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PENSION AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended
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Mar. 27, 2022
Retirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITSThe Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans such as the Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”) the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”), the Tulip Limited Pension Plan (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan”), nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $6.4 million and $5.3 million in the three months ended March 27, 2022 and March 28, 2021, respectively. Defined Benefit Plans 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:
| Three Months Ended
| March 27, 2022 |  | March 28, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Change in projected benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation, beginning of period | $ | 373,062 |  |  | $ | 1,346 |  |  | $ | 404,194 |  |  | $ | 1,593 |
Interest cost | 1,508 |  |  | 4 |  |  | 1,450 |  |  | 5 |
Actuarial gain | (29,146) |  |  | (56) |  |  | (27,980) |  |  | (53) |
Benefits paid | (4,810) |  |  | (26) |  |  | (4,583) |  |  | (42) |
Currency translation loss | 161 |  |  | — |  |  | 3,674 |  |  | — |
Projected benefit obligation, end of period | $ | 340,775 |  |  | $ | 1,268 |  |  | $ | 376,755 |  |  | $ | 1,503 |
| Three Months Ended
| March 27, 2022 |  | March 28, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets, beginning of period | $ | 326,409 |  |  | $ | — |  |  | $ | 305,983 |  |  | $ | — |
Actual return on plan assets | (18,246) |  |  | — |  |  | 4,291 |  |  | — |
Contributions by employer | 3,287 |  |  | 26 |  |  | 3,916 |  |  | 42 |
Benefits paid | (4,810) |  |  | (26) |  |  | (4,828) |  |  | (42) |
Expenses paid from assets | (115) |  |  | — |  |  | (78) |  |  | — |
Currency translation gain | 116 |  |  | — |  |  | 3,145 |  |  | — |
Fair value of plan assets, end of period | $ | 306,641 |  |  | $ | — |  |  | $ | 312,429 |  |  | $ | — |
| March 27, 2022 |  | December 26, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Funded status: |  |  |  |  |  |  |
Unfunded benefit obligation, end of period | $ | (34,134) |  |  | $ | (1,268) |  |  | $ | (46,653) |  |  | $ | (1,346) |
| March 27, 2022 |  | December 26, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period |  |  |  |  |  |  |
Current liability | $ | (4,053) |  |  | $ | (169) |  |  | $ | (6,063) |  |  | $ | (157) |
Long-term liability | (30,081) |  |  | (1,099) |  |  | (40,590) |  |  | (1,189) |
Recognized liability | $ | (34,134) |  |  | $ | (1,268) |  |  | $ | (46,653) |  |  | $ | (1,346) |
| March 27, 2022 |  | December 26, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period |  |  |  |  |  |  |
Net actuarial loss | $ | 49,441 |  |  | $ | 62 |  |  | $ | 58,143 |  |  | $ | 118 |
The accumulated benefit obligation for the Company’s defined benefit pension plans was $340.8 million and $373.1 million at March 27, 2022 and December 26, 2021, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both March 27, 2022 and December 26, 2021. As of March 27, 2022, the weighted average duration of the Company’s defined benefit pension obligation is 17.06 years. Net Periodic Benefit Costs Net defined benefit pension and other postretirement costs included the following components:
|  | Three Months Ended |  |  |  |  |  |  |  |
|  | March 27, 2022 |  | March 28, 2021 |  |  |  |
|  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits |  |  |  |  |  |  |  |
|  | (In thousands)
Interest cost |  | $ | 1,508 |  |  | $ | 4 |  |  | $ | 1,450 |  |  | $ | 5 |  |  |  |  |  |  |  |  |
Estimated return on plan assets |  | (2,403) |  |  | — |  |  | (2,641) |  |  | — |  |  |  |  |  |  |  |  |
Expenses paid from assets |  | 115 |  |  | — |  |  | 78 |  |  | — |  |  |  |  |  |  |  |  |
Amortization of net loss |  | 227 |  |  | — |  |  | 565 |  |  | 1 |  |  |  |  |  |  |  |  |
Amortization of past service cost |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  |  |  |  |  |  |  |
Net costs(a) |  | $ | (548) |  |  | $ | 4 |  |  | $ | (543) |  |  | $ | 6 |  |  |  |  |  |  |  |  |
(a) Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income. Economic Assumptions The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
| March 27, 2022 |  | December 26, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure benefit obligation at end of period: |  |  |  |  |  |  |
Discount rate | 2.93 | % |  | 3.15 | % |  | 2.23 | % |  | 2.38 | %
| Three Months Ended
| March 27, 2022 |  | March 28, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure net pension and other postretirement cost |  |  |  |  |  |  |
Discount rate | 2.23 | % |  | 2.38 | % |  | 1.83 | % |  | 1.80 | %
Expected return on plan assets | 3.40 | % |  | NA |  | 3.53 | % |  | NA
The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the Company’s pension and other benefit obligations. The discount rate assumptions used to determine future pension obligations at March 27, 2022 and December 26, 2021 were based on Prudential Financial, Inc.’s (“Prudential”) Pru Above Mean yield curve, which was designed by Prudential to provide a means for plan sponsors to value the liabilities of their postretirement benefit plans. The Pru Above Mean yield curve represents a series of annual discount rates from bonds with an AA minimum average credit quality rating as rated by Moody’s Investor Service, Standard & Poor’s and Fitch Ratings. The expected benefit payments were discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, the Company extended the curve assuming the discount rate derived in year 30 is extended to the end of the plan’s payment expectations. Once the present value of the string of benefit payments was established, the Company determined the single rate on the yield curve, that when applied to all obligations of the plan, would exactly match the previously determined present value. The discount rate assumptions used to determine future pension obligations for the U.K. pension plans at March 27, 2022 and December 26, 2021 were based on corporate bond spot yield curves provided by Merrill Lynch. Merrill Lynch bases this calculation entirely on AA1-AA3 rated bonds. As part of the evaluation of pension and other postretirement assumptions, the Company applied assumptions for mortality that incorporate generational white and blue collar mortality trends. In determining its benefit obligations, the Company used generational tables that take into consideration increases in plan participant longevity. As of March 27, 2022 and December 26, 2021, the U.S. pension and other postretirement benefit plans used variations of the Pri-2012 mortality table and the MP-2021 mortality improvement scale. As of March 27, 2022 and December 26, 2021, the U.K. pension plans used variations of the AxC00 mortality table in combination with the CMI_2020 Sk=7.5 mortality improvement scale for pre-retirement employees and the S3PMA mortality table in combination with the CMI_2020 Sk=7.5 mortality improvement scale for postretirement employees. 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 immaterial. 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 | $ | (9,122) |  |  | $ | 9,604 |
The expected rate of return on plan assets was primarily based on the determination of an expected return and for each plan’s current asset portfolio that the Company believes are likely to prevail over long periods. This determination was made using assumptions for return and volatility of the portfolio. Asset class assumptions were set using a combination of empirical and forward-looking analysis. To the extent historical results were affected by unsustainable trends or events, the effects of those trends or events were quantified and removed. The Company also considered anticipated asset allocations, investment strategies and the views of various investment professionals when developing this rate. Plan Assets The following table reflects the pension plans’ actual asset allocations:
| March 27, 2022 |  | December 26, 2021
Cash and cash equivalents | 11 | % |  | 2 | %
Pooled separate accounts for the Union Plan(a): |  |  |
Equity securities | 2 | % |  | 2 | %
Fixed income securities | 2 | % |  | 2 | %
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a): |  |  |
Equity securities | 19 | % |  | 19 | %
Fixed income securities | 13 | % |  | 12 | %
Real estate | 2 | % |  | 1 | %
Pooled separate accounts for the Tulip Plan(a): |  |  |
Equity securities | 20 | % |  | 32 | %
Fixed income securities | — | % |  | 17 | %
Liability driven investments | 19 | % |  | — | %
Real estate | 6 | % |  | 6 | %
Pooled separate accounts for the Geo Adams Plan(a): |  |  |
Equity securities | 3 | % |  | 5 | %
Fixed income securities | 1 | % |  | 2 | %
Liability driven investments | 2 | % |  | — | %
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 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. Absent regulatory or statutory limitations, the target asset allocation for the investment of pension assets in the PSAs for the Union Plan is 50% in each of fixed income securities and equity securities; the target asset allocation for the investment of pension assets in the PSAs and/or CCTs for the GK Pension Plan is 35% in fixed income securities, 60% in equity securities and 5% in real estate; investment of pension assets in the PSAs for the Tulip Plan is 21% in global equities, 15% in diversified alternatives, 10% in real estate, 28% in equity-linked liability driven investments, 11% in liability driven investments and 15% in cash; and investment of pension assets in the PSAs for the Geo Adams Plan is 37% in global equities, 15% in corporate bonds, 20% in equity-linked liability driven investments, 18% in liability driven investments and 10% in cash. The plans only invest in fixed income and equity instruments for which there is a readily available public market. The Company develops its expected long-term rate of return assumptions based on the historical rates of returns for equity and fixed income securities of the type in which its plans invest. The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of March 27, 2022 and December 26, 2021:
| March 27, 2022 |  | December 26, 2021
| 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 | $ | 35,288 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,288 |  |  | $ | 6,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,166 |
PSAs for the Union Plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 2,385 |  |  | — |  |  | 2,385 |  |  | — |  |  | 2,595 |  |  | — |  |  | 2,595 |
Small/Mid U.S. equity funds(e) | — |  |  | 1,254 |  |  | — |  |  | 1,254 |  |  | — |  |  | 1,338 |  |  | — |  |  | 1,338 |
International equity funds(f) | — |  |  | 1,800 |  |  | — |  |  | 1,800 |  |  | — |  |  | 1,954 |  |  | — |  |  | 1,954 |
Fixed income funds(g) | — |  |  | 4,878 |  |  | — |  |  | 4,878 |  |  | — |  |  | 5,186 |  |  | — |  |  | 5,186 |
PSAs and CCTs for the GK Pension Plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 29,346 |  |  | — |  |  | 29,346 |  |  | — |  |  | 31,960 |  |  | — |  |  | 31,960 |
Small/Mid U.S. equity funds(e) | — |  |  | 15,226 |  |  | — |  |  | 15,226 |  |  | — |  |  | 16,232 |  |  | — |  |  | 16,232 |
International equity funds(f) | — |  |  | 14,711 |  |  | — |  |  | 14,711 |  |  | — |  |  | 15,710 |  |  | — |  |  | 15,710 |
Fixed income funds(g) | — |  |  | 38,586 |  |  | — |  |  | 38,586 |  |  | — |  |  | 40,470 |  |  | — |  |  | 40,470 |
Real estate(h) | — |  |  | 5,759 |  |  | — |  |  | 5,759 |  |  | — |  |  | 5,405 |  |  | — |  |  | 5,405 |
PSAs for the Tulip Plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 34,788 |  |  | — |  |  | 34,788 |  |  | — |  |  | 45,373 |  |  | — |  |  | 45,373 |
International equity funds(f) | — |  |  | 27,059 |  |  | — |  |  | 27,059 |  |  | — |  |  | 60,188 |  |  | — |  |  | 60,188 |
Fixed income funds(g) | — |  |  | 1,058 |  |  | — |  |  | 1,058 |  |  | — |  |  | 55,107 |  |  | — |  |  | 55,107 |
Liability driven investments(h) | — |  |  | 58,886 |  |  | — |  |  | 58,886 |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate(i) | — |  |  | 19,121 |  |  | — |  |  | 19,121 |  |  | — |  |  | 18,601 |  |  | — |  |  | 18,601 |
PSAs for the Geo Adams Plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,621 |  |  | — |  |  | 2,621 |
International equity funds(f) | — |  |  | 8,606 |  |  | — |  |  | 8,606 |  |  | — |  |  | 11,696 |  |  | — |  |  | 11,696 |
Fixed income funds(g) | — |  |  | 2,901 |  |  | — |  |  | 2,901 |  |  | — |  |  | 5,807 |  |  | — |  |  | 5,807 |
Liability driven investments(h) | — |  |  | 4,989 |  |  | — |  |  | 4,989 |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets | $ | 35,288 |  |  | $ | 271,353 |  |  | $ | — |  |  | $ | 306,641 |  |  | $ | 6,166 |  |  | $ | 320,243 |  |  | $ | — |  |  | $ | 326,409 |
(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 investments that seek to ensure availability of funds to cover current and future liabilities. These investments are typically focused on both the assets and liabilities of the plan. (i) 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. Benefit Payments The following table reflects the benefits as of March 27, 2022 expected to be paid through 2031 from the Company’s pension and other postretirement plans. The Company’s pension plans are primarily funded plans. Therefore, anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. The Company’s other postretirement plans are unfunded. Therefore, anticipated benefits with respect to these plans will come from the Company’s own assets.
| Pension Benefits |  | Other Benefits
| (In thousands)
2022 | $ | 23,353 |  |  | $ | 131 |
2023 | 17,491 |  |  | 150 |
2024 | 17,436 |  |  | 143 |
2025 | 17,180 |  |  | 135 |
2026 | 17,070 |  |  | 126 |
2027-2031 | 83,247 |  |  | 485 |
Total | $ | 175,777 |  |  | $ | 1,170 |
As required by funding regulations or laws, the Company anticipates contributing $4.2 million and $0.2 million to its pension plans and other postretirement plans, respectively, during the remainder of 2022. Unrecognized Benefit Amounts in Accumulated Other Comprehensive Income The amounts in accumulated other comprehensive income that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
| Three Months Ended
| March 27, 2022 |  | March 28, 2021
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Net actuarial loss, beginning of period | $ | 58,143 |  |  | $ | 118 |  |  | $ | 95,522 |  |  | $ | 174 |
Amortization | (232) |  |  | — |  |  | (570) |  |  | (1) |
Actuarial gain | (29,146) |  |  | (56) |  |  | (27,980) |  |  | (53) |
Asset loss (gain) | 20,649 |  |  | — |  |  | (1,505) |  |  | — |
Currency translation loss | 27 |  |  | — |  |  | 364 |  |  | — |
Net actuarial loss, end of period | $ | 49,441 |  |  | $ | 62 |  |  | $ | 65,831 |  |  | $ | 120 |
Risk Management Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below: Asset volatility. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets under perform this yield, this will create a deficit. The pension plans hold a significant proportion of equities, which are expected to outperform corporate bonds in the long-term while contributing volatility and risk in the short-term. The Company monitors the level of investment risk but has no current plan to significantly modify the mixture of investments. The investment position is discussed more below. Changes in bond yields. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. The investment position is managed and monitored by a committee of individuals from various departments. This group actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The group has not changed the processes used to manage its risks from previous periods. The group does not use derivatives to manage its risk. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. The majority of equities are in U.S. large and small cap companies with some global diversification into international entities. Remeasurement The Company remeasures both plan assets and obligations on a quarterly basis. Defined Contribution Plans The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains two defined contribution retirement savings plans in the U.K. and Europe reportable segment for eligible U.K. and Europe employees, as required by U.K. and Europe law. The Company’s expenses related to its defined contribution plans totaled $5.5 million in the three months ended March 27, 2022 and $4.6 million in the three months ended March 28, 2021.

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