XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.5.0.2

INCENTIVE COMPENSATION | 9 Months Ended
--- | ---
Sep. 25, 2016
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 $12.7 million in costs related to the STIP at September 25, 2016 related to cash bonus awards that could potentially be awarded during the remainder of 2016 and 2017. 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 25, 2016, we have reserved approximately 5.1 million shares of common stock for future issuance under the LTIP. The following awards were outstanding during the thirty-nine weeks ended September 25, 2016:
Award Type |  | Benefit Plan |  | Awards Granted |  | Grant Date |  | Grant Date Fair Value per Award(a) |  | Vesting Condition |  | Vesting Date |  | Estimated Forfeiture Rate |  | Awards Forfeited to Date |  | Settlement Method
RSU |  | LTIP |  | 449,217 |  |  | 02/19/2014 |  | $ | 16.70 |  |  | Service |  | 12/31/2016 |  | 13.49 | % |  | 86,458 |  |  | Stock
RSU |  | LTIP |  | 223,701 |  |  | 03/03/2014 |  | 17.18 |  |  | Performance / Service |  | 12/31/2017 |  | 12.34 | % |  | 55,516 |  |  | Stock
DER | (b) | LTIP |  | 45,961 |  |  | 02/11/2015 |  | 25.87 |  |  | Performance / Service |  | 12/31/2017 |  | 12.34 | % |  | — |  |  | Stock
RSU |  | LTIP |  | 158,226 |  |  | 02/26/2015 |  | 27.51 |  |  | Performance / Service |  | 12/31/2018 |  | (c) |  |  | 158,226 |  |  | Stock
RSU |  | LTIP |  | 251,136 |  |  | 03/30/2016 |  | 25.36 |  |  | Performance / Service |  | 12/31/2019 |  | (d) |  |  | — |  |  | Stock
(a) | The fair value of each RSA and RSU granted or vested represents the closing price of the Company's common stock on the respective grant date or vesting date.
(b) | On February 17, 2015, the Company paid a special cash dividend to stockholders of record as of January 30, 2015 totaling $5.77 per share. On January 27, 2015, the Compensation Committee of the Company's Board of Directors agreed to grant Dividend Equivalent Rights (“DERs”) in the form of RSUs to reflect an additional $5.77 in value for each outstanding RSU.
(c) | Performance conditions associated with these awards were not satisfied. Therefore, 100% of the awards were forfeited.
(d) | The estimated forfeiture rate for these awards will be set if or when performance conditions associated with the awards are satisfied.
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 25, 2016 |  | September 27, 2015 |  | September 25, 2016 |  | September 27, 2015
| (In thousands)
Share-based compensation cost: |  |  |  |  |  |  |
Cost of sales | $ | 449 |  |  | $ | 166 |  |  | $ | 710 |  |  | $ | 431 |
Selling, general and administrative expense | 3,086 |  |  | 698 |  |  | 4,694 |  |  | 1,701 |
Total | $ | 3,535 |  |  | $ | 864 |  |  | $ | 5,404 |  |  | $ | 2,132 |
Income tax benefit | $ | 1,083 |  |  | $ | 261 |  |  | $ | 1,633 |  |  | $ | 620 |
The Company’s RSA and RSU activity is included below:
| Thirty-Nine Weeks Ended September 25, 2016 |  | Thirty-Nine Weeks Ended September 27, 2015
| 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 | — |  |  | $ | — |  |  | 30 |  |  | $ | 8.72 |
Vested | — |  |  | — |  |  | (15 | ) |  | 8.72 |
Forfeited | — |  |  | — |  |  | (15 | ) |  | 8.72 |
Outstanding at end of period | — |  |  | $ | — |  |  | — |  |  | $ | — |
RSUs: |  |  |  |  |  |  |
Outstanding at beginning of period | 774 |  |  | $ | 19.30 |  |  | 1,120 |  |  | $ | 11.97 |
Granted | 251 |  |  | 25.36 |  |  | 428 |  |  | 21.00 |
Vested | — |  |  | — |  |  | (671 | ) |  | 8.81 |
Forfeited | (193 | ) |  | 24.51 |  |  | (85 | ) |  | 18.51 |
Outstanding at end of period | 832 |  |  | $ | 19.92 |  |  | 792 |  |  | $ | 18.83 |
The total fair value of awards vested during the thirty-nine weeks ended September 27, 2015 was $22.4 million. No awards vested during the thirty-nine weeks ended September 25, 2016. At September 25, 2016, the total unrecognized compensation cost related to all nonvested awards was $8.5 million. That cost is expected to be recognized over a weighted average period of 2.72 years. Historically, we have issued new shares to satisfy award conversions.

X
- Definition Incentive compensation plans abstract. + References No definition available. + 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration