SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 30, 2014

SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract]

Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEETS
March 30, 2014

				Subsidiary		Subsidiary			Eliminations/
	Parent			Guarantor		Non-Guarantors			Adjustments			Consolidation
		(In thousands)
Cash and cash equivalents	$	373,605		$	-	$	141,370		$	-		$	514,975
Investment in available-for-sale securities		37,005			-		-			-			37,005
Trade accounts and other receivables, less allowance for
doubtful accounts		328,375			1,409		43,825			-			373,609
Account receivable from JBS USA, LLC		3,220			-		-			-			3,220
Inventories		680,895			20,912		91,709			-			793,516
Income taxes receivable		13,596			-		7,626			(587	)		20,635
Current deferred tax assets		-			9,902		506			(8,181	)		2,227
Prepaid expenses and other current assets		45,413			260		27,241			-			72,914
Assets held for sale		5,849			-		-			-			5,849
Total current assets		1,487,958			32,483		312,277			(8,768	)		1,823,950
Intercompany receivable		(86,466	)		128,609		5			(42,148	)		-
Investment in subsidiaries		501,431			-		-			(501,431	)		-
Deferred tax assets		5,995			-		16,049			(5,995	)		16,049
Other long-lived assets		33,472			-		180,423			(180,000	)		33,895
Identified intangible assets, net		22,482			-		8,607			-			31,089
Property, plant and equipment, net		1,023,140			45,038		102,024			(4,768	)		1,165,434
Total assets	$	2,988,012		$	206,130	$	619,385		$	(743,110	)	$	3,070,417
Current maturities of long-term debt	$	205,357		$	-	$	-		$	-		$	205,357
Accounts payable		320,458			16,279		45,008			-			381,745
Account payable to JBS USA, LLC		6,144			-		-			-			6,144
Accrued expenses and other current liabilities		244,954			35,356		(4,580	)		-			275,730
Income taxes payable		-			-		587			(587	)		-
Current deferred tax liabilities		7,190			-		15,495			(7,190	)		15,495
Total current liabilities		784,103			51,635		56,510			(7,777	)		884,471
Long-term debt, less current maturities		527,077			-		-			(25,000	)		502,077
Intercompany payable		-			-		42,148			(42,148	)		-
Deferred tax liabilities		12,937			4,204		297			(6,986	)		10,452
Other long-term liabilities		84,135			-		3,293			-			87,428
Total liabilities		1,408,252			55,839		102,248			(81,911	)		1,484,428
Total Pilgrim's Pride Corporation stockholders'
equity		1,579,760			150,291		514,283			(661,199	)		1,583,135
Noncontrolling interest		-			-		2,854			-			2,854
Total stockholders' equity		1,579,760			150,291		517,137			(661,199	)		1,585,989
Total liabilities and stockholders' equity	$	2,988,012		$	206,130	$	619,385		$	(743,110	)	$	3,070,417

CONDENSED CONSOLIDATING BALANCE SHEETS
December 29, 2013

				Subsidiary		Subsidiary			Eliminations/
	Parent			Guarantor		Non-Guarantors			Adjustments			Consolidation
						(In thousands)
Cash and cash equivalents	$	413,092		$	-	$	95,114		$	-		$	508,206
Investment in available-for-sale securities		96,902			-		-			-			96,902
Trade accounts and other receivables, less
allowance for doubtful accounts		327,367			1,380		47,931			-			376,678
Account receivable from JBS USA, LLC		2,388			-		-			-			2,388
Inventories		696,604			20,215		92,013			-			808,832
Income taxes receivable		52,662			-		12,793			(587	)		64,868
Current deferred tax assets		3,213			5,698		506			(7,190	)		2,227
Prepaid expenses and other current assets		34,881			270		26,697			-			61,848
Assets held for sale		6,798			-		235			-			7,033
Total current assets		1,633,907			27,563		275,289			(7,777	)		1,928,982
Intercompany receivable		(64,772	)		114,707		-			(49,935	)		-
Investment in subsidiaries		472,431			-		-			(472,431	)		-
Deferred tax assets		5,995			-		18,924			(5,998	)		18,921
Other long-lived assets		37,282			-		182,881			(180,000	)		40,163
Identified intangible assets, net		23,463			-		9,062			-			32,525
Property, plant and equipment, net		1,009,711			44,643		102,221			(4,764	)		1,151,811
Total assets	$	3,118,017		$	186,913	$	588,377		$	(720,905	)	$	3,172,402
Current maturities of long-term debt	$	410,234		$	-	$	-		$	-		$	410,234
Accounts payable		308,154			12,711		49,495			-			370,360
Account payable to JBS USA, LLC		3,934			-		-			-			3,934
Accrued expenses and other current liabilities		269,062			33,821		(19,528	)		-			283,355
Income taxes payable		-			-		587			(587	)		-
Current deferred tax liabilities		7,190			-		15,515			(7,190	)		15,515
Total current liabilities		998,574			46,532		46,069			(7,777	)		1,083,398
Long-term debt, less current maturities		526,999			-		-			(25,000	)		501,999
Intercompany payable		-			-		49,935			(49,935	)		-
Deferred tax liabilities		13,944			5,698		297			(5,995	)		13,944
Other long-term liabilities		77,228			-		3,231			-			80,459
Total liabilities		1,616,745			52,230		99,532			(88,707	)		1,679,800
Total Pilgrim's Pride Corporation stockholders'
equity		1,501,272			134,683		486,061			(632,198	)		1,489,818
Noncontrolling interest		-			-		2,784			-			2,784
Total stockholders' equity		1,501,272			134,683		488,845			(632,198	)		1,492,602
Total liabilities and stockholders' equity	$	3,118,017		$	186,913	$	588,377		$	(720,905	)	$	3,172,402

Schedule of Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Thirteen Weeks Ended March 30, 2014

				Subsidiary			Subsidiary			Eliminations/
	Parent			Guarantor			Non-Guarantors			Adjustments			Consolidation
	(In thousands)
Net sales	$	1,753,068		$	112,550		$	257,995		$	(105,548	)	$	2,018,065
Cost of sales		1,597,091			98,853			212,563			(105,548	)		1,802,959
Gross profit		155,977			13,697			45,432			-			215,106
Selling, general and administrative expense		38,575			1,238			5,388			-			45,201
Administrative restructuring charges		1,713			-			-			-			1,713
Operating income		115,689			12,459			40,044			-			168,192
Interest expense, net		19,325			(14	)		162			-			19,473
Interest income		(162	)		-			(649	)		-			(811	)
Foreign currency transaction losses		3			-			334			-			337
Miscellaneous, net		(2,641	)		1,645			(78	)		68			(1,006	)
Income before income taxes		99,164			10,828			40,275			(68	)		150,199
Income tax expense (benefit)		32,806			5,764			13,442			-			52,012
Income before equity in earnings of consolidated
subsidiaries		66,358			5,064			26,833			(68	)		98,187
Equity in earnings of consolidated subsidiaries		31,759			-			-			(31,759	)		-
Net income (loss)		98,117			5,064			26,833			(31,827	)		98,187
Less: Net loss attributable to noncontrolling interest		-			-			70			-			70
Net income (loss) attributable to Pilgrim's Pride
Corporation	$	98,117		$	5,064		$	26,763		$	(31,827	)	$	98,117

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Thirteen Weeks Ended March 31, 2013

				Subsidiary		Subsidiary			Eliminations/
	Parent			Guarantor		Non-Guarantors			Adjustments			Consolidation
	(In thousands)
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		44,638			-		-			(44,638	)		-
Net income (loss)		54,582			4,528		39,715			(44,597	)		54,228
Less: Net loss attributable to noncontrolling interest		-			-		(354	)		-			(354	)
Net income (loss) attributable to Pilgrim's Pride
Corporation	$	54,582		$	4,528	$	40,069		$	(44,597	)	$	54,582

Schedule of Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Thirteen Weeks Ended March 30, 2014

				Subsidiary		Subsidiary		Eliminations/
	Parent			Guarantor		Non-Guarantors		Adjustments			Consolidation
	(In thousands)
Net income (loss)		98,117			5,064		26,833		(31,827	)		98,187
Other comprehensive loss:
Loss associated with available-for-sale
securities, net of tax		(36	)		-		-		-			(36	)
Loss associated with pension and other
postretirement benefits, net of tax		(5,786	)		-		-		-			(5,786	)
Total other comprehensive loss, net of tax		(5,822	)		-		-		-			(5,822	)
Comprehensive income (loss)		92,295			5,064		26,833		(31,827	)		92,365
Less: Comprehensive loss attributable to
noncontrolling interests		-			-		70		-			70
Comprehensive income (loss) attributable to
Pilgrim's Pride Corporation	$	92,295		$	5,064	$	26,763	$	(31,827	)	$	92,295

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Thirteen Weeks Ended March 31, 2013

			Subsidiary		Subsidiary			Eliminations/
	Parent		Guarantor		Non-Guarantors			Adjustments			Consolidation
	(In thousands)
Net income (loss)	$	54,582	$	4,528	$	39,715		$	(44,597	)	$	54,228
Other comprehensive income:
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
Comprehensive income (loss)		64,992		4,528		39,715			(44,597	)		64,638
Less: Comprehensive loss attributable to
noncontrolling interests		-		-		(354	)		-			(354	)
Comprehensive income (loss) attributable to
Pilgrim's Pride Corporation	$	64,992	$	4,528	$	40,069		$	(44,597	)	$	64,992

Schedule of Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Thirteen Weeks Ended March 30, 2014

				Subsidiary			Subsidiary			Eliminations/
	Parent			Guarantor			Non-Guarantors			Adjustments			Consolidation
	(In thousands)
Cash flows provided (used in) by operating activities	$	147,553		$	1,854		$	46,362		$	(68	)	$	195,701
Cash flows from investing activities:
Acquisitions of property, plant and equipment		(43,177	)		(1,854	)		(2,729	)		-			(47,760	)
Purchases of investment securities		(37,000	)		-			-			-			(37,000	)
Proceeds from sale or maturity of investment securities		96,950			-			-			-			96,950
Proceeds from property sales and disposals		1,100			-			411			-			1,511
Cash provided by (used in) investing activities		17,873			(1,854	)		(2,318	)		-			13,701
Cash flows from financing activities:
Payments on long-term debt		(204,913	)		-			-			-			(204,913	)
Other financing activities		-			-			(68	)		68			-
Cash provided by (used in) financing activities		(204,913	)		-			(68	)		68			(204,913	)
Effect of exchange rate changes on cash and cash equivalents		-			-			2,280			-			2,280
Increase (decrease) in cash and cash equivalents		(39,487	)		-			46,256			-			6,769
Cash and cash equivalents, beginning of period		413,092			-			95,114			-			508,206
Cash and cash equivalents, end of period	$	373,605		$	-		$	141,370		$	-		$	514,975

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Thirteen Weeks Ended March 31, 2013

				Subsidiary			Subsidiary			Eliminations/
	Parent			Guarantor			Non-Guarantors			Adjustments			Consolidation
	(In thousands)
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	)
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:
Proceeds from long-term debt		288,500			-			-			-			288,500
Payments on long-term debt		(311,005	)		-			-			-			(311,005	)
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