XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.8.0.1

INCENTIVE COMPENSATION | 9 Months Ended
--- | ---
Sep. 24, 2017
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 $20.7 million in costs related to the STIP at September 24, 2017 related to cash bonus awards that could potentially be awarded during the remainder of 2017 and 2018. The Company assumed responsibility for the JFC LLC Long-Term Equity Incentive Plan dated January 1, 2014, as amended (the “JFC LTIP”) through its acquisition of GNP on January 6, 2017. The Company has accrued $3.4 million in costs related to the JFC LTIP at September 24, 2017. The Company assumed responsibility for the Moy Park Incentive Plan dated January 1, 2013, as amended (the “MPIP”) through its acquisition of Moy Park on September 8, 2017. The Company has accrued $0.6 million in costs related to the MPIP at September 24, 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 and restricted stock units (“RSUs”). At September 24, 2017, we have reserved approximately 4.8 million shares of common stock for future issuance under the LTIP. The following awards were outstanding during the thirty-nine weeks ended September 24, 2017:
Award Type |  | Benefit Plan |  | Awards Granted |  | Grant Date |  | Grant Date Fair Value per Award(a) |  | Vesting Condition |  | Vesting Date |  | Vesting Date Fair Value per Award(a) |  | Estimated Forfeiture Rate |  | Awards Forfeited to Date |  | Settlement Method
RSU |  | LTIP |  | 449,217 |  |  | 02/19/2014 |  | $ | 16.70 |  |  | Service |  | 12/31/2016 |  | $ | 18.99 |  |  | 13.49 | % |  | 86,458 |  |  | Stock
RSU |  | LTIP |  | 223,701 |  |  | 03/03/2014 |  | 17.18 |  |  | Performance / Service |  | 12/31/2017 |  |  |  | 12.34 | % |  | 55,516 |  |  | Stock
RSU | (b) | LTIP |  | 45,961 |  |  | 02/11/2015 |  | 25.87 |  |  | Service |  | 12/31/2017 |  | 18.99 |  |  | 12.34 | % |  | — |  |  | Stock
RSU |  | LTIP |  | 251,136 |  |  | 03/30/2016 |  | 25.36 |  |  | Performance / Service |  | 12/31/2019 |  | 18.99 |  |  | (d) |  |  | 251,136 |  |  | Stock
RSU | (b) | LTIP |  | 74,536 |  |  | 10/13/2016 |  | 20.93 |  |  | Service |  | 12/31/2016 |  |  |  | — | % |  | — |  |  | Stock
RSU |  | LTIP |  | 389,424 |  |  | 01/19/2017 |  | 18.39 |  |  | Performance / Service |  | (e) |  |  |  | — | % |  | — |  |  | Stock
RSU | (c) | LTIP |  | 48,586 |  |  | 02/13/2017 |  | 20.52 |  |  | Service |  | 2/13/2017 |  |  |  | — | % |  | — |  |  | Stock
RSU | (c) | LTIP |  | 23,469 |  |  | 02/13/2017 |  | 20.52 |  |  | Service |  | 12/31/2017 |  |  |  | — | % |  | — |  |  | Stock
(a) | The fair value of each 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 additional RSUs to LTIP participants that were equal to the amount of the dividend that would be awarded to them had their RSUs existing as of the dividend record date been vested. The additional RSUs that were granted to the LTIP participants are subject to the same vesting requirements as the underlying RSUs granted under the LTIP.
(c) | On May 18, 2016, the Company paid a special cash dividend to stockholders of record as of May 10, 2015 totaling $2.75 per share. On October 27, 2016, the Compensation Committee of the Company's Board of Directors agreed to grant additional RSUs to LTIP participants that were equal to the amount of the dividend that would be awarded to them had their RSUs existing as of the dividend record date been vested. The additional RSUs that were granted to the LTIP participants are subject to the same vesting requirements as the underlying RSUs granted under the LTIP.
(d) | Performance conditions associated with these awards were not satisfied. Therefore, 100% of the awards were forfeited during the thirty-nine weeks ended September 24, 2017.
(e) | The subject RSUs will vest in ratable tranches on December 31, 2018, December 31, 2019, and December 31, 2020.
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 24, 2017 |  | September 25, 2016 |  | September 24, 2017 |  | September 25, 2016
| (In thousands)
Share-based compensation cost: |  |  |  |  |  |  |
Cost of sales | $ | 32 |  |  | $ | 449 |  |  | $ | 219 |  |  | $ | 710 |
Selling, general and administrative expense | 475 |  |  | 3,086 |  |  | 2,235 |  |  | 4,694 |
Total | $ | 507 |  |  | $ | 3,535 |  |  | $ | 2,454 |  |  | $ | 5,404 |
Income tax benefit | $ | 132 |  |  | $ | 1,083 |  |  | $ | 733 |  |  | $ | 1,633 |
The Company’s RSU activity is included below:
| Thirty-Nine Weeks Ended September 24, 2017 |  | Thirty-Nine Weeks Ended September 25, 2016
| Number |  | Weighted Average Grant Date Fair Value |  | Number |  | Weighted Average Grant Date Fair Value
| (In thousands, except weighted average fair values)
Outstanding at beginning of period | 906 |  |  | $ | 20.00 |  |  | 774 |  |  | $ | 19.30 |
Granted | 462 |  |  | 18.72 |  |  | 251 |  |  | 25.36 |
Vested | (486 | ) |  | 17.73 |  |  | — |  |  | — |
Forfeited | (251 | ) |  | 25.36 |  |  | (193 | ) |  | 24.51 |
Outstanding at end of period | 631 |  |  | $ | 18.68 |  |  | 832 |  |  | $ | 19.92 |
The total fair value of awards vested during the thirty-nine weeks ended September 24, 2017 was $8.6 million. No awards vested during the thirty-nine weeks ended September 25, 2016. At September 24, 2017, 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 2.06 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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration