Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | JBS S.A. |
Document Type | F-4 |
Amendment Flag | false |
Entity Central Index Key | 0001450123 |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | D5 |
Entity Address, Address Line One | Av. Marginal Direita do Tietê500 |
Entity Address, Address Line Two | Bloco I |
Entity Address, Address Line Three | 3rd FloorCEP 05118-100 City of São Paulo |
Entity Address, City or Town | São Paulo |
Entity Address, Country | BR |
City Area Code | + (55 11) |
Local Phone Number | 3144-4000 |
Entity Address, Postal Zip Code | 00000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 1221 Avenue of the Americas |
Entity Address, City or Town | New York |
Entity Address, Country | US |
City Area Code | +1 (212) |
Local Phone Number | 819-8200 |
Contact Personnel Name | Donald E. Baker, Esq. |
Entity Address, Postal Zip Code | 10020 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,569,517 | $ 2,526,431 |
Margin cash | 132,461 | 130,209 |
Trade accounts receivable | 3,390,856 | 3,878,125 |
Inventories | 5,101,230 | 5,393,582 |
Biological assets | 1,712,153 | 1,861,106 |
Recoverable taxes | 919,120 | 1,021,701 |
Derivative assets | 87,795 | 84,890 |
Other current assets | 323,194 | 319,678 |
TOTAL CURRENT ASSETS | 16,236,326 | 15,215,722 |
NON-CURRENT ASSETS | ||
Recoverable taxes | 1,744,275 | 1,756,630 |
Biological assets | 531,477 | 501,958 |
Related party receivables | 118,554 | 182,268 |
Deferred income taxes | 774,861 | 605,880 |
Derivative assets | 81,940 | 23,615 |
Other non-current assets | 319,226 | 214,293 |
TOTAL OTHER NON-CURRENT ASSETS | 3,570,333 | 3,284,644 |
Investments in equity-accounted investees | 56,601 | 56,507 |
Property, plant and equipment | 12,918,249 | 11,915,363 |
Right of use assets | 1,705,710 | 1,605,093 |
Intangible assets | 1,985,595 | 1,979,491 |
Goodwill | 6,105,020 | 5,828,691 |
TOTAL NON-CURRENT ASSETS | 26,341,508 | 24,669,789 |
TOTAL ASSETS | 42,577,834 | 39,885,511 |
CURRENT LIABILITIES | ||
Trade accounts payable | 5,257,053 | 5,943,139 |
Supply chain finance | 948,066 | 588,592 |
Loans and financing | 891,570 | 1,577,047 |
Income taxes | 83,247 | 91,070 |
Other taxes payable | 144,002 | 139,088 |
Payroll and social charges | 1,297,181 | 1,198,063 |
Lease liabilities | 352,627 | 342,747 |
Dividends payable | 400 | 35 |
Provisions for legal proceedings | 197,440 | 174,240 |
Derivative liabilities | 144,251 | 107,238 |
Other current liabilities | 581,123 | 410,491 |
TOTAL CURRENT LIABILITIES | 9,896,960 | 10,571,750 |
NON-CURRENT LIABILITIES | ||
Loans and financings | 19,107,567 | 16,123,101 |
Income and other taxes payable | 94,368 | 116,151 |
Payroll and social charges | 490,503 | 455,942 |
Lease liabilities | 1,488,600 | 1,379,086 |
Deferred income taxes | 1,360,257 | 1,363,072 |
Provisions for legal proceedings | 315,953 | 253,250 |
Other non-current liabilities | 115,840 | 77,013 |
TOTAL NON-CURRENT LIABILITIES | 22,973,088 | 19,767,615 |
EQUITY | ||
Share capital - common shares | 13,177,841 | 13,177,841 |
Capital reserve | (186,009) | (193,118) |
Other reserves | (36,413) | (35,177) |
Profit reserves | 3,623,632 | 4,299,711 |
Accumulated other comprehensive loss | (7,554,007) | (8,349,081) |
Attributable to company shareholders | 9,025,044 | 8,900,176 |
Attributable to non-controlling interest | 682,742 | 645,970 |
TOTAL EQUITY | 9,707,786 | 9,546,146 |
TOTAL LIABILITIES AND EQUITY | $ 42,577,834 | $ 39,885,511 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or Loss [Abstract] | |||
NET REVENUE | $ 72,918,123 | $ 72,613,910 | $ 65,042,706 |
Cost of sales | (64,950,972) | (61,070,237) | (52,753,839) |
GROSS PROFIT | 7,967,151 | 11,543,673 | 12,288,867 |
Selling expenses | (4,594,334) | (4,681,689) | (3,551,755) |
General and administrative expenses | (2,315,074) | (2,290,031) | (2,821,182) |
Other income | 148,625 | 311,057 | 100,745 |
Other expenses | (122,228) | (99,619) | (32,606) |
NET OPERATING EXPENSES | (6,883,011) | (6,760,282) | (6,304,798) |
OPERATING PROFIT | 1,084,140 | 4,783,391 | 5,984,069 |
Finance income | 584,216 | 808,612 | 430,707 |
Finance expense | (1,937,621) | (2,050,310) | (1,369,186) |
NET FINANCE EXPENSE | (1,353,405) | (1,241,698) | (938,479) |
Share of profit of equity-accounted investees, net of tax | 9,537 | 11,800 | 17,178 |
PROFIT (LOSS) BEFORE TAXES | (259,728) | 3,553,493 | 5,062,768 |
Current income taxes | (69,460) | (515,264) | (1,402,643) |
Deferred income taxes | 197,453 | 105,308 | 158,513 |
TOTAL INCOME TAXES | 127,993 | (409,956) | (1,244,130) |
NET INCOME (LOSS) | (131,735) | 3,143,537 | 3,818,638 |
ATTRIBUTABLE TO: | |||
Company shareholders | (198,869) | 2,997,488 | 3,811,442 |
Non-controlling interest | 67,134 | 146,049 | 7,196 |
NET INCOME (LOSS) | $ (131,735) | $ 3,143,537 | $ 3,818,638 |
Basic earnings (loss) per share - common shares (US$) (in Dollars per share) | $ (0.09) | $ 1.34 | $ 1.54 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or Loss [Abstract] | |||
Diluted earnings (loss) per share – common shares | $ (0.09) | $ 1.34 | $ 1.54 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (131,735) | $ 3,143,537 | $ 3,818,638 |
Items that are or may be subsequently reclassified to statement of income: | |||
Gain (loss) on net investment in foreign operations | 179,612 | 137,499 | (230,817) |
Gain (loss) on foreign currency translation adjustments | 560,954 | (660,075) | (431,038) |
Gain (loss) on cash flow hedge | 6,873 | (48,526) | 38,153 |
Deferred income tax on gain (loss) on cash flow hedge | (1,744) | 16,499 | (12,972) |
Valuation adjustments to equity in subsidiaries | (13,143) | (6,360) | 12,380 |
Items that will not be reclassified to statement of income: | |||
Gains associated with pension and other postretirement benefit obligations | 11,181 | 13,405 | 41,623 |
Income tax on gain associated with pension and other postretirement benefit obligations | (2,837) | (3,364) | (7,313) |
Total other comprehensive income (loss) | 740,896 | (550,922) | (589,984) |
Comprehensive Income | 609,161 | 2,592,615 | 3,228,654 |
Total comprehensive income attributable to: | |||
Company shareholders | 567,326 | 2,506,090 | 3,227,716 |
Non-controlling interest | 41,835 | 86,525 | 938 |
Comprehensive Income (loss) | $ 609,161 | $ 2,592,615 | $ 3,228,654 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital | Premium on issue of shares | Capital transaction | Stock options | Other reserves | Treasury shares | Legal | Investments statutory | Additional dividends | Tax-incentive reserve | VAE | FCTA | Retained earnings (loss) | Total | Non-controlling interest | Total |
BALANCE at Dec. 31, 2020 | $ 13,177,841 | $ 36,321 | $ (163,716) | $ 10,467 | $ (32,766) | $ (107,550) | $ 271,919 | $ 1,760,862 | $ 273,065 | $ 27,094 | $ (7,534,775) | $ 7,718,762 | $ 660,438 | $ 8,379,200 | ||
Net income (loss) | 3,811,442 | 3,811,442 | 7,196 | 3,818,638 | ||||||||||||
Gain on net investment in foreign operations | (230,817) | (230,817) | (230,817) | |||||||||||||
Gains on foreign currency translation adjustments | (18,780) | (258,996) | (140,344) | (418,120) | (12,918) | (431,038) | ||||||||||
Loss on cash flow hedge, net of tax | 25,181 | 25,181 | 25,181 | |||||||||||||
Valuation adjustments to equity in subsidiaries | 12,465 | 12,465 | (85) | 12,380 | ||||||||||||
Gain associated with pension and other postretirement benefit obligations, net of tax | 27,565 | 27,565 | 6,745 | 34,310 | ||||||||||||
Total comprehensive income (loss) | (18,780) | 65,211 | (489,813) | 3,671,098 | 3,227,716 | 938 | 3,228,654 | |||||||||
Purchase of treasury shares | (1,922,142) | (1,922,142) | (1,922,142) | |||||||||||||
Sale of treasury shares | 713 | (713) | ||||||||||||||
Cancellation of treasury shares | 1,408,870 | (1,408,870) | ||||||||||||||
Share-based compensation | 9,518 | (80) | 9,438 | 2,333 | 11,771 | |||||||||||
Treasury shares used in stock option plan | (322) | 811 | (488) | 1 | 1 | |||||||||||
Realization of other reserves | (981) | 981 | ||||||||||||||
Constitution legal reserve | 183,555 | (183,555) | ||||||||||||||
Constitution of investments statutory reserve | 2,613,191 | (2,613,191) | ||||||||||||||
Additional dividends to be distributed | (254,285) | (254,285) | (254,285) | |||||||||||||
Dividends distributed | (875,335) | (875,335) | (5,357) | (880,692) | ||||||||||||
Dividends reversal | 2 | 2 | 2 | |||||||||||||
Others | 2,443 | 2,443 | ||||||||||||||
BALANCE at Dec. 31, 2021 | 13,177,841 | 36,321 | (154,198) | 10,145 | (33,747) | (619,298) | 455,474 | 2,963,982 | 92,305 | (8,024,668) | 7,904,157 | 660,795 | 8,564,952 | |||
Net income (loss) | 2,997,488 | 2,997,488 | 146,049 | 3,143,537 | ||||||||||||
Gain on net investment in foreign operations | 137,499 | 137,499 | 137,499 | |||||||||||||
Gains on foreign currency translation adjustments | 47,776 | (110,117) | (523,602) | (12,339) | (598,282) | (61,793) | (660,075) | |||||||||
Loss on cash flow hedge, net of tax | (32,027) | (32,027) | (32,027) | |||||||||||||
Valuation adjustments to equity in subsidiaries | (6,514) | (6,514) | 154 | (6,360) | ||||||||||||
Gain associated with pension and other postretirement benefit obligations, net of tax | 7,926 | 7,926 | 2,115 | 10,041 | ||||||||||||
Total comprehensive income (loss) | 47,776 | (110,117) | (30,615) | (386,103) | 2,985,149 | 2,506,090 | 86,525 | 2,592,615 | ||||||||
Purchase of treasury shares | (719,393) | (719,393) | (719,393) | |||||||||||||
Sale of treasury shares | 169,408 | (1,903) | 167,505 | 167,505 | ||||||||||||
Cancellation of treasury shares | 1,121,507 | (1,121,507) | ||||||||||||||
Share-based compensation | 6,219 | 6,219 | 1,396 | 7,615 | ||||||||||||
Realization of other reserves | (1,430) | 1,430 | ||||||||||||||
Proposed interim dividends | (450,767) | (450,767) | (450,767) | |||||||||||||
Distribution of interim dividends | (422,033) | (422,033) | (422,033) | |||||||||||||
Prescribed dividends | 3 | 3 | 3 | |||||||||||||
Constitution legal reserve | 148,129 | (148,129) | ||||||||||||||
Constitution of investments statutory reserve | 1,694,844 | (1,694,844) | ||||||||||||||
Purchase of Pilgrim’s Pride Corporation treasury shares repurchase | (91,605) | (91,605) | (98,139) | (189,744) | ||||||||||||
Dividends to non-controlling interest | (5,002) | (5,002) | ||||||||||||||
Acquisitions of non-controlling interest | 3,034 | 3,034 | ||||||||||||||
Constitution of tax-incentive reserve | (496,545) | 767,354 | (270,809) | |||||||||||||
Others | (2,639) | (2,639) | ||||||||||||||
BALANCE at Dec. 31, 2022 | 13,177,841 | 36,321 | (239,584) | 10,145 | (35,177) | 603,603 | 2,928,754 | 767,354 | 61,690 | (8,410,771) | 8,900,176 | 645,970 | 9,546,146 | |||
Net income (loss) | (198,869) | (198,869) | 67,134 | (131,735) | ||||||||||||
Gain on net investment in foreign operations | 179,612 | 179,612 | 179,612 | |||||||||||||
Gains on foreign currency translation adjustments | 618,297 | (30,467) | 587,830 | (26,876) | 560,954 | |||||||||||
Loss on cash flow hedge, net of tax | 5,129 | 5,129 | 5,129 | |||||||||||||
Valuation adjustments to equity in subsidiaries | (13,143) | (13,143) | (13,143) | |||||||||||||
Gain associated with pension and other postretirement benefit obligations, net of tax | 0 | 6,767 | 6,767 | 1,577 | 8,344 | |||||||||||
Total comprehensive income (loss) | (1,247) | 797,909 | (229,336) | 567,326 | 41,835 | 609,161 | ||||||||||
Share-based compensation | 7,109 | (1,588) | 5,521 | 1,392 | 6,913 | |||||||||||
Realization of other reserves | (1,236) | 1,236 | ||||||||||||||
Distribution of interim dividends | (447,979) | (447,979) | (447,979) | |||||||||||||
Constitution of investments statutory reserve | (696,226) | 696,226 | ||||||||||||||
Dividends to non-controlling interest | (6,318) | (6,318) | ||||||||||||||
Constitution of tax-incentive reserve | 20,147 | $ (20,147) | ||||||||||||||
Others | (137) | (137) | ||||||||||||||
BALANCE at Dec. 31, 2023 | $ 13,177,841 | $ 36,321 | $ (232,475) | $ 10,145 | $ (36,413) | $ 603,603 | $ 2,232,528 | $ 787,501 | $ 60,443 | $ (7,614,450) | $ 9,025,044 | $ 682,742 | $ 9,707,786 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ (131,735) | $ 3,143,537 | $ 3,818,638 |
Adjustments for: | |||
Depreciation and amortization | 2,149,066 | 1,907,921 | 1,673,216 |
Expected credit losses | 9,906 | 9,230 | 12,189 |
Share of profit of equity-accounted investees | (9,537) | (11,800) | (17,178) |
Gain on sales of assets | (14,033) | (18,816) | (5,072) |
Tax expense | (127,993) | 409,956 | 1,244,130 |
Net finance expense | 1,353,405 | 1,241,698 | 938,479 |
Share-based compensation | 6,913 | 7,615 | 11,771 |
Provisions for legal proceedings | 106,117 | 43,773 | 46,553 |
Impairment of goodwill and property, plant and equipment | 30,250 | 19,846 | |
Net realizable value inventory adjustments | (6,100) | 13,164 | 10,277 |
DOJ (Department of Justice) and antitrust agreements | 102,500 | 101,447 | 792,625 |
Fair value adjustment of biological assets | 85,015 | (36,107) | 35,384 |
Leniency agreement | (103,346) | ||
Gain from bargain purchase | (46,897) | ||
Extemporaneous tax credit | (18,932) | ||
Total Adjustments | 3,553,774 | 6,681,221 | 8,542,080 |
Changes in assets and liabilities: | |||
Trade accounts receivable | 624,752 | (269,553) | (803,102) |
Inventories | 480,524 | (458,223) | (1,456,441) |
Recoverable taxes | 137,678 | (708,996) | (9,187) |
Other current and non-current assets | (40,938) | 151,246 | (217,207) |
Biological assets | (529,365) | (864,782) | (723,765) |
Trade accounts payable and supply chain finance | (787,017) | 253,184 | 1,199,047 |
Taxes paid in installments | (48,091) | (78,029) | (64,152) |
Other current and non-current liabilities | 249,454 | (124,872) | 105,685 |
DOJ and Antitrust agreements payment | (90,300) | (167,046) | (762,937) |
Income taxes paid | (70,918) | (1,039,421) | (1,124,099) |
Changes in operating assets and liabilities | (74,221) | (3,306,492) | (3,856,158) |
Cash provided by operating activities | 3,479,553 | 3,374,729 | 4,685,922 |
Interest paid | (1,288,172) | (930,882) | (729,103) |
Interest received | 187,393 | 136,697 | 41,807 |
Net cash flows provided by operating activities | 2,378,774 | 2,580,544 | 3,998,626 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (1,502,137) | (2,172,596) | (1,780,527) |
Purchases of intangible assets | (8,983) | (8,386) | (9,811) |
Proceeds from sale of property, plant and equipment | 71,980 | 48,765 | 43,585 |
Additional investments in equity-accounted investees | (2,066) | (1,127) | |
Acquisitions, net of cash acquired | (3,529) | (378,853) | (1,754,453) |
Dividends received | 12,593 | 2,669 | 5,752 |
Related party transactions | 1,039 | 760 | |
Others | 20,625 | (25,857) | (19,829) |
Cash used in investing activities | (1,408,412) | (2,535,564) | (3,516,410) |
Cash flows from financing activities | |||
Proceeds from loans and financing | 9,035,710 | 8,011,638 | 9,981,038 |
Payments of loans and financing | (7,091,698) | (7,473,186) | (6,272,522) |
Derivative instruments received (settled) | (12,745) | (261,739) | 29,742 |
Margin cash | (26,602) | 109,732 | (136,045) |
Dividends paid | (447,979) | (872,802) | (1,379,618) |
Dividends paid to non-controlling interest | (5,859) | (5,002) | (5,357) |
Purchase of PPC treasury shares | (189,744) | ||
Purchase of treasury shares | (719,393) | (1,922,142) | |
Sales of treasury shares | 167,505 | ||
Payments of leasing contracts | (428,745) | (434,488) | (359,893) |
Others | 339 | ||
Cash provided (used in) by financing activities | 1,022,082 | (1,667,479) | (64,458) |
Effect of exchange rate changes on cash and cash equivalents | 50,642 | (15,419) | (40,378) |
Net change in cash and cash equivalents | 2,043,086 | (1,637,918) | 377,380 |
Cash and cash equivalents beginning of period | 2,526,431 | 4,164,349 | 3,786,969 |
Cash and cash equivalents at the end of period | 4,569,517 | 2,526,431 | 4,164,349 |
Non-cash transactions: | |||
Non-cash additions to right of use assets and lease liabilities | 483,698 | 483,201 | 634,868 |
Capitalized interest | 68,164 | (70,788) | (36,998) |
Dividends Prescribed and payable | 696 | ||
Cancellation of treasury shares | $ (1,121,507) | $ (1,408,870) |
Background Information
Background Information | 12 Months Ended |
Dec. 31, 2023 | |
Background Information [Abstract] | |
Background Information | 1 Background information 1.1 JBS S.A (“JBS” or the “Group”), is a corporation with its headquarters office in Brazil, at Avenue Marginal Direita do Tietê, n o -year Brasil, Bolsa Balcão) The Group operates in the processing of animal protein, such as beef, pork, lamb and chicken, and operates in the production of convenience foods and other products. In addition, it sells leather, hygiene and cleaning products, collagen, metal packaging, biodiesel, among others. The Group has a broad portfolio of brands including Seara, Doriana, Pilgrim’s, Moy Park, Primo, Adaptable Meals, Ozo, Friboi, Maturatta and Swift. These financial statements include the Group’s operations in Brazil as well as the activities of its subsidiaries. Below is a summary of the Group’s main operating activities by entity and geographic location, as well as the ownership percentage of interest in the main subsidiaries as of December 31, 2023. Main activities Group: Description Activities Units Country JBS S.A. (JBS, Company) - Beef processing: slaughtering, refrigerating, industrializing and production of canned beef by -products 67 Brazil - Leather production, processing and commercialization. - Production and commercialization of steel cans, plastic resin, soap base for production, soap bar, biodiesel, glycerin, olein, oily acid, collagen and wrapper derived from cattle tripe; industrial waste management; purchase and sale of soybeans, tallow, palm oil, caustic soda, stearin; transportation services; dog biscuits; electric power production, cogeneration and commercialization. - Distribution centers and harbors. 14 Description Activities Units Country Participation December 31, 2023 December 31, 2022 December 31, 2021 Seara Alimentos Ltda. (Seara Alimentos) - Chicken and pork processing: raising, slaughtering and processing of broiler chickens and hogs; production and commercialization of beef and food products; and production of pet food and concentrates. 47 Brazil Indirect 100% 100% 100% - Distribution centers, transportation services and harbors. 24 - Direct sales to customers of beef and by -products 248 Meat Snacks Partners do Brasil Ltda (Meat Snacks) - Beef Jerky production. 2 Indirect 50% 50% 50% JBS Confinamento Ltda. (JBS Confinamento) - Cattle fattening services. 10 Direct 100% 100% 100% Brazservice Wet Leather S.A (Brazservice) - Wet blue leather production, processing and commercialization. 1 Direct 100% 100% 100% Description Activities Units Country Participation December 31, 2023 December 31, 2022 December 31, 2021 JBS USA Holding Lux, S.à.r.l. (JBS USA) - Beef processing: slaughtering, refrigerating, industrializing and, production of by -products - Transportation services. 56 Australia, Canada, France, Mexico, New Zealand, Netherlands, United Kingdom and United States of America. Indirect 100% 100% 100% - Pork processing: raising, slaughtering, industrializing and commercialization of by -products 61 - Chicken processing: raising, slaughtering and processing of broiler chickens, production and commercialization of by -products 157 - Fishing processing: raising, slaughtering, industrializing and commercialization of by -products 2 - Plant based processing: industrializing and commercialization of by -products 3 JBS Global (UK) Ltd. (JBS Global UK) - Trading fresh and processed beef, pork, lamb, chicken and fish products for the European market. 1 United Kingdom Indirect 100% 100% 100% Description Activities Units Country Participation December 31, 2023 December 31, 2022 December 31, 2021 JBS Toledo NV (Toledo) - Trading operations for the European market; cooked frozen meat commercialization; logistic operations; warehousing. 1 Belgium Direct 100% 100% 100% Rigamonti Salumificio SpA (Rigamonti) ‘- Production and commercialization of bresaola, Prosciutto di San Daniele D.O.P. (raw ham) and Prosciutto di Parma D.O.P.(raw ham) and pork products: ham, cooked ham, mortadella, among others. 9 Italy and United States of America. Indirect 100% 100% 100% Conceria Priante (Priante) - Semi -finished 1 Italy Direct 100% 100% 100% JBS Leather International (Leather International) - Wet blue, semi -finished 7 Argentina, Germany, China, Mexico, Uruguay and Vietnam. Direct 100% 100% 100% Seara Holding Europe B.V. (Seara Holding) - Animal protein products trading, industrializing and commercialization of by -products 14 China, Netherlands, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom and Singapore. Indirect 100% 100% 100% |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Preparation [Abstract] | |
Basis of preparation | 2 Basis of preparation These consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by International Accounting Standards Board (IASB). 2.1 Functional and presentation currency The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the main economic environment it operates. These consolidated financial statements are presented in U.S dollar (US$), the Group selected the US$ as its presentation currency to facilitate a more direct comparison to other competitors. 2.2 Foreign currencies Transactions in foreign currencies other than an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effective at the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, under the caption “Finance income” or “Finance expense”. 2.3 Translation of subsidiaries financial statements The consolidated financial statements of foreign subsidiaries are prepared using each subsidiary’s respective functional currency. The results and financial position of all entities with a functional currency different from its ultimate parent’s functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group’s presentation currency (US$). As follows: i. ii. iii. 2.4 Basis of consolidation The Group consolidates all entities it controls. The Group controls an entity when the Group is exposed to or has rights to variable returns resulting with its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that the control is obtained by to the Group. Consolidation is discontinued from the date that control ceases. Investments in equity -accounted Accounting policies of subsidiaries have been changed where necessary to ensure consistency with policies adopted by the Group. Intercompany transactions, balances, income and expenses transactions between group companies are eliminated in consolidation. Non -controlling -controlling When the Group acquires or disposes of non -controlling -controlling 2.5 New standards, amendments and interpretations Standards, amendments and interpretations recently issued and adopted by the Group IAS 1 — Presentation of Financial Statements As of January 1, 2023, sets out the requirements to defer settlement of a liability and whether the Group has reached these requirements at the end of the reporting period and, also, whether the classification between current and non -current IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors Correction Starting on January 1, 2023, the changes provide clarification on the distinction between changes in accounting estimates and changes in accounting policies and error corrections, ensuring the correct application of the standard. The Group did not identify significant impacts resulting from this change. IAS 12 — Income Taxes Starting on January 1, 2023, the changes aim to limit the scope of the Initial Recognition Exemption (“IRE”) so that the IRE is no longer applicable to transactions that give rise to equal and offsetting temporary differences. Therefore, a deferred tax asset and a deferred tax liability should be recognized for temporary differences arising at the initial recognition of a lease or a provision for dismantling and removing leased equipment. The Group did not identify significant impacts resulting from this change. As of May 23, 2023, the changes to the International Tax Reform — Pillar Two Model Rules aim to address tax issues related to the creation of a global system of minimum taxation for multinational companies, as disclosed in note 10 — Income tax and social contribution. IAS 1 and IFRS Practice Statement 2 — Disclosure of Accounting Policies Starting on January 1, 2023, the changes require the disclosure of “material” accounting policies instead of “significant” accounting policies. The changes also provide guidance on applying materiality to the disclosure of accounting policies, helping entities to provide useful information about specific accounting policies that users need to understand other information in the financial statements. The Group did not identify significant impacts resulting from this change. b. New accounting standards or amendments not yet effective IAS 1 and IFRS 7 — Supplier Financing Arrangements (“Risk Drawn”) Starting on January 1, 2024, the changes aim to increase transparency and comparability of financial information in supplier financing arrangements, which involve financing suppliers through a financial institution. Companies will be required to disclose the terms and conditions of transactions with suppliers, the exposure to risk drawn in the cash flow statement, and the factors affecting liquidity risk related to these operations. The Group is monitoring the changes and will adjust the disclosure in the explanatory notes according to the standard’s requirements. IAS 21 02 — Effect of changes in exchange rates and translation of financial statements Starting from January 1, 2025, this amendment establishes accounting requirements for situations where a functional currency cannot be converted into other currencies. In such cases, the Company must use the most recent observable exchange rate to translate the results and financial position of foreign operations into its presentation currency. The entity should also disclose this exchange rate, the date it was observed, and the reasons why the currency is non -exchangeable From January 1, 2023, changes in relation to contractual covenants impact the classification of liabilities between current and non -current -current -term 2.6 Significant accounting judgements and estimates The preparation of these consolidated financial statements requires the use of estimates and judgment by management in the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Judgments: • • -based • Assumptions and estimation uncertainties: • • • • • • The Group periodically reviews the estimates and assumptions on an ongoing basis. Revisions to estimates are recognized prospectively. |
Cash and Cash Equivalents and M
Cash and Cash Equivalents and Margin Cash | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents and Margin Cash [Abstract] | |
Cash and cash equivalents and margin cash | 3 Cash and cash equivalents and margin cash Cash and Cash Equivalents The Group considers all highly liquid investments with an original maturity of three months or less, readily convertible to known amounts of cash and which are subject to an immaterial risk of changes in fair value to be cash equivalents. The carrying value of these assets approximates their fair values. They comprise cash on hand, bank balances, and highly liquid investments with an original maturity of three months or less, readily convertible into a known amount of cash, and subject to an insignificant risk of change in fair value. The carrying amount of these assets approximates their fair values. Margin Cash The Group is required to maintain cash balances with a broker as collateral for exchange -traded Cash and cash equivalents December 31, 2023 December 31, 2022 Cash on hand and at banks 1,830,814 1,144,741 CDB (bank certificates of deposit) and National Treasury Bills ( Tesouro Selic (1) 2,738,703 1,381,690 4,569,517 2,526,431 Margin cash Margin cash (Restricted cash) 18,191 59,088 Investments in Treasury Bills 114,270 71,121 132,461 130,209 ____________ (1) Certificado de Depósito Interbancário Tesouro Selic The availability of revolving credit facilities for JBS USA was US$2.9 billion as of December 31, 2023 (US$2.8 billion as of December 31, 2022). In Brazil, the availability of revolving credit facilities was US$450,000 as of December 31, 2023 (US$450,000 as of December 31, 2022). |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Trade Accounts Receivable [Abstract] | |
Trade accounts receivable | 4 Trade accounts receivable Trade accounts receivable correspond to amounts owed by customers in the ordinary course of business. If the receivable is due within one year or less the account receivable is classified as a current asset, otherwise the receivable is classified as a non -current December 31, 2023 December 31, 2022 Current receivables Domestic sales 1,920,310 2,137,350 Foreign sales 852,566 969,442 Subtotal 2,772,876 3,106,792 Overdue receivables: From 1 to 30 days 397,753 482,104 From 31 to 60 days 93,175 113,266 From 61 to 90 days 29,490 66,493 Above 90 days 188,300 199,084 Expected credit losses (84,913 ) (82,636 ) Present value adjustment (1) (5,825 ) (6,978 ) Subtotal 617,980 771,333 Trade accounts receivable, net 3,390,856 3,878,125 ____________ (1) The Group carry out credit assignment transactions with financial institutions, which these institutions acquire credits held against certain third -party Within trade accounts receivable, the diversity of the portfolio significantly reduces overall credit risk. To further mitigate credit risk, parameters have been put in place when credit is provided to customers such as requiring minimum financial ratios, analyzing the operational health of customers, and reviewing references from credit monitoring entities. The Group does not have any customer that represents more than 10% of its trade receivables or revenues. Expected credit losses are estimated based on an analysis of the age of the receivable balances and the client’s current credit rating status. The Group writes -off Changes in expected credit losses: December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period (82,636 ) (82,318 ) (79,638 ) Additions (9,906 ) (9,230 ) (12,289 ) Write-offs/Reversals 9,580 10,351 8,541 Exchange rate variation (1,951 ) (1,439 ) 968 Balance at the end of the period (84,913 ) (82,636 ) (82,418 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 5 Inventories Inventories are stated at the lower of the average cost of acquisition or production and their net realizable value. In the case of finished products and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity, such as purchased raw materials, livestock purchase costs, livestock grow out costs (primarily feed, livestock grower pay and catch and haul costs), labor, manufacturing and production overheads. Biological assets are reclassified to work in progress inventory at the time of slaughter based on their carrying amounts, which is historical cost as described in accounting policies in Note 6 — Biological assets. December 31, 2023 December 31, 2022 Finished products 3,096,459 3,296,410 Work in process 586,036 523,293 Raw materials 759,035 932,317 Supplies 659,700 641,562 5,101,230 5,393,582 Changes in the realizable value of inventories is recognized in the financial statement of income as “Cost of sales” and is presented below: December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period (59,525 ) (44,555 ) (35,101 ) Additions (54,945 ) (57,803 ) (43,066 ) Write-off 61,045 44,639 32,789 Exchange rate variation (3,637 ) (1,806 ) 823 Balance at the end of the period (57,062 ) (59,525 ) (44,555 ) |
Biological Assets
Biological Assets | 12 Months Ended |
Dec. 31, 2023 | |
Biological Assets [Abstract] | |
Biological assets | 6 Biological assets The Group’s live animals consist of chickens, cattle, hogs and fish and are segregated into consumables and bearer assets. The animals classified as consumables are those intended for slaughtering to produce in -natural -products Biological assets (live animals) are measured at their fair value, using the cost approach technique to live animals. In determining the fair value of live animals, all losses inherent to the breeding process are already considered. For assets kept for production the cost is amortized over time, considering the reduction already recognized during its life cycle. The measurement of the fair value of biological assets falls within Level 3 of the measurement hierarchy due to complex market prices, mathematical models, and subjective assumptions used in the discounted cash flow models. These are assets with unobservable inputs such as weight, price of feed inputs, storage costs, medicines, discount rate, wood age, among others. Fair value for live animals might change due to increase or decrease in feed costs, storage costs and outgrowers costs; for forests, the fair value might change due to increase or decrease in discount rate, price of wood or age. Forests refer to eucalyptus plantations used as sanitary barriers. When these trees reach maturity, their wood is utilized in the production process. To assess the value of these forests, the Group employed the discounted cash flow methodology. This approach is applied because there is no active market that provides sufficient comparables for using the comparative method with market data. Chicken and eggs: Current (consumable) 48 25 Non -current (bearer assets) 68 Cattle: Current (consumable) -fed 120 Non -current (bearer assets) 5 Hogs: Current (consumable) — 175 Non -current (bearer assets) 27 Fish and eggs: Current (consumable) Non -current (developing stage) 24 Non -current (bearer assets) — 36 Current biological assets (consumable): December 31, 2023 December 31, 2022 Amount Quantity (thousands) Amount Quantity (thousands) Chicken and eggs 685,465 560,414 737,911 615,040 Cattle 62,556 19 59,356 60 Hogs 776,125 8,516 859,905 7,922 Lamb 126 1 737 6 Fish (biomass – kg) 187,881 21,678 203,197 25,256 Total current 1,712,153 1,861,106 Non-current biological assets (bearer assets): December 31, 2023 December 31, 2022 Amount Quantity (thousands) Amount Quantity (thousands) Mature chickens (breeding stage) 211,021 23,745 173,416 24,598 Immature chickens (in development) and eggs 182,741 16,867 182,498 21,241 Cattle 2,534 1 1,759 1 Hogs 116,160 670 128,634 716 Mature fish (biomass – kg) 2,343 84 2,110 93 Immature fish (biomass – kg) and eggs 14,140 514 11,570 382 Eucalyptus forests (hectares) 2,538 2,232 1,971 2,232 Total non-current 531,477 501,958 Total of biological assets: 2,243,630 2,363,064 Current Non-current Changes in biological assets: December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period 1,861,106 1,327,675 984,417 501,958 402,297 342,249 Business combination (1) (24,542 ) 171,362 162,064 — 38,020 12,311 Increase by reproduction (born) and cost to reach maturity 12,889,376 12,225,934 10,069,305 836,047 790,192 592,871 Reduction for slaughter, sale or consumption (13,522,290 ) (12,545,787 ) (10,428,491 ) (66,503 ) (82,344 ) (52,846 ) Purchases 397,946 536,267 431,500 180,727 164,921 162,930 Decrease by death (168,073 ) (81,952 ) (33,141 ) (17,865 ) (14,886 ) (9,707 ) Fair value adjustments (85,715 ) 36,102 (35,455 ) 700 4 71 Reclassification from non-current to current 307,195 292,149 211,186 (307,195 ) (292,149 ) (211,186 ) Exchange rate variation 57,150 (100,644 ) (33,710 ) 12,426 602 (7,900 ) Amortization — — — (608,818 ) (504,699 ) (426,496 ) Balance at the end of the period 1,712,153 1,861,106 1,327,675 531,477 501,958 402,297 (1) |
Recoverable Taxes
Recoverable Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes [Abstract] | |
Recoverable taxes | 7 Recoverable taxes Recoverable taxes as of December 31, 2023 and December 31, 2022 was comprised of the following: December 31, 2023 December 31, 2022 Value-added tax on sales and services – ICMS/IVA/VAT/GST 919,634 1,006,814 Social contribution on billings – PIS and COFINS 502,397 527,607 Withholding income tax – IRRF/IRPJ 1,196,502 1,199,323 Excise tax – IPI 22,004 24,478 Reintegra 8,905 9,551 Other 13,953 10,558 2,663,395 2,778,331 Current 919,120 1,021,701 Non-current 1,744,275 1,756,630 2,663,395 2,778,331 Value -added tax on sales and services (ICMS/IVA/VAT/GST): Social contribution on billings — PIS and COFINS: -cumulative Withholding income tax — IRRF/IRPJ: -term Excise tax — IPI: Reintegration of the Special Tax Values — Reintegra: |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | 8 Related party transactions The main balances and transactions between related parties are presented and described below. Amounts charged include borrowing costs, interest and management fees, when applicable. Information on the Group’s structure is provided in Note 1.1 — Reporting entity. The J&F Investimentos S.A.is the ultimate controller party of the Group Related party receivables December 31, 2023 December 31, 2022 J&F Oklahoma Holdings Inc – Associate — 76,665 J&F Investimentos S.A. (1) 117,930 104,101 Flora Produtos de Higiene e Limpeza S.A. – Associate 624 1,502 118,554 182,268 (1) (2) Other financial transactions in the Group The Group entered into an assignment agreement with Banco Original S.A, direct subsidiary of the parent Group J&F, pursuant to which Banco Original S.A. acquires trade accounts receivables of certain or our customers in Brazil and abroad. The assignments are at the face value of the receivable less the discount applied by Banco Original through a transfer without recourse to JBS S.A. of all of the associated risks and benefits of such trade accounts receivables. For the year ended December 31, 2023, the Group incurred in a loss from the sale of the receivables of US$97,325 (US$72,635 and US$35,610 for the years ended December 31, 2022 and 2021 respectively), recognized as financial expenses. As of December 31, 2023, the Group held investments with Banco Original, of US$781,523 (US$358,352 as of December 31, 2022), recognized as cash and cash equivalents. The cash investments and cash equivalents have similar rates of return as CDIs (Certificado de Depósito Interbancário). For the year ended December 31, 2023, the Group earned interest from these investments of US$26,205 (US$1,448 and US$1,083 for the years ended December 31, 2022 and 2021, respectively), recognized as financial income. The Group is the sponsor of Institute J&F, a youth -directed -quality JBJ Agropecuária Ltda., or JBJ, a related party, supplies cattle to JBS S.A.’s slaughterhouses. Transactions with JBJ are recurrent and conducted in the normal course of JBS S.A.’s business, in accordance with its needs and JBJ’s capacity to deliver cattle. JBJ shared transportation services from the Group. The value of the transactions varies in accordance with the number of animals processed and pursuant to market conditions. As of December 31, 2023, the total amounts of accounts receivable and accounts payable were US$878 (US$558 as of December 31, 2022) and US$401 (US$ 42 as of December 31, 2022), respectively. For the year ended December 31, 2023, the total net revenue to JBJ was US$5,039 (US$12,844 and US$2,555 for the years ended December 31, 2022 and 2021, respectively) and the total amount of purchases made by JBJ from the Group for the year ended December 31, 2023, was US$349,543 (US$658,638 and US$99,976 for the years ended December 31, 2022 and 2021, respectively). Flora Produtos de Higiene e Limpeza S.A., or Flora, is controlled by J&F. Flora purchases products (beef tallow, palm oil, babassu oil and cans) from JBS S.A. and manufactures soaps. As of December 31, 2023, the total amounts from accounts receivable were US$6,927 (US$6,585 as of December 31, 2022). For the year ended December 31, 2023, the total net revenue to Flora was US$65,397 (US$159,095 and US$43,777 for the years ended December 31, 2022 and 2021, respectively) and for the year ended December 31, 2023 no purchases were made by Flora ( US$2,631 and US$83 for the years ended December 31, 2022 and 2021, respectively). The Group has commitments to purchase cattle for future delivery signed with certain suppliers, including the related party JBJ, guaranteeing the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts. As of December 31, 2023, the Company has these commitments agreements in the amount of US$61,926 (US$85,478 as of December 31, 2022). No expense for doubtful accounts or bad debts relating to related -party Remuneration of key management The Group’s key management is comprised of its executive officers and members of the Board of Directors. The aggregate amount of compensation received by the Company’s key management for the year ended December 31, 2023, 2022 and 2021 was: 2023 2022 2021 Salaries and wages 8,179 7,678 6,191 Variable cash compensation 18,658 18,727 10,395 Share-based payments 7,217 6,863 10,275 34,054 33,268 26,861 The Chief Executive Officer, the Administrative and Control Officer, the Chief Financial Officer and the Executive Officer are employed under the Brazilian employment contract regime referred to as CLT (Consolidation of Labor Laws), which sets legal prerogatives for employee benefits. Except for those described above, the Board of Directors members are not party to any employment contract or any other contracts for additional employee benefits such as post -employment -term |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income taxes | 9 Income taxes Current taxes Current tax comprises expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. The current income tax charge is calculated using enacted or substantively enacted tax rates at the end of the reporting period in the countries where the Company’s subsidiaries operate and generate taxable income Management periodically evaluates positions taken in which applicable tax regulation is subject to interpretation and recognizes an accrual, if needed, for probable payments of income tax. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by -foreign Management analyzed relevant tax decisions of higher courts and whether they conflict in any way with the positions adopted by the Group. Regarding the known uncertain tax positions, management reviewed the corresponding legal opinions and jurisprudence and recognized an accrual for such matters. Periodically, the Group assesses the tax positions assumed in which there are uncertainties about the adopted tax treatment and, if needed and applicable, recognizes a provision. Deferred taxes Deferred income tax is recognized using the asset and liability method, for temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be utilized. Such reductions are reversed when the probability of future taxable profits improves. Deferred tax assets and liabilities are presented net in the statement of financial position when there is a legally enforceable right to offset current tax assets against liabilities and when they are related to income taxes levied by the same taxation authority on the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Foreign subsidiaries’ income before taxes, except for the foreign exchange, is taxed in Brazil at the statutory nominal rate of 34%. Income tax paid by a foreign subsidiary can be deducted up to the amount of tax payable in Brazil in relation to the foreign income. The Group’s tax calculations relate to uncertainties due to judgment used to calculate tax liabilities in the application of complex and evolving tax regulations across the tax jurisdictions where it operates. Additionally, judgment is required to determine the appropriate tax treatment for certain significant transactions and restructurings in the Group. The Group analysis of unrecognized deferred tax assets contains uncertainties based on judgment used to apply the more likely than not recognition and measurement thresholds. Changes in tax laws and rates might impact recorded deferred tax assets and liabilities in the future. However, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities or a change in the effective tax rate in a given financial statement period could be materially impacted. An unfavorable tax settlement would require an outflow of the Group´s cash and generally result in an increase in the effective tax rate in the period of resolution. A favorable tax settlement would generally be recognized as a reduction in the effective tax rate in the period of resolution. December 31, 2023 December 31, 2022 Deferred income taxes assets 774,861 605,880 Deferred income taxes liabilities (1,360,257 ) (1,363,072 ) (585,396 ) (757,192 ) Realization of deferred income tax and social contribution Deferred tax assets arising from temporary differences will be realized as they are settled or realized. The period of settlement or realization of such differences is imprecise and is linked to several factors that are not under the control of the Group. In estimating the realization of deferred tax assets, constituted on tax losses and negative basis of social contribution, the Group considers its adjusted budget and strategic plan, based on estimates of the main tax additions and exclusions. Based on this estimate, the Group believes that it is probable that these deferred tax credits will be realized. a. a.1 Balance at January 1, Statement of income Exchange variation Other Adjustments (1) Balance at Tax losses and negative basis of social contribution 649,164 154,719 36,289 — 840,172 Expected credit losses on trade accounts receivable 31,572 4,869 1,645 — 38,086 Provisions for contingencies 94,153 (19,037 ) 3,724 — 78,840 Present value adjustment 11,326 (4,401 ) 723 — 7,648 Tax credits 13,196 10,480 (19 ) 28 23,685 Labor accident accruals 6,139 1,788 — — 7,927 Pension plan 10,485 3,700 (17 ) (2,212 ) 11,956 Trade accounts payable accrual 284,235 (12,388 ) 5,665 — 277,512 Non-deductible interest 76,563 135,394 1 — 211,958 Right of use assets 22,583 1,848 986 — 25,417 Other temporary differences – assets 141,120 (16,514 ) (6,167 ) 5,955 124,394 Goodwill amortization (785,958 ) (11,163 ) (54,719 ) — (851,840 ) Present value adjustment – Trade accounts payable (8,105 ) 2,595 (554 ) — (6,064 ) Business combinations (441,428 ) (16 ) (2,806 ) — (444,250 ) Inventory valuation (109,703 ) (97,383 ) 1 — (207,085 ) Hedge operations 8,209 (32,815 ) (85 ) (673 ) (25,364 ) Realization of other reserves (110,379 ) 3,223 (8,484 ) — (115,640 ) Accelerated depreciation and amortization (586,839 ) 72,554 — — (514,285 ) Other temporary differences – liabilities (63,525 ) — (4,938 ) — (68,463 ) Deferred taxes, net (757,192 ) 197,453 (28,755 ) 3,098 (585,396 ) Balance at Statement of income Exchange variation Other Adjustments (1) Balance at Tax losses and negative basis of social contribution 431,501 200,298 16,863 502 649,164 Expected credit losses on trade accounts receivable 26,259 3,903 1,410 — 31,572 Provisions for contingencies 97,506 (9,963 ) 6,610 — 94,153 Present value adjustment 8,165 2,625 536 — 11,326 Tax credits 13,438 (225 ) 36 (53 ) 13,196 Rules for Animal Farming – Foreign Subsidiaries 7,815 — (7,815 ) — — Labor accident accruals 39,203 (33,065 ) 1 — 6,139 Pension plan 21,677 (5,487 ) 17 (5,722 ) 10,485 Trade accounts payable accrual 257,023 17,101 10,111 — 284,235 Non-deductible interest 5,894 70,669 — — 76,563 Right of use assets 6,072 16,077 434 — 22,583 Other Active Temporary Differences 53,439 85,724 1,702 255 141,120 Goodwill amortization (705,645 ) (36,002 ) (44,311 ) — (785,958 ) Present value adjustment – Trade accounts payable (6,015 ) (1,716 ) (374 ) — (8,105 ) Business combinations (473,415 ) 43,905 (5,335 ) (6,583 ) (441,428 ) Inventory valuation 23,596 (133,299 ) — — (109,703 ) Customer returns accruals – Foreign subsidiaries (33,416 ) 33,416 — — — Hedge operations (27,002 ) 20,698 620 13,893 8,209 Realization of other reserves (106,120 ) 3,156 (7,415 ) — (110,379 ) Accelerated depreciation and amortization (492,570 ) (93,828 ) (441 ) — (586,839 ) Other temporary differences – liabilities (29,128 ) (78,679 ) 45,755 (1,473 ) (63,525 ) Deferred taxes, net (881,723 ) 105,308 18,404 819 (757,192 ) Balance at Statement of income Exchange variation Other Adjustments (1) Balance at Tax losses and negative basis of social contribution 361,006 90,950 (20,455 ) — 431,501 Expected credit losses on trade accounts receivable 21,418 6,424 (1,583 ) — 26,259 Provisions for contingencies 96,790 7,555 (6,839 ) — 97,506 Present value adjustment 5,680 2,529 (44 ) — 8,165 Tax credits 9,817 3,603 — 18 13,438 Biological assets 11,511 (3,695 ) (1 ) — 7,815 Labor accident accruals 40,262 (1,058 ) (1 ) — 39,203 Pension plan 33,686 (2,673 ) (12 ) (9,324 ) 21,677 Trade accounts payable accrual 181,471 75,552 — — 257,023 Share-based payments 253 (246 ) (7 ) — — Non-deductible interest 481 5,411 2 — 5,894 Right of use assets 7,809 (1,391 ) (346 ) — 6,072 Other temporary differences – assets 98,252 (40,107 ) (4,706 ) — 53,439 Goodwill amortization (697,073 ) (52,388 ) 43,816 — (705,645 ) Present value adjustment – Trade accounts payable 304 (6,497 ) 178 — (6,015 ) Business combinations (323,680 ) 18,301 9,158 (177,194 ) (473,415 ) Customer return accruals (32,679 ) (737 ) — — (33,416 ) Inventory valuation (97,093 ) 120,673 — 16 23,596 Hedge operations (3) 279 (16,565 ) 3,895 (14,611 ) (27,002 ) Realization of other reserves (116,908 ) 2,846 7,942 — (106,120 ) Accelerated depreciation and amortization (417,396 ) (75,196 ) 22 — (492,570 ) Other temporary differences – liabilities (68,697 ) 25,222 14,522 (175 ) (29,128 ) Deferred taxes, net (884,507 ) 158,513 45,541 (201,270 ) (881,723 ) (1) (2) b. 2023 2022 2021 Accounting result before taxation (259,728 ) 3,553,493 5,062,768 Brazilian statutory corporate tax rate (34 )% (34 )% (34 )% Expected tax benefit (expense) 88,308 (1,208,188 ) (1,721,341 ) Adjustments to reconcile taxable income tax expense (benefit): Share of profit of equity-accounted investees 3,243 4,013 5,840 Non-taxable tax benefits (1) 461,726 447,843 165,051 Difference of tax rates on taxable income from foreign subsidiaries (16,299 ) 317,989 509,139 Transfer pricing adjustments (12,265 ) (34,145 ) (5,782 ) Profits taxed by-foreign jurisdictions (3) (203,986 ) (266,049 ) (241,922 ) Deferred income tax not recognized (372,932 ) 94,238 (155,877 ) Withholding tax expense — (172 ) — Non-taxable interest – Foreign subsidiaries 140,284 129,703 108,072 Donations and social programs expenses (4) (7,524 ) (114 ) (2,572 ) SELIC interest on tax credits (2) 6,521 5,127 51,650 Double Jurisdiction Taxation — 35,138 Other permanent differences 40,917 64,661 43,612 Current and deferred income tax benefit (expense) 127,993 (409,956 ) (1,244,130 ) Current income tax (69,460 ) (515,264 ) (1,402,643 ) Deferred income tax 197,453 105,308 158,513 127,993 (409,956 ) (1,244,130 ) Effective income tax rate 49.28 % (11.54 )% (24.57 )% (1) (2) (3) -foreign (4) Global Minimum Tax: Regarding the fight against tax avoidance, the BEPS (Base Erosion Profit Shifting) project was created in 2013, which is an initiative of the G20 (Group of twenty countries with the largest economies) together with the OECD, aimed at implementing 15 measures to combat tax avoidance, improve the coherence of international tax rules, and ensure a more transparent tax environment on the international stage and to avoid the abuse of tax norms that result in erosion of the tax base, mainly through profit shifting to destinations with more favorable taxation or no taxation. Pillar II is part of one of OECD’s most recent initiatives, known as BEPS 2.0, is intended to address tax issues related to changes in business models in a globalized environment. The goal of Pillar II is to create a global minimum taxation system for multinational companies with an annual global turnover exceeding (EUR) 750 million, aiming to implement a balance in the global income tax collection of these companies, which may consist of additional taxation for economic groups. In short, this additional taxation aims to ensure the payment of a minimum effective global rate of 15%, per jurisdiction, where the multinational group operates. Starting in 2024, Pillar II rules come into effect in various countries, impacting Brazilian multinationals and their subsidiaries groups operating in these jurisdictions. During the initial three years, transition rules (Safe Harbor) simplify the calculations of the effective rate per jurisdiction, enabling adaptation to the affected multinational groups. Although the implementation of Pillar II offers uncertainties in the Brazilian legal system, the Group and its subsidiaries are monitoring the potential impacts that this new rule may bring to the Group. During 2023, the Group conducted Safe Harbor analysis using 2022 financial data for the 27 jurisdictions where the Group operates. The results of this preliminary analysis indicate that some countries within the Group may be subject to the additional payment of income tax under the rules of Pillar II. However, the percentage of additional payment cannot be accurately estimated as of the time the issuance of these Financial Statements, particularly due to the fact that the impact of Pillar 2 will be based on 2024 results, which cannot yet be known. Additionally, due to uncertainties of measurement and impacts, the Group decided to apply the exception of recognition and disclosure of information on deferred tax assets and liabilities related to income taxes of Pillar II until more definitive information is available. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | 10 Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the purchase of the items and the costs attributable to bringing the asset to its working condition for its intended use. When parts of an item of property, plant and equipment have different useful lives, those components are accounted for as separate items of property, plant and equipment. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to the Group and they can be measured reliably. The carrying amount of the replaced items or parts are derecognized. All other repairs and maintenance costs are charged to the statement of income in the period in which they are incurred. Depreciation is recognized using the straight -line The Group assesses the recoverability of long -lived -adjusted The assets’ residual values and useful lives are reviewed and adjusted, if needed, at the end of each reporting period and the effect of any change in estimates is accounted for prospectively. Annually, the Group tests the recoverability of its assets that were identified as having any indicator of impairment using the concept of value in use through discounted cash flow models). The tests for recoverability of assets are applied at the end of each fiscal year on December 31, follow by indications of impairment during the year. For the year ended December 31, 2023 the Group recognized impairment in property, plant and equipment in the amount of US$23,491, related to the indirect subsidiary Planterra Foods Company, located at United States, due the closing of its operations Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are recognized within the statement of income. The Group’s construction in progress relates to investments for expansion, modernization and adaptation of plants for the purposes of increasing productivity and obtaining new certifications required by the regulatory authorities. When these assets are completed and placed in service, they are transferred to property, plant and equipment and depreciation commences. As of December 31, 2023 the Group had into several purchase commitments for machinery and equipment, vehicles and construction in progress in the amount of US$388,325 (US$643,962 as of December 31, 2022). Net amount Useful life Cost Accumulated depreciation December 31, 2023 December 31, 2022 Buildings 5 to 60 years 6,480,294 (2,175,149 ) 4,305,145 3,779,963 Land — 1,209,739 — 1,209,739 1,056,590 Machinery and equipment 3 to 30 years 9,539,760 (5,229,170 ) 4,310,590 3,832,826 Facilities 10 to 30 years 1,176,199 (412,163 ) 764,036 575,290 Computer equipment 2 to 15 years 453,965 (287,674 ) 166,291 116,263 Vehicles (land and air) 3 to 35 years 438,490 (165,827 ) 272,663 214,898 Construction in progress — 1,636,719 — 1,636,719 2,124,483 Others 2 to 25 years 602,590 (349,524 ) 253,066 215,050 21,537,756 (8,619,507 ) 12,918,249 11,915,363 Changes in property, plant and equipment: Balance at January 1, 2023 Adjustment in business combination (3) Additions net of transfers (1) Disposals Depreciation Exchange rate variation Balance at December 31, 2023 Buildings 3,779,963 4 680,142 (32,725 ) (263,669 ) 141,430 4,305,145 Land 1,056,590 — 118,254 (14,345 ) — 49,240 1,209,739 Machinery and equipment 3,832,826 10,180 989,430 (37,382 ) (610,850 ) 126,386 4,310,590 Facilities 575,290 — 184,128 (2,783 ) (44,024 ) 51,425 764,036 Computer equipment 116,263 — 90,951 (710 ) (44,804 ) 4,591 166,291 Vehicles (land and air) 214,898 — 99,659 (8,736 ) (43,559 ) 10,401 272,663 Construction in progress 2,124,483 — (558,747 ) (4,046 ) — 75,029 1,636,719 Other 215,050 (15 ) 77,369 (9,105 ) (36,973 ) 6,740 253,066 11,915,363 10,169 1,681,186 (109,832 ) (1,043,879 ) 465,242 12,918,249 Balance at January 1, 2022 Acquired in business combination (2) Additions net of transfers (1) Disposals Business combination adjustment (4) Depreciation Exchange rate variation Balance at December 31, 2022 Buildings 3,500,837 120,213 360,757 (3,900 ) 5 (235,102 ) 37,154 3,779,964 Land 944,922 81,496 25,770 (5,316 ) — — 9,718 1,056,590 Machinery and equipment 3,569,854 90,861 738,953 (6,308 ) 75 (569,888 ) 9,279 3,832,826 Facilities 487,028 854 86,100 (92 ) — (32,225 ) 33,625 575,290 Computer equipment 121,960 705 39,875 (4,299 ) — (41,298 ) (679 ) 116,264 Vehicles (land and air) 180,960 12,306 61,945 (7,497 ) 12 (34,571 ) 1,743 214,898 Construction in progress 1,218,888 4,990 892,255 (980 ) — — 9,330 2,124,483 Other 183,840 6,198 61,123 (1,557 ) 12 (34,968 ) 400 215,048 10,208,289 317,623 2,266,778 (29,949 ) 104 (948,052 ) 100,570 11,915,363 Balance at January 1, 2021 Acquired in business combination (2) Additions net of transfers Disposals Depreciation Exchange rate variation Balance at December 31, 2021 Buildings 3,298,443 137,443 398,731 (13,789 ) (204,340 ) (115,651 ) 3,500,837 Land 933,072 24,883 29,937 (3,788 ) — (39,182 ) 944,922 Machinery and equipment 3,222,626 269,328 690,187 (10,364 ) (506,569 ) (95,354 ) 3,569,854 Facilities 448,944 — 97,708 (538 ) (27,058 ) (32,028 ) 487,028 Computer equipment 99,987 3,348 60,764 (253 ) (40,633 ) (1,253 ) 121,960 Vehicles (land and air) 122,597 53,032 46,105 (8,455 ) (26,366 ) (5,953 ) 180,960 Construction in progress 792,178 19,939 442,425 — — (35,654 ) 1,218,888 Other 159,742 4,461 51,668 (1,323 ) (28,429 ) (2,279 ) 183,840 9,077,589 512,434 1,817,525 (38,510 ) (833,395 ) (327,354 ) 10,208,289 (1) (2) (3) (4) For the year ended December 31, 2023, the amount of capitalized interest added to construction in progress and included in additions was US$68,164 (US$70,788 and US$36,998 for the years ended December 31, 2022 and 2021, respectively). For the year ended December 31, 2023, the capitalization rate used was 8.41% p.a., in Brazil and 4.40% p.a. in the United States (7.05% p.a., in Brazil and 3.70% p.a. in the United States; and 4.21% p.a., in Brazil and 3.88% p.a. in the United States for the year ended December 31, 2022 and 2021, respectively) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 11 Leases The Group recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost and subsequently, at cost less any accumulated depreciation and impairment and adjusted for certain remeasurement of lease liabilities. The lease liability is initially measured at the present value of the lease payments that were not paid at the start date, discounted at the interest rate implicit in the lease agreement. When the implicit rate cannot be readily determined, the incremental borrowing rate is used as discount rate. The Group when measuring and remeasuring its lease liabilities and the right of use, used the discounted cash flow technique without considering projected future inflation in the flows to be discounted. Such prohibition generates relevant distortions in the information to be provided, given the current reality of long -term The nature of the expenses related to these leases is recognized as cost of depreciation of right of use assets. Financial expenses on lease obligations are recognized and demonstrated as interest expense. The Group uses the optional exemption to not recognize a right of use asset and lease liability for short term (less than 12 months) and low value leases. The average discount rate used for measuring lease liabilities was 5.85% as of December 31, 2023 (7.30% and 7.86% as of December 31, 2022 and 2021 respectively). 11.1 Right of use asset range of Cost Accumulated amortization Net amount December 31, 2023 December 31, 2022 Growing facilities 1 to 13 years 1,276,977 (471,607 ) 805,370 823,989 Buildings 2 to 30 years 786,789 (254,685 ) 532,104 426,996 Vehicles (land) 1 to 20 years 437,146 (213,426 ) 223,720 201,655 Machinery and equipment 1 to 10 years 263,218 (173,117 ) 90,101 104,890 Operating plants 1 to 11 years 36,386 (16,691 ) 19,695 18,706 Land 1 to 30 years 39,121 (19,935 ) 19,186 19,641 Computer equipment 1 to 5 years 27,743 (12,209 ) 15,534 9,216 2,867,380 (1,161,670 ) 1,705,710 1,605,093 Changes in the right of use asset: Balance at January 1, 2023 Acquired in business combination (2) Additions Terminated contracts Amortization Exchange Balance at December 31, 2023 Growing facilities 823,989 (10,552 ) 146,905 (16,458 ) (167,078 ) 28,564 805,370 Buildings 426,996 — 190,185 (26,573 ) (83,876 ) 25,372 532,104 Vehicles (land) 201,655 — 94,448 (884 ) (72,532 ) 1,033 223,720 Machinery and equipment 104,890 — 33,933 (1,120 ) (51,140 ) 3,538 90,101 Operating plants 18,706 — 6,061 (138 ) (6,317 ) 1,383 19,695 Land 19,641 — 1,438 (24 ) (2,604 ) 735 19,186 Computer equipment 9,216 — 10,728 4 (5,225 ) 811 15,534 1,605,093 (10,552 ) 483,698 (45,193 ) (388,772 ) 61,436 1,705,710 Balance at Acquired (1) Adjustment in business combination (2) Additions Terminated contracts Amortization Exchange rate variation Balance at Growing facilities 610,411 143,298 — 224,140 (39,393 ) (130,460 ) 15,993 823,989 Buildings 396,209 63 — 127,081 (4,310 ) (63,189 ) (28,858 ) 426,996 Vehicles (land, air and sea) 220,607 585 — 84,994 (8,486 ) (88,730 ) (7,315 ) 201,655 Machinery and equipment 124,304 1,743 — 37,953 (4,349 ) (54,279 ) (482 ) 104,890 Operating plants 20,358 — — 6,269 (4,396 ) (4,492 ) 967 18,706 Land 19,698 824 48 2,761 (14 ) (2,754 ) (922 ) 19,641 Computer equipment 12,007 — — 3 (52 ) (3,482 ) 740 9,216 Furniture and appliances 15 — — — (14 ) (3 ) 2 — 1,403,609 146,513 48 483,201 (61,014 ) (347,389 ) (19,875 ) 1,605,093 Balance at Acquired Additions Terminated contracts Amortization Exchange Balance at Growing facilities 489,766 — 323,387 (94,040 ) (99,139 ) (9,563 ) 610,411 Buildings 304,791 43,273 135,572 (11,002 ) (59,402 ) (17,023 ) 396,209 Vehicles (land, air and sea) 152,437 74,399 82,392 (7,895 ) (78,514 ) (2,212 ) 220,607 Machinery and equipment 124,034 390 59,438 (2,376 ) (55,944 ) (1,238 ) 124,304 Operating plants 21,169 899 4,359 (797 ) (3,655 ) (1,617 ) 20,358 Land 15,840 5,066 324 (16 ) (1,812 ) 296 19,698 Computer equipment 5,091 — 21,910 (9 ) (7,369 ) (7,616 ) 12,007 Furniture and appliances 22 — 4 — (8 ) (3 ) 15 1,113,150 124,027 627,386 (116,135 ) (305,843 ) (38,976 ) 1,403,609 (1) (2) 11.2 Lease liabilities December 31, 2023 December 31, 2022 Undiscounted lease payments 2,262,433 2,089,765 Present value adjustment (421,206 ) (367,932 ) 1,841,227 1,721,833 Breakdown: Current liabilities 352,627 342,747 Non-current liabilities 1,488,600 1,379,086 1,841,227 1,721,833 Changes in the lease liability: Balance at January 1, 2023 Business Combination Adjustment Additions Interest accrual Payments Terminated contracts Exchange rate variation Balance at December 31, 2023 Lease liability 1,721,833 (10,401 ) 421,921 73,463 (354,947 ) (7,456 ) (3,186 ) 1,841,227 Balance at Acquired (1) Additions Interest accrual Payments Terminated contracts Exchange rate variation Balance at Lease liability 1,506,043 146,446 489,251 82,403 (434,488 ) (61,302 ) (6,520 ) 1,721,833 Balance at Acquired Additions Interest accrual Payments Terminated contracts Exchange rate variation Balance at Lease liability 1,174,686 147,645 634,868 64,593 (359,893 ) (116,329 ) (39,527 ) 1,506,043 (1) The non -current December 31, 2023 2025 293,444 2026 244,944 2027 197,328 2028 150,367 2029 73,535 Maturities after 2029 884,405 Total Future Minimum Lease Payments 1,844,023 Less: Imputed Interest (355,423 ) Present Value of Lease Liabilities 1,488,600 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets [Abstract] | |
Intangible assets | 12 Intangible assets Intangible assets are measured at acquisition cost and subsequently reduced by accumulated amortization and impairment losses, when applicable. Intangible assets are recognized when there is evidence of generating future economic benefits, considering their economic and technological viability, mainly consisting of brands and patents, customer base, exploitation rights, supplier supply contracts, software, and others. Intangible assets with defined useful lives are amortized using the straight -line The carrying amount of intangible assets with indefinite useful lives, relating to brands and patents and rights to exploit water use, is tested for recoverable amount annually or when events or changes in circumstances indicate impairment loss in the recoverable amount of these assets. If there is an impairment loss, it is recognized against the carrying amount of the asset. The Group considers that certain brands and patents have an indefinite useful life due to their historical performance and the Group’s expected use. The acquired brands do not have legal or contractual limits linked to their use and are not dependent on the useful life of any asset or group of assets that have existed independently for a considerable time before the acquisitions. These brands are not related to sectors subject to technological obsolescence or other forms of value deterioration. Intangible assets acquired in a business combination are recognized at fair value based on valuation methodologies and techniques that often involve the use of a third -party Net amount Useful life December 31, 2023 December 31, 2022 Trademarks Undefined 1,092,793 1,050,106 Trademarks 2 to 20 years 341,183 315,912 Software 2 to 15 years 24,941 21,079 Water rights Undefined 11,391 11,347 Customer relationships 3 to 20 years 486,166 549,705 Supplier contract 7 to 17 years old 28,077 30,509 Other 2 to 17 years 1,044 833 1,985,595 1,979,491 Changes in intangible assets: Balance at January 1, 2023 Additions Disposals Amortization Exchange Balance at December 31, 2023 Amortizing: Trademarks 315,912 35,496 — (24,166 ) 13,941 341,183 Software 21,079 7,527 (12 ) (5,121 ) 1,468 24,941 Customer relationships 549,705 2,370 (2,434 ) (74,213 ) 10,738 486,166 Supplier contracts 30,509 — — (3,822 ) 1,390 28,077 Others 833 501 (28 ) (275 ) 13 1,044 Non-amortizing: Trademarks 1,050,106 367 — — 42,320 1,092,793 Water rights 11,347 — — — 44 11,391 1,979,491 46,261 (2,474 ) (107,597 ) 69,914 1,985,595 Balance at January 1, 2022 Acquired Additions Disposals Amortization Exchange Balance at December 31, 2022 Amortizing: Trademarks 335,452 21,138 6 — (22,230 ) (18,454 ) 315,912 Software 16,609 57 8,081 — (4,503 ) 835 21,079 Customer relationships 645,509 2,804 — 1,099 (76,529 ) (23,178 ) 549,705 Supplier contracts 32,967 — — — (3,773 ) 1,315 30,509 Others 1,001 556 38 — (746 ) (16 ) 833 Non-amortizing: Trademarks 1,107,993 3,793 331 834 — (62,845 ) 1,050,106 Water rights 11,595 — — — — (248 ) 11,347 2,151,126 28,348 8,456 1,933 (107,781 ) (102,591 ) 1,979,491 Balance at Acquired Additions Disposals Amortization Exchange Balance at December 31, 2021 Amortizing: Trademarks 73,241 286,576 — — (19,258 ) (5,107 ) 335,452 Software 13,961 6 6,160 (19 ) (4,212 ) 713 16,609 Customer relationships 499,757 251,262 — — (79,830 ) (25,680 ) 645,509 Supplier contracts 35,933 — 2,077 — (3,646 ) (1,397 ) 32,967 Others 833 724 — — (536 ) (20 ) 1,001 Non-amortizing: Trademarks 868,615 261,637 1,574 — — (23,833 ) 1,107,993 Water rights 11,775 — — — — (180 ) 11,595 1,504,115 800,205 9,811 (19 ) (107,482 ) (55,504 ) 2,151,126 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Goodwill | 13 Goodwill Changes in goodwill: December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period 5,828,691 5,835,418 5,558,462 Acquired in business combination — 18,725 510,397 Business combinations adjustment (1) 11,842 5,955 — Disposal — (16,358 ) — Exchange rate variation 264,487 (15,049 ) (233,441 ) Balance at the end of the period 6,105,020 5,828,691 5,835,418 (1) Goodwill represents the positive difference between consideration paid to purchase a business and the net fair value of identifiable assets and liabilities of the acquired entity. Goodwill is recognized as an asset and included in “Goodwill” in the Statement of Financial Position. Goodwill is related to an expectation of future earnings of the acquired subsidiary after assets and liabilities are combined with the Group and cost savings resulting from synergies expected to be achieved upon the integration of the acquired business. Goodwill is an indefinite lived asset and is required to be tested for impairment annually or whenever there is evidence of a decline in fair value. Assets and liabilities are grouped into CGU’s (Cash generating units) for impairment testing purposes. Any impairment loss is recognized immediately in the statement of income and cannot be reversed. Upon the sale of a business, the goodwill or corresponding portion of goodwill is included in the calculation of profit or loss on disposal. At December 31, 2023, and 2022, the Group tested the recoverability of each CGU group containing goodwill using the concept of value in use through discounted cash flow models based on the balances at December 30, 2023 and 2022. The determination of the value in use involves using assumptions about cash flows, such as rates of revenue growth, costs and expenses, capital expenditures, working capital requirements and discount rates. Management projects cash flows for a maximum period of 5 years for the CGU groups of Brazil Beef and USA Pork, to better reflect the long cycle of each group when it refers to the useful life of the animals used in production. The terminal value was assigned based on an expected growth rate of perpetuity for the CGU groups. The weighted average rate of the cost of capital (WACC), used as the discount rate, was estimated on a post -tax For the purposes of impairment testing CGUs have been aggregated into the following groups representing the lowest level within the Group at which the goodwill is monitored for internal management purposes and that have significant amounts of goodwill allocated to them: CGUs December 31, 2023 December 31, 2022 Brazil Beef 1,873,448 1,738,300 Seara 766,970 711,821 Moy Park 777,583 735,403 USA Pork 694,534 694,534 Australia Meat 280,915 277,116 Australia Smallgoods 310,598 306,405 Pilgrim’s Food Masters (PFM) 336,683 320,667 Others CGUs without significant goodwill (1) 1,064,289 1,044,445 Total 6,105,020 5,828,691 (1) For the year ended December 31,2023 and 2022 there were no indicators of impairment of goodwill within any CGU. i. Brazil Beef The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 13.5 % 13.2 % Terminal value growth rate 3.5 % 4.3 % Estimated growth rate (average for the next 5 years) 7.2 % 6.6 % • • • For the years ended December 31, 2023, and 2022, estimated value in -use ii. Seara The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 15.8 % 15.2 % Terminal value growth rate 3.3 % 3.3 % Estimated growth rate (average for the next 5 years) 13.2 % 13.3 % Estimated growth rate was projected considering past experiences and forecasts as follows: • • • For the years ended December 31, 2023, and 2022, estimated value in use exceeded the carrying amount of the CGU group. iii. Moy Park The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 14 % 10.2 % Terminal value growth rate 2.0 % 1.0 % Estimated growth rate (average for the next 5 years) 7.4 % 6.4 % Estimated growth rate was projected considering past experiences and forecasts as follows: • • • For the years ended December 31, 2023 and 2022, estimated value in -use iv. Usa Pork The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 9.8 % 10.7 % Terminal value growth rate 2.5 % 0.5 % Estimated growth rate (average for the next 5 years) 2.8 % 0.8 % • • • For the years ended December 31, 2023 and 2022, estimated value in -use v. Australia Meat The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 9.1 % 9.3 % Terminal value growth rate 2.0 % 2.0 % Estimated growth rate (average for the next 5 years) 2.3 % 2.7 % Estimated growth rate was projected considering past experiences and forecasts as follows: • • • For the years ended December 31, 2023 and 2022, estimated value in -use vi. Australia Smallgoods The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 9.0 % 9.4 % Terminal value growth rate 2.0 % 2.0 % Estimated growth rate (average for the next 5 years) 8.9 % 6.9 % Estimated growth rate was projected considering past experiences and forecasts as follows: • • • For the years ended December 31, 2023 and 2022, estimated value in -use The key assumptions used in the estimation of the value in -use vii. Pilgrim’s Food Masters The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 13.0 % 10.2 % Terminal value growth rate 2.7 % 3.0 % Estimated growth rate (average for the next 5 years) 6.3 % 6.9 % Estimated growth rate was projected considering past experiences and forecasts as follows: Revenue of this CGU group includes sales from the Pilgrim´s Food Masters operations in United Kingdom, includes sales from frozen entrees to customers. Revenue growth was projected the utilization of facilities related to production, and price increases/decreases based on estimated inflation for the domestic market and exchange rate variation for exports • • For the years ended December 31, 2023 and 2022, estimated value in -use |
Trade Accounts Payable
Trade Accounts Payable | 12 Months Ended |
Dec. 31, 2023 | |
Trade Accounts Payable [Abstract] | |
Trade accounts payable | 14 Trade accounts payable Trade accounts payable correspond to the amounts owed to suppliers in the ordinary course of business. If the payment period is equivalent to one year or less, the amount is classified as current liabilities, otherwise the corresponding amount is classified as non -current December 31, 2023 December 31, 2022 Domestic: Commodities 1,761,470 1,833,012 Materials and services 3,123,140 3,881,686 Finished products 38,061 13,773 Present value adjustment (19,642 ) (15,078 ) 4,903,029 5,713,393 Foreign: Commodities 31,354 36,602 Materials and services 320,691 192,280 Finished products 1,979 864 354,024 229,746 Total trade accounts payable 5,257,053 5,943,139 Supply chain finance (1) Domestic 940,344 574,280 Foreign 7,722 14,312 Total supply chain finance 948,066 588,592 Total 6,205,119 6,531,731 ____________ (1) The Group has commitments to purchase cattle for future delivery signed with certain suppliers, in which the Group guarantees the acquisition of cattle for a fixed price, or to be fixed, with no cash effect on the Group until the cattle are delivered. Based on these future delivery contracts, JBJ has already advanced this operation with the banks under the supply chain finance method. As of December 31, 2023, the amount of this transaction was US$61,926 (US$86,593 at December 31, 2022), this operation is recognized as supply chain finance. |
Loans and Financing
Loans and Financing | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Financing [Abstract] | |
Loans and financing | 15 Loans and financing Loans and financing are initially recognized at fair value upon receipt of the proceeds, net of transaction costs, and subsequently measured at amortized cost. Below is a schedule showing the Group’s loans and financing instruments by foreign and local currency. Local currency indicates loans denominated in the functional currency of the borrower. All borrowings denominated in currencies other than the presentation currency (Brazilian Reais) are translated to presentation currency each reporting period. Current amounts include accrued but unpaid interest at period -end Registration of bonds with the Securities Exchange Commission (SEC): -Oxley Type Average annual Currency Index Payment terms/non- Current Non-current December 31, December 31, December 31, December 31, Foreign currency ACC – Advances on exchange contracts 8.40% USD — 2024 52,158 416,772 — 51,056 Prepayment 7.38% USD SOFR 2024 – 27 5,531 397,508 174,346 378,479 FINIMP – Import Financing 6.48% USD and EUR Euribor 2024 – 25 31,291 100,641 647 3,041 White Stripe credit facility 8.45% USD and CAD — — 2,892 3,020 — — Working capital – Dollar 8.97% USD SOFR 2024 – 30 362 1,735 2,553 2,841 CRA – Agribusiness Credit Receivable Certificates 4.92% USD — 2028 442 93 38,464 12,757 Scott credit facilities 2.20% USD — 2025 — — 1,815 1,794 92,676 919,769 217,825 449,968 Local currency FINAME (1) 5.98% BRL — 2024 – 25 478 885 6 441 FINEP (2) — BRL — — 890 — 1,395 Prepayment 8.22% GBP and USD BoE, SOFR 2024 – 25 54,906 9,543 60,000 — Notes 2.50% JBS Lux 2027 2.50% USD — 2027 11,542 11,181 986,220 982,084 Notes 5.13% JBS Lux 2028 5.13% USD — 2028 19,219 23,703 886,398 883,767 Notes 6.5% JBS Lux 2029 6.50% USD — 2029 1,084 1,000 77,885 77,869 Notes 3.00% JBS Lux 2029 3.00% USD — 2029 7,458 7,200 586,210 583,499 Notes 5.50% JBS Lux 2030 5.50% USD — 2030 31,910 30,747 1,239,931 1,238,251 Notes 3.75% JBS Lux 2031 3.75% USD — 2031 1,563 1,302 495,338 494,748 Notes 3.00% JBS Lux 2032 3.00% USD — 2032 3,833 3,417 980,341 977,988 Notes 3.63% JBS Fin 2032 3.63% USD — 2032 16,729 16,212 984,472 982,586 Notes 5.75% JBS Lux 2033 5.75% USD — 2033 29,469 60,575 2,001,095 1,997,613 Notes 6.75% JBS Lux 2034 6.75% USD — 2034 30,900 — 1,576,065 — Notes 4.38% JBS Lux 2052 4.38% USD — 2052 16,309 15,750 887,237 886,786 Notes 6.50% JBS Lux 2052 6.50% USD — 2052 8,396 6,997 1,527,284 1,526,735 Notes 7.25% JBS Lux 2053 7.25% USD — 2053 18,669 — 883,214 — Type Average annual Currency Index Payment terms/non- Current Non-current December 31, December 31, December 31, December 31, Notes 5.88% PPC 2027 5.88% USD — 2027 — 11,930 — 842,009 Notes 4.25% PPC 2031 4.25% USD — 2031 8,972 8,382 984,404 982,248 Notes 3.50% PPC 2032 3.50% USD — 2032 10,500 10,063 891,184 890,113 Notes 6.25% PPC 2033 6.25% USD — 2033 43,924 — 984,018 — Notes 6.88% PPC 2034 6.88% USD — 2034 7,639 — 484,577 — PPC Credit Line – Term loan — — — — — 26,728 — 452,188 Working capital – Reais 17.45% BRL TJLP 2024 – 28 5,081 16,415 16,331 647 Working capital – Euros 3.10% EUR Euribor 2024 – 28 17,249 11,665 10,186 1,903 Export credit note 14.20% BRL CDI 2024 – 30 2,913 145,116 214,735 294,891 CDC – Direct Consumer Credit 15.97% BRL — 2024 – 28 21,296 7,723 9,020 90 Livestock financing – Pre 10.73% BRL — 2024 242,928 35,460 — — CRA – Agribusiness Receivables Certificate 10.38% BRL CDI and IPCA 2024 – 37 149,060 163,492 2,013,297 1,460,108 Credit line – Scott 7.69% USD and EUR — 2050 20,087 13,448 529 40 Credit line – Beardstown Pace 3.65% USD — 2050 6,689 7,425 64,700 62,969 JBS Australia Confinement Agreement 2.76% AUD — 2028 993 258 34,053 33,592 Others 4.68% Several Several 2031 9,098 9,771 11,012 18,573 Total 798,894 657,278 18,889,742 15,673,133 891,570 1,577,047 19,107,567 16,123,101 (1) (2) Average annual interest rate: -term The availability of revolving credit facilities for JBS USA was US$2.9 billion as of December 31, 2023 (US$2.8 billion as of December 31, 2022). In Brazil, the availability of revolving credit facilities was US$450,000 as of December 31, 2023 (US$450,000 as of December 31, 2022). The non -current Maturity December 31, 2023 December 31, 2022 2024 — 649,358 2025 171,228 165,687 2026 18,998 484,706 2027 1,193,540 1,911,633 2028 1,102,778 1,006,157 2029 34,417 — Maturities after 2029 16,586,606 11,905,560 19,107,567 16,123,101 15.1 Guarantees and contractual restrictions (“covenants”) The Group was in compliance with all of its debt covenant restrictions at December 31, 2023. Type Issuer and guarantors Covenants/Guarantees Events of default JBS USA Issuer: - - - - Guarantors: - - - Usual and customary for investment grade facilities of this type and subject to customary exceptions, but limited to: (i) incurrence of “priority debt”, (ii) liens; (iii) fundamental changes, (iv) sale lease -backs The credit agreement also require compliance with a maximum total debt to capitalization of 55.0% (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all US assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the Revolving Credit Facility shall be limited to collateral coverage and there shall be limitations on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. The facility contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default Notes 2.50% Notes 3.63% Issuer: - - - Guarantor: - - - On September 12, 2022, the Group received offers to exchange 99.14% of the 2.50% senior notes due 2027 and 96.85% of the 3.625% sustainability -linked The new exchanged notes contain proposed amendments that permanently eliminated certain covenants, restrictive provisions, events of default and related provisions for the Group. The new exchanged notes contain restrictive covenants applicable to the Group and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. The covenants contains customary events of default. (1) Notes 3,00% Notes 6,50% Notes 5,50% Notes 3.75% Notes 3,00% Notas 4,38% Issuer: - - - Guarantor: - JBS Global Luxembourg S.à r.l (JBS Global Lux); JBS Global Meat Holdings Pty. Limited (JBS Global Meat). On August 15, 2022, the Group announced expiration of, and receipt of requisite consents in connection with its consent solicitations for each of its 3.00% senior notes due 2029, 6.50% senior notes due 2029, 5.50% senior notes due 2030, 3.75% senior notes due 2031, 3.00% sustainability -linked ‘The covenants contains customary events of default (1) Type Issuer and guarantors Covenants/Guarantees Events of default Notes 5,13% Notes 5,75% Notes 6,75% Notes 4,38% Notes 7,25% Notes 6,50% Issuer: JBS USA Holding Lux S.A. (JBS Lux); JBS USA Food Company (JBS USA); JBS Luxembourg Company S.à.r.l. Guarantor: JBS S.A. (JBS S.A.); JBS Global Luxembourg S.à r.l (JBS Global Lux); JBS Global Meat Holdings Pty. Limited (JBS Global Meat). These notes contain restrictive covenants applicable to the Group and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. ‘The covenants contains customary events of default. (1) Notes 4,25% Notes 3,50% Issuer: Pilgrim’s Pride Corporation. Guarantor Pilgrim’s Pride Corporation of West Virginia, Inc.; Gold’N Plump Poultry, LLC; Gold’N Plump Farms, LLC; JFC LLC On September 22, 2022 PPC announced expiration and receipt of requisite consent in its consent solicitation for certain amendments to its Senior Notes due 2031 and 2032. The consent solicitation contained proposed amendments that permanently eliminated certain covenants, restrictive provisions, events of default and related provisions for the Group. After the consent, these notes are subject to restrictive covenants applicable to PPC and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. Notes 6,25% Notes 6,88% Issuer: - Guarantor: - - - These notes were issued in investment -grade -grade Type Issuer and guarantors Covenants/Guarantees Events of default On October The credit agreement increased its availability under the revolving loan commitment from US$800.0 PPC Borrowers: - - -Ricos - -Ricos The RCF also requires compliance with a minimum interest coverage ratio of 3.50:1.00 (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all U.S. assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the RCF shall be limited to collateral coverage, may be subject to a minimum fixed charge coverage ratio if utilization is above 80% and there shall be limitation on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions, and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. The facility also contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default Primo ANZ credit facility Borrowers: - Guarantors: - - - - - - - - - - - - - - - Customary covenants that may limit Primo’s ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Huon credit Borrowers: Huon Aquaculture Group Limited Guarantors: - - - - - - - - - - - - - - - - Customary covenants that may limit Huon’s ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default Credit facility Borrowers: - - Guarantors: - - - - Customary covenants that may limit JBS Australia´s and Rivalea’s ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Credit facility Borrowers: - Customary covenants that may limit JBS AMI ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Credit facility Borrowers: - Customary covenants that may limit JBS WSF ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Credit facility Mexico Borrowers: - Guarantors: - - - Customary covenants that may limit the Group´s ability to realize new investments and be a guarantor for third party loans, change the general nature of the core business of the Group or line of business and initiate the liquidation process. These limitations are subject to certain exceptions, which may be material. The facility also contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default 4° issuance of debentures 5° issuance of debentures 6° issuance of debentures 7° issuance of debentures Borrowers: JBS S.A Customary covenants that may limit the Group´s ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) 8° issuance of debentures CRA 9° issuance of debentures CRA 10° issuance of debentures CRA Borrowers: JBS S.A Standard contractual restrictions that may limit the Group’s ability, among other things, to: - - - -offs - The facility contains customary events of default. (1) (1) On December 2023, JBS Holding Lux merged with its wholly -owned On December 2023 JBS USA Finance Inc (“JBS USA Finance”) was dissolved and consequently is no longer a borrower under the BMO revolving credit facility. At the beginning of 2024 JBS USA Finance was replaced by JBS Luxembourg Company Sarl (“JBS Luxembourg”), formerly JBS Luxembourg Sarl, in all JBS’s senior unsecured notes. JBS standard issuers and guarantors • -issuers • The Group was in compliance with all of its debt financial covenant restrictions at December 31, 2023 and until the date that these financial statements were approved. 15.2 Reconciliation of movement of liabilities to cash flows arising from financing activities Note Balance at January 1, 2023 Cash flows (Financial) Revenue Non-cash transactions (1) Balance at December 31, 2023 Loans and financing 15 (17,700,148 ) (907,975 ) (1,322,258 ) (68,756 ) (19,999,137 ) Lease liability 11 (1,721,833 ) 354,947 (70,277 ) (404,064 ) (1,841,227 ) Derivative liabilities 27 1,267 12,745 (8,639 ) (61,829 ) (56,456 ) Margin cash 3 130,209 (26,602 ) 28,854 — 132,461 Profit reserves (4,264,534 ) (447,979 ) — 1,125,294 (3,587,219 ) Non-controlling interest (645,970 ) (6,318 ) — (30,454 ) (682,742 ) Total (24,201,009 ) (1,021,182 ) (1,372,320 ) 560,191 (26,034,320 ) Note Balance at January 1, 2022 Cash flows (Financial) Revenue Non-cash transactions (1) Balance at December 31, 2022 Loans and financing 15 (16,578,829 ) 187,123 (1,141,271 ) (167,171 ) (17,700,148 ) Lease liability 11 (1,506,043 ) 434,488 (75,883 ) (574,395 ) (1,721,833 ) Derivative liabilities 27 (10,444 ) 261,739 (250,028 ) — 1,267 Margin cash 3 223,162 (109,732 ) 16,779 — 130,209 Treasure shares 619,298 551,888 — (1,171,186 ) — Profit reserves (3,385,709 ) 872,802 — (1,751,627 ) (4,264,534 ) Non-controlling interest (660,796 ) 103,141 — (88,315 ) (645,970 ) Total (21,299,361 ) 2,301,449 (1,450,403 ) (3,752,694 ) (24,201,009 ) Note Balance at January 1, 2021 Cash flows (Financial) Revenue Non-cash transactions (1) Balance at December 31, 2021 Loans and financing 15 (12,682,415 ) (3,064,966 ) (670,660 ) (160,788 ) (16,578,829 ) Lease liability 11 (1,174,686 ) 359,893 (25,066 ) (666,184 ) (1,506,043 ) Derivative liabilities 27 (5,027 ) (29,742 ) 19,080 5,245 (10,444 ) Margin cash 3 — 136,045 87,117 — 223,162 Treasure shares 107,550 1,922,142 — (1,410,394 ) 619,298 Profit reserves (2,273,080 ) 905,378 — (2,018,007 ) (3,385,709 ) Non-controlling interest (660,438 ) 5,357 — (5,715 ) (660,796 ) Total (16,688,096 ) 234,107 (589,529 ) (4,255,843 ) (21,299,361 ) (1) -cash |
Income and Other Taxes Payable
Income and Other Taxes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Income and Other Taxes Payable [Abstract] | |
Income and other taxes payable | 16 Income and other taxes payable Income and other taxes payable are comprised of the following: December 31, 2023 December 31, 2022 Taxes payable in installments 67,980 89,930 PIS/COFINS tax payable 32,835 30,218 ICMS/VAT/GST tax payable 35,335 28,081 Withholding income taxes 10,527 8,585 Others 91,693 98,425 Subtotal 238,370 255,239 Income taxes payable 83,247 91,070 Total 321,617 346,309 Breakdown: Current liabilities 227,249 230,158 Non-current liabilities 94,368 116,151 337,244 346,309 Decree 8,426/2015 — PIS/COFINS over financial income: Although the Federal Supreme Court recognized the constitutionality of the PIS and COFINS rates established by Decree 8,426/15, the Group maintains the benefit obtained through the Writ of Mandamus until the sentence is amended. This scenario reflects the complexity and dynamics of the Brazilian tax system, where judicial decisions can significantly impact companies’ tax burden. As of December 31, 2023 the Group has recognized under the caption “Income taxes and other taxes payable” the amount of US$28,498 (US$29,478 as of December 31, 2022) regarding PIS/COFINS related to financial income. |
Payroll and social charges
Payroll and social charges | 12 Months Ended |
Dec. 31, 2023 | |
Payroll and Social Charges [Abstract] | |
Payroll and social charges | 17 Payroll and social charges Payroll and social charges are comprised of the following: December 31, December 31, Social charges in installments 489,520 431,054 Bonus and vacation along with related social charges 736,138 735,770 Salaries and related social charges 503,400 436,364 Others 58,626 50,817 1,787,684 1,654,005 Breakdown: Current liabilities 1,297,181 1,198,063 Non-current liabilities 490,503 455,942 1,787,684 1,654,005 Labor taxes payable in installments: -acquiring The Group is still awaiting approval of the judgment minutes that will proclaim the result, as well as any effects modulation by the STF, which will define the period for which the decision will take effect. |
Dividends Payable
Dividends Payable | 12 Months Ended |
Dec. 31, 2023 | |
Dividends Payable [Abstract] | |
Dividends payable | 18 Dividends payable The Group’s bylaws requires the payment of dividends equal to at least 25% of the annual net income attributable to company shareholders, after the allocation of 5% for the legal reserve. The Group recognizes a liability at year -end December 31, December 31, Declared dividends on 2019 – Residual — 2 Declared dividends on 2020 – Residual 5 7 Declared dividends on 2021 – Residual 12 18 Declared dividends on 2022 – Residual 8 8 Declared dividends on 2023 – Residual 373 — Subtotal 398 35 The residual amount of dividends corresponds to the unpaid dividends due to a lack of updated payment information. This pending information related to some minority shareholders precludes the Group from fully paying the dividends declared. The Group sends notification to such shareholders to update their payment information so the amount can be paid. The reversal of dividends is absorbed under the caption “Profit reserves” due to the non -distribution On June 19, 2023, the Group approved the distribution of a proposal for interim dividends referring to the net profit calculated on December 31, 2022, in the total amount of US$458.165, corresponding to US$ 0.21 (twenty -one The distributed dividends per share were: 2023 2022 Dividends to be distributed 458,165 872,800 Number of outstanding shares of share capital – ordinary shares 2,218,116,370 2,218,116,370 Dividends per share 0.21 0.39 |
Provisions for Legal Proceeding
