0000802481-24-000036 | 10-Q | XBRL Viewer

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

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)
	Fresh		Prepared		Export		Other		Total
U.S.	$	2,113,623	$	268,990	$	108,798	$	87,921	$	2,579,332
Europe	271,148		844,996		118,451		33,308		1,267,903
Mexico	430,152		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)
	Fresh		Prepared		Export		Other		Total
U.S.	$	1,943,786	$	244,801	$	128,275	$	115,706	$	2,432,568
Europe	264,663		831,729		117,621		25,251		1,239,264
Mexico	411,919		46,356		—		35,521		493,796
Total net sales	$	2,620,368	$	1,122,886	$	245,896	$	176,478	$	4,165,628

Schedule of Changes in Revenue Contract Liability

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 period	32,410
Balance as of March 31, 2024	$	45,422

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	March 31, 2024		December 31, 2023
	(In thousands)
Land	$	280,943	$	273,846
Buildings	2,197,619		2,170,716
Machinery and equipment	4,015,810		3,953,008
Autos and trucks	99,938		93,858
Finance lease assets	4,736		5,550
Construction-in-progress	422,234		458,146
PP&E, gross	7,021,280		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.

CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		December 31, 2023
	(In thousands)
Accounts payable:
Trade accounts payable	$	1,182,283	$	1,294,830
Book overdrafts	78,570		90,612
Other payables	35,057		25,134
Total accounts payable	1,295,910		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 benefits	226,668		249,474
Litigation settlements(c)	74,180		73,330
Insurance and self-insured claims	72,726		76,287
Current maturities of operating lease liabilities	66,338		67,440
Taxes	47,065		37,635
Interest and debt-related fees	54,542		71,508
Accrued sales rebates	128,096		104,390
Derivative liabilities(d)	10,017		17,841
Other accrued expenses	196,585		228,822
Total accrued expenses and other current liabilities	876,217		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.”

(d) Additional information regarding derivative liabilities is included in “Note 3. Derivative Financial Instruments.”

STOCKHOLDERS' EQUITY - Schedule of Reclassification from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	$ 4,361,934	$ 4,165,628
Cost of sales	(3,978,025)	(3,992,581)
Interest income	10,346	3,600
Interest expense, net of capitalized interest	(41,243)	(42,662)
Miscellaneous, net	3,286	22,653
Tax benefit	(52,062)	8,840
Net income	174,938	5,631
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Total before tax	909	(100)
Tax benefit	32	38
Net income	941	(62)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	1,041	120
Cost of sales	0	(56)
Interest expense, net of capitalized interest	0	18
Amount Reclassified from Accumulated Other Comprehensive Loss \| Realized gains on sale of securities
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Interest income	8	0
Amount Reclassified from Accumulated Other Comprehensive Loss \| Amortization of defined benefit pension and other postretirement plan actuarial losses
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net	$ (140)	$ (182)

STOCKHOLDERS' EQUITY - Narrative (Details)	Mar. 31, 2024 $ / 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

PENSION AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Mar. 31, 2024

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 (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, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	237,508	$	1,160	$	236,147	$	1,169
Interest cost	2,266		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, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period	$	225,451	$	—	$	210,133	$	—
Actual return on plan assets	1,935		—		3,357		—
Contributions by employer	2,161		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, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Funded status:
Unfunded benefit obligation, end of period	$	(3,203)	$	(1,116)	$	(12,057)	$	(1,160)


	March 31, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other 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, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$	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, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Interest cost	$	2,266	$	9	$	2,314	$	9
Estimated return on plan assets	(2,447)		—		(2,222)		—

Expenses paid from assets	60		—		94		—
Amortization of net loss	136		—		179		—
Amortization of past service cost	4		—		4		—
Net costs(a)	$	19	$	9	$	369	$	9

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

Economic Assumptions

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


	March 31, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	5.15	%	5.27	%	4.81	%	5.06	%


	Three Months Ended
	March 31, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.81	%	5.06	%	5.04	%	5.16	%
Expected return on plan assets	5.05	%	NA		4.97	%	NA

Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss

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


	Three Months Ended
	March 31, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	40,487	$	(87)	$	48,121	$	(66)
Amortization	(140)		—		(183)		—


Actuarial gain	(7,050)		(6)		(3,134)		(15)
Asset loss (gain)	511		—		(1,136)		—
Currency translation gain	(426)		—		(83)		—
Net actuarial loss (gain), end of period	$	33,382	$	(93)	$	43,585	$	(81)

Remeasurement

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

Defined Contribution Plans

The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains seven defined contribution retirement savings plans in the 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 $9.9 million in the three months ended March 31, 2024

- 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
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (q)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Subparagraph (o)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Restricted Cash and Cash Equivalents

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, 2024		December 31, 2023
	(In thousands)
Cash and cash equivalents	$	870,820	$	697,748
Restricted cash and restricted cash equivalents	24,063		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

Schedule of Cash and Cash Equivalents


	March 31, 2024		December 31, 2023
	(In thousands)
Cash and cash equivalents	$	870,820	$	697,748
Restricted cash and restricted cash equivalents	24,063		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

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)
Assets:
Fixed income securities	$	381,540	$	—	$	381,540	$	324,947	$	—	$	324,947
Commodity derivative assets	3,952		—		3,952		1,202		—		1,202
Foreign currency derivative assets	58		—		58		175		—		175
Sales contract derivative assets	—		3,055		3,055		—		960		960
Liabilities:
Commodity derivative liabilities	(8,836)		—		(8,836)		(17,118)		—		(17,118)
Foreign currency derivative liabilities	(1,181)		—		(1,181)		(723)		—		(723)

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 Condensed Consolidated Balance Sheets consisted of the following:


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	$	(900,000)	$	(764,658)	$	(900,000)	$	(760,203)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(992,962)		(901,410)		(992,711)		(902,650)
Fixed-rate senior notes payable at 6.25%, at Level 2 inputs	(993,763)		(1,024,370)		(993,595)		(1,029,020)
Fixed-rate senior notes payable at 6.875%, at Level 2 inputs	(490,638)		(534,085)		(490,408)		(540,230)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Income Statement [Abstract]
Net sales	$ 4,361,934	$ 4,165,628
Cost of sales	3,978,025	3,992,581
Gross profit	383,909	173,047
Selling, general and administrative expense	119,076	133,678
Restructuring activities	14,559	8,026
Operating income	250,274	31,343
Interest expense, net of capitalized interest	41,243	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 taxes	227,000	(3,209)
Income tax expense (benefit)	52,062	(8,840)
Net income	174,938	5,631
Less: Net income attributable to noncontrolling interests	517	444
Net income attributable to Pilgrim’s Pride Corporation	$ 174,421	$ 5,187
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic (in shares)	236,844	236,585
Effect of dilutive common stock equivalents (in shares)	647	579
Diluted (in shares)	237,491	237,164
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.74	$ 0.02
Diluted (in dollars per share)	$ 0.73	$ 0.02

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES General The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its financial condition, results of operations and cash flows. Financial Instruments The Company’s loan agreements generally obligate the Company to reimburse the applicable lender for incremental increased costs due to a change in law that imposes (1) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (2) any tax, duty or other charge with respect to the loan (except standard income tax) or (3) capital adequacy requirements. In addition, some of the Company’s loan agreements contain a withholding tax provision that requires the Company to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. These increased cost and withholding tax provisions continue for the entire term of the applicable transaction and there is no limitation on the maximum additional amounts the Company could be obligated to pay under such provisions. Any failure to pay amounts due under such provisions generally would trigger an event of default and, in a secured financing transaction, would entitle the lender to foreclose upon the collateral to realize the amount due. Litigation The Company is subject to various legal proceedings and claims which arise in the ordinary course of business. In the Company’s opinion, it has made appropriate and adequate accruals for claims where necessary; however, the ultimate liability for these matters is uncertain, and if significantly different than the amounts accrued, the ultimate outcome could have a material effect on the financial condition or results of operations of the Company. 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 Pilgrim’s Pride de Mexico, S.A. de C.V. (“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). Avícola appealed the opinion, and on January 31, 2023, the appeal as to tax year 2009 was dismissed by the Mexico Supreme Court. Accordingly, PPC paid $25.9 million for tax year 2009. The opinion for tax year 2010 is still under appeal. Accordingly, the Company has an accrual of $17.6 million as of March 31, 2024 with regard to the tax year 2010. On May 12, 2022, the SAT 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, which is still pending. Amounts under appeal are approximately $298.2 million for each of the two tax assessments. No provision 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 (the “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. PPC has entered into agreements to settle all claims made by the three certified classes 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 direct-action plaintiffs 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, we have accrued $537.4 million to cover settlements with various Broiler Opt Outs. We have recognized these settlement expenses within Selling, general and administrative expense (“SG&A”) in our Condensed Consolidated Statements of Income. 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. 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. We have recognized these settlement expenses within SG&A expense in our Condensed 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. PPC 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. PPC continues to 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 will seek reasonable settlements where they are available. To date, we have recognized $17.2 million to cover settlements with these states in SG&A expense in our Condensed Consolidated Statements of Income. The State of Washington claim was paid in the second quarter of 2023, leaving an accrual of $6.2 million as of March 31, 2024 for remaining state claims. U.S. Federal Matters On February 9, 2022, PPC learned that the DOJ opened a civil investigation into human resources antitrust matters, and on October 6, 2022, PPC 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 PPC. PPC 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.

INVESTMENTS IN SECURITIES

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair 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.”

CURRENT LIABILITIES - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts payable:
Trade accounts payable	$ 1,182,283	$ 1,294,830
Book overdrafts	78,570	90,612
Other payables	35,057	25,134
Revenue contract liabilities	45,422	84,958
Accrued expenses and other current liabilities:
Compensation and benefits	226,668	249,474
Insurance and self-insured claims	72,726	76,287
Current maturities of operating lease liabilities	66,338	67,440
Taxes	47,065	37,635
Interest and debt-related fees	54,542	71,508
Accrued sales rebates	128,096	104,390
Derivative liabilities	10,017	17,841
Other accrued expenses	196,585	228,822
Total accrued expenses and other current liabilities	876,217	926,727
Total	$ 2,231,073	$ 2,463,515
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Related Party
Accounts payable:
Total accounts payable	$ 13,524	$ 41,254
Nonrelated Party
Accounts payable:
Total accounts payable	1,295,910	1,410,576
Other Litigation Cases
Accrued expenses and other current liabilities:
Litigation settlements	$ 74,180	$ 73,330

RESTRUCTURING-RELATED ACTIVITIES

3 Months Ended

Mar. 31, 2024

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 Europe reportable segment. Implementation of these initiatives is expected to result in total

pre-tax charges of approximately $74.9 million, and approximately $49.1 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 Europe reportable segment. Implementation of this initiative is expected to result in total pre-tax charges of approximately $3.0 million, and all of these charges are estimated to result in cash outlays. This activity was initiated in the fourth quarter of 2023 and was substantially completed by the end of the first quarter of 2024.

During the three months ended March 31, 2024, the Company began a restructuring initiative to integrate central operations in the Europe reportable segment. Implementation of this initiative is expected to result in total pre-tax charges of approximately $14.5 million, and all of these charges are estimated to result in cash outlays. This activity was initiated in the first quarter of 2024 and is expected to be substantially completed by the end 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		Pilgrim’s Europe Central		Total
	(In thousands)
Earliest implementation date	October 2022		November 2022		December 2022		October 2023		January 2024
Expected predominant completion date	June 2023		July 2023		July 2023		March 2024		December 2024
Costs incurred and expected to be incurred:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	13,926	$	62,644
Asset impairment costs	3,476		3,046		4,141		—		—		10,663
Contract termination costs	248		—		—		—		—		248
Other exit and disposal costs (a)	6,245		5,763		6,330		—		524		18,862
Total exit and disposal costs	$	21,072	$	28,907	$	24,961	$	3,027	$	14,450	$	92,417
Cost incurred since earliest implementation date:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	13,926	$	62,644
Asset impairment costs	3,476		—		4,141		—		—		7,617
Contract termination costs	248		—		—		—		—		248
Other exit and disposal costs (a)	6,245		5,763		6,330		—		524		18,862
Total exit and disposal costs	$	21,072	$	25,861	$	24,961	$	3,027	$	14,450	$	89,371

(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 the three months ended March 31, 2024, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:


	Expenses		Cash Outlays
	(In thousands)
Moy Park	$	—	$	—
Pilgrim’s Pride Ltd.	109		318
Pilgrim’s Food Masters 2022	—		2,909
Pilgrim’s Food Masters 2023	—		—
Pilgrim’s Europe Central	14,450		6,703
	$	14,559	$	9,930

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

The following table reconciles liabilities and reserves associated with each restructuring initiative from its respective inception to March 31, 2024. Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets. The ending reserve balance for inventory adjustments is reported in the line item Inventories in our Condensed Consolidated Balance Sheets. The

ending reserve balance for asset impairments is reported in the line item Property, plant and equipment, net in our Condensed Consolidated Balance Sheets.


	Moy Park
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Other charges	$	2,644	$	—	$	—	$	(24)	$	2,620
Contract termination	144		—		—		(1)		143
Total	$	2,788	$	—	$	—	$	(25)	$	2,763


	Pilgrim’s Pride Ltd.
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Employee retention benefits	$	35	$	—	$	—	$	—	$	35
Severance	734		—		(318)		(5)		411
Inventory adjustments	294		—		—		(3)		291
Lease termination	164		109		—		(1)		272
Other charges	752		—		—		(8)		744
Total	$	1,979	$	109	$	(318)	$	(17)	$	1,753


	Pilgrim’s Food Masters 2022
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Severance	$	1,281	$	—	$	(1,276)	$	(5)	$	—
Inventory adjustments	65		—		—		(2)		63
Lease termination	1,289		—		(1,284)		(5)		—
Other charges	685		—		(349)		(4)		332
Total	$	3,320	$	—	$	(2,909)	$	(16)	$	395


	Pilgrim’s Food Masters 2023
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Employee retention benefits	$	522	$	—	$	—	$	(5)	$	517
Severance	1,636		—		—		(13)		1,623
Total	$	2,158	$	—	$	—	$	(18)	$	2,140


	Pilgrim’s Europe Central
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Employee retention benefits	$	—	$	12	$	—	$	—	$	12
Severance	—		13,914		(6,703)		(66)		7,145
Lease termination	—		8		—		—		8
Other charges	—		516		—		(4)		512
Total	$	—	$	14,450	$	(6,703)	$	(70)	$	7,677

REPORTABLE SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Segment Reporting Information [Line Items]
Net sales	$ 4,361,934	$ 4,165,628
Reportable segment profit (loss)	250,274	31,343
Interest expense, net of capitalized interest	41,243	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 taxes	227,000	(3,209)
Income tax expense (benefit)	52,062	(8,840)
Net income	174,938	5,631
Eliminations
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	0	13
U.S.
Segment Reporting Information [Line Items]
Net sales	2,579,332	2,432,568
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	179,417	(28,106)
Europe
Segment Reporting Information [Line Items]
Net sales	1,267,903	1,239,264
Europe \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	31,116	25,261
Mexico
Segment Reporting Information [Line Items]
Net sales	514,699	493,796
Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	39,741	34,175
Mexico \| Eliminations
Segment Reporting Information [Line Items]
Net sales	$ 47,900	$ 31,000

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024			December 31, 2023
	(In thousands)
Fair values:
Commodity derivative assets	$	3,952		$	1,202
Commodity derivative liabilities	(8,836)			(17,118)
Foreign currency derivative assets	58			175
Foreign currency derivative liabilities	(1,181)			(723)
Sales contract derivative assets	3,055			960

Cash collateral posted with brokers(a)	24,063			33,475
Derivatives coverage(b):
Corn	9.7		%	10.9		%
Soybean meal	11.5		%	39.6		%
Period through which stated percent of needs are covered:
Corn	March 2025			July 2024
Soybean meal	January 2025			March 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.

Schedule of Derivative 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:


	Three Months Ended
Gains (Losses) by Type of Contract (a)	March 31, 2024		March 26, 2023		Affected 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 derivative	2,095		4,164		Net sales
Total	$	(7,953)	$	(31,474)

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

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

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


	Gains Recognized in Other Comprehensive Income
	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Foreign currency derivatives	$	455	$	16

Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income


	Gains (Losses) Reclassified from AOCI into Income
	Three Months Ended March 31, 2024						Three 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 derivatives	1,041		—		—		120		56		—

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

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

TRADE ACCOUNTS AND OTHER RECEIVABLES - 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

TRADE ACCOUNTS AND OTHER RECEIVABLES

3 Months Ended

Mar. 31, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

TRADE ACCOUNTS AND OTHER RECEIVABLES

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


	March 31, 2024		December 31, 2023
	(In thousands)
Trade accounts receivable	$	1,012,171	$	1,027,916

Notes receivable from third parties	13,746		51,168
Other receivables	32,357		59,435
Receivables, gross	1,058,274		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 results	775
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.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to 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

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.


	March 31, 2024		December 31, 2023
	(In thousands)
Cash and cash equivalents	$	870,820	$	697,748
Restricted cash and restricted cash equivalents	24,063		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.

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Unrecognized Benefit Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Pension Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	$ 40,487	$ 48,121
Amortization	(140)	(183)
Actuarial gain	(7,050)	(3,134)
Asset loss (gain)	511	(1,136)
Currency translation gain	(426)	(83)
Net actuarial loss (gain), end of period	33,382	43,585
Other Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	(87)	(66)
Amortization	0	0
Actuarial gain	(6)	(15)
Asset loss (gain)	0	0
Currency translation gain	0	0
Net actuarial loss (gain), end of period	$ (93)	$ (81)

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials and work-in-process	$	1,091,773	$	1,158,467
Finished products	587,550		642,028
Operating supplies	73,450		75,530
Maintenance materials and parts	109,216		109,374
Total inventories	$	1,861,989	$	1,985,399

GOODWILL AND INTANGIBLE ASSETS - Schedule of Indefinite and Finite-Lived Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (8,115)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Beginning balance	853,983
Amortization	(8,115)
Currency Translation	(8,121)
Ending balance	837,747
Trade names subject to amortization
Indefinite-lived Intangible Assets [Rollforward]
Beginning balance	580,473
Currency Translation	(5,644)
Ending balance	574,829
Trade names subject to amortization
Finite-lived Intangible Assets [Rollforward]
Beginning balance	112,681
Currency Translation	(382)
Ending balance	112,299
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(57,762)
Amortization	(970)
Currency Translation	52
Ending balance	(58,680)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Amortization	(970)
Customer relationships
Finite-lived Intangible Assets [Rollforward]
Beginning balance	441,719
Currency Translation	(3,316)
Ending balance	438,403
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(223,128)
Amortization	(7,145)
Currency Translation	1,169
Ending balance	(229,104)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Amortization	$ (7,145)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 870,820	$ 697,748
Restricted cash and restricted cash equivalents	24,063	33,475
Inventories	1,861,989	1,985,399
Income taxes receivable	141,122	161,062
Prepaid expenses and other current assets	222,327	195,831
Total current assets	4,171,877	4,204,471
Deferred tax assets	7,151	4,890
Other long-lived assets	45,955	35,646
Operating lease assets, net	279,105	266,707
Intangible assets, net	837,747	853,983
Goodwill	1,274,721	1,286,261
Property, plant and equipment, net	3,151,784	3,158,403
Total assets	9,768,340	9,810,361
Revenue contract liabilities	45,422	84,958
Accrued expenses and other current liabilities	876,217	926,727
Income taxes payable	48,022	31,678
Current maturities of long-term debt	650	674
Total current liabilities	2,279,745	2,495,867
Noncurrent operating lease liabilities, less current maturities	217,660	203,348
Long-term debt, less current maturities	3,342,664	3,340,841
Deferred tax liabilities	401,003	385,548
Other long-term liabilities	32,890	40,180
Total liabilities	6,273,962	6,465,784
Common stock	2,621	2,620
Treasury stock	(544,687)	(544,687)
Additional paid-in capital	1,983,592	1,978,849
Retained earnings	2,245,494	2,071,073
Accumulated other comprehensive loss	(206,364)	(176,483)
Total Pilgrim’s Pride Corporation stockholders’ equity	3,480,656	3,331,372
Noncontrolling interest	13,722	13,205
Total stockholders’ equity	3,494,378	3,344,577
Total liabilities and stockholders’ equity	9,768,340	9,810,361
Nonrelated Party
Trade accounts, receivable from related party and other receivables, net	1,049,410	1,129,178
Accounts payable	1,295,910	1,410,576
Related Party
Trade accounts, receivable from related party and other receivables, net	2,146	1,778
Accounts payable	$ 13,524	$ 41,254

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 15, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease obligations		$ 2,334	$ 2,486
Long-term debt		3,379,695	3,379,200
Less: Current maturities of long-term debt		(650)	(674)
Long-term debt, less current maturities		3,379,045	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
Senior notes payable, net of discount, at 6.875% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.875%
Long-term debt		$ 490,638	490,408
Senior notes payable, net of discount, at 6.25% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.25%
Long-term debt		$ 993,762	993,595
Senior notes payable at 3.50% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate		3.50%
Long-term debt		$ 900,000	900,000
Senior notes payable, net of discount, at 4.25% \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate		4.25%
Long-term debt		$ 992,961	992,711
U.S. Credit Facility (defined below) at SOFR plus $1.35% \| Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 0	0
U.S. Credit Facility (defined below) at SOFR plus $1.35% \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Stated interest rate		1.35%
Europe Credit 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
Mexico Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt		0	$ 0
Mexico Credit Facility \| Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 0
Mexico Credit Facility \| Credit Facility \| Credit Facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.35%	1.35%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 174,938	$ 5,631
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 period	465	18
Income tax effect	0	0
Reclassification to net earnings for gains realized	(1,041)	(64)
Income tax effect	0	0
Available-for-sale securities:
Gains arising during the period	0	40
Income tax effect	0	(10)
Reclassification to net earnings for gains realized	(8)	(18)
Income tax effect	2	5
Defined benefit plans:
Gains arising during the period	4,139	4,233
Income tax effect	(1,054)	(581)
Reclassification to net earnings of losses realized	140	182
Income tax effect	(34)	(43)
Total other comprehensive income (loss), net of tax	(29,881)	46,406
Comprehensive income	145,057	52,037
Less: Comprehensive income attributable to noncontrolling interests	517	444
Comprehensive income attributable to Pilgrim’s Pride Corporation	$ 144,540	$ 51,593

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Derivative [Line Items]
Gain recognized in other comprehensive income on derivative	$ 465	$ 18
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency derivatives
Derivative [Line Items]
Gain recognized in other comprehensive income on derivative	$ 455	$ 16

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended March 31, 2024
	Losses Related to Foreign Currency Translation		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 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 Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)

Other comprehensive income before reclassifications	42,644		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 Components	Three Months Ended March 31, 2024		Three Months Ended March 26, 2023		Affected 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 securities	8		—		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 tax	909		(100)
Tax benefit	32		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.”

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.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 381,540	$ 324,947
Fixed income securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	381,540	324,947
Fixed income securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,952	1,202
Derivative liabilities	(8,836)	(17,118)
Commodity derivative \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,952	1,202
Derivative liabilities	(8,836)	(17,118)
Commodity derivative \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	58	175
Derivative liabilities	(1,181)	(723)
Foreign currency derivative \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	58	175
Derivative liabilities	(1,181)	(723)
Foreign currency derivative \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Sales contract derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3,055	960
Sales contract derivative liabilities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Sales contract derivative liabilities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 3,055	$ 960

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Derivative [Line Items]
Net sales	$ 4,361,934	$ 4,165,628
Cost of sales	3,978,025	3,992,581
Interest expense, net of capitalized interest	41,243	42,662
Impact from cash flow hedging relationship	1,041	64
Sales contract \| Net sales
Derivative [Line Items]
Net sales	4,361,934	4,165,628
Commodity derivative \| Cost of sales
Derivative [Line Items]
Cost of sales	3,978,025	3,992,581
Foreign currency derivative \| Interest expense, net of capitalized interest
Derivative [Line Items]
Interest expense, net of capitalized interest	41,243	42,662
Foreign currency derivatives \| Net sales
Derivative [Line Items]
Impact from cash flow hedging relationship	1,041	120
Foreign currency derivatives \| Cost of sales
Derivative [Line Items]
Impact from cash flow hedging relationship	0	56
Foreign currency derivatives \| Interest expense, net of capitalized interest
Derivative [Line Items]
Impact from cash flow hedging relationship	$ 0	$ 0

REPORTABLE SEGMENTS - Schedule of Segment Reporting, Goodwill and Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets by reportable segment	$ 9,768,340	$ 9,810,361
Long-lived assets by reportable segment	3,430,889	3,425,110
Operating Segments \| U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets by reportable segment	6,931,645	7,012,211
Long-lived assets by reportable segment	2,095,619	2,085,222
Operating Segments \| Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets by reportable segment	4,277,510	4,299,985
Long-lived assets by reportable segment	1,038,884	1,041,857
Operating Segments \| Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets by reportable segment	1,634,500	1,684,711
Long-lived assets by reportable segment	300,274	301,919
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets by reportable segment	(3,075,315)	(3,186,546)
Long-lived assets by reportable segment	$ (3,888)	$ (3,888)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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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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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes various raw materials in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel, which are all considered commodities. The Company considers these raw materials generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company purchases derivative financial instruments, specifically exchange-traded futures and options, in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for approximately the next twelve months. The Company may purchase longer-term derivative financial instruments on particular commodities if deemed appropriate.

The Company has operations in Mexico, the U.K., France, the Netherlands and the Republic of Ireland. Therefore, it has exposure to translational foreign exchange risk when the financial results of those operations are remeasured in U.S. dollars. The Company has purchased foreign currency forward contracts to manage 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.

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


	March 31, 2024			December 31, 2023
	(In thousands)
Fair values:
Commodity derivative assets	$	3,952		$	1,202
Commodity derivative liabilities	(8,836)			(17,118)
Foreign currency derivative assets	58			175
Foreign currency derivative liabilities	(1,181)			(723)
Sales contract derivative assets	3,055			960

Cash collateral posted with brokers(a)	24,063			33,475
Derivatives coverage(b):
Corn	9.7		%	10.9		%
Soybean meal	11.5		%	39.6		%
Period through which stated percent of needs are covered:
Corn	March 2025			July 2024
Soybean meal	January 2025			March 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, 2024		March 26, 2023		Affected 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 derivative	2,095		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, 2024		March 26, 2023
	(In thousands)
Foreign currency derivatives	$	455	$	16


	Gains (Losses) Reclassified from AOCI into Income
	Three Months Ended March 31, 2024						Three 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 derivatives	1,041		—		—		120		56		—

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

(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.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the 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.
Foreign Currency Transactions and Translations	The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction losses in the Condensed Consolidated Statements of Income.
Restricted Cash and Restricted Cash Equivalents	Restricted Cash and Restricted Cash Equivalents The Company is required to maintain cash balances with a broker as collateral for exchange-traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
Recent Accounting Pronouncements Not Yet Adopted	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.
Revenue	The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable. The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order. The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration. Contract Costs The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred. Taxes The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price. Contract Balances The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Accounts Receivable	Accounts Receivable The Company records accounts receivable when revenue is recognized. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 17
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

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+ Details

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

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


	Maturity	March 31, 2024		December 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%	2033	993,762		993,595
Senior notes payable at 3.50%	2032	900,000		900,000
Senior notes payable, net of discount, at 4.25%	2031	992,961		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 obligations	Various	2,334		2,486
Long-term debt		3,379,695		3,379,200
Less: Current maturities of long-term debt		(650)		(674)
Long-term debt, less current maturities		3,379,045		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.

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.

- 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 (Tables)

3 Months Ended

Mar. 31, 2024

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	March 31, 2024		December 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%	2033	993,762		993,595
Senior notes payable at 3.50%	2032	900,000		900,000
Senior notes payable, net of discount, at 4.25%	2031	992,961		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 obligations	Various	2,334		2,486
Long-term debt		3,379,695		3,379,200
Less: Current maturities of long-term debt		(650)		(674)
Long-term debt, less current maturities		3,379,045		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

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 4,736	$ 5,550
PP&E, gross	7,021,280	6,955,124
Accumulated depreciation	(3,869,496)	(3,796,721)
PP&E, net	$ 3,151,784	$ 3,158,403
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 280,943	$ 273,846
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,197,619	2,170,716
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	4,015,810	3,953,008
Autos and trucks
Property, Plant and Equipment [Line Items]
Property, plant and equipment	99,938	93,858
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 422,234	$ 458,146

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) plan	Mar. 26, 2023 USD ($)	Dec. 31, 2023 USD ($)
Change in projected benefit obligation:
Retirement plan expenses \| $	$ 11.2	$ 7.6
Expenses related to defined contribution plans \| $	$ 9.9
U.S.
Change in projected benefit obligation:
Number of defined contribution plans \| plan	2
Mexico
Change in projected benefit obligation:
Number of defined contribution plans \| plan	3
Europe
Change in projected benefit obligation:
Number of defined contribution plans \| plan	7
Pension Benefits
Change in projected benefit obligation:
Accumulated benefit obligation, defined benefit pension plans \| $	$ 228.1		$ 237.5

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Restructuring Cost and Reserve [Line Items]
Expenses	$ 14,559	$ 8,026
Cash Outlays	9,930
Moy Park
Restructuring Cost and Reserve [Line Items]
Expenses	0
Cash Outlays	0
Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Expenses	109
Cash Outlays	318
Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Expenses	0
Cash Outlays	2,909
Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Expenses	0
Cash Outlays	0
Pilgrim’s Europe Central
Restructuring Cost and Reserve [Line Items]
Expenses	14,450
Cash Outlays	$ 6,703

- 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

REVENUE RECOGNITION - Narrative (Details)	3 Months Ended
REVENUE RECOGNITION - Narrative (Details)	Mar. 31, 2024
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

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended March 31, 2024
	Losses Related to Foreign Currency Translation		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 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 Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)

Other comprehensive income before reclassifications	42,644		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)

Schedule of Reclassification from Accumulated Other Comprehensive Loss


	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31, 2024		Three Months Ended March 26, 2023		Affected 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 securities	8		—		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 tax	909		(100)
Tax benefit	32		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.”

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Trade Accounts and Other Receivables

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


	March 31, 2024		December 31, 2023
	(In thousands)
Trade accounts receivable	$	1,012,171	$	1,027,916

Notes receivable from third parties	13,746		51,168
Other receivables	32,357		59,435
Receivables, gross	1,058,274		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 results	775
Effect of exchange rate	(298)
Balance, end of period	$	(8,864)

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Expected Future Restructuring Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	$ 92,417
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Total exit and disposal costs
Cost incurred since earliest implementation date:	$ 89,371
Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	62,644
Cost incurred since earliest implementation date:	62,644
Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	10,663
Cost incurred since earliest implementation date:	7,617
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	248
Cost incurred since earliest implementation date:	248
Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	18,862
Cost incurred since earliest implementation date:	18,862
Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	21,072
Cost incurred since earliest implementation date:	21,072
Moy Park \| Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	11,103
Cost incurred since earliest implementation date:	11,103
Moy Park \| Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,476
Cost incurred since earliest implementation date:	3,476
Moy Park \| Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	248
Cost incurred since earliest implementation date:	248
Moy Park \| Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	6,245
Cost incurred since earliest implementation date:	6,245
Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	28,907
Cost incurred since earliest implementation date:	25,861
Pilgrim’s Pride Ltd. \| Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	20,098
Cost incurred since earliest implementation date:	20,098
Pilgrim’s Pride Ltd. \| Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,046
Cost incurred since earliest implementation date:	0
Pilgrim’s Pride Ltd. \| Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Pride Ltd. \| Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	5,763
Cost incurred since earliest implementation date:	5,763
Pilgrim’s Food Masters 2022
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	24,961
Cost incurred since earliest implementation date:	24,961
Pilgrim’s Food Masters 2022 \| Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	14,490
Cost incurred since earliest implementation date:	14,490
Pilgrim’s Food Masters 2022 \| Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	4,141
Cost incurred since earliest implementation date:	4,141
Pilgrim’s Food Masters 2022 \| Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Food Masters 2022 \| Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	6,330
Cost incurred since earliest implementation date:	6,330
Pilgrim’s Food Masters 2023
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,027
Cost incurred since earliest implementation date:	3,027
Pilgrim’s Food Masters 2023 \| Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,027
Cost incurred since earliest implementation date:	3,027
Pilgrim’s Food Masters 2023 \| Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Food Masters 2023 \| Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Food Masters 2023 \| Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Europe Central
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	14,450
Cost incurred since earliest implementation date:	14,450
Pilgrim’s Europe Central \| Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	13,926
Cost incurred since earliest implementation date:	13,926
Pilgrim’s Europe Central \| Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Europe Central \| Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Europe Central \| Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	524
Cost incurred since earliest implementation date:	$ 524

REPORTABLE SEGMENTS - Narrative (Details)	3 Months Ended
REPORTABLE SEGMENTS - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 26, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 174,421	$ 5,187

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: 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 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
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+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Defined Benefit Plan Obligations and Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023	Dec. 25, 2022
Pension Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$ 237,508	$ 236,147
Interest cost	2,266	2,314
Actuarial gain	(7,050)	(3,134)
Benefits paid	(3,759)	(3,838)
Currency translation gain	(817)	(1,082)
Projected benefit obligation, end of period	228,148	230,407
Change in plan assets:
Fair value of plan assets, beginning of period	225,451	210,133
Actual return on plan assets	1,935	3,357
Contributions by employer	2,161	2,109
Benefits paid	(3,759)	(3,838)
Expenses paid from assets	(60)	(94)
Currency translation loss	(783)	(1,012)
Fair value of plan assets, end of period	224,945	210,655
Funded status:
Unfunded benefit obligation, end of period	(3,203)		$ (12,057)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Noncurrent asset	1,393		0
Current liability	(237)		(7,717)
Long-term liability	(4,359)		(4,340)
Net financial position	(3,203)		(12,057)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	33,382	43,585	40,487	$ 48,121
Other Benefits
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	1,160	1,169
Interest cost	9	9
Actuarial gain	(6)	(15)
Benefits paid	(47)	(29)
Currency translation gain	0	0
Projected benefit obligation, end of period	1,116	1,134
Change in plan assets:
Fair value of plan assets, beginning of period	0	0
Actual return on plan assets	0	0
Contributions by employer	47	29
Benefits paid	(47)	(29)
Expenses paid from assets	0	0
Currency translation loss	0	0
Fair value of plan assets, end of period	0	0
Funded status:
Unfunded benefit obligation, end of period	(1,116)		(1,160)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Noncurrent asset	0		0
Current liability	(186)		(187)
Long-term liability	(930)		(973)
Net financial position	(1,116)		(1,160)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$ (93)	$ (81)	$ (87)	$ (66)

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Related Party
Related Party Transaction [Line Items]
Sales to related parties	$ 7,131	$ 9,335
Cost of goods purchased from related parties	50,610	60,899
Expenditures paid by related parties	17,771	14,022
Expenditures paid on behalf of related parties	2,689	3,384
Accounts receivable from related parties	2,146		$ 1,778
Accounts payable to related parties	13,524		41,254
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related parties	5,374	7,512
Cost of goods purchased from related parties	40,324	49,905
Expenditures paid by related parties	17,771	14,022
Expenditures paid on behalf of related parties	2,689	3,380
Accounts receivable from related parties	1,053		967
Accounts payable to related parties	6,482		34,038
Goods in transit	1,100
JBS Chile Ltd.
Related Party Transaction [Line Items]
Sales to related parties	1,187	946
Accounts receivable from related parties	971		0
Seara Meat B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	5,395	4,999
Accounts payable to related parties	3,123		2,252
JBS Asia Co Limited
Related Party Transaction [Line Items]
Accounts payable to related parties	2,330		2,254
Penasul UK LTD
Related Party Transaction [Line Items]
Cost of goods purchased from related parties	3,530	4,187
Other related parties
Related Party Transaction [Line Items]
Sales to related parties	570	877
Cost of goods purchased from related parties	1,361	1,808
Expenditures paid on behalf of related parties	0	$ 4
Accounts receivable from related parties	122		811
Accounts payable to related parties	$ 1,589		$ 2,710

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 26, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 52,062	$ (8,840)
Effective tax rate	22.90%	275.50%
Other comprehensive income, tax effect	$ (1,100)	$ (600)
Pilgrims Pride Corporation \| JBS SA
Related Party Transaction [Line Items]
Percentage of beneficial ownership by holding company	82.50%

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

REVENUE RECOGNITION - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 4,361,934	$ 4,165,628
Fresh
Disaggregation of Revenue [Line Items]
Net sales	2,814,923	2,620,368
Prepared
Disaggregation of Revenue [Line Items]
Net sales	1,169,506	1,122,886
Export
Disaggregation of Revenue [Line Items]
Net sales	227,249	245,896
Other
Disaggregation of Revenue [Line Items]
Net sales	150,256	176,478
U.S.
Disaggregation of Revenue [Line Items]
Net sales	2,579,332	2,432,568
U.S. \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	2,113,623	1,943,786
U.S. \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	268,990	244,801
U.S. \| Export
Disaggregation of Revenue [Line Items]
Net sales	108,798	128,275
U.S. \| Other
Disaggregation of Revenue [Line Items]
Net sales	87,921	115,706
Europe
Disaggregation of Revenue [Line Items]
Net sales	1,267,903	1,239,264
Europe \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	271,148	264,663
Europe \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	844,996	831,729
Europe \| Export
Disaggregation of Revenue [Line Items]
Net sales	118,451	117,621
Europe \| Other
Disaggregation of Revenue [Line Items]
Net sales	33,308	25,251
Mexico
Disaggregation of Revenue [Line Items]
Net sales	514,699	493,796
Mexico \| Fresh
Disaggregation of Revenue [Line Items]
Net sales	430,152	411,919
Mexico \| Prepared
Disaggregation of Revenue [Line Items]
Net sales	55,520	46,356
Mexico \| Export
Disaggregation of Revenue [Line Items]
Net sales	0	0
Mexico \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 29,027	$ 35,521

- 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
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plan Obligations and Assets

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


	Three Months Ended
	March 31, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	237,508	$	1,160	$	236,147	$	1,169
Interest cost	2,266		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, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period	$	225,451	$	—	$	210,133	$	—
Actual return on plan assets	1,935		—		3,357		—
Contributions by employer	2,161		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, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Funded status:
Unfunded benefit obligation, end of period	$	(3,203)	$	(1,116)	$	(12,057)	$	(1,160)


	March 31, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other 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, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$	33,382	$	(93)	$	40,487	$	(87)

Schedule of Net Defined Benefit Pension and Other Postretirement Costs

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


	Three Months Ended
	March 31, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Interest cost	$	2,266	$	9	$	2,314	$	9
Estimated return on plan assets	(2,447)		—		(2,222)		—

Expenses paid from assets	60		—		94		—
Amortization of net loss	136		—		179		—
Amortization of past service cost	4		—		4		—
Net costs(a)	$	19	$	9	$	369	$	9

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

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

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


	March 31, 2024				December 31, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	5.15	%	5.27	%	4.81	%	5.06	%


	Three Months Ended
	March 31, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.81	%	5.06	%	5.04	%	5.16	%
Expected return on plan assets	5.05	%	NA		4.97	%	NA

Schedule of Unrecognized Benefit Amounts

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


	Three Months Ended
	March 31, 2024				March 26, 2023
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Net actuarial loss (gain), beginning of period	$	40,487	$	(87)	$	48,121	$	(66)
Amortization	(140)		—		(183)		—


Actuarial gain	(7,050)		(6)		(3,134)		(15)
Asset loss (gain)	511		—		(1,136)		—
Currency translation gain	(426)		—		(83)		—
Net actuarial loss (gain), end of period	$	33,382	$	(93)	$	43,585	$	(81)

CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

CURRENT LIABILITIES

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


	March 31, 2024		December 31, 2023
	(In thousands)
Accounts payable:
Trade accounts payable	$	1,182,283	$	1,294,830
Book overdrafts	78,570		90,612
Other payables	35,057		25,134
Total accounts payable	1,295,910		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 benefits	226,668		249,474
Litigation settlements(c)	74,180		73,330
Insurance and self-insured claims	72,726		76,287
Current maturities of operating lease liabilities	66,338		67,440
Taxes	47,065		37,635
Interest and debt-related fees	54,542		71,508
Accrued sales rebates	128,096		104,390
Derivative liabilities(d)	10,017		17,841
Other accrued expenses	196,585		228,822
Total accrued expenses and other current liabilities	876,217		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.”

(d) Additional information regarding derivative liabilities is included in “Note 3. Derivative Financial Instruments.”

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The activity in goodwill by segment for the three months ended March 31, 2024 was as follows:


	December 31, 2023		Currency Translation		March 31, 2024
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
Europe	1,116,521		(11,540)		1,104,981
Mexico	127,804		—		127,804
Total	$	1,286,261	$	(11,540)	$	1,274,721

Schedule of Indefinite and Finite-Lived Intangible Assets

Intangible assets consisted of the following:


	December 31, 2023		Amortization		Currency Translation		March 31, 2024
	(In thousands)
Cost:
Trade names not subject to amortization	$	580,473	$	—	$	(5,644)	$	574,829
Trade names subject to amortization	112,681		—		(382)		112,299
Customer relationships	441,719		—		(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

Schedule of Intangible Assets Amortization and Estimated Useful Lives

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


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

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,286,261
Currency Translation	(11,540)
Goodwill, ending balance	1,274,721
U.S.
Goodwill [Roll Forward]
Goodwill, beginning balance	41,936
Currency Translation	0
Goodwill, ending balance	41,936
Europe
Goodwill [Roll Forward]
Goodwill, beginning balance	1,116,521
Currency Translation	(11,540)
Goodwill, ending balance	1,104,981
Mexico
Goodwill [Roll Forward]
Goodwill, beginning balance	127,804
Currency Translation	0
Goodwill, ending balance	$ 127,804

- Definition

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

+ References + Details

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

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


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Sales to related parties
JBS USA Food Company(a)	$	5,374	$	7,512
JBS Chile Ltd.	1,187		946
Other related parties	570		877
Total sales to related parties	$	7,131	$	9,335


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Cost of goods purchased from related parties
JBS USA Food Company(a)	$	40,324	$	49,905
Seara Meat B.V.	5,395		4,999
Penasul UK LTD	3,530		4,187
Other related parties	1,361		1,808
Total cost of goods purchased from related parties	$	50,610	$	60,899


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Expenditures paid by related parties
JBS USA Food Company(b)	$	17,771	$	14,022
Total expenditures paid by related parties	$	17,771	$	14,022


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Expenditures paid on behalf of related parties
JBS USA Food Company(b)	$	2,689	$	3,380
Other related parties	—		4
Total expenditures paid on behalf of related parties	$	2,689	$	3,384


	March 31, 2024		December 31, 2023
	(In thousands)
Accounts receivable from related parties
JBS USA Food Company(a)	$	1,053	$	967
JBS Chile Ltda.	971		—
Other related parties	122		811
Total accounts receivable from related parties	$	2,146	$	1,778


	March 31, 2024		December 31, 2023
	(In thousands)
Accounts payable to related parties
JBS USA Food Company(a)	$	6,482	$	34,038
Seara Meats B.V.	3,123		2,252
JBS Asia Co Limited	2,330		2,254
Other related parties	1,589		2,710
Total accounts payable to related parties	$	13,524	$	41,254

(a)The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of March 31, 2024, approximately $1.1 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, 2025.

- 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

RESTRUCTURING-RELATED ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

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		Pilgrim’s Europe Central		Total
	(In thousands)
Earliest implementation date	October 2022		November 2022		December 2022		October 2023		January 2024
Expected predominant completion date	June 2023		July 2023		July 2023		March 2024		December 2024
Costs incurred and expected to be incurred:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	13,926	$	62,644
Asset impairment costs	3,476		3,046		4,141		—		—		10,663
Contract termination costs	248		—		—		—		—		248
Other exit and disposal costs (a)	6,245		5,763		6,330		—		524		18,862
Total exit and disposal costs	$	21,072	$	28,907	$	24,961	$	3,027	$	14,450	$	92,417
Cost incurred since earliest implementation date:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	13,926	$	62,644
Asset impairment costs	3,476		—		4,141		—		—		7,617
Contract termination costs	248		—		—		—		—		248
Other exit and disposal costs (a)	6,245		5,763		6,330		—		524		18,862
Total exit and disposal costs	$	21,072	$	25,861	$	24,961	$	3,027	$	14,450	$	89,371

During the three months ended March 31, 2024, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:


	Expenses		Cash Outlays
	(In thousands)
Moy Park	$	—	$	—
Pilgrim’s Pride Ltd.	109		318
Pilgrim’s Food Masters 2022	—		2,909
Pilgrim’s Food Masters 2023	—		—
Pilgrim’s Europe Central	14,450		6,703
	$	14,559	$	9,930

Schedule of Restructuring Reserve

ending reserve balance for asset impairments is reported in the line item Property, plant and equipment, net in our Condensed Consolidated Balance Sheets.


	Moy Park
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Other charges	$	2,644	$	—	$	—	$	(24)	$	2,620
Contract termination	144		—		—		(1)		143
Total	$	2,788	$	—	$	—	$	(25)	$	2,763


	Pilgrim’s Pride Ltd.
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Employee retention benefits	$	35	$	—	$	—	$	—	$	35
Severance	734		—		(318)		(5)		411
Inventory adjustments	294		—		—		(3)		291
Lease termination	164		109		—		(1)		272
Other charges	752		—		—		(8)		744
Total	$	1,979	$	109	$	(318)	$	(17)	$	1,753


	Pilgrim’s Food Masters 2022
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Severance	$	1,281	$	—	$	(1,276)	$	(5)	$	—
Inventory adjustments	65		—		—		(2)		63
Lease termination	1,289		—		(1,284)		(5)		—
Other charges	685		—		(349)		(4)		332
Total	$	3,320	$	—	$	(2,909)	$	(16)	$	395


	Pilgrim’s Food Masters 2023
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Employee retention benefits	$	522	$	—	$	—	$	(5)	$	517
Severance	1,636		—		—		(13)		1,623
Total	$	2,158	$	—	$	—	$	(18)	$	2,140


	Pilgrim’s Europe Central
	Liability or reserve as of December 31, 2023		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of March 31, 2024
	(In thousands)
Employee retention benefits	$	—	$	12	$	—	$	—	$	12
Severance	—		13,914		(6,703)		(66)		7,145
Lease termination	—		8		—		—		8
Other charges	—		516		—		(4)		512
Total	$	—	$	14,450	$	(6,703)	$	(70)	$	7,677

STOCKHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 3,344,577	$ 2,853,276
Other comprehensive income (loss) before reclassifications	(29,015)	46,342
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	(941)	62
Currency translation	75	2
Total other comprehensive income (loss), net of tax	(29,881)	46,406
Balance, end of period	3,494,378	2,906,520
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(176,483)	(336,448)
Total other comprehensive income (loss), net of tax	(29,881)	46,406
Balance, end of period	(206,364)	(290,042)
Losses Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(114,850)	(269,825)
Other comprehensive income (loss) before reclassifications	(32,490)	42,644
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	0	0
Currency translation	0	0
Total other comprehensive income (loss), net of tax	(32,490)	42,644
Balance, end of period	(147,340)	(227,181)
Losses on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(1,914)	(1,162)
Other comprehensive income (loss) before reclassifications	455	16
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	(1,041)	(64)
Currency translation	10	2
Total other comprehensive income (loss), net of tax	(576)	(46)
Balance, end of period	(2,490)	(1,208)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(59,714)	(65,447)
Other comprehensive income (loss) before reclassifications	3,020	3,652
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	106	139
Currency translation	65	0
Total other comprehensive income (loss), net of tax	3,191	3,791
Balance, end of period	(56,523)	(61,656)
Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(5)	(14)
Other comprehensive income (loss) before reclassifications	0	30
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	(6)	(13)
Currency translation	0	0
Total other comprehensive income (loss), net of tax	(6)	17
Balance, end of period	$ (11)	$ 3

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	March 31, 2024		December 31, 2023
	(In thousands)
Land	$	280,943	$	273,846
Buildings	2,197,619		2,170,716
Machinery and equipment	4,015,810		3,953,008
Autos and trucks	99,938		93,858
Finance lease assets	4,736		5,550
Construction-in-progress	422,234		458,146
PP&E, gross	7,021,280		6,955,124
Accumulated depreciation	(3,869,496)		(3,796,721)
PP&E, net	$	3,151,784	$	3,158,403

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.

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

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

Disaggregated Revenue

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


	Three Months Ended March 31, 2024
	(In thousands)
	Fresh		Prepared		Export		Other		Total
U.S.	$	2,113,623	$	268,990	$	108,798	$	87,921	$	2,579,332
Europe	271,148		844,996		118,451		33,308		1,267,903
Mexico	430,152		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)
	Fresh		Prepared		Export		Other		Total
U.S.	$	1,943,786	$	244,801	$	128,275	$	115,706	$	2,432,568
Europe	264,663		831,729		117,621		25,251		1,239,264
Mexico	411,919		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 period	32,410
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

allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
-SubTopic 10
-Name Accounting Standards Codification
-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
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-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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-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
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-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

COMMITMENTS AND CONTINGENCIES (Details)			3 Months Ended		43 Months Ended	91 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	May 27, 2022 USD ($)	Jun. 14, 2021 USD ($)	Mar. 31, 2024 USD ($) tax_assessment	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($) tax_assessment	Mar. 31, 2024 USD ($) tax_assessment
Loss Contingencies [Line Items]
Loss contingency, number of tax assessments \| tax_assessment			2		2	2
Loss contingency, loss in period			$ 0
Foreign Tax Authority \| Mexican Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss			298,200,000		$ 298,200,000	$ 298,200,000
Mexico \| Foreign Tax Authority \| Mexican Tax Authority
Loss Contingencies [Line Items]
Accrued taxes			17,600,000		17,600,000	17,600,000
Mexico \| Foreign Tax Authority \| Mexican Tax Authority \| Settled Litigation
Loss Contingencies [Line Items]
Tax settlement amount				$ 25,900,000
Broiler Chicken Antitrust Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 195,500,000
Settlement expense						537,400,000
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
State of New Mexico v. Koch Foods, et all And State of Alaska v. Agri Stat, Inc., et al, And State of Washingtong v. Tyson Foods, Inc., et al \| Settled Litigation \| Damages from Product Defects
Loss Contingencies [Line Items]
Settlement expense					17,200,000
Washington v. Tyson Foods Inc \| Settled Litigation \| Damages from Product Defects
Loss Contingencies [Line Items]
Accrual			$ 6,200,000		$ 6,200,000	$ 6,200,000

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 95,200	$ 90,000
Expenditures on capital projects	99,100	131,700
Completed projects transferred from construction-in-progress to depreciable assets	133,700	117,800
Proceeds from property disposals	2,217	12,631
Gain (loss) on property disposals	(1,842)	$ 9,333
Idled assets property, plant and equipment, net	57,600
Idled asset property, plant and equipment gross	216,100
Idled assets, accumulated depreciation	158,500
Capital expenditures incurred but not yet paid	$ 37,600		$ 46,900

SUPPLIER FINANCE PROGRAMS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Outstanding balance of confirmed invoices	$ 178.7	$ 192.7
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	120 days

RESTRUCTURING-RELATED ACTIVITIES - Narrative (Details) - GNP - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 74.9	$ 14.5	$ 3.0
Expected future payments for restructuring	$ 49.1

- 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

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair values:
Cash collateral posted with brokers	$ 24,063	$ 33,475
Corn
Derivatives Coverage:
Derivatives coverage (as a percentage)	9.70%	10.90%
Soybean meal
Derivatives Coverage:
Derivatives coverage (as a percentage)	11.50%	39.60%
Commodity derivative
Fair values:
Derivative assets	$ 3,952	$ 1,202
Derivative liabilities	(8,836)	(17,118)
Foreign currency derivative
Fair values:
Derivative assets	58	175
Derivative liabilities	(1,181)	(723)
Sales contract derivative assets
Fair values:
Derivative assets	$ 3,055	$ 960

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Pension Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	5.15%		4.81%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	4.81%	5.04%
Expected return on plan assets	5.05%	4.97%
Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	5.27%		5.06%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	5.06%	5.16%

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 1,091,773	$ 1,158,467
Finished products	587,550	642,028
Operating supplies	73,450	75,530
Maintenance materials and parts	109,216	109,374
Total inventories	$ 1,861,989	$ 1,985,399

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash flows from operating activities:
Net income	$ 174,938	$ 5,631
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	103,350	98,257
Deferred income tax expense (benefit)	15,519	(26,309)
Stock-based compensation	4,744	1,200
Loss (gain) on property disposals	1,842	(9,333)
Loan cost amortization	1,311	1,333
Accretion of discount related to Senior Notes	649	429
Gain on equity-method investments	(2)	(4)
Adjustment to previously recognized asset impairment	0	(130)
Changes in operating assets and liabilities:
Trade accounts and other receivables	72,350	(132,791)
Inventories	114,471	(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 taxes	35,797	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 activities	271,027	(161,704)
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(108,429)	(131,701)
Proceeds from property disposals	2,217	12,631
Proceeds from insurance recoveries	0	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 Corporation	1,425	(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	0	35,000
Payments of capitalized loan costs	(16)	0
Cash provided by financing activities	1,256	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 equivalents	163,660	(250,193)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	731,223	434,759
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 894,883	$ 184,566

REVENUE RECOGNITION - Schedule of Changes in Revenue Contract Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Movement in Contract with Customer, Liability [Roll Forward]
Balance as of beginning of period	$ 84,958
Revenue recognized	(71,946)
Cash received, excluding amounts recognized as revenue during the period	32,410
Balance as of end of period	$ 45,422

REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

REPORTABLE SEGMENTS

The Company operates in three reportable segments: U.S., Europe (formerly known as “U.K. and Europe”), and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico 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 Europe reportable segment processes primarily fresh chicken, pork products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.

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

Additional information regarding reportable segments is as follows:


	Three Months Ended
	March 31, 2024(a)		March 26, 2023(b)
	(In thousands)
Net sales
U.S.	$	2,579,332	$	2,432,568
Europe	1,267,903		1,239,264
Mexico	514,699		493,796
Total	$	4,361,934	$	4,165,628

(a)In addition to the above third party sales, for the three months ended March 31, 2024, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $47.9 million. These sales consisted of fresh products, prepared products and grain.

(b)In addition to the above third party sales, for the three months ended March 26, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $31.0 million. These sales consisted of fresh products, prepared products and grain.


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Operating income (loss)
U.S.	$	179,417	$	(28,106)
Europe	31,116		25,261
Mexico	39,741		34,175
Eliminations	—		13
Total operating income	250,274		31,343
Interest expense, net of capitalized interest	41,243		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 taxes	227,000		(3,209)
Income tax expense (benefit)	52,062		(8,840)
Net income	$	174,938	$	5,631


	March 31, 2024		December 31, 2023
	(In thousands)
Total assets
U.S.	$	6,931,645	$	7,012,211
Europe	4,277,510		4,299,985
Mexico	1,634,500		1,684,711
Eliminations	(3,075,315)		(3,186,546)
Total assets	$	9,768,340	$	9,810,361


	March 31, 2024		December 31, 2023
	(In thousands)
Long-lived assets(a)
U.S.	$	2,095,619	$	2,085,222
Europe	1,038,884		1,041,857
Mexico	300,274		301,919
Eliminations	(3,888)		(3,888)
Total long-lived assets	$	3,430,889	$	3,425,110

(a)For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting. Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.

- Definition

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

+ References

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
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-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
-Paragraph 34
-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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-Section 50
-Paragraph 41
-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
-SubTopic 10
-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

INVESTMENTS IN SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Gross realized gains recognized on available-for-sale securities	$ 8,000	$ 1,900
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	381,487		$ 324,808
Fair Value	$ 381,540		$ 324,947

- 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
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 25, 2022		261,611
Balance, beginning of period at Dec. 25, 2022	$ 2,853,276	$ 2,617	$ (544,687)	$ 1,969,833	$ 1,749,499	$ (336,448)	$ 12,462
Treasury stock, beginning of period (in shares) at Dec. 25, 2022			(25,142)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	5,631				5,187		444
Other comprehensive (loss) income, net of tax	46,406					46,406
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		264
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	1,207			1,207
Common stock, ending balance of period (in shares) at Mar. 26, 2023		261,875
Balance, end of period at Mar. 26, 2023	2,906,520	$ 2,619	$ (544,687)	1,971,038	1,754,686	(290,042)	12,906
Treasury stock, end of period (in shares) at Mar. 26, 2023			(25,142)
Common stock, beginning balance (in shares) at Dec. 31, 2023		261,931
Balance, beginning of period at Dec. 31, 2023	3,344,577	$ 2,620	$ (544,687)	1,978,849	2,071,073	(176,483)	13,205
Treasury stock, beginning of period (in shares) at Dec. 31, 2023			(25,142)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	174,938				174,421		517
Other comprehensive (loss) income, net of tax	(29,881)					(29,881)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		153
Common stock issued under compensation plans	0	$ 1		(1)
Requisite service period recognition	4,744			4,744
Common stock, ending balance of period (in shares) at Mar. 31, 2024		262,084
Balance, end of period at Mar. 31, 2024	$ 3,494,378	$ 2,621	$ (544,687)	$ 1,983,592	$ 2,245,494	$ (206,364)	$ 13,722
Treasury stock, end of period (in shares) at Mar. 31, 2024			(25,142)

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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%
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%
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%
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%
Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (900,000)	$ (900,000)
Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(992,962)	(992,711)
Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at 6.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(993,763)	(993,595)
Level 2 \| Carrying Amount \| Fixed-rate senior notes payable at $6.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(490,638)	(490,408)
Level 2 \| Fair Value \| Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(764,658)	(760,203)
Level 2 \| Fair Value \| Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(901,410)	(902,650)
Level 2 \| Fair Value \| Fixed-rate senior notes payable at 6.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(1,024,370)	(1,029,020)
Level 2 \| Fair Value \| Fixed-rate senior notes payable at $6.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (534,085)	$ (540,230)

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

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


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Sales to related parties
JBS USA Food Company(a)	$	5,374	$	7,512
JBS Chile Ltd.	1,187		946
Other related parties	570		877
Total sales to related parties	$	7,131	$	9,335


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Cost of goods purchased from related parties
JBS USA Food Company(a)	$	40,324	$	49,905
Seara Meat B.V.	5,395		4,999
Penasul UK LTD	3,530		4,187
Other related parties	1,361		1,808
Total cost of goods purchased from related parties	$	50,610	$	60,899


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Expenditures paid by related parties
JBS USA Food Company(b)	$	17,771	$	14,022
Total expenditures paid by related parties	$	17,771	$	14,022


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Expenditures paid on behalf of related parties
JBS USA Food Company(b)	$	2,689	$	3,380
Other related parties	—		4
Total expenditures paid on behalf of related parties	$	2,689	$	3,384


	March 31, 2024		December 31, 2023
	(In thousands)
Accounts receivable from related parties
JBS USA Food Company(a)	$	1,053	$	967
JBS Chile Ltda.	971		—
Other related parties	122		811
Total accounts receivable from related parties	$	2,146	$	1,778


	March 31, 2024		December 31, 2023
	(In thousands)
Accounts payable to related parties
JBS USA Food Company(a)	$	6,482	$	34,038
Seara Meats B.V.	3,123		2,252
JBS Asia Co Limited	2,330		2,254
Other related parties	1,589		2,710
Total accounts payable to related parties	$	13,524	$	41,254

INVENTORIES

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials and work-in-process	$	1,091,773	$	1,158,467
Finished products	587,550		642,028
Operating supplies	73,450		75,530
Maintenance materials and parts	109,216		109,374
Total inventories	$	1,861,989	$	1,985,399

SUPPLIER FINANCE PROGRAMS	3 Months Ended
SUPPLIER FINANCE PROGRAMS	Mar. 31, 2024
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 65-120 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.

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) bird in Millions	3 Months Ended
	Mar. 31, 2024 employee country bird grower pig
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of countries in which entity exports products \| country	100
Number of employees (over) \| employee	61,600
Pilgrims Pride Corporation \| JBS SA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of beneficial ownership by holding company	82.50%
Chicken
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in animals per week) \| bird	41.3
Number of contract growers	4,450
Pork
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in animals per week) \| pig	42,750
Number of contract growers	220

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 26, 2023	Dec. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 870,820	$ 697,748
Restricted cash and restricted cash equivalents	24,063	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	$ 184,566	$ 434,759

TRADE ACCOUNTS AND OTHER RECEIVABLES - Schedule of Trade Accounts and Other Receivables, and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Trade accounts receivable	$ 1,012,171	$ 1,027,916
Notes receivable from third parties	13,746	51,168
Other receivables	32,357	59,435
Receivables, gross	1,058,274	1,138,519
Allowance for credit losses	(8,864)	(9,341)
Receivables, net	1,049,410	1,129,178
Receivables, Net [Roll Forward]
Balance, beginning of period	(9,341)
Provision released to operating results	775
Effect of exchange rate	(298)
Balance, end of period	(8,864)
Related Party
Financing Receivable, Allowance for Credit Loss [Line Items]
Account receivable from related parties	$ 2,146	$ 1,778

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Derivative [Line Items]
Gains (Losses) by type of contract	$ (7,953)	$ (31,474)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net sales	Net sales
Foreign currency derivatives
Derivative [Line Items]
Gains (Losses) by type of contract	$ 0	$ (19,104)
Commodity derivatives
Derivative [Line Items]
Gains (Losses) by type of contract	(10,048)	(16,534)
Sales contract derivative
Derivative [Line Items]
Gains (Losses) by type of contract	$ 2,095	$ 4,164

FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

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


Level 1						Unadjusted quoted prices available in active markets for identical assets or liabilities at the measurement date;

Level 2						Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or

Level 3						Unobservable inputs, such as discounted cash flow models or valuations.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety.

As of March 31, 2024 and December 31, 2023, the Company held derivative assets and liabilities that were required to be measured at fair value on a recurring basis. Derivative assets and liabilities consist of long and short positions on exchange-traded commodity futures instruments, commodity options instruments, sales contracts instruments, foreign currency instruments to manage translation and remeasurement risk.

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


	March 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(In thousands)
Assets:
Fixed income securities	$	381,540	$	—	$	381,540	$	324,947	$	—	$	324,947
Commodity derivative assets	3,952		—		3,952		1,202		—		1,202
Foreign currency derivative assets	58		—		58		175		—		175
Sales contract derivative assets	—		3,055		3,055		—		960		960
Liabilities:
Commodity derivative liabilities	(8,836)		—		(8,836)		(17,118)		—		(17,118)
Foreign currency derivative liabilities	(1,181)		—		(1,181)		(723)		—		(723)

See “Note 3. Derivative Financial Instruments” for additional information.

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

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

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


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Fixed-rate senior notes payable at 3.50%, at Level 2 inputs	$	(900,000)	$	(764,658)	$	(900,000)	$	(760,203)
Fixed-rate senior notes payable at 4.25%, at Level 2 inputs	(992,962)		(901,410)		(992,711)		(902,650)
Fixed-rate senior notes payable at 6.25%, at Level 2 inputs	(993,763)		(1,024,370)		(993,595)		(1,029,020)
Fixed-rate senior notes payable at 6.875%, at Level 2 inputs	(490,638)		(534,085)		(490,408)		(540,230)

See “Note 12. Debt” for additional information.

The carrying amounts of our cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, accounts payable and certain other liabilities approximate their fair values due to their relatively short maturities. Derivative assets were recorded at fair value based on quoted market prices and are included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Derivative liabilities were recorded at fair value based on quoted market prices and are included in the line item Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The fair value of the Company’s Level 2 fixed-rate debt obligations was based on the quoted market price at March 31, 2024 or December 31, 2023, as applicable.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges when required by U.S. GAAP. There were no significant fair value measurement losses recognized for such assets and liabilities in the periods reported.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Additional information regarding reportable segments is as follows:


	Three Months Ended
	March 31, 2024(a)		March 26, 2023(b)
	(In thousands)
Net sales
U.S.	$	2,579,332	$	2,432,568
Europe	1,267,903		1,239,264
Mexico	514,699		493,796
Total	$	4,361,934	$	4,165,628


	Three Months Ended
	March 31, 2024		March 26, 2023
	(In thousands)
Operating income (loss)
U.S.	$	179,417	$	(28,106)
Europe	31,116		25,261
Mexico	39,741		34,175
Eliminations	—		13
Total operating income	250,274		31,343
Interest expense, net of capitalized interest	41,243		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 taxes	227,000		(3,209)
Income tax expense (benefit)	52,062		(8,840)
Net income	$	174,938	$	5,631


	March 31, 2024		December 31, 2023
	(In thousands)
Total assets
U.S.	$	6,931,645	$	7,012,211
Europe	4,277,510		4,299,985
Mexico	1,634,500		1,684,711
Eliminations	(3,075,315)		(3,186,546)
Total assets	$	9,768,340	$	9,810,361


	March 31, 2024		December 31, 2023
	(In thousands)
Long-lived assets(a)
U.S.	$	2,095,619	$	2,085,222
Europe	1,038,884		1,041,857
Mexico	300,274		301,919
Eliminations	(3,888)		(3,888)
Total long-lived assets	$	3,430,889	$	3,425,110

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS IN SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Securities

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


	March 31, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
	(In thousands)
Cash equivalents:
Fixed income securities	$	381,487	$	381,540	$	324,808	$	324,947

- 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
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+ Details

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by segment for the three months ended March 31, 2024 was as follows:


	December 31, 2023		Currency Translation		March 31, 2024
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
Europe	1,116,521		(11,540)		1,104,981
Mexico	127,804		—		127,804
Total	$	1,286,261	$	(11,540)	$	1,274,721

Intangible assets consisted of the following:


	December 31, 2023		Amortization		Currency Translation		March 31, 2024
	(In thousands)
Cost:
Trade names not subject to amortization	$	580,473	$	—	$	(5,644)	$	574,829
Trade names subject to amortization	112,681		—		(382)		112,299
Customer relationships	441,719		—		(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.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-9273
Entity Registrant Name	PILGRIM’S PRIDE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1285071
Entity Address, Address Line One	1770 Promontory Circle
Entity Address, City or Town	Greeley
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80634-9038
City Area Code	970
Local Phone Number	506-8000
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	PPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		236,943,487
Amendment Flag	false
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-29
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Foreign currency derivative
Derivative [Line Items]
Cash flow hedge loss to be reclassified within twelve months	$ 1.1

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 24, 2023
Restructuring Reserve [Roll Forward]
Cash payments and disposals	$ (9,930)
Moy Park
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		$ 2,788
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(25)
Liability or reserve as of March 31, 2024		2,763
Moy Park \| Contract termination
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		144
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(1)
Liability or reserve as of March 31, 2024		143
Moy Park \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		2,644
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(24)
Liability or reserve as of March 31, 2024		2,620
Pilgrim’s Pride Ltd.
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		1,979
Restructuring charges incurred		109
Cash payments and disposals		(318)
Currency translation		(17)
Liability or reserve as of March 31, 2024		1,753
Pilgrim’s Pride Ltd. \| Employee retention benefits
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		35
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		0
Liability or reserve as of March 31, 2024		35
Pilgrim’s Pride Ltd. \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		734
Restructuring charges incurred		0
Cash payments and disposals		(318)
Currency translation		(5)
Liability or reserve as of March 31, 2024		411
Pilgrim’s Pride Ltd. \| Inventory adjustments
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		294
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(3)
Liability or reserve as of March 31, 2024		291
Pilgrim’s Pride Ltd. \| Lease termination
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		164
Restructuring charges incurred		109
Cash payments and disposals		0
Currency translation		(1)
Liability or reserve as of March 31, 2024		272
Pilgrim’s Pride Ltd. \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		752
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(8)
Liability or reserve as of March 31, 2024		744
Pilgrim’s Food Masters 2022
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		3,320
Restructuring charges incurred		0
Cash payments and disposals		(2,909)
Currency translation		(16)
Liability or reserve as of March 31, 2024		395
Pilgrim’s Food Masters 2022 \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		1,281
Restructuring charges incurred		0
Cash payments and disposals		(1,276)
Currency translation		(5)
Liability or reserve as of March 31, 2024		0
Pilgrim’s Food Masters 2022 \| Inventory adjustments
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		65
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(2)
Liability or reserve as of March 31, 2024		63
Pilgrim’s Food Masters 2022 \| Lease termination
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		1,289
Restructuring charges incurred		0
Cash payments and disposals		(1,284)
Currency translation		(5)
Liability or reserve as of March 31, 2024		0
Pilgrim’s Food Masters 2022 \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		685
Restructuring charges incurred		0
Cash payments and disposals		(349)
Currency translation		(4)
Liability or reserve as of March 31, 2024		332
Pilgrim’s Food Masters 2023
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		2,158
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(18)
Liability or reserve as of March 31, 2024		2,140
Pilgrim’s Food Masters 2023 \| Employee retention benefits
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		522
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(5)
Liability or reserve as of March 31, 2024		517
Pilgrim’s Food Masters 2023 \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		1,636
Restructuring charges incurred		0
Cash payments and disposals		0
Currency translation		(13)
Liability or reserve as of March 31, 2024		1,623
Pilgrim’s Europe Central
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		0
Restructuring charges incurred		14,450
Cash payments and disposals		(6,703)
Currency translation		(70)
Liability or reserve as of March 31, 2024		7,677
Pilgrim’s Europe Central \| Employee retention benefits
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		0
Restructuring charges incurred		12
Cash payments and disposals		0
Currency translation		0
Liability or reserve as of March 31, 2024		12
Pilgrim’s Europe Central \| Severance
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		0
Restructuring charges incurred		13,914
Cash payments and disposals		(6,703)
Currency translation		(66)
Liability or reserve as of March 31, 2024		7,145
Pilgrim’s Europe Central \| Lease termination
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		0
Restructuring charges incurred		8
Cash payments and disposals		0
Currency translation		0
Liability or reserve as of March 31, 2024		8
Pilgrim’s Europe Central \| Other charges
Restructuring Reserve [Roll Forward]
Liability or reserve as of December 31, 2023		0
Restructuring charges incurred		516
Cash payments and disposals		0
Currency translation		(4)
Liability or reserve as of March 31, 2024		$ 512

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets Amortization and Estimated Useful Lives (Details)	Mar. 31, 2024
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

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Net Defined Benefit Pension and Other Postretirement Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Pension Benefits
Change in projected benefit obligation:
Interest cost	$ 2,266	$ 2,314
Estimated return on plan assets	(2,447)	(2,222)
Expenses paid from assets	60	94
Amortization of net loss	136	179
Amortization of past service cost	4	4
Net costs	19	369
Other Benefits
Change in projected benefit obligation:
Interest cost	9	9
Estimated return on plan assets	0	0
Expenses paid from assets	0	0
Amortization of net loss	0	0
Amortization of past service cost	0	0
Net costs	$ 9	$ 9

DEBT - Narrative (Details)			3 Months Ended
DEBT - Narrative (Details)	Aug. 15, 2023 MXN ($)	Jun. 24, 2022 GBP (£)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 04, 2023 USD ($)
Mexico Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt			$ 0	$ 0
Senior Notes \| Senior notes payable, net of discount, at 4.25%
Debt Instrument [Line Items]
Long-term debt			992,961,000	992,711,000
Senior Notes \| Senior Notes 3.50% Due 2032
Debt Instrument [Line Items]
Long-term debt			900,000,000	900,000,000
Senior Notes \| Senior notes payable, net of discount, at 6.25%
Debt Instrument [Line Items]
Long-term debt			993,762,000	993,595,000
Senior Notes \| Senior notes payable, net of discount, at 6.875%
Debt Instrument [Line Items]
Long-term debt			490,638,000	$ 490,408,000
Credit Facility \| 2021 US Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 850,000,000
Letters of credit issued			24,800,000
Current borrowing capacity			825,200,000
Credit Facility \| Moy Park Bank Of Ireland Revolving Facility \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| £		£ 150,000,000
Credit Facility \| Bank Of Ireland Revolving Facility, Due 2023 \| Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity			189,300,000
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	$ 1,100,000,000
Current borrowing capacity			67,000,000
Long-term debt			$ 0
Credit Facility \| Mexico Credit Facility \| Credit Facility \| TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.35%		1.35%