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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 3 Months Ended
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Mar. 31, 2013
Guarantees [Abstract] |
Guarantees [Text Block] | 16. SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION On December 15, 2010, the Company sold the 2018 Notes. The 2018 Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by Pilgrim’s Pride Corporation of West Virginia, Inc., a wholly owned subsidiary of the Company (the “Guarantor”). In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, the following condensed consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as “Parent” for the purpose of this note only) on a Parent-only basis, the Guarantor on a Guarantor-only basis, the combined non-Guarantor subsidiaries and elimination entries necessary to arrive at the information for the Parent, the Guarantor and non-Guarantor subsidiaries on a consolidated basis. Investments in subsidiaries are accounted for by the Company using the equity method for this presentation. The tables below present the condensed consolidating balance sheets as of March 31, 2013 and December 30, 2012, as well as the condensed consolidating statements of operations, comprehensive income and cash flows for the thirteen weeks ended March 31, 2013 and March 25, 2012 based on the guarantor structure. CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2013 (In thousands)
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash and cash equivalents |  | $ | 14,735 |  |  | $ | — |  | $ | 28,825 |  | $ | — |  |  | $ | 43,560
Restricted cash and cash equivalents |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  | —
Investment in available-for-sale securities |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  | —
Trade accounts and other receivables, less allowance for |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
doubtful accounts |  |  | 329,379 |  |  |  | 2,065 |  |  | 58,977 |  |  | — |  |  |  | 390,421
Account receivable from JBS USA, LLC |  |  | 3,814 |  |  |  | — |  |  | — |  |  | — |  |  |  | 3,814
Inventories |  |  | 815,711 |  |  |  | 26,018 |  |  | 130,629 |  |  | — |  |  |  | 972,358
Income taxes receivable |  |  | 58,424 |  |  |  | — |  |  | 484 |  |  | (58 7 | ) |  |  | 58,321
Current deferred tax assets |  |  | — |  |  |  | 3,794 |  |  | 506 |  |  | (4,300 | ) |  |  | —
Prepaid expenses and other current assets |  |  | 33,027 |  |  |  | 120 |  |  | 31,289 |  |  | — |  |  |  | 64,436
Assets held for sale |  |  | 9,598 |  |  |  | — |  |  | 17,234 |  |  | — |  |  |  | 26,832
Total current assets |  |  | 1,264,688 |  |  |  | 31,997 |  |  | 267,944 |  |  | (4,887 | ) |  |  | 1,559,742
Investment in available-for-sale securities |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  | —
Intercompany receivable |  |  | (969 | ) |  |  | 59,322 |  |  | — |  |  | (58,353 | ) |  |  | —
Investment in subsidiaries |  |  | 409,228 |  |  |  | — |  |  | — |  |  | (409,228 | ) |  |  | —
Deferred tax assets |  |  | 101,099 |  |  |  | — |  |  | 447 |  |  | (4,091 | ) |  |  | 97,455
Other long-lived assets |  |  | 42,169 |  |  |  | — |  |  | 180,620 |  |  | (180,000 | ) |  |  | 42,789
Identified intangible assets, net |  |  | 26,405 |  |  |  | — |  |  | 10,426 |  |  | — |  |  |  | 36,831
Property, plant and equipment, net |  |  | 1,036,063 |  |  |  | 45,735 |  |  | 103,608 |  |  | (3,888 | ) |  |  | 1,181,518
Total assets |  | $ | 2,878,683 |  |  | $ | 137,054 |  | $ | 563,045 |  | $ | (660,447 | ) |  | $ | 2,918,335
Accounts payable |  | $ | 239,216 |  |  | $ | 6,490 |  | $ | 44,827 |  | $ | — |  |  | $ | 290,533
Account payable to JBS USA, LLC |  |  | 7,045 |  |  |  | — |  |  | — |  |  | — |  |  |  | 7,045
Accrued expenses and other current liabilities |  |  | 246,984 |  |  |  | 25,982 |  |  | 11,675 |  |  | — |  |  |  | 284,641
Income taxes payable |  |  | — |  |  |  | — |  |  | 587 |  |  | (587 | ) |  |  | —
Current deferred tax liabilities |  |  | 108,200 |  |  |  | — |  |  | 615 |  |  | (4,300 | ) |  |  | 104,515
Current maturities of long-term debt |  |  | 15,888 |  |  |  | — |  |  | — |  |  | — |  |  |  | 15,888
Total current liabilities |  |  | 617,333 |  |  |  | 32,472 |  |  | 57,704 |  |  | (4,887 | ) |  |  | 702,622
Long-term debt, less current maturities |  |  | 1,151,477 |  |  |  | — |  |  | — |  |  | (25,000 | ) |  |  | 1,126,477
Intercompany payable |  |  | — |  |  |  | — |  |  | 58,353 |  |  | (58,353 | ) |  |  | —
Deferred tax liabilities |  |  | — |  |  |  | 3,794 |  |  | 297 |  |  | (4,091 | ) |  |  | —
Other long-term liabilities |  |  | 111,820 |  |  |  | — |  |  | 3,233 |  |  | — |  |  |  | 115,053
Total liabilities |  |  | 1,880,630 |  |  |  | 36,266 |  |  | 119,587 |  |  | (92,331 | ) |  |  | 1,944,152
Total Pilgrim’s Pride Corporation stockholders’ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
equity |  |  | 998,053 |  |  |  | 100,788 |  |  | 441,186 |  |  | (568,116 | ) |  |  | 971,911
Noncontrolling interest |  |  | — |  |  |  | — |  |  | 2,272 |  |  | — |  |  |  | 2,272
Total stockholders’ equity |  |  | 998,053 |  |  |  | 100,788 |  |  | 443,458 |  |  | (568,116 | ) |  |  | 974,183
Total liabilities and stockholders’ equity |  | $ | 2,878,683 |  |  | $ | 137,054 |  | $ | 563,045 |  | $ | (660,447 | ) |  | $ | 2,918,335
CONDENSED CONSOLIDATING BALANCE SHEETS December 30, 2012 (In thousands)
|  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash and cash equivalents |  | $ | 27,657 |  | $ | — |  | $ | 40,523 |  | $ | — |  |  | $ | 68,180
Restricted cash and cash equivalents |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | —
Investment in available-for-sale securities |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | —
Trade accounts and other receivables, less |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
allowance for doubtful accounts |  |  | 326,031 |  |  | 1,843 |  |  | 57,056 |  |  | — |  |  |  | 384,930
Account receivable from JBS USA, LLC |  |  | 1,514 |  |  | — |  |  | — |  |  | — |  |  |  | 1,514
Inventories |  |  | 802,282 |  |  | 22,813 |  |  | 125,201 |  |  | — |  |  |  | 950,296
Income taxes receivable |  |  | 55,306 |  |  | — |  |  | — |  |  | (587 | ) |  |  | 54,719
Current deferred tax assets |  |  | — |  |  | 3,794 |  |  | 506 |  |  | (4,300 | ) |  |  | —
Prepaid expenses and other current assets |  |  | 29,603 |  |  | — |  |  | 26,444 |  |  | — |  |  |  | 56,047
Assets held for sale |  |  | 9,808 |  |  | — |  |  | 17,234 |  |  | — |  |  |  | 27,042
Total current assets |  |  | 1,252,201 |  |  | 28,450 |  |  | 266,964 |  |  | (4,887 | ) |  |  | 1,542,728
Investment in available-for-sale securities |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | —
Intercompany receivable |  |  | 19,860 |  |  | 53,706 |  |  | — |  |  | (73,566 | ) |  |  | —
Investment in subsidiaries |  |  | 376,226 |  |  | — |  |  | — |  |  | (376,226 | ) |  |  | —
Deferred tax assets |  |  | 101,100 |  |  | — |  |  | 422 |  |  | (4,091 | ) |  |  | 97,431
Other long-lived assets |  |  | 44,936 |  |  | — |  |  | 180,587 |  |  | (180,000 | ) |  |  | 45,523
Identified intangible assets, net |  |  | 27,386 |  |  | — |  |  | 10,880 |  |  | — |  |  |  | 38,266
Property, plant and equipment, net |  |  | 1,043,696 |  |  | 45,746 |  |  | 104,368 |  |  | (3,889 | ) |  |  | 1,189,921
Total assets |  | $ | 2,865,405 |  | $ | 127,902 |  | $ | 563,221 |  | $ | (642,659 | ) |  | $ | 2,913,869
Accounts payable |  | $ | 255,517 |  | $ | 4,270 |  | $ | 52,578 |  | $ | — |  |  | $ | 312,365
Account payable to JBS USA, LLC |  |  | 13,436 |  |  | — |  |  | — |  |  | — |  |  |  | 13,436
Accrued expenses and other current liabilities |  |  | 230,278 |  |  | 24,265 |  |  | 28,997 |  |  | — |  |  |  | 283,540
Income taxes payable |  |  | — |  |  | — |  |  | 1,055 |  |  | (587 | ) |  |  | 468
Current deferred tax liabilities |  |  | 108,201 |  |  | — |  |  | 581 |  |  | (4,300 | ) |  |  | 104,482
Current maturities of long-term debt |  |  | 15,886 |  |  | — |  |  | — |  |  | — |  |  |  | 15,886
Total current liabilities |  |  | 623,318 |  |  | 28,535 |  |  | 83,211 |  |  | (4,887 | ) |  |  | 730,177
Long-term debt, less current maturities |  |  | 1,173,870 |  |  | — |  |  | — |  |  | (25,000 | ) |  |  | 1,148,870
Note payable to JBS USA Holdings, Inc. |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | —
Intercompany payable |  |  | — |  |  | — |  |  | 73,566 |  |  | (73,566 | ) |  |  | —
Deferred tax liabilities |  |  | — |  |  | 3,794 |  |  | 297 |  |  | (4,091 | ) |  |  | —
Other long-term liabilities |  |  | 122,580 |  |  | — |  |  | 3,245 |  |  | — |  |  |  | 125,825
Total liabilities |  |  | 1,919,768 |  |  | 32,329 |  |  | 160,319 |  |  | (107,544 | ) |  |  | 2,004,872
Total Pilgrim’s Pride Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stockholders’ equity |  |  | 945,637 |  |  | 95,573 |  |  | 400,276 |  |  | (535,115 | ) |  |  | 906,371
Noncontrolling interest |  |  | — |  |  | — |  |  | 2,626 |  |  | — |  |  |  | 2,626
Total stockholders’ equity |  |  | 945,637 |  |  | 95,573 |  |  | 402,902 |  |  | (535,115 | ) |  |  | 908,997
Total liabilities and stockholders’ equity |  | $ | 2,865,405 |  | $ | 127,902 |  | $ | 563,221 |  | $ | (642,659 | ) |  | $ | 2,913,869
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirteen Weeks Ended March 31, 2013 (In thousands)
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net sales |  | $ | 1,769,794 |  |  | $ | 75,660 |  | $ | 259,199 |  |  | $ | (67,724 | ) |  | $ | 2,036,929 |
Cost of sales |  |  | 1,704,798 |  |  |  | 66,934 |  |  | 214,487 |  |  |  | (67,724 | ) |  |  | 1,918,495 |
Gross profit |  |  | 64,996 |  |  |  | 8,726 |  |  | 44,712 |  |  |  | — |  |  |  | 118,434 |
Selling, general and administrative expense |  |  | 37,484 |  |  |  | 1,008 |  |  | 5,500 |  |  |  | — |  |  |  | 43,992 |
Administrative restructuring charges |  |  | 484 |  |  |  | — |  |  | — |  |  |  | — |  |  |  | 484 |
Operating income |  |  | 27,028 |  |  |  | 7,718 |  |  | 39,212 |  |  |  | — |  |  |  | 73,958 |
Interest expense, net |  |  | 24,683 |  |  |  | — |  |  | 138 |  |  |  | — |  |  |  | 24,821 |
Interest income |  |  | (3 | ) |  |  | — |  |  | (213 | ) |  |  | — |  |  |  | (216 | )
Foreign currency transaction losses |  |  | (10 | ) |  |  | — |  |  | (7,614 | ) |  |  | — |  |  |  | (7,624 | )
Miscellaneous, net |  |  | (1,715 | ) |  |  | 1,221 |  |  | 530 |  |  |  | (41 | ) |  |  | (5 | )
Income before income taxes |  |  | 4,073 |  |  |  | 6,497 |  |  | 46,371 |  |  |  | 41 |  |  |  | 56,982 |
Income tax expense (benefit) |  |  | (5,871 | ) |  |  | 1,969 |  |  | 6,656 |  |  |  | — |  |  |  | 2,754 |
Income before equity in earnings of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries |  |  | 9,944 |  |  |  | 4,528 |  |  | 39,715 |  |  |  | 41 |  |  |  | 54,228 |
Equity in earnings of consolidated subsidiaries |  |  | 38,954 |  |  |  | — |  |  | — |  |  |  | (38,954 | ) |  |  | — |
Net income (loss) |  |  | 48,898 |  |  |  | 4,528 |  |  | 39,715 |  |  |  | (38,913 | ) |  |  | 54,228 |
Less: Net loss attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  | (354 | ) |  |  | — |  |  |  | (354 | )
Net income (loss) attributable to Pilgrim’s Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 48,898 |  |  | $ | 4,528 |  | $ | 40,069 |  |  | $ | (38,913 | ) |  | $ | 54,582 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended March 31, 2013 (In thousands)
|  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net incom e (loss) |  | $ | 53,063 |  | $ | 733 |  | $ | 39,345 |  |  | $ | (38,913 | ) |  | $ | 54,582 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities, net of tax |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | 10,410 |  |  | — |  |  | — |  |  |  | — |  |  |  | 10,410 |
Total other comprehensive income, net of tax |  |  | 10,410 |  |  | — |  |  | — |  |  |  | — |  |  |  | 10,410 |
