v2.4.0.8

SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 9 Months Ended
--- | ---
Sep. 29, 2013
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract] |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 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 September 29, 2013 and December 30, 2012, the condensed consolidating statements of operations and comprehensive income for the thirteen and thirty-nine weeks ended September 29, 2013 and September 23, 2012, as well as the condensed consolidating statements of cash flows for the thirty-nine weeks ended September 29, 2013 and September 23, 2012 based on the guarantor structure. CONDENSED CONSOLIDATING BALANCE SHEETS September 29, 2013
(In thousands)
|  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash and cash equivalents |  | $ | 259,985 |  |  | $ | - |  | $ | 70,331 |  |  | $ | - |  |  | $ | 330,316
Trade accounts and other receivables, less allowance for |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
doubtful accounts |  |  | 352,947 |  |  |  | 1,925 |  |  | 52,130 |  |  |  | - |  |  |  | 407,002
Account receivable from JBS USA, LLC |  |  | 4,454 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 4,454
Inventories |  |  | 793,614 |  |  |  | 23,845 |  |  | 94,507 |  |  |  | (880 | ) |  |  | 911,086
Income taxes receivable |  |  | 60,948 |  |  |  | - |  |  | 6,288 |  |  |  | (587 | ) |  |  | 66,649
Current deferred tax assets |  |  | - |  |  |  | 3,794 |  |  | 506 |  |  |  | (4,300 | ) |  |  | -
Prepaid expenses and other current assets |  |  | 37,356 |  |  |  | 110 |  |  | 35,359 |  |  |  | - |  |  |  | 72,825
Assets held for sale |  |  | 8,618 |  |  |  | - |  |  | 16,702 |  |  |  | - |  |  |  | 25,320
Total current assets |  |  | 1,517,922 |  |  |  | 29,674 |  |  | 275,823 |  |  |  | (5,767 | ) |  |  | 1,817,652
Intercompany receivable |  |  | (27,638 | ) |  |  | 95,893 |  |  | - |  |  |  | (68,255 | ) |  |  | -
Investment in subsidiaries |  |  | 457,862 |  |  |  | - |  |  | - |  |  |  | (457,862 | ) |  |  | -
Deferred tax assets |  |  | 63,292 |  |  |  | - |  |  | 419 |  |  |  | (4,091 | ) |  |  | 59,620
Other long-lived assets |  |  | 38,263 |  |  |  | - |  |  | 180,568 |  |  |  | (180,000 | ) |  |  | 38,831
Identified intangible assets, net |  |  | 24,444 |  |  |  | - |  |  | 9,516 |  |  |  | - |  |  |  | 33,960
Property, plant and equipment, net |  |  | 1,014,598 |  |  |  | 45,529 |  |  | 103,119 |  |  |  | (3,888 | ) |  |  | 1,159,358
Total assets |  | $ | 3,088,743 |  |  | $ | 171,096 |  | $ | 569,445 |  |  | $ | (719,863 | ) |  | $ | 3,109,421
Accounts payable |  | $ | 309,014 |  |  | $ | 13,086 |  | $ | 47,934 |  |  | $ | - |  |  | $ | 370,034
Accounts payable to JBS USA, LLC |  |  | 5,893 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 5,893
Accrued expenses and other current liabilities |  |  | 307,251 |  |  |  | 31,325 |  |  | (36,481 | ) |  |  | - |  |  |  | 302,095
Income taxes payable |  |  | - |  |  |  | - |  |  | 587 |  |  |  | (587 | ) |  |  | -
Current deferred tax liabilities |  |  | 84,572 |  |  |  | - |  |  | 577 |  |  |  | (4,300 | ) |  |  | 80,849
Current maturities of long-term debt |  |  | 396 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 396
Total current liabilities |  |  | 707,126 |  |  |  | 44,411 |  |  | 12,617 |  |  |  | (4,887 | ) |  |  | 759,267
Long-term debt, less current maturities |  |  | 937,019 |  |  |  | - |  |  | - |  |  |  | (25,000 | ) |  |  | 912,019
Intercompany payable |  |  | - |  |  |  | - |  |  | 68,255 |  |  |  | (68,255 | ) |  |  | -
