XML 63 R46.htm IDEA: XBRL DOCUMENT
v3.8.0.1

INCENTIVE COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Awards | The following awards were outstanding during 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 |  | 31.06 |  |  | 12.34 | % |  | 53,363 |  |  | Stock
RSU | (b) | LTIP |  | 45,961 |  |  | 02/11/2015 |  | 25.87 |  |  | Service |  | 12/31/2017 |  | 31.06 |  |  | 12.34 | % |  | 10,965 |  |  | Stock
RSU |  | LTIP |  | 251,136 |  |  | 03/30/2016 |  | 25.36 |  |  | Performance / Service |  | 12/31/2019 |  |  |  | — | % |  | 251,136 |  | (d) | Stock
RSU | (b) | LTIP |  | 74,535 |  |  | 10/13/2016 |  | 20.93 |  |  | Service |  | 12/31/2016 |  | 18.99 |  |  | 13.49 | % |  | — |  |  | Stock
RSU |  | LTIP |  | 389,424 |  |  | 01/19/2017 |  | 18.38 |  |  | Performance / Service |  | (e) |  |  |  | — | % |  | — |  |  | Stock
RSU | (c) | LTIP |  | 48,586 |  |  | 02/13/2017 |  | 20.52 |  |  | Service |  | 12/31/2016 |  | 18.99 |  |  | — | % |  | — |  |  | Stock
RSU | (c) | LTIP |  | 23,469 |  |  | 02/13/2017 |  | 20.52 |  |  | Service |  | 12/31/2017 |  | 31.06 |  |  | — | % |  | 652 |  |  | 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 Dividend Equivalent Rights (“DERs”) in the form of RSUs to reflect an additional $5.77 in value for each outstanding RSU.
(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.
(e) | The subject RSUs will vest in ratable tranches on December 31, 2018, December 31, 2019, and December 31, 2020
Schedule of Compensation Cost and Income Tax Benefit | Compensation costs and the income tax benefit recognized for our share-based compensation arrangements are included below:
| 2017 |  | 2016 |  | 2015
| (In thousands)
Share-based compensation cost: |  |  |  |  |
Cost of goods sold | $ | 256 |  |  | $ | 770 |  |  | $ | 596 |
Selling, general and administrative expenses | 2,763 |  |  | 5,332 |  |  | 2,379 |
Total | $ | 3,019 |  |  | $ | 6,102 |  |  | $ | 2,975 |
Income tax benefit | $ | 1,006 |  |  | $ | 1,858 |  |  | $ | 868 |
Schedule of RSA and RSU Activity | The Company’s RSA and RSU activity is included below:
| 2017 |  | 2016 |  | 2015
| Number |  | Weighted Average Grant Date Fair Value |  | 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 year | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 30 |  |  | $ | 8.72 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (30 | ) |  | 8.72 |
Outstanding at end of year | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
RSUs: |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year | 906 |  |  | $ | 20.00 |  |  | 774 |  |  | $ | 18.78 |  |  | 1,120 |  |  | $ | 11.97 |
Granted | 461 |  |  | 18.72 |  |  | 325 |  |  | 24.35 |  |  | 428 |  |  | 21.00 |
Vested | (714 | ) |  | 18.09 |  |  | — |  |  | — |  |  | (671 | ) |  | 8.81 |
Forfeited | (264 | ) |  | 25.33 |  |  | (193 | ) |  | 24.51 |  |  | (103 | ) |  | 18.90 |
Outstanding at end of year | 389 |  |  | $ | 18.39 |  |  | 906 |  |  | $ | 20.00 |  |  | 774 |  |  | $ | 18.78 |

X
- Definition Tabular disclosure of share-based payment arrangement details such as type and scope of agreements, vesting conditions, settlement methods, etc. + References No definition available. + Details
Name: | ppc_ScheduleOfShareBasedPaymentArrangementsTableTextBlock
Namespace Prefix: | ppc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration