XML 47 R31.htm IDEA: XBRL DOCUMENT
v3.10.0.1

QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
--- | ---
Dec. 30, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED)
2018 |  | First (a) |  | Second(b) |  | Third(c) |  | Fourth(d) |  | Year
|  | (In thousands, except per share data)
Net sales |  | $ | 2,746,678 |  |  | $ | 2,836,713 |  |  | $ | 2,697,604 |  |  | $ | 2,656,789 |  |  | $ | 10,937,784 |
Gross profit |  | 287,665 |  |  | 274,222 |  |  | 169,741 |  |  | 111,848 |  |  | 843,476 |
Net income (loss) attributable to PPC common stockholders |  | 119,418 |  |  | 106,541 |  |  | 29,310 |  |  | (7,324 | ) |  | 247,945 |
Net income per share amounts - basic |  | 0.48 |  |  | 0.43 |  |  | 0.12 |  |  | (0.03 | ) |  | 1.00 |
Net income per share amounts - diluted |  | 0.48 |  |  | 0.43 |  |  | 0.12 |  |  | (0.03 | ) |  | 1.00 |
Number of days in period |  | 91 |  |  | 91 |  |  | 91 |  |  | 91 |  |  | 364 |
2017 |  | First(e) |  | Second(f) |  | Third(g) |  | Fourth(h) |  | Year
|  | (In thousands, except per share data)
Net sales |  | $ | 2,479,340 |  |  | $ | 2,752,286 |  |  | $ | 2,793,885 |  |  | $ | 2,742,352 |  |  | $ | 10,767,863 |
Gross profit |  | 256,388 |  |  | 474,838 |  |  | 478,584 |  |  | 261,804 |  |  | 1,471,614 |
Net income attributable to PPC common stockholders |  | 93,921 |  |  | 233,641 |  |  | 232,680 |  |  | 134,337 |  |  | 694,579 |
Net income per share amounts - basic |  | 0.38 |  |  | 0.94 |  |  | 0.94 |  |  | 0.54 |  |  | 2.79 |
Net income per share amounts - diluted |  | 0.38 |  |  | 0.94 |  |  | 0.93 |  |  | 0.54 |  |  | 2.79 |
Number of days in period |  | 91 |  |  | 91 |  |  | 91 |  |  | 98 |  |  | 371 |
2016 |  | First |  | Second |  | Third |  | Fourth(i) |  | Year
|  | (In thousands, except per share data)
Net sales |  | $ | 2,460,410 |  |  | $ | 2,551,990 |  |  | $ | 2,495,281 |  |  | $ | 2,370,883 |  |  | $ | 9,878,564 |
Gross profit |  | 284,257 |  |  | 337,796 |  |  | 253,060 |  |  | 228,870 |  |  | 1,103,983 |
Net income attributable to PPC common stockholders |  | 118,371 |  |  | 152,886 |  |  | 98,657 |  |  | 70,618 |  |  | 440,532 |
Net income per share amounts - basic |  | 0.46 |  |  | 0.60 |  |  | 0.39 |  |  | 0.29 |  |  | 1.74 |
Net income per share amounts - diluted |  | 0.46 |  |  | 0.60 |  |  | 0.39 |  |  | 0.28 |  |  | 1.73 |
Number of days in period |  | 91 |  |  | 91 |  |  | 91 |  |  | 91 |  |  | 364 |
(a) | In the first quarter of 2018, the Company recognized impairment charges of approximately $0.5 million related to the Luverne, Minnesota plant held for sale. Also in the first quarter of 2018, the Company had transaction costs of approximately $0.2 million related to the acquisition of Moy Park and GNP.
(b) | In the second quarter of 2018, the Company recognized impairment charges of approximately $0.1 million related to its 40 North Foods leasehold improvements.
(c) | In the third quarter of 2018, the Company recognized impairment charges of approximately $0.3 million related to the Luverne, Minnesota plant held for sale.
(d) | In the fourth quarter of 2018, the Company recognized impairment charges of approximately $2.6 million related to Rose Energy Ltd. within its U.K. and Europe segment. Also in the fourth quarter of 2018, the Company recognized nonrecurring charges of $3.0 million and $11.9 million related to Hurricane Michael and Hurricane Maria, respectively. Hurricane Michael hit the Company’s Live Oak complex in October 2018, causing two days of plant closure. Hurricane Maria hit the Company’s Puerto Rico complex in September 2017, causing six months of plant closure.
(e) | On January 6, 2017, the Company acquired 100% of the membership interests of GNP from Maschhoff Family Foods, LLC for a cash purchase price of $350 million. In the first quarter, the Company had transaction costs of approximately $0.6 million for the acquisition of GNP.
(f) | In the second quarter of 2017, the Company recognized impairment charges of approximately $3.5 million related to its Athens, Alabama plant held for sale.
(g) | In the third quarter of 2017, the Company had transaction costs of approximately $15.0 million for the acquisition of Moy Park.
(h) | In the fourth quarter of 2017, the Company had transaction costs of approximately $4.5 million for the acquisition of Moy Park.
(i) | In the fourth quarter of 2016, the Company recognized impairment charges of $0.8 million and $0.3 million related to its Dallas, Texas and Bossier City, Louisiana plants held for sale.

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

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration