XML 88 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

INCENTIVE COMPENSATION | 9 Months Ended
--- | ---
Sep. 28, 2014
INCENTIVE COMPENSATION [Abstract] |
INCENTIVE COMPENSATION | INCENTIVE COMPENSATION The Company sponsors a short-term incentive plan that provides the grant of either cash or share-based bonus awards payable upon achievement of specified performance goals (the “STIP”). Full-time, salaried exempt employees of the Company and its affiliates who are selected by the administering committee are eligible to participate in the STIP. The Company has accrued $22.6 million in costs related to the STIP at September 28, 2014 related to cash bonus awards that could potentially be awarded during the remainder of 2014 and 2015. The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and cash-based awards to the Company's officers and other employees, members of the Board of Directors and any consultants (the “LTIP”). The equity-based awards that may be granted under the LTIP include “incentive stock options,” within the meaning of the Internal Revenue Code, nonqualified stock options, stock appreciation rights, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). At September 28, 2014, we have reserved approximately 6.6 million shares of common stock for future issuance under the LTIP. The following awards existed during the thirty-nine weeks ended September 28, 2014:
Award Type |  | Benefit Plan |  | Award Quantity |  | Grant Date |  | Vesting Condition |  | Vesting Date |  | Estimated Forfeiture Rate |  | Settlement Method
RSA |  | Employment Agreement |  | 100,000 |  |  | January 14, 2011 |  | Service |  | January 3, 2014 |  | — | % |  | Stock
RSA |  | LTIP |  | 72,675 |  |  | August 27, 2012 |  | Service |  | April 27, 2014 |  | — | % |  | Stock
RSU |  | LTIP |  | 608,561 |  |  | February 4, 2013 |  | Service |  | December 31, 2014 |  | 9.66 | % |  | Stock
RSA |  | LTIP |  | 15,000 |  |  | February 25, 2013 |  | Service |  | February 24, 2015 |  | — | % |  | Stock
RSA |  | LTIP |  | 15,000 |  |  | February 25, 2013 |  | Service |  | February 24, 2016 |  | — | % |  | Stock
RSU |  | LTIP |  | 206,933 |  |  | February 26, 2013 |  | Service |  | December 31, 2014 |  | — | % |  | Stock
RSU |  | LTIP |  | 462,518 |  |  | February 19, 2014 |  | Service |  | December 31, 2016 |  | 13.49 | % |  | Stock
The fair value of each RSA and RSU granted represents the closing price of the Company's common stock on the respective grant date. Compensation costs and the income tax benefit recognized for our share-based compensation arrangements are included below:
| Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
| September 28, 2014 |  | September 29, 2013 |  | September 28, 2014 |  | September 29, 2013
| (In thousands)
Share-based compensation cost: |  |  |  |  |  |  |
Cost of sales | $ | 60 |  |  | $ | 102 |  |  | $ | 231 |  |  | $ | 255 |
Selling, general and administrative expense | 1,067 |  |  | 711 |  |  | 3,273 |  |  | 2,160 |
Total | $ | 1,127 |  |  | $ | 813 |  |  | $ | 3,504 |  |  | $ | 2,415 |
Income tax benefit | $ | 156 |  |  | $ | 151 |  |  | $ | 672 |  |  | $ | 488 |
The Company’s RSA and RSU activity is included below:
| Thirty-Nine Weeks Ended September 28, 2014 |  | Thirty-Nine Weeks Ended September 29, 2013
| Number |  | Weighted Average Grant Date Fair Value |  | Number |  | Weighted Average Grant Date Fair Value
| (In thousands, except weighted average fair values)
RSAs: |  |  |  |  |  |  |
Outstanding at beginning of period | 203 |  |  | $ | 6.59 |  |  | 273 |  |  | $ | 6.54 |
Granted | — |  |  | — |  |  | 30 |  |  | 8.72 |
Vested | (173 | ) |  | 6.22 |  |  | (100 | ) |  | 7.10 |
Outstanding at end of period | 30 |  |  | $ | 8.72 |  |  | 203 |  |  | $ | 6.59 |
RSUs: |  |  |  |  |  |  |
Outstanding at beginning of period | 729 |  |  | $ | 8.81 |  |  | — |  |  | $ | — |
Granted | 462 |  |  | 16.70 |  |  | 815 |  |  | 8.82 |
Vested | — |  |  | — |  |  | — |  |  | — |
Forfeited | (71 | ) |  | 10.34 |  |  | (72 | ) |  | 8.89 |
Outstanding at end of period | 1,120 |  |  | $ | 11.97 |  |  | 743 |  |  | $ | 8.81 |
The total fair value of shares vested during the thirty-nine weeks ended September 28, 2014 and September 29, 2013 was $1.1 million and $0.7 million, respectively. At September 28, 2014, the total unrecognized compensation cost related to all nonvested awards was $7.1 million. That cost is expected to be recognized over a weighted average period of 2.05 years. Historically, we have issued new shares to satisfy award conversions.

X
- Details
Name: | ppc_IncentiveCompensationPlansAbstract
Namespace Prefix: | ppc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration