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BUSINESS ACQUISITION (Tables) | 9 Months Ended
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Sep. 25, 2022
Business Combination and Asset Acquisition [Abstract] |
Fair Values for Assets Acquired and Liabilities Assumed | The fair values recorded for the assets acquired and liabilities assumed for the acquisition are as follows (in thousands):
Cash and cash equivalents | $ | 113 |
Trade accounts and other receivables | 7,387 |
Inventories | 60,341 |
Prepaid expenses and other current assets | 1,727 |
Operating lease assets | 14,648 |
Property, plant and equipment | 247,133 |
Intangible assets | 415,157 |
Other assets | 335 |
Total assets acquired | 746,841 |
Accounts payable | 4,615 |
Other current liabilities | 407 |
Operating lease liabilities | 18,996 |
Deferred tax liabilities | 114,701 |
Other long-term liabilities | 2,612 |
Total liabilities assumed | 141,331 |
Total identifiable net assets | 605,510 |
Goodwill | 353,397 |
Total consideration transferred | $ | 958,907 |
Unaudited Pro Forma Information | The following unaudited pro forma information presents the combined financial results for the Company and PFM for 2021 as if the acquisition had been completed at the beginning of 2021:
| Nine Months Ended
| September 25, 2022 | September 26, 2021
| (In thousands, except per share amounts)
Net sales | $ | 13,341,012 |  | $ | 11,403,955 |
Net income attributable to Pilgrim's Pride Corporation | 901,575 |  | (43,684) |
Net income attributable to Pilgrim's Pride Corporation per common share - diluted | $ | 3.73 |  | (0.18) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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