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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 24, 2012
Stockholders' Equity Note [Abstract] |
Stockholders' Equity Note Disclosure [Text Block] | 13. STOCKHOLDERS' EQUITY Rights Offering In January 2012, Pilgrim's commenced the Rights Offering for stockholders of record as of January 17, 2012(the “Record Date”). The basic subscription privilege gave stockholders the option to purchase 0.2072shares of Pilgrim's common stock, rounded up to the next largest whole number, at a subscription price of $4.50per share for each share of Pilgrim's common stock they owned as of the Record Date. The multiplier was determined by dividing the 44,444,444shares being offered in the Rights Offering by the total number of shares owned by all stockholders on the Record Date. Those stockholders that exercised their basic subscription privilege in full also received an over-subscription privilege that afforded them the opportunity to purchase additional shares at the subscription price of $4.50per share from a pool of the shares left over had all stockholders not elected to exercise their basic subscription privileges in full. JBS USA committed to participate in the Rights Offering and exercise its basic and over-subscription privileges in full. The last day a stockholder could exercise either their basic subscription rights or their over-subscription rights was February 29, 2012. On March 7, 2012, the Company issued 44,444,444shares of common stock to stockholders that exercised their basic subscription privileges and over-subscription privileges under the Rights Offering. Gross proceeds received under the Rights Offering totaled $200.0million. The Company incurred costs directly attributable to the Rights Offering of $1.7million that it deferred and charged against the proceeds of the Rights Offering in Additional Paid-in Capital on the Condensed Consolidated Balance Sheet. The Company used the net proceeds of $198.3 million for additional working capital to improve its capital position and for general corporate purposes. Pilgrim's also used a portion of the net proceeds to repay the outstanding principal amount of $50.0 million, plus accrued interest, of its subordinated debt owed to JBS USA and to repay indebtedness under the U.S. Credit Facility. The Rights Offering contained a subscription price that was less than the fair value of the Company's common stock on the last day the rights could be exercised. This price discount is considered a bonus element similar to a stock dividend. Because of this bonus element, the Company adjusted both the weighted average basic and diluted shares outstanding as reported in the Quarterly Report on Form10-Q filed with the SEC on April29,2011by multiplying those weighted average shares by an adjustment factor that represented the $6.40fair value of a share of the Company's common stock immediately prior to the exercise of the basic and over-subscription privileges under the Rights Offering divided by the $6.07theoretical ex-rights fair value of a share of the Company's common stock immediately prior to the exercise of the basic and over-subscription privileges under the Rights Offering. Weighted average basic and diluted shares outstanding and net loss per weighted average basic and diluted share for the thirteen and twenty-six weeks ended June26,2011as originally reported and as adjusted for this bonus element were as follows:
|  | As Originally Reported |  | As Adjusted |  | Effect of Change
|  | (In thousands, except per share data)
Thirteen weeks ended June 26, 2011: |  |  |  |  |  |  |  |  |  |  |
Weighted average basic shares outstanding |  |  | 214,282 |  |  |  | 224,996 |  |  |  | 10,714
Weighted average diluted shares outstanding |  |  | 214,282 |  |  |  | 224,996 |  |  |  | 10,714
Net loss per weighted average basic share |  | $ | (0.60 | ) |  | $ | (0.57 | ) |  | $ | 0.03
Net loss per weighted average diluted share |  | $ | (0.60 | ) |  | $ | (0.57 | ) |  | $ | 0.03
Twenty-six weeks ended June 26, 2011: |  |  |  |  |  |  |  |  |  |  |
Weighted average basic shares outstanding |  |  | 214,282 |  |  |  | 224,996 |  |  |  | 10,714
Weighted average diluted shares outstanding |  |  | 214,282 |  |  |  | 224,996 |  |  |  | 10,714
Net loss per weighted average basic share |  | $ | (1.16 | ) |  | $ | (1.11 | ) |  | $ | 0.05
Net loss per weighted average diluted share |  | $ | (1.16 | ) |  | $ | (1.11 | ) |  | $ | 0.05
Share-Based Compensation The Company granted200,000restricted shares of its common stock to William W. Lovette, the Company’s Chief Executive Officer, effective January14,2011in connection with the employment agreement with Mr. Lovette. Restrictions on fifty percent of these shares will lapse on January3,2013and restrictions on the remaining shares will lapse on January3,2014, subject to Mr. Lovette’s continued employment with the Company through the applicable vesting date. The $1.4million fair value of the shares as of the grant date was determined by multiplying the number of shares granted by the closing market price of the Company’s common stock on the grant date. Assuming no forfeiture of shares, the Company will recognize share-based compensation expense of $0.7million ratably from January14,2011to January3,2013. The Company will also recognize share-based compensation expense of $0.7million ratably from January14,2011to January3,2014. The Company recognized share-based compensation expense totaling $0.2million during both the thirteen weeks ended June24,2012and June26,2011and share-based compensation expense totaling $0.3million during both the twenty-six weeks ended June24,2012and June26,2011. Anti-dilutive Common Stock Equivalents Due to the net loss incurred in the thirteen and twenty-six weeks ended June26,2011, the Company did not include8,157and11,591common stock equivalents, respectively, in the calculations of the denominators used for net loss per weighted average diluted common share outstanding as these common stock equivalents would be anti-dilutive. Restrictions on Retained Earnings The U.S. Credit Facility prohibits us from paying dividends on the common stock of the Company. Further, the indenture governing the2018Notes restricts, but does not prohibit, the Company from declaring dividends.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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