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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Dec. 27, 2020
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED)
2020 |  | First(a) |  | Second |  | Third(b) |  | Fourth |  | Year
|  | (In thousands, except per share data)
Net sales |  | $ | 3,074,928 |  |  | $ | 2,824,023 |  |  | $ | 3,075,121 |  |  | $ | 3,117,829 |  |  | $ | 12,091,901 |
Gross profit |  | 177,099 |  |  | 119,859 |  |  | 313,842 |  |  | 227,396 |  |  | 838,196 |
Net income (loss) attributable to PPC |  | 67,268 |  |  | (6,036) |  |  | 33,446 |  |  | 79 |  |  | 94,757 |
Net income (loss) per share amounts - basic |  | 0.27 |  |  | (0.02) |  |  | 0.14 |  |  | — |  |  | 0.39
Net income (loss) per share amounts - diluted |  | 0.27 |  |  | (0.02) |  |  | 0.14 |  |  | — |  |  | 0.39
Number of days in period |  | 91 |  | 91 |  | 91 |  | 91 |  | 364
2019 |  | First |  | Second |  | Third |  | Fourth(c) |  | Year
|  | (In thousands, except per share data)
Net sales |  | $ | 2,724,675 |  |  | $ | 2,843,085 |  |  | $ | 2,777,970 |  |  | $ | 3,063,489 |  |  | $ | 11,409,219 |
Gross profit |  | 218,939 |  |  | 367,864 |  |  | 282,197 |  |  | 201,394 |  |  | 1,070,394 |
Net income attributable to PPC |  | 84,011 |  |  | 170,068 |  |  | 109,765 |  |  | 92,080 |  |  | 455,924 |
Net income per share amounts - basic |  | 0.34 |  |  | 0.68 |  |  | 0.44 |  |  | 0.37 |  |  | 1.83 |
Net income per share amounts - diluted |  | 0.34 |  |  | 0.68 |  |  | 0.44 |  |  | 0.37 |  |  | 1.83 |
Number of days in period |  | 91 |  | 91 |  | 91 |  | 91 |  | 364
2018 |  | First(d) |  | Second(e) |  | Third(f) |  | Fourth(g) |  | 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 |  | 119,418 |  |  | 106,541 |  |  | 29,310 |  |  | (7,324) |  |  | 247,945 |
Net income (loss) per share amounts - basic |  | 0.48 |  |  | 0.43 |  |  | 0.12 |  |  | (0.03) |  |  | 1.00 |
Net income (loss) per share amounts - diluted |  | 0.48 |  |  | 0.43 |  |  | 0.12 |  |  | (0.03) |  |  | 1.00 |
Number of days in period |  | 91 |  | 91 |  | 91 |  | 91 |  | 364
(a)In the first quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $1.7 million. (b)In the third quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $2.0 million. (c)On October 15, 2019, the Company acquired 100% of the equity of PPL and its subsidiaries (together, “PPL”) from Danish Crown AmbA for £311.3 million, or $393.3 million for cash. In the fourth quarter of 2019, the Company recognized a gain on bargain purchase of $56.9 million and transaction costs of approximately $1.3 million related to the acquisition of PPL. (d)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. (e)In the second quarter of 2018, the Company recognized impairment charges of approximately $0.1 million related to its 40 North Foods leasehold improvements. (f)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. (g)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 reportable 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.

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- 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
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