SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 28, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet



CONDENSED CONSOLIDATING BALANCE SHEETS September 28, 2014
	Parent			Subsidiary Guarantor		Subsidiary Non-Guarantors		Eliminations/ Adjustments			Consolidation
	(In thousands)
Cash and cash equivalents	$	604,990		$	—	$	263,607	$	—		$	868,597
Trade accounts and other receivables, less allowance for doubtful accounts	367,848			1,419		44,135		—			413,402
Account receivable from JBS USA, LLC	240			—		—		—			240
Inventories	696,989			20,639		100,264		—			817,892
Income taxes receivable	588			—		—		(588		)	—
Current deferred tax assets	—			9,902		506		(8,181		)	2,227
Prepaid expenses and other current assets	38,519			208		38,666		—			77,393
Assets held for sale	1,419			—		—		—			1,419
Total current assets	1,710,593			32,168		447,178		(8,769		)	2,181,170
Intercompany receivable	(66,101		)	123,514		—		(57,413		)	—
Investment in subsidiaries	669,742			—		—		(669,742		)	—
Deferred tax assets	75,260			—		13,466		(3,513		)	85,213
Other long-lived assets	29,741			—		181,025		(180,000		)	30,766
Identified intangible assets, net	20,521			—		7,698		—			28,219
Property, plant and equipment, net	1,029,532			45,682		109,966		(4,766		)	1,180,414
Total assets	$	3,469,288		$	201,364	$	759,333	$	(924,203	)	$	3,505,782
Accounts payable	318,106			17,501		48,172		—			383,779
Account payable to JBS USA, LLC	1,969			—		—		—			1,969
Accrued expenses and other current liabilities	246,759			37,318		23,076		—			307,153
Income taxes payable	151,714			—		25,027		(588		)	176,153
Current deferred tax liabilities	7,189			—		15,070		(7,189		)	15,070
Current maturities of long-term debt	260			—		—		—			260
Total current liabilities	725,997			54,819		111,345		(7,777		)	884,384
Long-term debt, less current maturities	527,115			—		—		(25,000		)	502,115
Intercompany payable	—			3,561		53,852		(57,413		)	—
Deferred tax liabilities	—			4,204		301		(4,505		)	—
Other long-term liabilities	85,140			—		3,350		—			88,490
Total liabilities	1,338,252			62,584		168,848		(94,695		)	1,474,989
Total Pilgrim’s Pride Corporation stockholders’ equity	2,131,036			138,780		587,395		(829,508		)	2,027,703
Noncontrolling interest	—			—		3,090		—			3,090
Total stockholders’ equity	2,131,036			138,780		590,485		(829,508		)	2,030,793
Total liabilities and stockholders’ equity	$	3,469,288		$	201,364	$	759,333	$	(924,203	)	$	3,505,782



CONDENSED CONSOLIDATING BALANCE SHEETS December 29, 2013
	Parent			Subsidiary Guarantor		Subsidiary Non-Guarantors			Eliminations/ 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 September 28, 2014
	Parent			Subsidiary Guarantor			Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
Net sales	$	1,844,929		$	121,540		$	276,394		$	25,185		$	2,268,048
Cost of sales	1,453,490			124,940			214,168			25,185			1,817,783
Gross profit (loss)	391,439			(3,400		)	62,226			—			450,265
Selling, general and administrative expense	38,184			1,112			5,333			—			44,629
Administrative restructuring charges	135			—			—			—			135
Operating income (loss)	353,120			(4,512		)	56,893			—			405,501
Interest expense, net	11,315			(48		)	105			—			11,372
Interest income	(215		)	—			(956		)	—			(1,171		)
Foreign currency transaction loss	—			—			6,414			—			6,414
Miscellaneous, net	(1,815		)	1,447			(323		)	81			(610		)
Income (loss) before income taxes	343,835			(5,911		)	51,653			(81		)	389,496
Income tax expense (benefit)	118,146			(2,245		)	17,792			—			133,693
Income (loss) before equity in earnings of consolidated subsidiaries	225,689			(3,666		)	33,861			(81		)	255,803
Equity in earnings of consolidated subsidiaries	30,295			—			—			(30,295		)	—
Net income (loss)	255,984			(3,666		)	33,861			(30,376		)	255,803
Less: Net loss attributable to noncontrolling interest	—			—			(181		)	—			(181		)
Net income (loss) attributable to Pilgrim’s Pride Corporation	$	255,984		$	(3,666	)	$	34,042		$	(30,376	)	$	255,984



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirteen Weeks Ended September 29, 2013
	Parent			Subsidiary Guarantor		Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
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 loss (gain)	(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 OPERATIONS Thirty-Nine Weeks Ended September 28, 2014
	Parent			Subsidiary Guarantor			Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
Net sales	$	5,491,934		$	362,390		$	819,354		$	(200,749	)	$	6,472,929
Cost of sales	4,660,153			344,707			653,972			(200,749		)	5,458,083
Gross profit	831,781			17,683			165,382			—			1,014,846
Selling, general and administrative expense	119,268			3,491			15,678			—			138,437
Administrative restructuring charges	2,286			—			—			—			2,286
Operating income	710,227			14,192			149,704			—			874,123
Interest expense, net	45,114			(109		)	402			—			45,407
Interest income	(522		)	—			(2,452		)	—			(2,974		)
Foreign currency transaction loss	2			—			4,930			—			4,932
Miscellaneous, net	(7,090		)	5,034			(766		)	213			(2,609		)
Income before income taxes	672,723			9,267			147,590			(213		)	829,367
Income tax expense	233,478			5,171			46,283			—			284,932
Income before equity in earnings of consolidated subsidiaries	439,245			4,096			101,307			(213		)	544,435
Equity in earnings of consolidated subsidiaries	105,216			—			—			(105,216		)	—
Net income	544,461			4,096			101,307			(105,429		)	544,435
Less: Net income attributable to noncontrolling interest	—			—			(26		)	—			(26		)
Net income attributable to Pilgrim’s Pride Corporation	$	544,461		$	4,096		$	101,333		$	(105,429	)	$	544,461



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirty-Nine Weeks Ended September 29, 2013
	Parent			Subsidiary Guarantor		Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
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 loss (gain)	(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

Schedule of Condensed Consolidating Statements of Comprehensive Income



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended September 28, 2014
	Parent			Subsidiary Guarantor			Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
Net income (loss)	$	255,984		$	(3,666	)	$	33,861		$	(30,376	)	$	255,803
Other comprehensive loss:
Gain associated with available-for-sale securities, net of tax	17			—			—			—			17
Loss associated with pension and other postretirement benefits, net of tax	(653		)	—			—			—			(653		)
Total other comprehensive loss, net of tax	(636		)	—			—			—			(636		)
Comprehensive income (loss)	255,348			(3,666		)	33,861			(30,376		)	255,167
Less: Comprehensive loss attributable to noncontrolling interests	—			—			(181		)	—			(181		)
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation	$	255,348		$	(3,666	)	$	34,042		$	(30,376	)	$	255,348



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended September 29, 2013
	Parent		Subsidiary Guarantor		Subsidiary Non-Guarantors		Eliminations/ Adjustments			Consolidation
	(In thousands)
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 COMPREHENSIVE INCOME Thirty-Nine Weeks Ended September 28, 2014
	Parent			Subsidiary Guarantor		Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
Net income	$	544,461		$	4,096	$	101,307		$	(105,429	)	$	544,435
Other comprehensive loss:
Loss associated with available-for-sale securities, net of tax	(12		)	—		—			—			(12		)
Loss associated with pension and other postretirement benefits, net of tax	(10,068		)	—		—			—			(10,068		)
Total other comprehensive loss, net of tax	(10,080		)	—		—			—			(10,080		)
Comprehensive income	534,381			4,096		101,307			(105,429		)	534,355
Less: Comprehensive income attributable to noncontrolling interests	—			—		(26		)	—			(26		)
Comprehensive income attributable to Pilgrim's Pride Corporation	$	534,381		$	4,096	$	101,333		$	(105,429	)	$	534,381



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirty-Nine Weeks Ended September 29, 2013
	Parent		Subsidiary Guarantor		Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
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

Schedule of Condensed Consolidating Statements of Cash Flows



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirty-Nine Weeks Ended September 28, 2014
	Parent			Subsidiary Guarantor			Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
Cash provided by operating activities	$	608,674		$	5,441		$	188,506		$	(213	)	$	802,408
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(109,071		)	(5,448		)	(16,830		)	—			(131,349		)
Purchases of investment securities	(55,100		)	—			—			—			(55,100		)
Proceeds from sale or maturity of investment securities	152,050			—			—			—			152,050
Proceeds from property sales and disposals	5,544			7			2,871			—			8,422
Cash used in investing activities	(6,577		)	(5,441		)	(13,959		)	—			(25,977		)
Cash flows from financing activities:
Payments on long-term debt	(410,199		)	—			—			—			(410,199		)
Proceeds from sale of subsidiary common stock	—			—			332			—			332
Other financing activities	—			—			(213		)	213			—
Cash provided by (used in) financing activities	(410,199		)	—			119			213			(409,867		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6,173		)	—			(6,173		)
Increase in cash and cash equivalents	191,898			—			168,493			—			360,391
Cash and cash equivalents, beginning of period	413,092			—			95,114			—			508,206
Cash and cash equivalents, end of period	$	604,990		$	—		$	263,607		$	—		$	868,597



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirty-Nine Weeks Ended September 29, 2013
	Parent			Subsidiary Guarantor			Subsidiary Non-Guarantors			Eliminations/ Adjustments			Consolidation
	(In thousands)
Cash 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		)
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:
Proceeds from long-term debt	505,600			—			—			—			505,600
Payments on long-term debt	(758,283		)	—			—			—			(758,283		)
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