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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 https://cdn.kscope.io/41a63115fbf2eba6ac342496dfcf678e-pilgrimslogoa04a01a01a01a03.jpg

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1285071
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1770 Promontory Circle80634-9038
GreeleyCO
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (970506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Exchange on which Registered
Common Stock, Par Value $0.01PPCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated Filer 
Non-accelerated FilerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of May 1, 2024, was 236,943,487.





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



1


Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2024December 31, 2023
 (In thousands)
Cash and cash equivalents$870,820 $697,748 
Restricted cash and restricted cash equivalents24,063 33,475 
Trade accounts and other receivables, less allowance for credit losses1,049,410 1,129,178 
Accounts receivable from related parties2,146 1,778 
Inventories1,861,989 1,985,399 
Income taxes receivable141,122 161,062 
Prepaid expenses and other current assets222,327 195,831 
Total current assets4,171,877 4,204,471 
Deferred tax assets7,151 4,890 
Other long-lived assets45,955 35,646 
Operating lease assets, net279,105 266,707 
Intangible assets, net837,747 853,983 
Goodwill1,274,721 1,286,261 
Property, plant and equipment, net3,151,784 3,158,403 
Total assets$9,768,340 $9,810,361 
Accounts payable$1,295,910 $1,410,576 
Accounts payable to related parties13,524 41,254 
Revenue contract liabilities45,422 84,958 
Accrued expenses and other current liabilities876,217 926,727 
Income taxes payable48,022 31,678 
Current maturities of long-term debt650 674 
Total current liabilities2,279,745 2,495,867 
Noncurrent operating lease liabilities, less current maturities217,660 203,348 
Long-term debt, less current maturities3,342,664 3,340,841 
Deferred tax liabilities401,003 385,548 
Other long-term liabilities32,890 40,180 
Total liabilities6,273,962 6,465,784 
Common stock2,621 2,620 
Treasury stock(544,687)(544,687)
Additional paid-in capital1,983,592 1,978,849 
Retained earnings2,245,494 2,071,073 
Accumulated other comprehensive loss(206,364)(176,483)
Total Pilgrim’s Pride Corporation stockholders’ equity3,480,656 3,331,372 
Noncontrolling interest13,722 13,205 
Total stockholders’ equity3,494,378 3,344,577 
Total liabilities and stockholders’ equity$9,768,340 $9,810,361 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


2


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended
 March 31, 2024March 26, 2023
 (In thousands, except per share data)
Net sales$4,361,934 $4,165,628 
Cost of sales3,978,025 3,992,581 
Gross profit383,909 173,047 
Selling, general and administrative expense119,076 133,678 
Restructuring activities14,559 8,026 
Operating income250,274 31,343 
Interest expense, net of capitalized interest41,243 42,662 
Interest income(10,346)(3,600)
Foreign currency transaction losses (gains)(4,337)18,143 
Miscellaneous, net(3,286)(22,653)
Income (loss) before income taxes227,000 (3,209)
Income tax expense (benefit)52,062 (8,840)
Net income174,938 5,631 
Less: Net income attributable to noncontrolling interests517 444 
Net income attributable to Pilgrim’s Pride Corporation$174,421 $5,187 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic236,844 236,585 
Effect of dilutive common stock equivalents647 579 
Diluted237,491 237,164 
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic$0.74 $0.02 
Diluted$0.73 $0.02 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



3


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31, 2024March 26, 2023
(In thousands)
Net income$174,938 $5,631 
Other comprehensive income (loss):
Foreign currency translation adjustment:
Gains (losses) arising during the period(32,490)42,644 
Derivative financial instruments designated as cash flow hedges:
Gains arising during the period465 18 
Income tax effect  
Reclassification to net earnings for gains realized(1,041)(64)
Income tax effect  
Available-for-sale securities:
Gains arising during the period 40 
Income tax effect (10)
Reclassification to net earnings for gains realized(8)(18)
Income tax effect2 5 
Defined benefit plans:
Gains arising during the period4,139 4,233 
Income tax effect(1,054)(581)
Reclassification to net earnings of losses realized140 182 
Income tax effect(34)(43)
Total other comprehensive income (loss), net of tax(29,881)46,406 
Comprehensive income145,057 52,037 
Less: Comprehensive income attributable to noncontrolling interests517 444 
Comprehensive income attributable to Pilgrim’s Pride Corporation$144,540 $51,593 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Three Months Ended March 31, 2024Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 31, 2023261,931 $2,620 (25,142)$(544,687)$1,978,849 $2,071,073 $(176,483)$13,205 $3,344,577 
Net income— — — — — 174,421 — 517 174,938 
Other comprehensive loss, net of tax— — — — — — (29,881)— (29,881)
Stock-based compensation plans:
Common stock issued under compensation plans153 1 — — (1)— — —  
Requisite service period recognition— — — — 4,744 — — — 4,744 
Balance at March 31, 2024262,084 $2,621 (25,142)$(544,687)$1,983,592 $2,245,494 $(206,364)$13,722 $3,494,378 
Three Months Ended March 26, 2023Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 25, 2022261,611 $2,617 (25,142)$(544,687)$1,969,833 $1,749,499 $(336,448)$12,462 $2,853,276 
Net income— — — — — 5,187 — 444 5,631 
Other comprehensive income, net of tax— — — — — — 46,406 — 46,406 
Stock-based compensation plans:
Common stock issued under compensation plans264 2 — — (2)— — —  
Requisite service period recognition— — — — 1,207 — — — 1,207 
Balance at March 26, 2023261,875 $2,619 (25,142)$(544,687)$1,971,038 $1,754,686 $(290,042)$12,906 $2,906,520 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


5


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
 March 31, 2024March 26, 2023
 (In thousands)
Cash flows from operating activities:
Net income$174,938 $5,631 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization103,350 98,257 
Deferred income tax expense (benefit)15,519 (26,309)
Stock-based compensation4,744 1,200 
Loss (gain) on property disposals1,842 (9,333)
Loan cost amortization1,311 1,333 
Accretion of discount related to Senior Notes649 429 
Gain on equity-method investments(2)(4)
Adjustment to previously recognized asset impairment (130)
Changes in operating assets and liabilities:
Trade accounts and other receivables72,350 (132,791)
Inventories114,471 (30,267)
Prepaid expenses and other current assets(27,628)(20,268)
Accounts payable, accrued expenses and other current liabilities(212,807)(43,662)
Income taxes35,797 3,149 
Long-term pension and other postretirement obligations(1,315)949 
Other operating assets and liabilities(12,192)(9,888)
Cash provided by (used in) operating activities271,027 (161,704)
Cash flows from investing activities:
Acquisitions of property, plant and equipment(108,429)(131,701)
Proceeds from property disposals2,217 12,631 
Proceeds from insurance recoveries 1,599 
Cash used in investing activities(106,212)(117,471)
Cash flows from financing activities:
Proceeds from contribution (distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation1,425 (1,592)
Payments on revolving line of credit, long-term borrowings and finance lease obligations(153)(6,527)
Proceeds from revolving line of credit and long-term borrowings 35,000 
Payments of capitalized loan costs(16) 
Cash provided by financing activities1,256 26,881 
Effect of exchange rate changes on cash and cash equivalents(2,411)2,101 
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents163,660 (250,193)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period731,223 434,759 
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period$894,883 $184,566 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


6


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) 
1.    BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to over 100 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 the U.S., the U.K., Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. As of March 31, 2024, Pilgrim’s had approximately 61,600 employees and had the capacity to process approximately 41.3 million birds per 5-day work week. Approximately 4,450 contract growers supply chicken for the Company’s operations. As of March 31, 2024, PPC had the capacity to process approximately 42,750 pigs per 5-day work week and 220 contract growers supply pigs for the Company’s U.K. operations. As of March 31, 2024, JBS S.A., through its indirect wholly-owned subsidiaries (collectively, “JBS”), beneficially owned 82.5% of the Company’s outstanding common stock.
Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 29, 2024. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2024) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The three months ended March 31, 2024 represents the period from January 1, 2024 through March 31, 2024. The three months ended March 26, 2023 represents the period from December 26, 2022 through March 26, 2023.
The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation.
The Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for credit losses, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions, certain litigation reserves and valuations of acquired businesses.
The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from


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translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction losses in the Condensed Consolidated Statements of Income.
Restricted Cash and Restricted Cash Equivalents
The Company is required to maintain cash balances with a broker as collateral for exchange-traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
The following table reconciles cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
March 31, 2024December 31, 2023
(In thousands)
Cash and cash equivalents$870,820 $697,748 
Restricted cash and restricted cash equivalents24,063 33,475 
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows$894,883 $731,223 
Recent Accounting Pronouncements Not Yet Adopted as of March 31, 2024
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 for the annual reporting period of the current 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 are assessing the impacts on our Consolidated Financial Statements.
2.    REVENUE RECOGNITION
The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.
The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order.


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The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.
Disaggregated Revenue
Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended March 31, 2024
(In thousands)
FreshPreparedExportOtherTotal
U.S.$2,113,623 $268,990 $108,798 $87,921 $2,579,332 
Europe271,148 844,996 118,451 33,308 1,267,903 
Mexico430,152 55,520  29,027 514,699 
Total net sales$2,814,923 $1,169,506 $227,249 $150,256 $4,361,934 
Three Months Ended March 26, 2023
(In thousands)
FreshPreparedExportOtherTotal
U.S.$1,943,786 $244,801 $128,275 $115,706 $2,432,568 
Europe264,663 831,729 117,621 25,251 1,239,264 
Mexico411,919 46,356  35,521 493,796 
Total net sales$2,620,368 $1,122,886 $245,896 $176,478 $4,165,628 
Contract Costs
The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred.
Taxes
The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price.
Contract Balances
The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Changes in the revenue contract liabilities balance are as follows (in thousands):
Balance as of December 31, 2023$84,958 
Revenue recognized(71,946)
Cash received, excluding amounts recognized as revenue during the period32,410 
Balance as of March 31, 2024$45,422 
Accounts Receivable
The Company records accounts receivable when revenue is recognized. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the


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allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.
3.     DERIVATIVE FINANCIAL INSTRUMENTS
The Company utilizes various raw materials in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel, which are all considered commodities. The Company considers these raw materials generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company purchases derivative financial instruments, specifically exchange-traded futures and options, in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for approximately the next twelve months. The Company may purchase longer-term derivative financial instruments on particular commodities if deemed appropriate.
The Company has operations in Mexico, the U.K., France, the Netherlands and the Republic of Ireland. Therefore, it has exposure to translational foreign exchange risk when the financial results of those operations are remeasured in U.S. dollars. The Company has purchased foreign currency forward contracts to manage a portion of this foreign exchange risk.
The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets while the fair value of derivative liabilities is included in the line item Accrued expenses and other current liabilities on the same statements. The Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item Restricted cash and restricted cash equivalents on the Condensed Consolidated Balance Sheets.
Undesignated contracts may include contracts not designated as hedges or contracts that do not qualify for hedge accounting. The fair value of each of these derivatives is recognized in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of each derivative are recognized immediately in the Condensed Consolidated Statements of Income within Net sales, Cost of sales, Selling, general and administrative expense, or Foreign currency transaction (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 Condensed Consolidated Statements of Income. Realized gains and losses related to cash flows are disclosed in the Condensed Consolidated Statements of Cash Flows in Cash provided by operating activities. Unrealized gains and losses related to cash flows are disclosed in the Condensed Consolidated Statements of Cash Flows in the line item Other operating assets and liabilities. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
The Company does apply hedge accounting treatment to certain derivative financial instruments related to its Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the cash flow hedge into accumulated other comprehensive income (“AOCI”). When the derivative financial instruments are settled, the amount in AOCI is then reclassified to earnings. Gains or losses related to these derivative financial instruments are included in the line item Net sales and Cost of sales in the Condensed Consolidated Statements of Income.
We have generally applied the normal purchase and normal sale scope exception (“NPNS”) to our forward physical grain purchase contracts delivered by truck and to our forward physical natural gas and solar-generated power purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, amounts payable under these contracts are recorded when we take delivery of the contracted product and no amounts were recorded for the fair value of these contracts in the condensed consolidated financial statements at March 31, 2024 and December 31, 2023.


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Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
March 31, 2024December 31, 2023
 (In thousands)
Fair values:
Commodity derivative assets$3,952 $1,202 
Commodity derivative liabilities(8,836)(17,118)
Foreign currency derivative assets58 175 
Foreign currency derivative liabilities(1,181)(723)
Sales contract derivative assets3,055 960 
Cash collateral posted with brokers(a)
24,063 33,475 
Derivatives coverage(b):
Corn9.7 %10.9 %
Soybean meal11.5 %39.6 %
Period through which stated percent of needs are covered:
CornMarch 2025July 2024
Soybean mealJanuary 2025March 2024
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months Ended
Gains (Losses) by Type of Contract (a)
March 31, 2024March 26, 2023Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives$ $(19,104)Foreign currency transaction losses
Commodity derivatives(10,048)(16,534)Cost of sales
Sales contract derivative2,095 4,164 Net sales
Total$(7,953)$(31,474)
(a)Amounts represent income (expenses) related to results of operations.
The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
Gains Recognized in Other Comprehensive Income
Three Months Ended
March 31, 2024March 26, 2023
(In thousands)
Foreign currency derivatives$455 $16 
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended March 31, 2024Three Months Ended March 26, 2023
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
(In thousands)
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$4,361,934 $3,978,025 $41,243 $4,165,628 $3,992,581 $42,662 
Impact from cash flow hedging instruments:
Foreign currency derivatives1,041   120 56  
(a)    Amounts represent income (expenses) related to net sales.


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(b)    Amounts represent expenses (income) related to cost of sales and interest expense.
At March 31, 2024, there was a $1.1 million pre-tax deferred net gain on foreign currency derivatives recorded in AOCI that is expected to be reclassified to the Condensed Consolidated Statements of Income during the next twelve months. This expectation is based on the anticipated settlements on the hedged investments in foreign currencies that will occur over the next twelve months, at which time the Company will recognize the deferred gain to earnings.
4.    TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables, less allowance for credit losses, consisted of the following:
March 31, 2024December 31, 2023
 (In thousands)
Trade accounts receivable$1,012,171 $1,027,916 
Notes receivable from third parties13,746 51,168 
Other receivables32,357 59,435 
Receivables, gross1,058,274 1,138,519 
Allowance for credit losses(8,864)(9,341)
Receivables, net$1,049,410 $1,129,178 
Accounts receivable from related parties(a)
$2,146 $1,778 
(a)    Additional information regarding accounts receivable from related parties is included in “Note 17. Related Party Transactions.”
Activity in the allowance for credit losses was as follows:
Three Months Ended
March 31, 2024
(In thousands)
Balance, beginning of period$(9,341)
Provision released to operating results775 
Effect of exchange rate(298)
Balance, end of period$(8,864)
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 receives cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.
5.     INVENTORIES
Inventories consisted of the following:
March 31, 2024December 31, 2023
 (In thousands)
Raw materials and work-in-process$1,091,773 $1,158,467 
Finished products587,550 642,028 
Operating supplies73,450 75,530 
Maintenance materials and parts109,216 109,374 
Total inventories$1,861,989 $1,985,399 
6.    INVESTMENTS IN SECURITIES
The Company recognizes investments in available-for-sale securities as cash equivalents, current investments or long-term investments depending upon each security’s length to maturity. The following table summarizes our investments in available-for-sale securities:


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March 31, 2024December 31, 2023
CostFair ValueCostFair Value
(In thousands)
Cash equivalents:
Fixed income securities$381,487 $381,540 $324,808 $324,947 
Gross realized gains during the three months ended March 31, 2024 related to the Company’s available-for-sale securities were $8.0 million, while gross realized gains during the three months ended March 26, 2023 were $1.9 million. Proceeds received from the sale or maturity of available-for-sale securities investments are historically disclosed in the Condensed Consolidated Statements of Cash Flows. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the three months ended March 31, 2024 and March 26, 2023 that have been included in AOCI and the net amount of gains and losses reclassified out of AOCI to earnings during the three months ended March 31, 2024 and March 26, 2023 are disclosed in “Note 13. Stockholders’ Equity.”
7.     GOODWILL AND INTANGIBLE ASSETS
The activity in goodwill by segment for the three months ended March 31, 2024 was as follows:
December 31, 2023Currency TranslationMarch 31, 2024
(In thousands)
U.S.$41,936 $ $41,936 
Europe1,116,521 (11,540)1,104,981 
Mexico127,804  127,804 
Total$1,286,261 $(11,540)$1,274,721 
Intangible assets consisted of the following:
December 31, 2023AmortizationCurrency TranslationMarch 31, 2024
(In thousands)
Cost:
Trade names not subject to amortization$580,473 $— $(5,644)$574,829 
Trade names subject to amortization112,681 — (382)112,299 
Customer relationships441,719 — (3,316)438,403 
Accumulated amortization:
Trade names(57,762)(970)52 (58,680)
Customer relationships(223,128)(7,145)1,169 (229,104)
Intangible assets, net$853,983 $(8,115)$(8,121)$837,747 
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Customer relationships
3-18 years
Trade names subject to amortization
15-20 years
At March 31, 2024, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its intangible assets subject to amortization at that date. The Company will perform its annual tests of recoverability of goodwill and trade names not subject to amortization in the fourth quarter of 2024, which if there were to be an impairment could be material.


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8.    PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (“PP&E”), net consisted of the following:
March 31, 2024December 31, 2023
(In thousands)
Land$280,943 $273,846 
Buildings2,197,619 2,170,716 
Machinery and equipment4,015,810 3,953,008 
Autos and trucks99,938 93,858 
Finance lease assets4,736 5,550 
Construction-in-progress422,234 458,146 
PP&E, gross7,021,280 6,955,124 
Accumulated depreciation(3,869,496)(3,796,721)
PP&E, net$3,151,784 $3,158,403 
The Company recognized depreciation expense of $95.2 million and $90.0 million during the three months ended March 31, 2024 and March 26, 2023, respectively.
During the three months ended March 31, 2024, the Company incurred $99.1 million on capital projects and transferred $133.7 million of completed projects from construction-in-progress to depreciable assets. During the three months ended March 26, 2023, the Company incurred $131.7 million on capital projects and transferred $117.8 million of completed projects from construction-in-progress to depreciable assets. Capital expenditures in accounts payable and accrued expenses for the periods ended March 31, 2024 and December 31, 2023 were $37.6 million and $46.9 million, respectively.
During the three months ended March 31, 2024, the Company sold certain PP&E for $2.2 million in cash and recognized a net loss of $1.8 million on these sales. During the three months ended March 26, 2023, the Company sold a farm in Mexico and other miscellaneous equipment for cash of $12.6 million and recognized a net gain of $9.3 million on these sales.
The Company has closed or idled various facilities in the U.S. and in the U.K. The Board of Directors has not determined if it would be in the best interest of the Company to divest any of these idled assets. Management is therefore not certain that it can or will divest any of these assets within one year, is not actively marketing these assets and, accordingly, has not classified them as assets held for sale. The Company continues to depreciate these assets. As of March 31, 2024, the carrying amounts of these idled assets totaled $57.6 million based on depreciable value of $216.1 million and accumulated depreciation of $158.5 million. Idled asset values include those assets that are no longer in use as a result of the recent restructuring activities of our Europe segment.
As of March 31, 2024, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its PP&E held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its PP&E held for use at that date.


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9.    CURRENT LIABILITIES
Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components:
March 31, 2024December 31, 2023
(In thousands)
Accounts payable:
Trade accounts payable$1,182,283 $1,294,830 
Book overdrafts78,570 90,612 
Other payables35,057 25,134 
Total accounts payable1,295,910 1,410,576 
Accounts payable to related parties(a)
13,524 41,254 
Revenue contract liabilities(b)
45,422 84,958 
Accrued expenses and other current liabilities:
Compensation and benefits226,668 249,474 
Litigation settlements(c)
74,180 73,330 
Insurance and self-insured claims72,726 76,287 
Current maturities of operating lease liabilities66,338 67,440 
Taxes47,065 37,635 
Interest and debt-related fees54,542 71,508 
Accrued sales rebates128,096 104,390 
Derivative liabilities(d)
10,017 17,841 
Other accrued expenses196,585 228,822 
Total accrued expenses and other current liabilities876,217 926,727 
Total$2,231,073 $2,463,515 
(a)    Additional information regarding accounts payable to related parties is included in “Note 17. Related Party Transactions.”
(b)    Additional information regarding revenue contract liabilities is included in “Note 2. Revenue Recognition.”
(c)    Additional information regarding litigation settlements is included in “Note 19. Commitments and Contingencies.”
(d)    Additional information regarding derivative liabilities is included in “Note 3. Derivative Financial Instruments.”
10.    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 65-120 days and we pay either the supplier or the financing entity depending on the supplier’s election. As of March 31, 2024 and December 31, 2023, the outstanding balance of confirmed invoices was $178.7 million and $192.7 million, respectively, and are included in Accounts payable in the Condensed Consolidated Balance Sheets.


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11.    INCOME TAXES
The Company recorded income tax expense of $52.1 million, a 22.9% effective tax rate, for the three months ended March 31, 2024 compared to an income tax benefit of $8.8 million, a 275.5% effective tax rate, for the three months ended March 26, 2023. The change from an income tax benefit to an income tax expense in 2024 resulted primarily from the increase of profit before income taxes.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of March 31, 2024, the Company did not believe it had sufficient positive evidence to conclude that realization of a portion of its foreign net deferred tax assets are more likely than not to be realized.
For the three months ended March 31, 2024 and March 26, 2023, there is a tax effect of $(1.1) million and $(0.6) million, respectively, reflected in other comprehensive income.
For the three months ended March 31, 2024 and March 26, 2023, there are immaterial tax effects reflected in income tax expense due to excess tax windfalls and shortfalls related to stock-based compensation.
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 a 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.
12.    DEBT
Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components:
MaturityMarch 31, 2024December 31, 2023
 (In thousands)
Senior notes payable, net of discount, at 6.875%
2034$490,638 $490,408 
Senior notes payable, net of discount, at 6.25%
2033993,762 993,595 
Senior notes payable at 3.50%
2032900,000 900,000 
Senior notes payable, net of discount, at 4.25%
2031992,961 992,711 
U.S. Credit Facility (defined below) at SOFR plus 1.35%
2028  
Europe Credit Facility (defined below) with notes payable at SONIA plus 1.25%
2027  
Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.35%
2026  
Finance lease obligationsVarious2,334 2,486 
Long-term debt3,379,695 3,379,200 
Less: Current maturities of long-term debt(650)(674)
Long-term debt, less current maturities3,379,045 3,378,526 
Less: Capitalized financing costs(36,381)(37,685)
Long-term debt, less current maturities, net of capitalized financing costs$3,342,664 $3,340,841 
U.S. Credit Facility
On October 4, 2023 (the “Effective Date”), the Company and certain of the Company’s subsidiaries entered into a Revolving Syndicated Facility Agreement (the “U.S. Credit Facility”) with CoBank, ACB as administrative agent and the other lenders party thereto. The U.S. Credit Facility provides for a revolving loan commitment of up to $850.0 million. The loan commitment matures on October 4, 2028. The U.S. Credit Facility is unsecured and will be used for general corporate purposes. Outstanding borrowings under the U.S. Credit Facility bear interest at a per annum rate equal to either the Secured Overnight Financing Rate (“SOFR”) or the prime rate plus applicable margins based on the Company’s credit ratings. As of March 31, 2024, the Company had outstanding letters of credit and available borrowings under the revolving credit commitment of $24.8 million and $825.2 million, respectively.


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The U.S. Credit Facility requires customary financial and other covenants for transactions of this type, including limitations 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, and 6) voluntary prepayments, redemptions or repurchases of junior debt. In each case, clauses 1 to 6 are subject to certain exceptions which can be material and certain of such clauses only apply to the Company upon the occurrence of certain triggering events.
Europe Credit 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 “Europe Credit Facility”) with the Governor and Company of the Bank of Ireland, as agent, and the other lenders party thereto. The Europe Credit 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 Europe Credit Facility). All obligations under this agreement are guaranteed by certain of the Company’s subsidiaries. As of March 31, 2024, both the U.S. dollar-equivalent loan commitment and borrowing availability were $189.3 million and there were no outstanding borrowings under this agreement.
The Europe Credit 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 Europe Credit Facility. The Company is currently in compliance with the covenants under the Europe Credit Facility.
Mexico Credit Facility
On August 15, 2023, certain of the Company’s Mexican subsidiaries entered into an unsecured credit agreement (the “Mexico Credit Facility”) with BBVA México as lender. The loan commitment under the Mexico Credit Facility is Mex$1.1 billion and can be borrowed on a revolving basis. Outstanding borrowings under the Mexico Credit Facility accrue interest at a rate equal to The Interbank Equilibrium Interest (“TIIE”) rate plus 1.35%. The Mexico Credit Facility contains covenants and defaults that the Company believes are customary for transactions of this type. The Mexico Credit Facility will be used for general corporate and working capital purposes. The Mexico Credit Facility will mature on August 15, 2026. As of March 31, 2024, the U.S. dollar-equivalent of the loan commitment and borrowing availability was $67.0 million. As of March 31, 2024, there were no outstanding borrowings under the Mexico Credit Facility. The Company is currently in compliance with the covenants under the Mexico Credit Facility.
13.    STOCKHOLDERS EQUITY
Accumulated Other Comprehensive Income (Loss)
The following tables provide information regarding the changes in accumulated other comprehensive loss:


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Three Months Ended March 31, 2024
Losses Related to Foreign Currency TranslationLosses on Derivative Financial Instruments Classified as Cash Flow HedgesLosses Related to Pension and Other Postretirement BenefitsLosses on Available-for-Sale SecuritiesTotal
(In thousands)
Balance, beginning of period$(114,850)$(1,914)$(59,714)$(5)$(176,483)
Other comprehensive income (loss) before reclassifications(32,490)455 3,020  (29,015)
Amounts reclassified from accumulated other comprehensive loss (gain) to net income (1,041)106 (6)(941)
Currency translation 10 65  75 
Net current period other comprehensive income (loss)(32,490)(576)3,191 (6)(29,881)
Balance, end of period$(147,340)$(2,490)$(56,523)$(11)$(206,364)
Three Months Ended March 26, 2023
Losses Related to Foreign Currency TranslationLosses on Derivative Financial Instruments Classified as Cash Flow HedgesLosses Related to Pension and Other Postretirement BenefitsGains (Losses) on Available-for-Sale SecuritiesTotal
(In thousands)
Balance, beginning of period$(269,825)$(1,162)$(65,447)$(14)$(336,448)
Other comprehensive income before reclassifications42,644 16 3,652 30 46,342 
Amounts reclassified from accumulated other comprehensive loss (gain) to net income (64)139 (13)62 
Currency translation 2   2 
Net current period other comprehensive income (loss)42,644 (46)3,791 17 46,406 
Balance, end of period$(227,181)$(1,208)$(61,656)$3 $(290,042)
    
Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss ComponentsThree Months Ended March 31, 2024Three Months Ended March 26, 2023Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Realized gains on settlement of foreign currency derivatives classified as cash flow hedges$1,041 $120 Net sales
Realized losses on settlement of foreign currency derivatives classified as cash flow hedges (56)Cost of sales
Realized gains on sale of securities8  Interest income
Realized gains on settlement of interest rate swap derivatives classified as cash flow hedges 18 Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)
(140)(182)Miscellaneous, net
Total before tax909 (100)
Tax benefit32 38 
Total reclassification for the period$941 $(62)
(a)    Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the results of operations.
(b)    These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 14. Pension and Other Postretirement Benefits.”


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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
The U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, the Europe Credit Facility prohibits MPH(E) and other Pilgrim’s entities located in the U.K. and Republic of Ireland to, among other things, make payments and distributions to the Company.
14.    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 (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan”), nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $11.2 million and $7.6 million in the three months ended March 31, 2024 and March 26, 2023, respectively.
Defined Benefit Plans Obligations and Assets
The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:
Three Months Ended
 March 31, 2024March 26, 2023
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period$237,508 $1,160 $236,147 $1,169 
Interest cost2,266 9 2,314 9 
Actuarial gain(7,050)(6)(3,134)(15)
Benefits paid(3,759)(47)(3,838)(29)
Currency translation gain(817) (1,082) 
Projected benefit obligation, end of period$228,148 $1,116 $230,407 $1,134 
Three Months Ended
 March 31, 2024March 26, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period$225,451 $ $210,133 $ 
Actual return on plan assets1,935  3,357  
Contributions by employer2,161 47 2,109 29 
Benefits paid(3,759)(47)(3,838)(29)
Expenses paid from assets(60) (94) 
Currency translation loss(783) (1,012) 
Fair value of plan assets, end of period$224,945 $ $210,655 $ 
 March 31, 2024December 31, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Funded status:
Unfunded benefit obligation, end of period$(3,203)$(1,116)$(12,057)$(1,160)


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 March 31, 2024December 31, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Noncurrent asset$1,393 $ $ $ 
Current liability(237)(186)(7,717)(187)
Long-term liability(4,359)(930)(4,340)(973)
Net financial position$(3,203)$(1,116)$(12,057)$(1,160)
March 31, 2024December 31, 2023
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)$33,382 $(93)$40,487 $(87)
The accumulated benefit obligation for the Company’s defined benefit pension plans was $228.1 million and $237.5 million at March 31, 2024 and December 31, 2023, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both March 31, 2024 and December 31, 2023.
Net Periodic Benefit Costs
Net defined benefit pension and other postretirement costs included the following components:
Three Months Ended
March 31, 2024March 26, 2023
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Interest cost$2,266 $9 $2,314 $9 
Estimated return on plan assets(2,447) (2,222) 
Expenses paid from assets60  94