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RESTRUCTURING-RELATED ACTIVITIES (Tables) | 3 Months Ended
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Mar. 30, 2025
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | The following table provides a summary of our estimates of timelines and costs associated with these restructuring initiatives by major type of cost:
| Pilgrim’s Food Masters 2024 |  | Pilgrim’s Europe Central |  | Total
| (In thousands)
Earliest implementation date | April 2024 |  | January 2024 |  |
Expected predominant completion date | March 2025 |  | June 2025 |  |
Costs incurred and expected to be incurred |  |  |  |  |
Employee-related costs | $ | 19,760 |  |  | $ | 49,202 |  |  | $ | 68,962 |
Asset impairment costs | 10,871 |  |  | 1,824 |  |  | 12,695 |
Contract termination costs | 855 |  |  | 1,747 |  |  | 2,602 |
Other exit and disposal costs (a) | 10,580 |  |  | 3,633 |  |  | 14,213 |
Total exit and disposal costs (b) | $ | 42,066 |  |  | $ | 56,406 |  |  | $ | 98,472 |
Costs incurred since earliest implementation date |  |  |  |  |
Employee-related costs | $ | 19,760 |  |  | $ | 40,144 |  |  | $ | 59,904 |
Asset impairment costs | 10,871 |  |  | 1,824 |  |  | 12,695 |
Contract termination costs | 855 |  |  | 1,747 |  |  | 2,602 |
Other exit and disposal costs (a) | 10,580 |  |  | 3,633 |  |  | 14,213 |
Total exit and disposal costs | $ | 42,066 |  |  | $ | 47,348 |  |  | $ | 89,414 |
(a)Comprised of other costs directly related to the restructuring initiatives including flock depletion, the write-off of prepaid maintenance costs, consulting fees, and costs to return leased assets to original configuration. (b)All costs, except for asset impairment costs, are estimated to result in cash outlays. During the three months ended March 30, 2025, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:
| Expenses |  | Cash Outlays
| (In thousands)
Pilgrim’s Food Masters 2024 | $ | 1,331 |  |  | $ | 2,951 |
Pilgrim’s Europe Central | 14,655 |  |  | 1,813 |
Prior programs substantially complete | 626 |  |  | 621 |
Total | $ | 16,612 |  |  | $ | 5,385 |
Schedule of Restructuring Reserve | The following table reconciles liabilities and reserves associated with each restructuring initiative during the three months ended March 30, 2025. 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. During the three months ended March 30, 2025, there were no material movements in reserves related to substantially completed programs. These programs have been excluded from the tables below.
| Pilgrim’s Food Masters 2024
| Liability or reserve as of December 29, 2024 |  | Restructuring charges incurred |  | Cash payments and disposals |  | Currency translation |  | Liability or reserve as of March 30, 2025
| (In thousands)
Employee retention benefits | $ | 76 |  |  | $ | 244 |  |  | $ | (298) |  |  | $ | 2 |  |  | $ | 24 |
Severance | 1,620 |  |  | (112) |  |  | (445) |  |  | 32 |  |  | 1,095 |
Asset impairment | — |  |  | 63 |  |  | (63) |  |  | — |  |  | — |
Inventory adjustments | — |  |  | (34) |  |  | 34 |  |  | — |  |  | — |
Lease termination | 290 |  |  | 6 |  |  | (6) |  |  | 8 |  |  | 298 |
Other charges | 4,787 |  |  | 1,164 |  |  | (2,208) |  |  | 110 |  |  | 3,853 |
Total | $ | 6,773 |  |  | $ | 1,331 |  |  | $ | (2,986) |  |  | $ | 152 |  |  | $ | 5,270 |
| Pilgrim’s Europe Central
| Liability or reserve as of December 29, 2024 |  | Restructuring charges incurred |  | Cash payments and disposals |  | Currency translation |  | Liability or reserve as of March 30, 2025
| (In thousands)
Severance | $ | 2,823 |  |  | $ | 12,188 |  |  | $ | (1,813) |  |  | $ | 365 |  |  | $ | 13,563 |
Inventory adjustments | 91 |  |  | — |  |  | — |  |  | 3 |  |  | 94 |
Lease termination | — |  |  | 2,042 |  |  | — |  |  | 56 |  |  | 2,098 |
Other charges | 67 |  |  | 425 |  |  | — |  |  | 15 |  |  | 507 |
Contract termination | 1,223 |  |  | — |  |  | — |  |  | 35 |  |  | 1,258 |
Total | $ | 4,204 |  |  | $ | 14,655 |  |  | $ | (1,813) |  |  | $ | 474 |  |  | $ | 17,520 |

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -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 Reference 2: 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 + Details
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