Deferred tax liabilities |  |  | - |  |  |  | 3,794 |  |  | 297 |  |  |  | (4,091 | ) |  |  | -
Other long-term liabilities |  |  | 81,406 |  |  |  | - |  |  | 3,160 |  |  |  | - |  |  |  | 84,566
Total liabilities |  |  | 1,725,551 |  |  |  | 48,205 |  |  | 84,329 |  |  |  | (102,233 | ) |  |  | 1,755,852
Total Pilgrim's Pride Corporation stockholders' |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
equity |  |  | 1,363,192 |  |  |  | 122,891 |  |  | 482,651 |  |  |  | (617,630 | ) |  |  | 1,351,104
Noncontrolling interest |  |  | - |  |  |  | - |  |  | 2,465 |  |  |  | - |  |  |  | 2,465
Total stockholders' equity |  |  | 1,363,192 |  |  |  | 122,891 |  |  | 485,116 |  |  |  | (617,630 | ) |  |  | 1,353,569
Total liabilities and stockholders' equity |  | $ | 3,088,743 |  |  | $ | 171,096 |  | $ | 569,445 |  |  | $ | (719,863 | ) |  | $ | 3,109,421
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
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
Accounts 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
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 September 29, 2013
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net sales |  | $ | 1,889,353 |  |  | $ | 132,942 |  | $ | 245,372 |  |  | $ | (124,852 | ) |  | $ | 2,142,815 |
Cost of sales |  |  | 1,676,605 |  |  |  | 117,753 |  |  | 235,856 |  |  |  | (123,972 | ) |  |  | 1,906,242 |
Gross profit |  |  | 212,748 |  |  |  | 15,189 |  |  | 9,516 |  |  |  | (880 | ) |  |  | 236,573 |
Selling, general and administrative expense |  |  | 36,976 |  |  |  | 1,068 |  |  | 5,753 |  |  |  | - |  |  |  | 43,797 |
Administrative restructuring charges |  |  | 3,126 |  |  |  | - |  |  | 532 |  |  |  | - |  |  |  | 3,658 |
Operating income |  |  | 172,646 |  |  |  | 14,121 |  |  | 3,231 |  |  |  | (880 | ) |  |  | 189,118 |
Interest expense, net |  |  | 20,246 |  |  |  | - |  |  | 167 |  |  |  | - |  |  |  | 20,413 |
Interest income |  |  | (8 | ) |  |  | - |  |  | (563 | ) |  |  | - |  |  |  | (571 | )
Foreign currency transaction losses (gains) |  |  | (1 | ) |  |  | - |  |  | 2,683 |  |  |  | - |  |  |  | 2,682 |
Miscellaneous, net |  |  | (1,508 | ) |  |  | 1,260 |  |  | (98 | ) |  |  | 338 |  |  |  | (8 | )
Income before income taxes |  |  | 153,917 |  |  |  | 12,861 |  |  | 1,042 |  |  |  | (1,218 | ) |  |  | 166,602 |
Income tax expense (benefit) |  |  | 13,643 |  |  |  | - |  |  | (8,065 | ) |  |  | - |  |  |  | 5,578 |
Income before equity in earnings of consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries |  |  | 140,274 |  |  |  | 12,861 |  |  | 9,107 |  |  |  | (1,218 | ) |  |  | 161,024 |
Equity in earnings of consolidated subsidiaries |  |  | 20,643 |  |  |  | - |  |  | - |  |  |  | (20,643 | ) |  |  | - |
Net income |  |  | 160,917 |  |  |  | 12,861 |  |  | 9,107 |  |  |  | (21,861 | ) |  |  | 161,024 |
Less: Net income attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  | 107 |  |  |  | - |  |  |  | 107 |
Net income attributable to Pilgrim's Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 160,917 |  |  | $ | 12,861 |  | $ | 9,000 |  |  | $ | (21,861 | ) |  | $ | 160,917 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended September 29, 2013
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net income |  | $ | 160,917 |  | $ | 12,861 |  | $ | 9,107 |  | $ | (21,861 | ) |  | $ | 161,024
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | 313 |  |  | - |  |  | - |  |  | - |  |  |  | 313
Total other comprehensive income, net of tax |  |  | 313 |  |  | - |  |  | - |  |  | - |  |  |  | 313
Comprehensive income |  |  | 161,230 |  |  | 12,861 |  |  | 9,107 |  |  | (21,861 | ) |  |  | 161,337
Less: Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | - |  |  | - |  |  | 107 |  |  | - |  |  |  | 107
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim's Pride Corporation |  | $ | 161,230 |  | $ | 12,861 |  | $ | 9,000 |  | $ | (21,861 | ) |  | $ | 161,230
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirteen Weeks Ended September 23, 2012
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net sales |  | $ | 1,809,883 |  |  | $ | 71,124 |  |  | $ | 246,519 |  |  | $ | (59,048 | ) |  | $ | 2,068,478 |
Cost of sales |  |  | 1,741,370 |  |  |  | 64,999 |  |  |  | 215,022 |  |  |  | (59,048 | ) |  |  | 1,962,343 |
Gross profit |  |  | 68,513 |  |  |  | 6,125 |  |  |  | 31,497 |  |  |  | - |  |  |  | 106,135 |
Selling, general and administrative expense |  |  | 37,172 |  |  |  | - |  |  |  | 4,610 |  |  |  | - |  |  |  | 41,782 |
Administrative restructuring charges |  |  | 2,647 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,647 |
Operating income |  |  | 28,694 |  |  |  | 6,125 |  |  |  | 26,887 |  |  |  | - |  |  |  | 61,706 |
Interest expense, net |  |  | 25,464 |  |  |  | - |  |  |  | (204 | ) |  |  | - |  |  |  | 25,260 |
Interest income, net |  |  | (277 | ) |  |  | - |  |  |  | 21 |  |  |  | - |  |  |  | (256 | )
Foreign currency transaction gains |  |  | (33 | ) |  |  | - |  |  |  | (7,668 | ) |  |  | - |  |  |  | (7,701 | )
Miscellaneous, net |  |  | (348 | ) |  |  | (2 | ) |  |  | 560 |  |  |  | 203 |  |  |  | 413 |
Income before income taxes |  |  | 3,888 |  |  |  | 6,127 |  |  |  | 34,178 |  |  |  | (203 | ) |  |  | 43,990 |
Income tax expense (benefit) |  |  | (3,584 | ) |  |  | 2,313 |  |  |  | 2,320 |  |  |  | - |  |  |  | 1,049 |
Income before equity in earnings of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated subsidiaries |  |  | 7,472 |  |  |  | 3,814 |  |  |  | 31,858 |  |  |  | (203 | ) |  |  | 42,941 |
Equity in earnings of consolidated subsidiaries |  |  | 35,459 |  |  |  | - |  |  |  | - |  |  |  | (35,459 | ) |  |  | - |
Net income |  |  | 42,931 |  |  |  | 3,814 |  |  |  | 31,858 |  |  |  | (35,662 | ) |  |  | 42,941 |
Less: Net income attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Net income attributable to Pilgrim's Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 42,931 |  |  | $ | 3,814 |  |  | $ | 31,848 |  |  | $ | (35,662 | ) |  | $ | 42,931 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended September 23, 2012
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net income |  | $ | 42,931 |  |  | $ | 3,814 |  | $ | 31,858 |  |  | $ | (35,662 | ) |  | $ | 42,941 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities, net of tax |  |  | - |  |  |  | - |  |  | (12 | ) |  |  | - |  |  |  | (12 | )
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | (5,115 | ) |  |  | - |  |  | - |  |  |  | - |  |  |  | (5,115 | )
Total other comprehensive income, net of tax |  |  | (5,115 | ) |  |  | - |  |  | (12 | ) |  |  | - |  |  |  | (5,127 | )
Comprehensive income |  |  | 37,816 |  |  |  | 3,814 |  |  | 31,846 |  |  |  | (35,662 | ) |  |  | 37,814 |
Less: Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | - |  |  |  | - |  |  | 10 |  |  |  | - |  |  |  | 10 |
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim's Pride Corporation |  | $ | 37,816 |  |  | $ | 3,814 |  | $ | 31,836 |  |  | $ | (35,662 | ) |  | $ | 37,804 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirty-Nine Weeks Ended September 29, 2013
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net sales |  | $ | 5,538,779 |  |  | $ | 404,360 |  | $ | 801,270 |  |  | $ | (380,546 | ) |  | $ | 6,363,863 |
Cost of sales |  |  | 5,059,584 |  |  |  | 366,769 |  |  | 679,661 |  |  |  | (379,666 | ) |  |  | 5,726,348 |
Gross profit |  |  | 479,195 |  |  |  | 37,591 |  |  | 121,609 |  |  |  | (880 | ) |  |  | 637,515 |
Selling, general and administrative expense |  |  | 111,473 |  |  |  | 3,187 |  |  | 17,228 |  |  |  | - |  |  |  | 131,888 |
Administrative restructuring charges |  |  | 4,090 |  |  |  | - |  |  | 532 |  |  |  | - |  |  |  | 4,622 |
Operating income |  |  | 363,632 |  |  |  | 34,404 |  |  | 103,849 |  |  |  | (880 | ) |  |  | 501,005 |
Interest expense, net |  |  | 67,710 |  |  |  | - |  |  | 489 |  |  |  | - |  |  |  | 68,199 |
Interest income |  |  | (14 | ) |  |  | - |  |  | (1,480 | ) |  |  | - |  |  |  | (1,494 | )
Foreign currency transaction losses (gains) |  |  | (10 | ) |  |  | - |  |  | 4,781 |  |  |  | - |  |  |  | 4,771 |
Miscellaneous, net |  |  | (5,254 | ) |  |  | 3,569 |  |  | 435 |  |  |  | 520 |  |  |  | (730 | )
Income before income taxes |  |  | 301,200 |  |  |  | 30,835 |  |  | 99,624 |  |  |  | (1,400 | ) |  |  | 430,259 |
Income tax expense |  |  | 528 |  |  |  | 5,764 |  |  | 17,924 |  |  |  | - |  |  |  | 24,216 |
Income before equity in earnings of consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries |  |  | 300,672 |  |  |  | 25,071 |  |  | 81,700 |  |  |  | (1,400 | ) |  |  | 406,043 |
Equity in earnings of consolidated subsidiaries |  |  | 105,532 |  |  |  | - |  |  | - |  |  |  | (105,532 | ) |  |  | - |
Net income |  |  | 406,204 |  |  |  | 25,071 |  |  | 81,700 |  |  |  | (106,932 | ) |  |  | 406,043 |
Less: Net loss attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  | (161 | ) |  |  | - |  |  |  | (161 | )
Net income attributable to Pilgrim's Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 406,204 |  |  | $ | 25,071 |  | $ | 81,861 |  |  | $ | (106,932 | ) |  | $ | 406,204 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirty-Nine Weeks Ended September 29, 2013
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net income |  | $ | 406,204 |  | $ | 25,071 |  | $ | 81,700 |  |  | $ | (106,932 | ) |  | $ | 406,043 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | 36,114 |  |  | - |  |  | - |  |  |  | - |  |  |  | 36,114 |
Total other comprehensive income, net of tax |  |  | 36,114 |  |  | - |  |  | - |  |  |  | - |  |  |  | 36,114 |
Comprehensive income |  |  | 442,318 |  |  | 25,071 |  |  | 81,700 |  |  |  | (106,932 | ) |  |  | 442,157 |
Less: Comprehensive loss attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | - |  |  | - |  |  | (161 | ) |  |  | - |  |  |  | (161 | )
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim's Pride Corporation |  | $ | 442,318 |  | $ | 25,071 |  | $ | 81,861 |  |  | $ | (106,932 | ) |  | $ | 442,318 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirty-Nine Weeks Ended September 23, 2012
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net sales |  | $ | 5,192,507 |  |  | $ | 219,464 |  |  | $ | 707,363 |  |  | $ | (187,614 | ) |  | $ | 5,931,720 |
Cost of sales |  |  | 4,934,941 |  |  |  | 198,081 |  |  |  | 626,023 |  |  |  | (187,614 | ) |  |  | 5,571,431 |
Gross profit |  |  | 257,566 |  |  |  | 21,383 |  |  |  | 81,340 |  |  |  | - |  |  |  | 360,289 |
Selling, general and administrative expense |  |  | 116,726 |  |  |  | - |  |  |  | 14,751 |  |  |  | - |  |  |  | 131,477 |
Administrative restructuring charges |  |  | 5,916 |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5,921 |
Operating income |  |  | 134,924 |  |  |  | 21,383 |  |  |  | 66,584 |  |  |  | - |  |  |  | 222,891 |
Interest expense, net |  |  | 78,234 |  |  |  | - |  |  |  | 196 |  |  |  | - |  |  |  | 78,430 |
Interest income |  |  | (293 | ) |  |  | - |  |  |  | (593 | ) |  |  | - |  |  |  | (886 | )
Foreign currency transaction losses (gains) |  |  | 15 |  |  |  | - |  |  |  | (5,432 | ) |  |  | - |  |  |  | (5,417 | )
Miscellaneous, net |  |  | (829 | ) |  |  | (13 | ) |  |  | 160 |  |  |  | 410 |  |  |  | (272 | )
Income before income taxes |  |  | 57,797 |  |  |  | 21,396 |  |  |  | 72,253 |  |  |  | (410 | ) |  |  | 151,036 |
Income tax expense (benefit) |  |  | (10,671 | ) |  |  | 8,077 |  |  |  | 1,938 |  |  |  | - |  |  |  | (656 | )
Income before equity in earnings of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated subsidiaries |  |  | 68,468 |  |  |  | 13,319 |  |  |  | 70,315 |  |  |  | (410 | ) |  |  | 151,692 |
Equity in earnings of consolidated subsidiaries |  |  | 82,994 |  |  |  | - |  |  |  | - |  |  |  | (82,994 | ) |  |  | - |
Net income |  |  | 151,462 |  |  |  | 13,319 |  |  |  | 70,315 |  |  |  | (83,404 | ) |  |  | 151,692 |
Less: Net income attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  |  | 230 |  |  |  | - |  |  |  | 230 |
Net income attributable to Pilgrim's Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 151,462 |  |  | $ | 13,319 |  |  | $ | 70,085 |  |  | $ | (83,404 | ) |  | $ | 151,462 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirty-Nine Weeks Ended September 23, 2012
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Net income |  | $ | 151,462 |  |  | $ | 13,319 |  | $ | 70,315 |  |  | $ | (83,404 | ) |  | $ | 151,692 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities, net of tax |  |  | - |  |  |  | - |  |  | (12 | ) |  |  | - |  |  |  | (12 | )
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | (16,140 | ) |  |  | - |  |  | - |  |  |  | - |  |  |  | (16,140 | )
Total other comprehensive income, net of tax |  |  | (16,140 | ) |  |  | - |  |  | (12 | ) |  |  | - |  |  |  | (16,152 | )
Comprehensive income |  |  | 135,322 |  |  |  | 13,319 |  |  | 70,303 |  |  |  | (83,404 | ) |  |  | 135,540 |
Less: Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | - |  |  |  | - |  |  | 230 |  |  |  | - |  |  |  | 230 |
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim's Pride Corporation |  | $ | 135,322 |  |  | $ | 13,319 |  | $ | 70,073 |  |  | $ | (83,404 | ) |  | $ | 135,310 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirty-Nine Weeks Ended September 29, 2013
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash flows provided by operating activities |  | $ | 551,027 |  |  | $ | 4,235 |  |  | $ | 41,974 |  |  | $ | (520 | ) |  | $ | 596,716 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of property, plant and equipment |  |  | (63,298 | ) |  |  | (4,240 | ) |  |  | (8,755 | ) |  |  | - |  |  |  | (76,293 | )
Purchases of investment securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Proceeds from property sales and disposals |  |  | 2,288 |  |  |  | 5 |  |  |  | 1,037 |  |  |  | - |  |  |  | 3,330 |
Cash used in investing activities |  |  | (61,010 | ) |  |  | (4,235 | ) |  |  | (7,718 | ) |  |  | - |  |  |  | (72,963 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on note payable to JBS USA Holdings, Inc. |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Proceeds from long-term debt |  |  | 505,600 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 505,600 |
Payments on long-term debt |  |  | (758,283 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (758,283 | )
Proceeds from sale of common stock |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Payment of capitalized loan costs |  |  | (5,006 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,006 | )
Other financing activities |  |  | - |  |  |  | - |  |  |  | (520 | ) |  |  | 520 |  |  |  | - |
Cash used in financing activities |  |  | (257,689 | ) |  |  | - |  |  |  | (520 | ) |  |  | 520 |  |  |  | (257,689 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | - |  |  |  | - |  |  |  | (3,928 | ) |  |  | - |  |  |  | (3,928 | )
Increase in cash and cash equivalents |  |  | 232,328 |  |  |  | - |  |  |  | 29,808 |  |  |  | - |  |  |  | 262,136 |
Cash and cash equivalents, beginning of period |  |  | 27,657 |  |  |  | - |  |  |  | 40,523 |  |  |  | - |  |  |  | 68,180 |
Cash and cash equivalents, end of period |  | $ | 259,985 |  |  | $ | - |  |  | $ | 70,331 |  |  | $ | - |  |  | $ | 330,316 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirty-Nine Weeks Ended September 23, 2012
(In thousands)
|  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
Cash flows provided by operating activities |  | $ | 138,384 |  |  | $ | 1,299 |  |  | $ | 16,257 |  |  | $ | 21 |  |  | $ | 155,961 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of property, plant and equipment |  |  | (53,577 | ) |  |  | (1,329 | ) |  |  | (7,204 | ) |  |  | - |  |  |  | (62,110 | )
Purchases of investment securities |  |  | (73 | ) |  |  | - |  |  |  | (89 | ) |  |  | - |  |  |  | (162 | )
Proceeds from sale or maturity of investment securities |  |  | 57 |  |  |  | - |  |  |  | 631 |  |  |  | - |  |  |  | 688 |
Proceeds from property sales and disposals |  |  | 27,360 |  |  |  | - |  |  |  | 1,327 |  |  |  | - |  |  |  | 28,687 |
Cash used in investing activities |  |  | (26,233 | ) |  |  | (1,329 | ) |  |  | (5,335 | ) |  |  | - |  |  |  | (32,897 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on note payable to JBS USA Holdings, Inc. |  |  | (50,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (50,000 | )
Proceeds from long-term debt |  |  | 595,800 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 595,800 |
Payments on long-term debt |  |  | (853,008 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (853,008 | )
Proceeds from sale of common stock |  |  | 198,282 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 198,282 |
Other financing activities |  |  | - |  |  |  | - |  |  |  | 21 |  |  |  | (21 | ) |  |  | - |
Cash provided by (used in) financing activities |  |  | (108,926 | ) |  |  | - |  |  |  | 21 |  |  |  | (21 | ) |  |  | (108,926 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | - |  |  |  | - |  |  |  | (717 | ) |  |  | - |  |  |  | (717 | )
Increase (decrease) in cash and cash equivalents |  |  | 3,225 |  |  |  | (30 | ) |  |  | 10,226 |  |  |  | - |  |  |  | 13,421 |
Cash and cash equivalents, beginning of period |  |  | 13,733 |  |  |  | 30 |  |  |  | 27,846 |  |  |  | - |  |  |  | 41,609 |
Cash and cash equivalents, end of period |  | $ | 16,958 |  |  | $ | - |  |  | $ | 38,072 |  |  | $ | - |  |  | $ | 55,030 |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration