XML 56 R42.htm IDEA: XBRL DOCUMENT
v3.10.0.1

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended
--- | ---
Jul. 01, 2018
Defined Benefit Plan [Abstract] |
Schedule of Defined Benefit Plan Obligations and Assets | The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:
| Twenty-Six Weeks Ended July 1, 2018 |  | Twenty-Six Weeks Ended June 25, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Change in projected benefit obligation: | (In thousands)
Projected benefit obligation, beginning of period | $ | 178,247 |  |  | $ | 1,603 |  |  | $ | 167,159 |  |  | $ | 1,648 |
Interest cost | 2,731 |  |  | 23 |  |  | 2,786 |  |  | 25 |
Actuarial losses (gains) | (9,465 | ) |  | (62 | ) |  | 8,885 |  |  | 101 |
Benefits paid | (4,473 | ) |  | (74 | ) |  | (4,430 | ) |  | (74 | )
Projected benefit obligation, end of period | $ | 167,040 |  |  | $ | 1,490 |  |  | $ | 174,400 |  |  | $ | 1,700 |
| Twenty-Six Weeks Ended July 1, 2018 |  | Twenty-Six Weeks Ended June 25, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Change in plan assets: | (In thousands)
Fair value of plan assets, beginning of period | $ | 112,570 |  |  | $ | — |  |  | $ | 97,526 |  |  | $ | — |
Actual return on plan assets | 97 |  |  | — |  |  | 7,142 |  |  | — |
Contributions by employer | 5,581 |  |  | 74 |  |  | 4,502 |  |  | 74 |
Benefits paid | (4,473 | ) |  | (74 | ) |  | (4,430 | ) |  | (74 | )
Fair value of plan assets, end of period | $ | 113,775 |  |  | $ | — |  |  | $ | 104,740 |  |  | $ | — |
| July 1, 2018 |  | December 31, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Funded status: | (In thousands)
Unfunded benefit obligation, end of period | $ | (53,265 | ) |  | $ | (1,490 | ) |  | $ | (65,677 | ) |  | $ | (1,603 | )
| July 1, 2018 |  | December 31, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period: | (In thousands)
Current liability | $ | (12,159 | ) |  | $ | (148 | ) |  | $ | (12,168 | ) |  | $ | (149 | )
Long-term liability | (41,106 | ) |  | (1,342 | ) |  | (53,509 | ) |  | (1,454 | )
Recognized liability | $ | (53,265 | ) |  | $ | (1,490 | ) |  | $ | (65,677 | ) |  | $ | (1,603 | )
| July 1, 2018 |  | December 31, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Amounts recognized in accumulated other comprehensive income (loss) at end of period: | (In thousands)
Net actuarial loss (gain) | $ | 47,104 |  |  | $ | (27 | ) |  | $ | 54,235 |  |  | $ | 35 |
Schedule of Net Defined Benefit Pension and Other Postretirement Costs | Net defined benefit pension and other postretirement costs included the following components:
| Thirteen Weeks Ended July 1, 2018 |  | Thirteen Weeks Ended June 25, 2017 |  | Twenty-Six Weeks Ended July 1, 2018 |  | Twenty-Six Weeks Ended June 25, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Interest cost | $ | 1,365 |  |  | $ | 11 |  |  | $ | 1,393 |  |  | $ | 12 |  |  | $ | 2,731 |  |  | $ | 23 |  |  | $ | 2,786 |  |  | $ | 25 |
Estimated return on plan assets | (1,516 | ) |  | — |  |  | (1,313 | ) |  | — |  |  | (3,033 | ) |  | — |  |  | (2,626 | ) |  | — |
Amortization of net loss | 301 |  |  | — |  |  | 233 |  |  | — |  |  | 602 |  |  | — |  |  | 466 |  |  | — |
Net costs | $ | 150 |  |  | $ | 11 |  |  | $ | 313 |  |  | $ | 12 |  |  | $ | 300 |  |  | $ | 23 |  |  | $ | 626 |  |  | $ | 25 |
Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation | The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is less than $1,000. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as for calculating the liability recognized in the Condensed Consolidated Balance Sheets.
| Increase in Discount Rate of 0.25% |  | Decrease in Discount Rate of 0.25%
| (In thousands)
Impact on projected benefit obligation for pension benefits | $ | (4,767 | ) |  | $ | 4,525 |
The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
| July 1, 2018 |  | December 31, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure benefit obligation at end of period: |  |  |  |  |  |  |
Discount rate | 4.24 | % |  | 4.02 | % |  | 3.69 | % |  | 3.39 | %
| Twenty-Six Weeks Ended July 1, 2018 |  | Twenty-Six Weeks Ended June 25, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure net pension and other postretirement cost: |  |  |  |  |  |  |
Discount rate | 3.69 | % |  | 3.39 | % |  | 4.31 | % |  | 3.81 | %
Expected return on plan assets | 5.50 | % |  | N/A |  |  | 5.50 | % |  | NA |
Schedule of Plan Asset Allocations | The following table reflects the pension plans’ actual asset allocations:
| July 1, 2018 |  | December 31, 2017
Cash and cash equivalents | — | % |  | 5 | %
Pooled separate accounts(a): |  |  |
Equity securities | 5 | % |  | 5 | %
Fixed income securities | 4 | % |  | 4 | %
Common collective trust funds(a): |  |  |
Equity securities | 46 | % |  | 56 | %
Fixed income securities | 41 | % |  | 30 | %
Real estate | 4 | % |  | — | %
Total assets | 100 | % |  | 100 | %
(a) | Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds, real estate trusts or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.
Schedule of Fair Value Measurements of Plan Assets | The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of July 1, 2018 and December 31, 2017:
| July 1, 2018 |  | December 31, 2017
| Level 1(a) |  | Level 2(b) |  | Level 3(c) |  | Total |  | Level 1(a) |  | Level 2(b) |  | Level 3(c) |  | Total
| (In thousands)
Cash and cash equivalents | $ | 831 |  |  | $ | — |  |  | $ | — |  |  | $ | 831 |  |  | $ | 6,128 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,128 |
Pooled separate accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 3,025 |  |  | — |  |  | 3,025 |  |  | — |  |  | 3,483 |  |  | — |  |  | 3,483 |
Small/Mid U.S. equity funds(e) | — |  |  | 386 |  |  | — |  |  | 386 |  |  | — |  |  | 420 |  |  | — |  |  | 420 |
International equity funds(f) | — |  |  | 1,717 |  |  | — |  |  | 1,717 |  |  | — |  |  | 1,665 |  |  | — |  |  | 1,665 |
Fixed income funds(g) | — |  |  | 4,904 |  |  | — |  |  | 4,904 |  |  | — |  |  | 4,799 |  |  | — |  |  | 4,799 |
Common collective trusts funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 20,443 |  |  | — |  |  | 20,443 |  |  | — |  |  | 22,695 |  |  | — |  |  | 22,695 |
Small U.S. equity funds(e) | — |  |  | 8,013 |  |  | — |  |  | 8,013 |  |  | — |  |  | 20,592 |  |  | — |  |  | 20,592 |
International equity funds(f) | — |  |  | 24,393 |  |  | — |  |  | 24,393 |  |  | — |  |  | 19,923 |  |  | — |  |  | 19,923 |
Fixed income funds(g) | — |  |  | 44,889 |  |  | — |  |  | 44,889 |  |  | — |  |  | 32,865 |  |  | — |  |  | 32,865 |
Real estate(h) | — |  |  | 5,174 |  |  | — |  |  | 5,174 |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets | $ | 831 |  |  | $ | 112,944 |  |  | $ | — |  |  | $ | 113,775 |  |  | $ | 6,128 |  |  | $ | 106,442 |  |  | $ | — |  |  | $ | 112,570 |
(a) | Unadjusted quoted prices in active markets for identical assets are used to determine fair value.
(b) | Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.
(c) | Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.
(d) | This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.
(e) | This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.
(f) | This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.
(g) | This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). These investment options typically carry more risk than short-term fixed income investment options, but less overall risk than equities.
(h) | This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.
Schedule of Benefit Payments | The following table reflects the benefits as of July 1, 2018 expected to be paid through 2027 from the Company's pension and other postretirement plans. Because its pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. Because the Company's other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from its own assets.
| Pension Benefits |  | Other Benefits
| (In thousands)
2018 | $ | 9,184 |  |  | $ | 74 |
2019 | 11,889 |  |  | 148 |
2020 | 11,687 |  |  | 146 |
2021 | 11,337 |  |  | 143 |
2022 | 11,160 |  |  | 139 |
2023-2027 | 50,628 |  |  | 611 |
Total | $ | 105,885 |  |  | $ | 1,261 |
Schedule of Unrecognized Benefit Amounts | The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
| Twenty-Six Weeks Ended July 1, 2018 |  | Twenty-Six Weeks Ended June 25, 2017
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Net actuarial loss (gain), beginning of period | $ | 54,235 |  |  | $ | 35 |  |  | $ | 46,494 |  |  | $ | (31 | )
Amortization | (602 | ) |  | — |  |  | (466 | ) |  | — |
Actuarial loss (gain) | (9,465 | ) |  | (62 | ) |  | 8,885 |  |  | 101 |
Asset loss (gain) | 2,936 |  |  | — |  |  | (4,515 | ) |  | — |
Net actuarial loss (gain), end of period | $ | 47,104 |  |  | $ | (27 | ) |  | $ | 50,398 |  |  | $ | 70 |

X
- Definition Tabular disclosure of hierarchy of plan assets. + References No definition available. + Details
Name: | ppc_ScheduleOfHierarchyOfPlanAssetsTableTextBlock
Namespace Prefix: | ppc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=112275985&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration