identified by management at the time of purchase for funding operations in less than one year are classified as current assets. Investments in fixed income securities with remaining maturities in excess of one year that management has not identified at the time of purchase for funding operations in less than one year are classified as long-term assets. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. Management reviews several factors to determine whether a loss is other than temporary, such as the length of time a security is in an unrealized loss position, the extent to which fair value is less than amortized cost, the impact of changing interest rates in the short and long term, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company determines the cost of each security sold and each amount reclassified out of accumulated other comprehensive loss into earnings using the specific identification method. Purchases and sales are recorded on a settlement date basis.

Investments in entities in which the Company has an ownership interest greater than 50% and exercises control over the entity are consolidated in the Consolidated Financial Statements. Investments in entities in which the Company has an ownership interest between 20% and 50% and exercises significant influence are accounted for using the equity method. The Company invests from time to time in ventures in which its ownership interest is less than 20% and over which it does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures’ forecasted financial performance and management’s evaluation of the ventures’ viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge.

Accounts Receivable

The Company records accounts receivable when revenue is recognized. We record an allowance for expected credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable, and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.

Inventories

Live chicken and pig inventories are stated at the lower of cost or net realizable value and breeder hen, breeder sow and boar inventories are stated at the lower of cost, less accumulated amortization, or net realizable value. The costs associated with breeder hen inventories are accumulated up to the production stage and amortized over their productive lives using the unit-of-production method. The costs associated with breeder sow inventories are accumulated up to the production stage and amortized on a straight-line basis over their productive lives to the estimated residual cull value. Finished poultry products, finished pork products, feed, eggs and other inventories are stated at the lower of cost (average) or net realizable value. Inventory typically transfers from one stage of production to another at a standard cost, where it accumulates additional cost directly incurred with the production of inventory, including overhead. The standard cost at which each type of inventory transfers is set by management to reflect the actual costs incurred in the prior steps. We monitor and adjust standard costs throughout the year to ensure that standard costs reasonably reflect the actual average cost of the inventory produced.

The Company allocates meat costs between its various finished chicken products based on a by-product costing technique that reduces the cost of the whole bird by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes leg quarters, wings, tenders and offal, which are carried in inventory at the estimated recovery amounts, with the remaining amount being reflected as its breast meat cost. The Company allocates meat costs between its various finished pork products based on a by-product costing technique that allocates the cost of the whole pig into the primal cuts by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes legs, shoulders, bellies, offal and fifth quarter parts, which are carried in inventory at the estimated recoverable amounts, with the remaining amount being reflected as our loin meat cost.

The Company values its other prepared foods products, raw materials and packaging materials at the lower of weighted average cost and net realizable value. Work in progress is valued at the latest production cost (raw materials, packaging), finished goods are valued at the lower of the latest actual monthly production cost (raw materials, packaging and

direct labor) and attributable overheads and net realizable value, and engineering spares and consumables are valued at cost with an appropriate provision for obsolete engineering spares consistent with historical practice.

Generally, the Company performs an evaluation of whether any lower of cost or net realizable value adjustments are required at the country level based on a number of factors, including: (1) pools of related inventory, (2) product continuation or discontinuation, (3) estimated market selling prices and (4) expected distribution channels. If actual market conditions or other factors are less favorable than those projected by management, additional inventory adjustments may be required. The Company also records valuation adjustments, when necessary, for estimated obsolescence at or equal to the difference between the cost of inventory and the estimated market value based upon known conditions affecting inventory obsolescence, including significantly aged products, discontinued product lines, or damaged or obsolete products.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, net, Accrued expenses and other current liabilities, and Noncurrent operating lease liability, less current maturities, in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and Long-term debt, less current maturities in our Consolidated Balance Sheets.

Operating lease assets and operating lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the present value of future payments. IBR is derived from the Company’s credit facility’s margin as a basis with adjustments to periodically updated SOFR swap rate and foreign currency curve. The operating lease asset also includes any lease payments made, including upfront costs and prepayments, and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate a lease when it is reasonably certain that it will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with a corresponding reduction to the operating lease asset.

The Company has lease agreements with lease and non-lease components. Lease and non-lease components are generally accounted for separately. For certain equipment leases, such as vehicles, the Company accounts for the lease and non-lease components as a single lease component.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, and repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of these assets. Estimated useful lives for building, machinery and equipment are five to 33 years and for automobiles and trucks are three to ten years. The charge to income resulting from amortization of assets recorded under capital leases is included with depreciation expense.

The Company records impairment charges on long-lived assets held for use when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When the above is true, the impairment charge is determined based upon the amount the net book value of the assets exceeds their fair market value. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (1) future cash flows estimated to be generated by these assets, which are based on additional assumptions such as asset utilization, remaining length of service and estimated salvage values, (2) estimated fair market value of the assets and (3) determinations with respect to the lowest level of cash flows relevant to the respective impairment test, generally groupings of related operational facilities. Given the interdependency of the Company’s individual facilities during the production process, which operate as a vertically integrated network, it evaluates impairment of assets held for use at the country level (i.e., the U.S. and Mexico). Management believes this is the lowest level of identifiable cash flows for its assets that are held for use in production activities. At the present time, the Company’s forecasts indicate that it can recover the carrying value of its assets held for use based on the projected undiscounted cash flows of the operations.

The Company records impairment charges on long-lived assets held for sale when the carrying amount of those assets exceeds their fair value less appropriate selling costs. Fair value is based on amounts documented in sales contracts or letters of intent accepted by the Company, amounts included in counteroffers initiated by the Company, or, in the absence of current contract negotiations, amounts determined using a sales comparison approach for real property and amounts determined using a cost approach for personal property. Under the sales comparison approach, sales and asking prices of reasonably comparable properties are considered to develop a range of unit prices within which the current real estate market is operating. Under the cost approach, a current cost to replace the asset new is calculated and then the estimated replacement cost is reduced to reflect the applicable decline in value resulting from physical deterioration, functional obsolescence and economic obsolescence.

Appropriate selling costs includes reasonable broker’s commissions, costs to produce title documents, filing fees, legal expenses and the like.

Goodwill and Other Intangibles, net

Goodwill represents the excess of the aggregate purchase price over the fair value of the net identifiable assets acquired in a business combination. Identified intangible assets represent trade names, customer relationships and non-compete agreements arising from acquisitions that are recorded at fair value as of the date acquired less accumulated amortization, if any. The Company uses various market valuation techniques to determine the fair value of its identified intangible assets.

Goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment on an annual basis in the fourth quarter of each fiscal year or more frequently if impairment indicators arise. For goodwill, an impairment loss is recognized for any excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. Management first reviews relevant qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent), that the fair value of a reporting unit is less than the unit’s carrying amount (including goodwill). If management determines it is more likely than not that the carrying amount of a reporting unit goodwill might be impaired, a quantitative impairment test is performed. Management has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative impairment test. Management would be able to resume performing the qualitative assessment in any subsequent period. In 2023, the Company experienced (1) an increase in long-term treasury rates that management determined could negatively affect discount rates and (2) continued inflationary pressures impacting primarily our Moy Park and Pilgrim’s Food Masters reporting units that management determined could negatively affect our margins. Due to these factors in 2023, management elected to bypass the qualitative assessment for all reporting units and performed a quantitative impairment test for each reporting unit with a material amount of goodwill reported as of December 31, 2023 and the results of the quantitative tests are reported below.

As of December 31, 2023, our Moy Park, Pilgrim’s Food Masters, Pilgrim’s Mexico, and Pilgrim’s U.S. reporting units had reported goodwill of $784.8 million, $329.4 million, $127.8 million, and $41.9 million, respectively. Our Pilgrim’s U.K. reporting unit had reported goodwill of $2.3 million as of December 31, 2023, which was considered immaterial to warrant quantitative goodwill impairment testing. To perform the quantitative assessments, Management estimated the fair value of our reporting units with material goodwill carrying amounts using an income approach (discounted cash flow method). The method to estimate the fair value of each reporting unit involves the use of assumptions about revenue growth, margins, industry data, discount rates, and terminal growth values. These assumptions use data from internally-developed economic projections and external industry data obtained from government authorities, such as the U.S. Department of Agriculture, and other sources. The margin assumptions are based on operating performance expectations, historically realized margins within each reporting units’ industries, and general macroeconomic trends. We use the weighted average cost of capital as a proxy for the discount rates. We consider reporting units that have a 20% or less excess fair value over carrying amount to have a heightened risk of future goodwill impairment.

Based on the outcomes of the reporting units’ quantitative assessments, Management determined that no goodwill impairment existed in any of the reporting units’ with material carrying amounts of goodwill. Our Moy Park reporting unit was determined to have a heightened risk of future goodwill impairment as the excess fair value over the reporting unit’s carrying amount was less than 20%. Some of the assumptions used in determining the fair values of the reporting units are outside the control of management and while we believe we have made reasonable estimates and assumptions to calculate these fair values, it is possible a material change could occur. If actual results of the reporting units are not consistent with the estimates and assumptions used to calculate the fair values, it could result in material impairments of our reported goodwill.

For indefinite-lived intangible assets, an impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value of that intangible asset. Management first reviews relevant qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that an intangible asset is impaired. If management determines there is an indication that the carrying amount of the intangible asset might be impaired, a quantitative impairment test is performed. Management has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. For 2023, management elected to bypass qualitative assessments for all indefinite-lived intangible assets and performed quantitative impairment tests and determined that no impairment existed as of December 31, 2023.

The fair value of our indefinite-life intangible assets is calculated principally using a relief-from-royalty valuation approach, which uses significant unobservable inputs as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under this valuation approach, we make estimates and assumptions about brand sales growth, royalty rates and discount rates based on specific brand sales projections, general economic projections, anticipated future cash flows and marketplace data. We consider indefinite-life intangible assets that have 20% or

less excess fair value over carrying amount to have a heightened risk of future impairment. Our 2022 and 2021 indefinite-life intangible assets impairment analyses did not result in an impairment charge.

In 2023, we experienced an increase in long-term treasury rates that management determined could negatively affect discount rates, which are used in estimating the fair value of the reporting units. Therefore, management elected to bypass qualitative assessments for all indefinite-life intangible assets and performed quantitative impairment tests and determined that no material impairment existed as of December 31, 2023. The estimated fair values of two of our indefinite-life intangibles did not exceed their carrying values by more than 20% at December 31, 2023. This includes one brand within our U.K. and Europe reportable segment and one brand in our Mexico reportable segment with carrying amounts $36.1 million and $0.8 million, respectively, as of December 31, 2023. We generally assumed brand revenue growth rates in future years would normalize over time as we believe this is consistent with market participant views in an exit transaction.The current year results are not indicative of future market participant expectations in an exit transaction primarily due to the expected temporary impacts of continued inflationary pressures and volatile market conditions. We do not currently consider any of our other indefinite-life intangible assets, which had aggregate carrying value of $543.5 million at December 31, 2023 to be at heightened risk of future impairment.

Identifiable intangible assets with definite lives, such as customer relationships and trade names that the Company expects to use for a limited amount of time, are amortized over their estimated useful lives on a straight-line basis. The useful lives range from 15 to 20 years for trade names and three to 18 years for customer relationships. Identified intangible assets with definite lives are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Management assessed if events or changes in circumstances indicated that the aggregate carrying amount of its identified intangible assets with definite lives might not be recoverable and determined that there were no impairment indicators during the years ended December 31, 2023 and December 25, 2022.

Litigation and Contingent Liabilities

The Company is subject to lawsuits, investigations and other claims related to employment, environmental, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses, to these matters. The Company estimates the amount of reserves required for these contingencies when losses are determined to be probable and after considerable analysis of each individual issue. The Company expenses legal costs related to such loss contingencies as they are incurred. The accrual for environmental remediation liabilities is measured on an undiscounted basis. These reserves may change in the future due to changes in the Company’s assumptions, the effectiveness of strategies, or other factors beyond the Company’s control.

Accrued Self Insurance

Insurance expense for casualty claims and employee-related health care benefits are estimated using historical and current experience and actuarial estimates. Stop-loss coverage is maintained with third-party insurers to limit the Company’s total exposure. Certain categories of claim liabilities are actuarially determined. The assumptions used to arrive at periodic expenses are reviewed regularly by management. However, actual expenses could differ from these estimates and could result in adjustments to be recognized.

Asset Retirement Obligations

The Company monitors certain asset retirement obligations in connection with its operations. These obligations relate to clean-up, removal or replacement activities and related costs for “in-place” exposures only when those exposures are moved or modified, such as during renovations of our facilities. These in-place exposures include asbestos, refrigerants, wastewater, oil, lubricants and other contaminants common in manufacturing environments. Under existing regulations, the Company is not required to remove these exposures and there are no plans to undertake a renovation that would require removal of the asbestos or the remediation of the other in-place exposures at this time. The facilities are expected to be maintained and repaired by activities that will not result in the removal or disruption of these in-place exposures at this time. As a result, there is an indeterminate settlement date for these asset retirement obligations because the range of time over which the Company may incur these liabilities is unknown and cannot be reasonably estimated. Therefore, the Company has not recorded the fair value of any potential liability.

Income Taxes

The Company follows provisions stated in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, with regard to members of a group that file a consolidated tax return but issue separate financial statements. The Company files certain state unitary returns with JBS USA Food Company Holdings (“JBS USA Holdings”). The income tax expense of the Company is computed using the separate return method. The provision for

income taxes has been determined using the asset and liability approach of accounting for income taxes. For the unitary states, we have an obligation to make tax payments to JBS USA Holdings for our share of the unitary taxable income, which is included in taxes payable in our Consolidated Balance Sheets. Under this approach, deferred income taxes reflect the net tax effect of temporary differences between the book and tax bases of recorded assets and liabilities, net operating losses and tax credit carry forwards. The amount of deferred tax on these temporary differences is determined using the tax rates expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on the tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date.

The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, potential for carry back of tax losses, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances have been established primarily for net operating loss carry forwards of certain foreign subsidiaries.

The Company deems its earnings from Mexico, Puerto Rico, the U.K., the Republic of Ireland, France, the Netherlands, Luxembourg and Malta as of December 31, 2023 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided.

The Company follows provisions within ASC Topic 740, Income Taxes, that provide a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date. See “Note 12. Income Taxes” to the Consolidated Financial Statements.

Pension and Other Postemployment Benefits

Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, long-term return on plan assets and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over either (1) the estimated average future service period of active plan participants if the plan is active or (2) the estimated average future life expectancy of all plan participants if the plan is frozen.

Derivative Financial Instruments

The Company uses derivative financial instruments (e.g., futures, forwards options and swaps) for the purpose of mitigating exposure to changes in commodity prices, foreign currency exchange rates and interest rates.

•Commodity Price Risk - The Company utilizes various raw materials, which are all considered commodities, in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel. The Company considers these raw materials to be generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company enters into derivative contracts such as physical forward contracts and exchange-traded futures or option contracts in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for periods up to 12 months. The Company may enter into longer-term derivatives on particular commodities if deemed appropriate.

•Foreign Currency Risk - The Company has foreign operations and, therefore, has exposure to foreign exchange risk when the financial results of those operations are translated to U.S. dollars. The Company will occasionally purchase derivative financial instruments such as foreign currency forward contracts in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico reportable segment that are denominated in Mexican pesos. The Company’s U.K. and Europe reportable segment also attempts to mitigate foreign currency exposure on certain transactions denominated in foreign currencies through the use of derivative financial instruments.

•Interest Rate Risk - The Company has exposure to variability in cash flows from interest payments due to the use of variable interest rates on certain long-term debt arrangements. The Company has purchased in the past an interest rate swap contract to convert the variable interest rate to a fixed interest rate on a portion of its outstanding long-term debt arrangements in order to manage this interest rate risk and add stability to interest expense and cash flows.

Pilgrim’s recognizes all commodity derivative instruments that qualify for derivative accounting treatment as either assets or liabilities and measures those instruments at fair value unless they qualify for, and we elect, the normal purchases and normal sales scope exception (“NPNS”). The permitted accounting treatments include: cash flow hedge; fair value hedge; and undesignated contracts. Undesignated contract accounting is the default accounting treatment for all derivatives unless they qualify, and we specifically designate them, for one of the other accounting treatments. Derivatives designated for any of the elective accounting treatments must meet specific, restrictive criteria both at the time of designation and on an ongoing basis.

The Company has generally applied the NPNS exception for certain of its forward physical grain purchase and energy purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, there were no amounts recorded in the Consolidated Financial Statements at December 31, 2023 and December 25, 2022.

Undesignated contracts may include contracts not designated as a hedge or for which the NPNS exception was not elected, contracts that do not qualify for hedge accounting and derivatives that do not or no longer qualify for the NPNS scope exception. The fair value of these derivatives is recognized in the Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of these derivatives are recognized immediately in the Consolidated Statements of Income within Net sales, Cost of sales or SG&A expense, depending on the risk they are intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated nor accounted for as hedges as a result of the extensive record keeping requirements.

Business Combination Accounting

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

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We make significant estimates in regard to realization of deferred tax assets; valuation of long-lived assets; valuation of contingent liabilities and self-insurance liabilities; and valuation of acquired businesses.

Recent Accounting Pronouncements Adopted in 2023

In September 2022, the FASB issued Accounting Standards Update (“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 Consolidated Financial Statements. Additional information regarding supplier finance programs is included in “Note 11. 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 Consolidated Financial Statements.

Recent 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 Consolidated Financial Statements.

Recent Accounting Pronouncements Not Yet Adopted as of December 31, 2023

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional disclosures for reportable segments. The guidance requires disclosures about significant segment expenses that are regularly provided to the chief operating decision maker along with additional measures of segment profit that are regularly used by the chief operating decision maker in assessing segment performance and deciding how to allocate resources. The provisions of the new guidance will be effective for years beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. The Company plans to adopt this guidance in the next fiscal year and are still assessing the impacts on our Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures for income taxes to enhance transparency and usefulness of income tax disclosures. The guidance requires additional disclosures for the tabular rate reconciliation, income taxes paid, and the disaggregation of domestic, federal and state, and foreign components within income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. The provisions of the new guidance will be effective for years beginning after December 15, 2024. The Company plans to adopt this guidance as it becomes effective and is assessing the impacts on our Consolidated Financial Statements.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on a Recurring Basis

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


	December 31, 2023				December 25, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)				(In thousands)
Assets:
Fixed income securities	$	324,947	$	—	$	324,947	$	167,430	$	—	$	167,430
Commodity derivative assets	1,202		—		1,202		17,922		—		17,922
Foreign currency derivative assets	175		—		175		555		—		555
Sales contract derivative assets	—		960		960		—		—		—
Liabilities:
Commodity derivative liabilities	(17,118)		—		(17,118)		(9,042)		—		(9,042)
Foreign currency derivative liabilities	(723)		—		(723)		(6,170)		—		(6,170)
Sales contract derivative liabilities	—		—		—		—		(3,705)		(3,705)

Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation

The carrying amounts and estimated fair values of our debt obligations recorded in the Consolidated Balance Sheets consisted of the following:


	December 31, 2023		December 25, 2022
	Carrying Amount	Fair Value	Carrying Amount	Fair Value
	(In thousands)
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	(900,000)	(760,203)	(900,000)	(726,498)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(992,711)	(902,650)	(991,691)	(734,349)
Fixed-rate senior notes payable at 5.875%, at Level 2 inputs	—	—	(846,582)	(846,175)
Fixed-rate senior notes payable at 6.25%, at Level 2 inputs	(993,595)	(1,029,020)	—	—
Fixed-rate senior notes payable at 6.875%, at Level 2 inputs	(490,408)	(540,230)	—	—
Variable-rate term note payable at 8.50%, at Level 3 inputs	—	—	(480,078)	(489,857)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 321,574	$ 745,930	$ 31,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

REVENUE RECOGNITION - Change in Revenue Contract Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022
Movement in Contract with Customer, Liability [Roll Forward]
Balance, beginning of year	$ 34,486	$ 22,321
Revenue recognized	(28,674)	(19,712)
Cash received, excluding amounts recognized as revenue during the period	79,146	31,877
Balance, end of year	$ 84,958	$ 34,486

REPORTABLE SEGMENTS -Narrative (Details)	12 Months Ended
REPORTABLE SEGMENTS -Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Operating Loss Carryforwards [Line Items]
Effective tax rate	11.70%	27.20%	66.20%
Deduction from the 2020 federal income tax return due to deconsolidation	(4.20%)
Change in effective tax rate, due to change in reserve for unrecognized tax benefits, increase related to foreign tax deductions			7.00%
Valuation allowance	$ 88,460	$ 64,361	$ 24,261	$ 33,678
Valuation allowance, U.S. foreign tax credits	11,800
Valuation allowance, state operating losses	800
Other comprehensive income, tax expense (benefit)	(2,083)	(2,478)	(8,197)
Unrecognized tax benefits	37,565	$ 27,585	$ 20,242
Amount of tax benefits that, if recognized, would reduce effective tax rate	18,000
Liability for interest and penalties	5,900
Increase in accrued interest and penalty amounts related to uncertain tax positions	2,700
JBS USA Food Company \| Capital contribution (distribution) under tax sharing agreement \| Majority Shareholder
Operating Loss Carryforwards [Line Items]
Net Receivable	1,400
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	104,800
Tax credit carry forwards	$ 5,800
Mexico tax audit
Operating Loss Carryforwards [Line Items]
Mexico tax audit	0.00%	3.80%	0.00%
Mexico tax audit \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 4,300
U.K. Tax Authority \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	202,600
U.K. and Europe Operations
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	11,000
Mexico Operations
Operating Loss Carryforwards [Line Items]
Valuation allowance, foreign operations	100
Onix Investments UK Limited
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	53,000
Puerto Rico Operations
Operating Loss Carryforwards [Line Items]
Valuation allowance, business combinations	$ 11,800

CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

CURRENT LIABILITIES

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


	December 31, 2023		December 25, 2022
	(In thousands)
Accounts payable
Trade accounts	$	1,294,830	$	1,476,552
Book overdrafts	90,612		93,800
Other payables	25,134		17,587
Total accounts payable	1,410,576		1,587,939
Accounts payable to related parties(a)	41,254		12,155
Revenue contract liabilities(b)	84,958		34,486
Accrued expenses and other current liabilities
Compensation and benefits	249,474		258,098
Accrued sales rebates	104,390		55,002
Insurance and self-insured claims	76,287		72,453
Litigation settlements	73,330		99,230
Interest and debt-related fees	71,508		32,433
Current maturities of operating lease liabilities(c)	67,440		79,222
Taxes	37,635		33,550
Derivative liabilities(d)	17,841		18,917
Other accrued expenses	228,822		201,994
Total accrued expenses and other current liabilities	926,727		850,899
Total current liabilities	$	2,463,515	$	2,485,479

(a)Additional information regarding accounts payable to related parties is included in “Note 19. Related Party Transactions.”

(b)Additional information regarding revenue contract liabilities is included in “Note 2. Revenue Recognition.”

(c)Additional information regarding current maturities of operating lease liabilities is included in “Note 3. Leases.”

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

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Restructuring Reserve [Roll Forward]
Restructuring charges incurred	$ 44,345	$ 30,466	$ 5,802
Cash payments and disposals	(51,362)
Moy Park
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	8,539
Restructuring charges incurred	1,747
Cash payments and disposals	(7,719)
Currency translation	221
Liability or reserve as of December 31, 2023	2,788	8,539
Moy Park \| Asset impairment costs
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	2,391
Restructuring charges incurred	(83)
Cash payments and disposals	(2,751)
Currency translation	443
Liability or reserve as of December 31, 2023	0	2,391
Moy Park \| Inventory adjustments
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	1
Restructuring charges incurred	47
Cash payments and disposals	(48)
Currency translation	0
Liability or reserve as of December 31, 2023	0	1
Moy Park \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	6,025
Restructuring charges incurred	162
Cash payments and disposals	(3,315)
Currency translation	(228)
Liability or reserve as of December 31, 2023	2,644	6,025
Moy Park \| Other employee costs
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	1,495
Cash payments and disposals	(1,495)
Currency translation	0
Liability or reserve as of December 31, 2023	0	0
Moy Park \| Contract termination costs
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	122
Restructuring charges incurred	126
Cash payments and disposals	(110)
Currency translation	6
Liability or reserve as of December 31, 2023	144	122
Pilgrim’s Pride Ltd.
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	7,419
Restructuring charges incurred	15,611
Cash payments and disposals	(21,364)
Currency translation	313
Liability or reserve as of December 31, 2023	1,979	7,419
Pilgrim’s Pride Ltd. \| Inventory adjustments
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	615
Restructuring charges incurred	372
Cash payments and disposals	(722)
Currency translation	29
Liability or reserve as of December 31, 2023	294	615
Pilgrim’s Pride Ltd. \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	501
Restructuring charges incurred	3,586
Cash payments and disposals	(3,158)
Currency translation	(177)
Liability or reserve as of December 31, 2023	752	501
Pilgrim’s Pride Ltd. \| Employee retention benefits
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	1,784
Cash payments and disposals	(1,810)
Currency translation	61
Liability or reserve as of December 31, 2023	35	0
Pilgrim’s Pride Ltd. \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	5,503
Restructuring charges incurred	10,105
Cash payments and disposals	(15,077)
Currency translation	203
Liability or reserve as of December 31, 2023	734	5,503
Pilgrim’s Pride Ltd. \| Lease termination
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	800
Restructuring charges incurred	(236)
Cash payments and disposals	(597)
Currency translation	197
Liability or reserve as of December 31, 2023	164	800
Pilgrim’s Food Masters 2022
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	639
Restructuring charges incurred	23,960
Cash payments and disposals	(21,350)
Currency translation	71
Liability or reserve as of December 31, 2023	3,320	639
Pilgrim’s Food Masters 2022 \| Asset impairment costs
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	4,141
Cash payments and disposals	(4,143)
Currency translation	2
Liability or reserve as of December 31, 2023	0	0
Pilgrim’s Food Masters 2022 \| Inventory adjustments
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	793
Cash payments and disposals	(728)
Currency translation	0
Liability or reserve as of December 31, 2023	65	0
Pilgrim’s Food Masters 2022 \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	4,305
Cash payments and disposals	(3,614)
Currency translation	(6)
Liability or reserve as of December 31, 2023	685	0
Pilgrim’s Food Masters 2022 \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	639
Restructuring charges incurred	13,502
Cash payments and disposals	(12,865)
Currency translation	5
Liability or reserve as of December 31, 2023	1,281	639
Pilgrim’s Food Masters 2022 \| Lease termination
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	1,219
Cash payments and disposals	0
Currency translation	70
Liability or reserve as of December 31, 2023	1,289	0
Pilgrim’s Food Masters 2023
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	3,027
Cash payments and disposals	(929)
Currency translation	60
Liability or reserve as of December 31, 2023	2,158	0
Pilgrim’s Food Masters 2023 \| Employee retention benefits
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	1,015
Cash payments and disposals	(508)
Currency translation	15
Liability or reserve as of December 31, 2023	522	0
Pilgrim’s Food Masters 2023 \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 25, 2022	0
Restructuring charges incurred	2,012
Cash payments and disposals	(421)
Currency translation	45
Liability or reserve as of December 31, 2023	$ 1,636	$ 0

MARKET RISKS AND CONCENTRATIONS	12 Months Ended
MARKET RISKS AND CONCENTRATIONS	Dec. 31, 2023
Risks and Uncertainties [Abstract]
MARKET RISKS AND CONCENTRATIONS	MARKET RISKS AND CONCENTRATIONS The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, investment securities and trade accounts receivable. The Company’s cash equivalents and investment securities are high-quality debt and equity securities placed with major banks and financial institutions. The Company’s trade accounts receivable are generally unsecured. Credit evaluations are performed on all significant customers and updated as circumstances dictate. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas. The Company does not have a single customer that exceeds the 10% of net sales. The Company does not believe it has significant concentrations of credit risk in its trade accounts receivable. As of December 31, 2023, we employed over 61,200 people. Approximately 35.2% of the Company’s employees were covered under collective bargaining agreements. Substantially all employees covered under collective bargaining agreements are covered under agreements that expire in 2024 or later. We have not experienced any labor-related work stoppage at any location in over ten years. We believe our relationship with our employees and union leadership is satisfactory. At any given time, we will likely be in some stage of contract negotiations with various collective bargaining units. In the absence of an agreement, we may become subject to labor disruption at one or more of these locations, which could have an adverse effect on our financial results. As of December 31, 2023, the aggregate carrying amount of net assets belonging to our Mexico and U.K. and Europe reportable segments was $1.3 billion and $3.1 billion, respectively. As of December 25, 2022, the aggregate carrying amount of net assets belonging to our Mexico and U.K. and Europe reportable segments was $1.1 billion and $2.8 billion, respectively.

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Fair Value Measurements of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 225,451	$ 210,133	$ 326,409
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,394	12,072
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	220,057	198,061
Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
All Pension Plans \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,394	12,072
All Pension Plans \| Cash and cash equivalents \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,394	12,072
All Pension Plans \| Cash and cash equivalents \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
All Pension Plans \| Cash and cash equivalents \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	2,123	1,995
PSAs for the Union Plan \| Large U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	2,123	1,995
PSAs for the Union Plan \| Large U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Small/Mid U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,133	1,055
PSAs for the Union Plan \| Small/Mid U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Small/Mid U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,133	1,055
PSAs for the Union Plan \| Small/Mid U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,654	1,672
PSAs for the Union Plan \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	1,654	1,672
PSAs for the Union Plan \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,640	3,838
PSAs for the Union Plan \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,640	3,838
PSAs for the Union Plan \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	437	0
PSAs for the Union Plan \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the Union Plan \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	437	0
PSAs for the Union Plan \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	27,516	23,541
PSAs and CCTs for the GK Pension Plan \| Large U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	27,516	23,541
PSAs and CCTs for the GK Pension Plan \| Large U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Small/Mid U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	13,991	12,446
PSAs and CCTs for the GK Pension Plan \| Small/Mid U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Small/Mid U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	13,991	12,446
PSAs and CCTs for the GK Pension Plan \| Small/Mid U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	13,751	13,171
PSAs and CCTs for the GK Pension Plan \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	13,751	13,171
PSAs and CCTs for the GK Pension Plan \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	34,111	30,865
PSAs and CCTs for the GK Pension Plan \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	34,111	30,865
PSAs and CCTs for the GK Pension Plan \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,174	6,458
PSAs and CCTs for the GK Pension Plan \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs and CCTs for the GK Pension Plan \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	5,174	6,458
PSAs and CCTs for the GK Pension Plan \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Large U.S. equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	29,648	23,149
PSAs for the U.K. Plans \| Large U.S. equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Large U.S. equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	29,648	23,149
PSAs for the U.K. Plans \| Large U.S. equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| International equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	36,507	31,767
PSAs for the U.K. Plans \| International equity funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| International equity funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	36,507	31,767
PSAs for the U.K. Plans \| International equity funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Fixed income funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,376	3,081
PSAs for the U.K. Plans \| Fixed income funds \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Fixed income funds \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	3,376	3,081
PSAs for the U.K. Plans \| Fixed income funds \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	14,985	16,297
PSAs for the U.K. Plans \| Real estate \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Real estate \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	14,985	16,297
PSAs for the U.K. Plans \| Real estate \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Liability driven investments
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	32,011	28,726
PSAs for the U.K. Plans \| Liability driven investments \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	0	0
PSAs for the U.K. Plans \| Liability driven investments \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	32,011	28,726
PSAs for the U.K. Plans \| Liability driven investments \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 0	$ 0