Comprehensi ve inc ome (loss) |  |  | 63,4 73 |  |  | 7 33 |  |  | 39,34 5 |  |  |  | (38,91 3 | ) |  |  | 64,638 |
Less: Comprehensive loss attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interest s |  |  | — |  |  | — |  |  | (354 | ) |  |  | — |  |  |  | (354 | )
Comprehensive income (loss) attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim’s Pride Corp oratio n |  | $ | 63,473 |  | $ | 733 |  | $ | 39,699 |  |  | $ | (3 8,913 | ) |  | $ | 64,992 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirteen Weeks Ended March 25, 2012 (In thousands)
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net sales |  | $ | 1,639,563 |  |  | $ | 76,486 |  |  | $ | 233,289 |  |  | $ | (60,565 | ) |  | $ | 1,888,773 |
Cost of sales |  |  | 1,567,352 |  |  |  | 67,543 |  |  |  | 204,378 |  |  |  | (60,565 | ) |  |  | 1,778,708 |
Gross profit |  |  | 72,211 |  |  |  | 8,943 |  |  |  | 28,911 |  |  |  | — |  |  |  | 110,065 |
Selling, general and administrative expense |  |  | 40,218 |  |  |  | — |  |  |  | 5,038 |  |  |  | — |  |  |  | 45,256 |
Administrative restructuring charges |  |  | 2,880 |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 2,885 |
Operating income |  |  | 29,113 |  |  |  | 8,943 |  |  |  | 23,868 |  |  |  | — |  |  |  | 61,924 |
Interest expense, net |  |  | 28,076 |  |  |  | — |  |  |  | 169 |  |  |  | — |  |  |  | 28,245 |
Interest income |  |  | (9 | ) |  |  | — |  |  |  | (265 | ) |  |  | — |  |  |  | (274 | )
Foreign currency transaction losses (gains) |  |  | 23 |  |  |  | — |  |  |  | (5,951 | ) |  |  | — |  |  |  | (5,928 | )
Miscellaneous, net |  |  | (118 | ) |  |  | (9 | ) |  |  | (529 | ) |  |  | 286 |  |  |  | (370 | )
Income (loss) before income taxes |  |  | 1,141 |  |  |  | 8,952 |  |  |  | 30,444 |  |  |  | (286 | ) |  |  | 40,251 |
Income tax expense (benefit) |  |  | (4,677 | ) |  |  | 3,379 |  |  |  | 1,951 |  |  |  | — |  |  |  | 653 |
Income (loss) before equity in earnings of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated subsidiaries |  |  | 5,818 |  |  |  | 5,573 |  |  |  | 28,493 |  |  |  | (286 | ) |  |  | 39,598 |
Equity in earnings of consolidated subsidiaries |  |  | 33,640 |  |  |  | — |  |  |  | — |  |  |  | (33,640 | ) |  |  | — |
Net income (loss) |  |  | 39,458 |  |  |  | 5,573 |  |  |  | 28,493 |  |  |  | (33,926 | ) |  |  | 39,598 |
Less: Net income attributable to noncontrolling |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
interest |  |  | — |  |  |  | — |  |  |  | 425 |  |  |  | — |  |  |  | 425 |
Net income (loss) attributable to Pilgrim’s Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 39,458 |  |  | $ | 5,573 |  |  | $ | 28,068 |  |  | $ | (33,926 | ) |  | $ | 39,173 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended March 25, 2012 (In thousands)
|  | Parent |  | Subsidiary Guarantor |  | Subsidiary Non- Guarantors |  | Eliminations/ Adjustments |  | Consolidation
Net income (loss) |  | $ | 39,458 |  | $ | 5,573 |  | $ | 28,493 |  | $ | (33,926 | ) |  | $ | 39,598
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities, net of tax |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  | 5
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | 415 |  |  | — |  |  | — |  |  | — |  |  |  | 415
Total other comprehensive income, net of tax |  |  | 415 |  |  | — |  |  | 5 |  |  | — |  |  |  | 420
Comprehensive income (loss) |  |  | 39,873 |  |  | 5,573 |  |  | 28,498 |  |  | (33,926 | ) |  |  | 40,018
Less: Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | — |  |  | — |  |  | 425 |  |  | — |  |  |  | 425
Comprehensive income (loss) attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim’s Pride Corporation |  | $ | 39,873 |  | $ | 5,573 |  | $ | 28,073 |  | $ | (33,926 | ) |  | $ | 39,593
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirteen Weeks Ended March 31, 2013 (In thousands)
