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RESTRUCTURING-RELATED ACTIVITIES (Tables) | 9 Months Ended
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Sep. 24, 2023
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | The following table provides a summary of our estimates of costs associated with these restructuring initiatives by major type of cost:
| Moy Park |  | Pilgrim’s Pride Ltd. |  | Pilgrim’s Food Masters |  | Total
| (In thousands)
Earliest implementation date | October 2022 |  | November 2022 |  | December 2022 |  |
Expected predominant completion date | June 2023 |  | July 2023 |  | July 2023 |  |
Costs incurred and expected to be incurred: |  |  |  |  |  |  |
Employee-related costs | $ | 10,972 |  |  | $ | 19,400 |  |  | $ | 12,633 |  |  | $ | 43,005 |
Asset impairment costs | 3,236 |  |  | — |  |  | 4,141 |  |  | 7,377 |
Contract termination costs | 248 |  |  | — |  |  | 24 |  |  | 272 |
Other exit and disposal costs (a) | 6,601 |  |  | 6,427 |  |  | 5,998 |  |  | 19,026 |
Total exit and disposal costs | $ | 21,057 |  |  | $ | 25,827 |  |  | $ | 22,796 |  |  | $ | 69,680 |
Cost incurred since earliest implementation date: |  |  |  |  |  |  |
Employee-related costs | $ | 10,972 |  |  | $ | 19,400 |  |  | $ | 12,420 |  |  | $ | 42,792 |
Asset impairment costs | 3,236 |  |  | — |  |  | 4,141 |  |  | 7,377 |
Contract termination costs | 248 |  |  | — |  |  | — |  |  | 248 |
Other exit and disposal costs (a) | 6,224 |  |  | 6,510 |  |  | 5,998 |  |  | 18,732 |
Total exit and disposal costs | $ | 20,680 |  |  | $ | 25,910 |  |  | $ | 22,559 |  |  | $ | 69,149 |
(a)Comprised of other costs directly related to the restructuring initiatives including Moy Park flock depletion, the write-off of Pilgrim’s Pride Ltd. prepaid maintenance costs and Pilgrim’s Food Masters consulting fees. During the nine months ended September 24, 2023, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:
| Expenses |  | Cash Outlays
| (In thousands)
Moy Park | $ | 1,355 |  |  | $ | 6,855 |
Pilgrim’s Pride Ltd. | 15,771 |  |  | 19,517 |
Pilgrim’s Food Masters | 21,558 |  |  | 19,496 |
| $ | 38,684 |  |  | $ | 45,868 |
Schedule of Restructuring Reserve | The following table reconciles liabilities and reserves associated with each restructuring initiative from its respective inception to September 24, 2023. Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets. The ending reserve balance for inventory adjustments is reported in the line item Inventories in our Condensed Consolidated Balance Sheets. The ending reserve balance for asset impairments is reported in the line item Property, plant and equipment, net in our Condensed Consolidated Balance Sheets.
| Moy Park
| Liability or reserve as of December 25, 2022 |  | Restructuring charges incurred |  | Cash payments and disposals |  | Currency translation |  | Liability or reserve as of September 24, 2023
| (In thousands)
Asset impairment | $ | 2,391 |  |  | $ | (323) |  |  | $ | (2,514) |  |  | $ | 446 |  |  | $ | — |
Inventory adjustments | 1 |  |  | 47 |  |  | (48) |  |  | — |  |  | — |
Other charges | 6,025 |  |  | 141 |  |  | (2,819) |  |  | (329) |  |  | 3,018 |
Other employee costs | — |  |  | 1,364 |  |  | (1,364) |  |  | — |  |  | — |
Contract termination | 122 |  |  | 126 |  |  | (110) |  |  | — |  |  | 138 |
Total | $ | 8,539 |  |  | $ | 1,355 |  |  | $ | (6,855) |  |  | $ | 117 |  |  | $ | 3,156 |
| Pilgrim’s Pride Ltd.
| Liability or reserve as of December 25, 2022 |  | Restructuring charges incurred |  | Cash payments and disposals |  | Currency translation |  | Liability or reserve as of September 24, 2023
| (In thousands)
Employee retention benefits | $ | — |  |  | $ | 1,838 |  |  | $ | (1,800) |  |  | $ | 5 |  |  | $ | 43 |
Severance | 5,503 |  |  | 9,355 |  |  | (14,083) |  |  | 158 |  |  | 933 |
Inventory adjustments | 615 |  |  | 372 |  |  | (722) |  |  | 18 |  |  | 283 |
Lease termination | 800 |  |  | (67) |  |  | — |  |  | 15 |  |  | 748 |
Other charges | 501 |  |  | 4,273 |  |  | (2,912) |  |  | (10) |  |  | 1,852 |
Total | $ | 7,419 |  |  | $ | 15,771 |  |  | $ | (19,517) |  |  | $ | 186 |  |  | $ | 3,859 |
| Pilgrim’s Food Masters
| Liability or reserve as of December 25, 2022 |  | Restructuring charges incurred |  | Cash payments and disposals |  | Currency translation |  | Liability or reserve as of September 24, 2023
| (In thousands)
Severance | $ | 639 |  |  | $ | 11,457 |  |  | $ | (11,975) |  |  | $ | 48 |  |  | $ | 169 |
Asset impairment | — |  |  | 4,141 |  |  | (4,143) |  |  | 2 |  |  | — |
Inventory adjustments | — |  |  | 793 |  |  | (728) |  |  | (4) |  |  | 61 |
Lease termination | — |  |  | 1,219 |  |  | — |  |  | 27 |  |  | 1,246 |
Other charges | — |  |  | 3,948 |  |  | (2,650) |  |  | (12) |  |  | 1,286 |
Total | $ | 639 |  |  | $ | 21,558 |  |  | $ | (19,496) |  |  | $ | 61 |  |  | $ | 2,762 |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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