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash flows provided (used in) by operating activities |  | $ | 30,076 |  |  | $ | 1,445 |  |  | $ | (10,923 | ) |  | $ | 41 |  |  | $ | 20,639 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of property, plant and equipment |  |  | (21,547 | ) |  |  | (1,445 | ) |  |  | (2,786 | ) |  |  | — |  |  |  | (25,778 | )
Purchases of investment securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from property sales and disposals |  |  | 1,054 |  |  |  | — |  |  |  | 606 |  |  |  | — |  |  |  | 1,660 |
Cash used in investing activities |  |  | (20,493 | ) |  |  | (1,445 | ) |  |  | (2,180 | ) |  |  | — |  |  |  | (24,118 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on note payable to JBS USA Holdings, Inc. |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from long-term debt |  |  | 288,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 288,500 |
Payments on long-term debt |  |  | (311,005 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (311,005 | )
Proceeds from sale of common stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financing activities |  |  | — |  |  |  | — |  |  |  | 41 |  |  |  | (41 | ) |  |  | — |
Cash provided by (used in) financing activities |  |  | (22,505 | ) |  |  | — |  |  |  | 41 |  |  |  | (41 | ) |  |  | (22,505 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 1,364 |  |  |  | — |  |  |  | 1,364 |
Increase (decrease) in cash and cash equivalents |  |  | (12,922 | ) |  |  | — |  |  |  | (11,698 | ) |  |  | — |  |  |  | (24,620 | )
Cash and cash equivalents, beginning of period |  |  | 27,657 |  |  |  | — |  |  |  | 40,523 |  |  |  | — |  |  |  | 68,180 |
Cash and cash equivalents, end of period |  | $ | 14,735 |  |  | $ | — |  |  | $ | 28,825 |  |  | $ | — |  |  | $ | 43,560 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirteen Weeks Ended March 25, 2012 (In thousands)
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash flows provided (used in) by operating activities |  | $ | 31,926 |  |  | $ | 291 |  |  | $ | (2,980 | ) |  | $ | 145 |  |  | $ | 29,382 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of property, plant and equipment |  |  | (13,758 | ) |  |  | (321 | ) |  |  | (2,591 | ) |  |  | — |  |  |  | (16,670 | )
Purchases of investment securities |  |  | — |  |  |  | — |  |  |  | (88 | ) |  |  | — |  |  |  | (88 | )
Proceeds from property sales and disposals |  |  | 2,451 |  |  |  | — |  |  |  | 615 |  |  |  | — |  |  |  | 3,066 |
Cash used in investing activities |  |  | (11,307 | ) |  |  | (321 | ) |  |  | (2,064 | ) |  |  | — |  |  |  | (13,692 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on note payable to JBS USA Holdings, Inc. |  |  | (50,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (50,000 | )
Proceeds from long-term debt |  |  | 183,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 183,200 |
Payments on long-term debt |  |  | (341,802 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (341,802 | )
Proceeds from sale of common stock |  |  | 198,379 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 198,379 |
Other financing activities |  |  | — |  |  |  | — |  |  |  | 145 |  |  |  | (145 | ) |  |  | — |
Cash provided by (used in) financing activities |  |  | (10,223 | ) |  |  | — |  |  |  | 145 |  |  |  | (145 | ) |  |  | (10,223 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 494 |  |  |  | — |  |  |  | 494 |
Increase (decrease) in cash and cash equivalents |  |  | 10,396 |  |  |  | (30 | ) |  |  | (4,405 | ) |  |  | — |  |  |  | 5,961 |
Cash and cash equivalents, beginning of period |  |  | 13,733 |  |  |  | 30 |  |  |  | 27,846 |  |  |  | — |  |  |  | 41,609 |
Cash and cash equivalents, end of period |  | $ | 24,129 |  |  | $ | — |  |  | $ | 23,441 |  |  | $ | — |  |  | $ | 47,570 |

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References No definition available. + Details
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