Provisions for Legal Proceedings | 12 Months Ended |
Dec. 31, 2023 | |
Provisions for Legal Proceedings [Abstract] | |
Provisions for legal proceedings | 19 Provisions for legal proceedings The preparation of these consolidated financial statements requires Management to make estimates and assumptions regarding civil, labor and tax matters which affect the valuation of assets and liabilities at the reporting date, as well as the revenues and expenses during the reported period. Due to the uncertain nature of Brazilian tax legislation, the assessment of potential tax liabilities requires significant judgment from the Management and the outcome may differ when liabilities are realized. The Group is subject to lawsuits, investigations and other claims related to employment, environmental, product, taxes and other matters. Management is required to assess the likelihood of any adverse judgments or outcomes, as well as the amount of probable losses, for these matters. Provisions are recognized when losses are considered probable and the amount can be reliably measured. No provision is recognized if the risk of loss is assessed to be reasonably possible but not probable. Reasonably possible losses are disclosed in the notes to these financial statements. If the risk of loss is assessed as remote, no provision or disclosure is made. The Group is party to several lawsuits arising in the ordinary course of business for which provisions are recognized for these deemed probable based on estimated costs determined by management as follow: December 31, December 31, Labor 108,004 99,270 Civil 270,989 222,800 Tax and Social Security 134,400 105,420 Total 513,393 427,490 Breakdown: December 31, December 31, Current liabilities 197,440 174,240 Non-current liabilities 315,953 253,250 513,393 427,490 Changes in provisions: Balance at Additions, Payments Indexation Exchange Balance at Labor 99,270 60,835 (69,450 ) 9,654 7,695 108,004 Civil 222,800 143,009 (114,340 ) 14,992 4,528 270,989 Tax and social security 105,420 4,773 (704 ) 16,227 8,684 134,400 Total 427,490 208,617 (184,494 ) 40,873 20,907 513,393 Balance at Additions, Payments Indexation Exchange Balance at Labor 96,551 47,771 (61,399 ) 9,622 6,725 99,270 Civil 281,135 106,831 (172,299 ) 4,329 2,804 222,800 Tax and social security 100,379 (9,383 ) (3,018 ) 10,540 6,902 105,420 Total 478,065 145,219 (236,716 ) 24,491 16,431 427,490 Balance at Additions, Payments Indexation Exchange rate variation Balance at December 31, 2021 Labor 128,050 62,926 (91,134 ) 4,974 (8,265 ) 96,551 Civil 265,955 760,767 (729,084 ) 6,150 (22,653 ) 281,135 Tax and social security 88,084 15,485 (2,304 ) 4,139 (5,025 ) 100,379 Total 482,089 839,178 (822,522 ) 15,263 (35,943 ) 478,065 Brazil Corporate Lawsuits Profits earned by foreign subsidiaries Starting from 2016, the Brazilian tax authorities issued some assessments to JBS S.A. from charges related to profits earned abroad., which allegedly should be included in the income tax calculation basis, disallowance of amounts paid by foreign subsidiaries, on the grounds that they could not been used for compensation purposes, as well as for disallowance of goodwill. These charges also involve a fine plus interest. JBS S.A. clarifies that the most significant amount relates to the collection of profits abroad refers to the items that have been required by the inspection for the purpose of consolidating the results abroad of its direct or indirect investees, being certain that JBS S.A. disagrees with the criteria being applied by the inspection. JBS S.A. filed administrative objections that are awaiting judgment. Management understands that, considering historical values related to the dates of the assessments, for US$144,575, there are remote chances of loss and for the amount of US$2.3 billion there are possible chances of loss. Decision on matters 881 and 885 by the Federal Supreme Court: As of February 8, 2023, the Brazilian Supreme Court (Supremo Tribunal Federal — STF) has assessed the matters 881 — Extraordinary Resources nº 949.297 and 885 — Extraordinary Resources nº 955.227 and unanimously ruled that a previous final decision favorable to companies regarding taxes paid on a continuous basis will lose its effect in case the STF subsequently decides otherwise. The Group also evaluated with the assistance of its legal advisors the matters of this decision, which covers social contribution (CSLL) and informs that it regularly collects the contribution. The Group also evaluated other taxes that fit the definition contained in the decision and there are no cases with a final and unappealable decision in favor of the Group and which have an unfavorable decision in the STF. Therefore, no provision was recognized. United States JBS USA Food Company Litigation Between June 28, 2018 and July 23, 2018, a series of purported class action lawsuits were filed against Group, a number of other pork producers, and Agri Stats, Inc. in the U.S. District Court for the District of Minnesota (“Minnesota Court”) on behalf of direct and indirect purchasers of pork alleging violations of federal and state antitrust, unfair competition, unjust enrichment, deceptive trade practice, and consumer protection laws, which were consolidated and styled as In re Pork Antitrust Litigation -cv-01776 57,3 -action 80,7 Between April 23, 2019 and June 18, 2020, a series of purported class action lawsuits were filed against JBS USA, Swift Beef Company, JBS Packerland, Inc., JBS S.A., and certain other beef processors in Minnesota Court, each alleging, among other things, violations of the Sherman Antitrust Act, which were coordinated in the Minnesota Court for pre -trial In re Cattle and Beef Antitrust Litigation -cv-1319 The Group has settled with two of the purported classes in the Beef Antitrust Litigation, for an aggregate total of US$ 77,0 -action 21,4 On November 11, 2022, a purported class action lawsuit was filed against Group and a number of other meatpackers as well as Webber, Meng, Sahl & Company and Agri Stats, Inc. in the U.S. District Court for the District of Colorado (“Colorado Court”). The plaintiffs allege that the defendants conspired to fix and depress the compensation paid to pork and beef plant workers in violation of the Sherman Act and seek damages from January 1, 2014 to the present. Group agreed to settle all claims made by the purported class for US$ 55,0 55,0 U.S. State Matters On June 29, 2021 and October 25, 2021, the Attorneys General of New Mexico and Alaska, respectively, filed complaints against Group based on allegations similar to those asserted in the Pork Antitrust Litigation. Group has answered both of the complaints and continues to litigate. US Federal Matters On December 23, 2020 and October 29, 2021, Group received civil investigative demands (“CIDs”) from the U.S. Department of Justice (“DOJ”) related to the fed cattle and beef packing industry. The Group cooperated with the DOJ in producing documents and information pursuant to the CIDs. The Attorneys General for multiple states participated in the investigation and coordinated with the DOJ. Tax Claims and Proceedings During 2017, the Australian Tax Office (“ATO”) opened a review of JBS Australia Pty. Ltd. for income tax years 2015 through 2017 in connection with a corporate reorganization. On September 30, 2020, the ATO issued a tax assessment for income tax year 2015 for an immaterial amount while it continues to investigate tax years 2016 and 2017. No expenses has been recorded for the amounts considered in the assessment at this time. PPC U.S. Litigation Between September 2, 2016 and October 13, 2016, a series of federal class action lawsuits were filed with the U.S. District Court for the Northern District of Illinois (“Illinois Court”) against PPC and other defendants by and on behalf of direct and indirect purchasers of broiler chickens alleging violations of antitrust and unfair competition laws and styled as In re Broiler Chicken Antitrust Litigation -cv-08637 complaints seek, among other relief, treble damages for an alleged conspiracy among defendants to reduce output and increase prices of broiler chickens from the period of January 2008 to the present. PPC has entered into agreements to settle all claims made by the three certified classes, for an aggregate total of US$ 195,5 -action 537,4 Between August 30, 2019 and October 16, 2019, a series of purported class action lawsuits were filed in the U.S. District Court for the District of Maryland (“Maryland Court”) against PPC and a number of other chicken producers, as well as Webber, Meng, Sahl & Company and Agri Stats, styled as Jien, et al. v. Perdue Farms, Inc., et al., -cv-02521 29,0 On January 27, 2017, a purported class action on behalf of broiler chicken farmers was brought against PPC and other chicken producers in the U.S. District Court for the Eastern District of Oklahoma (the “Oklahoma Court”) alleging, among other things, a conspiracy to reduce competition for grower services and depress the price paid to growers, which was consolidated with several subsequently filed consolidated amended class action complaints and styled as In re Broiler Chicken Grower Litigation -17-033 On October 20, 2016, Patrick Hogan, acting on behalf of himself and a putative class of certain PPC stockholders, filed a class action complaint in the U.S. District Court for the District of Colorado (“Colorado Court”) against PPC and its named executive officers styled as Hogan v. Pilgrim’s Pride Corporation, et al. -CV-02611 U.S. State Matters From February 21, 2017 through May 4, 2021, the Attorneys General for multiple U.S. states have issued civil investigative demands (“CIDs”). The CIDs request, among other things, data and information related to the acquisition and processing of broiler chickens and the sale of chicken products. The Group is cooperating with the Attorneys General in these states in producing documents pursuant to the CIDs. On September 1, 2020, February 22, 2021, and October 28, 2021, the Attorneys General in New Mexico (State of New Mexico v. Koch Foods, et al., D -101-CV-2020-01891 -21-04632 -2-14174-5 The Group will seek reasonable settlements where they are available. To date, the group has recognized an expense of US$11 million to cover settlements with these states. The Group recognizes these settlement expenses in selling, general and administrative expense in the Consolidated Statements of Income. U.S. Federal Matters On February 9, 2022, PPC learned that the DOJ opened a civil investigation into human resources antitrust matters, and on October 6, 2022, PPC learned that the DOJ opened a civil investigation into grower contracts and payment practices and on October 2, 2023, received a CID requesting information from PPC. The Group is cooperating with the DOJ in its investigations and CID. The DOJ has informed Group that it is likely to file a civil complaint pursuant to at least one of these investigations. Mexico Tax Claims and Proceedings During 2014 and 2015, the Mexican Tax Administration Service (“SAT”) opened a review of PPC Mexico with regard to tax years 2009 and 2010. In both instances, the SAT claims that controlled company status did not exist for certain subsidiaries because PPC Mexico did not own 50% of the shares in voting rights of Incubadora Hidalgo, S. de R.L de C.V. and Comercializadora de Carnes de México S. de R.L de C.V. (both in 2009) and Pilgrim’s Pride, S. de R.L. de C.V. (in 2010). PPC Mexico appealed the opinion, and on January 31, 2023, the appeal as to tax year 2009 was dismissed by the Mexico Supreme Court. Accordingly, PPC paid US$ 25,9 17,2 On May 12, 2022, the SAT issued tax assessments against Pilgrim’s Pride, S. de R.L. de C.V. and Provemex Holdings, LLC in connection with PPC’s acquisition of Tyson de México. Following the acquisition, PPC re -domiciled 287,1 Other proceedings with possible outcome As of December 31, 2023, the Group has other ongoing proceedings in the amount of US$3.14 billion (US$2.91 billion as of December 31, 2022) which refer to civil, tax and labor proceedings whose loss potential, with the assistance of its legal advisors, is possible, for which management has not recognized a provision. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | 20 Equity a. December 31, 2023 December 31, 2022 December 31, 2021 Quantity US$ Quantity US$ Quantity US$ Initial balance 2,218,116,370 13,177,841 2,373,866,570 13,177,841 2,623,373,646 13,177,841 Cancellation — — (155,750,200 ) — (249,507,076 ) Final balance 2,218,116,370 13,177,841 2,218,116,370 13,177,841 2,373,866,570 13,177,841 b. b1. b2. c. c. d1. Treasury share activity were as follows: December 31, 2022 December 31, 2021 Quantity US$ thousand Quantity US$ thousand Balance at the beginning of the period 80,062,600 619,298 12,848,500 107,550 Purchase of treasury shares 97,687,600 719,393 396,907,500 1,922,142 Disposal of treasury shares (22,000,000 ) (169,408 ) (80,000,000 ) (713 ) Treasury shares used in stock option plan (1) — — (186,324 ) — Cancellation of treasury shares (155,750,200 ) (1,121,507 ) (249,507,076 ) (811 ) Exchange variation — (47,776 ) — (1,408,870 ) Balance at the end of the period — — 80,062,600 619,298 (1) For the year ended at . d2. d3. -laws d4. d5. During the year ended on December 31, 2023, the Group and its subsidiaries recorded government subsidies in the amount of US$820,028, from this amount, US$20,147 million from the indirect subsidiary Seara was constituted on tax incentives because the Group reported a profit in the fiscal year 2023. The difference of US$799,881 million will be recognized in the tax incentive reserve account as the accumulated loss is absorbed by future profits, and this amount will reduce the value of dividends in subsequent periods. e. e1. f. -controlling interest: -controlling -controlling -controlling US$728,551 as of December 31, 2023 (US$639,664 as of December 31, 2022). For the year ended December 31, 2023, purchase of treasury stock by PPC was nil 2023 2022 2021 Net Revenue 17,362,217 17,468,377 14,777,458 Net Income 322,317 746,538 31 Net cash provided by operating activities 677,877 669,863 326,459 Total assets 9,810,361 9,255,769 8,913,205 Total liabilities 6,465,784 6,402,493 6,324,271 |
Net Revenue
Net Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Net Revenue [Abstract] | |
Net revenue | 21 Net revenue The vast majority of the Group’s revenue is derived from contracts which are based upon a customer ordering our products. Revenues are recognized when there is a contract with the customer, the transaction price is reliably measurable and when the control over the goods sold is transferred to the customer. The Group accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Group. The Group evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick -up The measurability of the transaction price can be impacted by variable consideration i.e. discounts, rebates, incentives and the customer’s right to return products. Some or all of the estimated amount of variable consideration is included in the transaction price but only to the extent that it is highly probable a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This is usually at the point of dispatch or on delivery of the products. This varies from customer to customer according to the terms of sale. However, due to the nature of our business, there is minimal variable consideration. Shipping and handling activities are performed before a customer obtains control of the goods and its obligation is fulfilled upon transfer of the goods to a customer. Shipping and handling costs are recorded within cost of sales. The Group may incur incremental costs to obtain or fulfill a contract such as broker expenses which are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred and included in deductions from sales. The Group receives payments from customers based on terms established with the customer. Payments are typically due within 25 39 The Group disaggregates its revenues by (i) domestic sales, (ii) export sales and (iii) segment information: (i) (ii) (iii) The Group also disaggregated its revenues between Brazil, Seara, Beef North America, Pork USA, Chicken Pilgrim’s Pride, Australia and Others to align with our segment presentation in Note 23. Revenue by significant category are as follows: 2023 2022 2021 Domestic sales 54,501,282 53,478,460 48,118,921 Export sales 18,416,841 19,135,450 16,923,785 NET REVENUE 72,918,123 72,613,910 65,042,706 Contract balances Customer contract liabilities relate to payments received in advance of satisfying the performance obligation under the contract. Moreover, a contract liability is recognized when the Group has an obligation to transfer products to a customer from whom the consideration has already been received. The recognition of the contractual liability occurs at the time when the consideration is received and settled. The Group recognizes revenue upon fulfilling the related performance obligation. Contract liabilities are presented as advances from customers in the balance sheet. The following table provides information about trade accounts receivable and contract liabilities from contracts with customers: Note 2023 2022 Trade accounts receivable 4 3,390,856 3,878,125 Contract liabilities (324,598 ) (215,479 ) Total customer contract revenue 3,066,258 3,662,646 |
Net Finance Expense
Net Finance Expense | 12 Months Ended |
Dec. 31, 2023 | |
Net Finance Expense [Abstract] | |
Net finance expense | 22 Net finance expense Net finance expense includes (i) interest payable on lease liabilities and borrowings and direct issue costs; (ii) results from the daily settlements of future contracts used to protect assets and liabilities, as well as the fair value adjustments for derivative instruments that are described within Note 27 — Risk management and financial instruments, (iii) interest receivable on funds invested which is recognized in profit or loss as it accrues using effective interest method; and (iv) gains and losses associated with transactions denominated in foreign currencies. 2023 2022 2021 Gains/(losses) from exchange rate variation 57,525 415,570 (595 ) Fair value adjustments on derivatives 82,928 (343,573 ) 46,716 Interest expense (1) (1,732,928 ) (1,342,486 ) (975,164 ) Interest income (2) 326,442 268,418 144,326 Bank fees and others (87,372 ) (239,627 ) (153,762 ) (1,353,405 ) (1,241,698 ) (938,479 ) Finance income 584,216 808,612 430,707 Finance expense (1,937,621 ) (2,050,310 ) (1,369,186 ) (1,353,405 ) (1,241,698 ) (938,479 ) ____________ (1) (2) -term |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | 23 Earnings (loss) per share Basic: Diluted: 2023 2022 2021 Net income attributable to Company shareholders (198,869 ) 2,997,488 3,811,442 Weighted average common shares 2,218,116 2,254,345 2,516,008 Weighted average – treasury shares — (23,933 ) (36,817 ) Weighted average – common shares outstanding 2,218,116 2,230,412 2,479,191 Basic and diluted earnings (loss) per share – (US$) (0.09 ) 1.34 1.54 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation [Abstract] | |
Share-based compensation | 24 Share-based compensation PPC — Share Based Compensation Plan PPC operates an employee performance -based -based Share -based -based For the year ended December 31, 2023, the expenses recognized related to compensation plans with payment in shares and cash were US$5,728 and US$1,888, respectively (US$5,729 and US$1,341 respectively for the year ended December 31, 2022). The following table presents the changes of restricted stock units (“RSUs”): December 31, 2023 December 31, 2022 Equity-based compensation, paid in shares Number Price Number Price Initial balance 993 22.00 554 20.4 Grants 324 23.67 405 23.88 Exercised (378 ) 22.25 (266 ) 23.25 Shares reissued (28 ) 24.99 300 23.52 Ending balance 911 22.4 993 22 December 31, 2023 December 31, 2022 Equity-based compensation, cash-settled Number Price Number Price Initial balance 377 23.8 574 27.55 Grants 158 24.21 269 22.09 Exercised (196 ) 25.27 (139 ) 27.55 Cancelled (97 ) 22.81 (327 ) 24 Ending balance 242 27.66 377 23.80 There were no changes to premiums in the years ended December 31, 2023 and 2022. The total fair values of equity awards and equity -based -based -based -based Historically, PPC has issued new shares, rather than treasury shares, for the share -based The expected life of stock options is based on historical data and current expectations that are not necessarily indicative of exercises that may occur in the future. Expected volatility reflects the premise that historical volatility is indicative of future trends, which may not be the case. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Operating segments | 25 Operating segments The Group’s Management has defined operating segments based on the reports that are used to make strategic decisions, analyzed by the Chief Operating Decision Maker (CODM) — our Chief Executive Officer (CEO), there are seven reportable segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia and Others. The segment operating profit or loss is evaluated by the CODM, based on Adjusted EBITDA. Adjusted EBITDA consists of all the items of profit and loss that compose the Group’s profit before taxes, applying the same accounting policies as described in these consolidated financial statements, except for the following adjustments as further described below: exclusion of share of profit of equity accounted investees, net of tax; exclusion of financial income and financial expenses, exclusion of depreciation and amortization expenses; exclusion of expenses with antitrust agreements described in note 19; exclusion of donations and social programs expenses; exclusion of impairment of assets; exclusion of restructuring and exclusion of certain other operating income (expense), net.; and exclusion J&F Leniency expenses refund. Brazil: -products Seara: -added Beef North America: -based -products -added -based Pork USA: Pilgrim’s Pride: -frozen -up -marinated -marinated -packaged -controlled -in -breaded -marinated -marinated -to-go Australia: -added -added -cooked -ready Others: There are no revenues arising out of transactions with any single customer that represents 5% or more of the total revenues. The Group manages its loans and financing and income taxes at the corporate level and not by segment. The information by operating segment are as follows: 2023 Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total reportable segments Elimination (*) Total Net revenue 11,141,171 8,272,546 23,303,052 7,713,828 17,347,956 6,209,012 893,459 74,881,024 (1,962,901 ) 72,918,123 Adjusted EBITDA (1) 469,250 364,494 114,236 526,949 1,536,039 454,707 (5,207 ) 3,460,468 (2,583 ) 3,457,885 2022 Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total reportable segments Elimination (*) Total Net revenue 11,414,350 8,324,233 22,069,092 8,153,051 17,455,092 6,323,297 842,036 74,581,151 (1,967,241 ) 72,613,910 Adjusted EBITDA (1) 468,933 896,744 2,081,676 756,284 2,084,557 443,880 (7,887 ) 6,724,187 (2,182 ) 6,722,005 2021 Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total reportable segments Elimination (*) Total Net revenue 9,989,966 6,773,847 21,443,400 7,626,244 14,765,111 5,344,942 712,984 66,656,494 (1,613,788 ) 65,042,706 Adjusted EBITDA (1) 431,868 714,668 4,511,948 786,007 1,691,656 327,573 24,729 8,488,449 (2,033 ) 8,486,416 (*) (1) 2023 2022 2021 Operating profit 1,084,140 4,783,391 5,984,069 Depreciation and amortization 2,149,066 1,907,923 1,673,216 Antitrust agreements (1) 102,500 101,447 792,700 Donations and social programs (2) 18,166 23,942 27,311 J&F Leniency expenses refund (3) — (93,786 ) — Impairment of assets (4) 26,268 17,396 — Restructuring (5) 53,275 — — Other operating income (expense), net (6) 24,470 (18,308 ) 9,120 Elimination 2,583 2,182 2,033 Total Adjusted EBITDA for operating segments 3,460,468 6,724,187 8,488,449 (1) (2) (3) (4) (5) (6) Below is net revenue and total assets based on geography, presented for supplemental information. 2023 North and Central America (2) South America Australia Europe Others Total Intercompany elimination (1) Total Net revenue 43,121,198 18,160,466 5,771,385 5,979,750 264,904 73,297,703 (379,579 ) 72,918,124 Total assets 17,525,543 17,674,813 5,771,385 5,896,287 2,088,347 48,956,375 (6,378,541 ) 42,577,834 2022 North and Central America (2) South America Australia Europe Others Total Intercompany elimination (1) Total Net revenue 42,934,979 19,022,041 6,373,122 5,588,847 189,715 74,108,704 (1,494,794 ) 72,613,910 Total assets 28,967,943 16,883,845 3,611,682 5,036,017 2,158,279 56,657,766 (16,772,255 ) 39,885,511 2021 North and Central America (2) South America Australia Europe Others Total Intercompany elimination (1) Total Net revenue 43,834,755 16,763,813 5,344,942 597,098 115,886 66,656,494 (1,613,788 ) 65,042,706 Total assets 23,641,965 15,778,101 3,520,751 5,042,651 2,082,577 50,066,045 (12,927,637 50,066,045 (1) (2) |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by Nature [Abstract] | |
Expenses by nature | 26 Expenses by nature The Group’s policy is to present expenses by function in the statement of income. Expenses by nature are disclosed below: 2023 2022 2021 Cost of sales Cost of inventories, raw materials and production inputs (55,435,841 ) (52,469,159 ) (45,129,164 ) Salaries and benefits (7,641,355 ) (6,951,628 ) (6,178,825 ) Depreciation and amortization (1,873,776 ) (1,649,450 ) (1,445,850 ) (64,950,972 ) (61,070,237 ) (52,753,839 ) Selling Freight and selling expenses (3,848,089 ) (3,970,687 ) (2,994,516 ) Salaries and benefits (302,395 ) (242,342 ) (179,489 ) Depreciation and amortization (63,990 ) (62,188 ) (57,037 ) Advertising and marketing (313,736 ) (337,873 ) (250,319 ) Net impairment losses (7,748 ) (2,477 ) (10,277 ) Commissions (58,376 ) (66,122 ) (60,117 ) (4,594,334 ) (4,681,689 ) (3,551,755 ) General and administrative Salaries and benefits (1,247,927 ) (1,297,972 ) (1,117,757 ) Fees, services purchased and general expenses (735,386 ) (670,385 ) (712,694 ) Depreciation and amortization (211,095 ) (196,288 ) (170,793 ) DOJ – department of justice and Antitrust agreements (102,500 ) (101,446 ) (792,625 ) Donations and social programs (1) (18,166 ) (22,891 ) (18,278 ) JBS Fund For The Amazon — (1,049 ) (9,035 ) (2,315,074 ) (2,290,031 ) (2,821,182 ) (1) For the year ended December 31, 2023, the Group incurred expenses with internal research and development, in the amount of US$5,135 (US$8,311 and US$21,023 for the year ended December 31,2022 and 2021). For the year ended December 31, 2023 and 2022, other income (expenses) includes gain (losses) of sale of assets, insurance recovery, asset impairment expenses, restructuring expenses, among others. |
Risk Management and Financial I
Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management and Financial Instruments [Abstract] | |
Risk management and financial instruments | 27 Risk management and financial instruments Financial instruments: The Group recognizes financial assets and liabilities at fair value upon initial recognition, except for trade accounts receivable that are measured at the transaction price and subsequently classified at amortized cost or at fair value through profit or loss based on the business model for asset management and the contractual cash flow characteristics of the financial asset. Purchases or sales of financial assets or liabilities are recognized on the trade date. Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them: 1. 2. Financial assets and liabilities are offset and presented net in the balance sheet when there is a legal right to offset the amounts recognized and there is an intention to liquidate them on a net basis or to realize the asset and settle the liability simultaneously. The legal right should not be contingent on future events and should be applicable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. The Group uses the measurement principles described in Note 2.6 — Significant accounting judgements and estimates at each statement of financial position date for each classification type of financial assets and liabilities. Financial instruments: Financial instruments are recognized in the consolidated financial statements as follows: Note December 31, 2023 December 31, 2022 Assets Fair value through profit or loss (1) Financial investments 3 2,642,258 1,343,149 National treasury bills 3 210,716 109,662 Derivative assets 169,736 108,505 Amortized cost (2) Cash at banks 3 1,830,814 1,144,741 Margin cash 3 18,191 59,088 Trade accounts receivable 4 3,390,856 3,878,125 Related party receivables 8 118,554 182,268 Total 8,381,125 6,825,538 Liabilities Amortized cost Loans and financing 15 (19,999,137 ) (17,700,148 ) Trade accounts payable and supply chain finance 14 (6,205,119 ) (6,531,731 ) Lease (1,841,227 ) (1,721,833 ) Other financial liabilities (104,043 ) (11,876 ) Fair value through profit or loss Derivative liabilities (144,251 ) (107,238 ) Total (28,293,777 ) (26,072,826 ) (1) -term (2) -term Fair value of assets and liabilities through profit or loss: Level 1 — Quoted prices in active markets (unadjusted) for identical assets or liabilities; Level 2 — Inputs other than Level Level 3 — Inputs used for fair value calculations which are not derived from an active market. The Group do not have any financial instruments that utilize significant level 3 inputs. December 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Financial assets Financial investments 206,650 2,435,608 2,642,258 — 1,343,149 1,343,149 National treasury bills 210,716 — 210,716 109,662 — 109,662 Derivative assets — 169,736 169,736 — 108,505 108,505 Financial liabilities Derivative liabilities — 144,251 144,251 — 107,238 107,238 Fair value of assets and liabilities carried at amortized cost: -A -rate -rate December 31, 2023 December 31, 2022 Description Principal Price Fair value Principal Price Fair value Notes 5.85% PPC 2027 — — — 850,000 99.55 % 846,175 Notes 2.50% JBS Lux 2027 1,000,000 92.10 % 920,960 1,000,000 86.90 % 869,040 Notes 5.13% JBS Lux 2028 900,000 99.66 % 896,931 900,000 95.13 % 856,188 Notes 3.00% JBS Lux 2029 600,000 88.24 % 529,440 600,000 84.02 % 504,108 Notes 6.5% JBS Lux 2029 77,973 99.27 % 77,406 77,973 98.16 % 76,537 Notes 5.5% JBS Lux 2030 1,250,000 98.55 % 1,231,875 1,250,000 95.40 % 1,192,475 Notes 3.75% JBS Lux 2031 500,000 86.45 % 432,250 500,000 82.46 % 412,280 Notes 4.25% PPC 2031 1,000,000 90.27 % 902,650 1,000,000 86.39 % 863,940 Notes 3.00% JBS Lux 2032 1,000,000 81.66 % 816,560 1,000,000 77.61 % 776,110 Notes 3.62% JBS Lux 2032 1,000,000 85.60 % 856,030 1,000,000 82.24 % 822,410 Notes 3.5% PPC 2032 900,000 84.47 % 760,203 900,000 80.72 % 726,498 Notes 5.75% JBS Lux 2033 2,050,000 99.35 % 2,036,736 2,050,000 95.41 % 1,955,885 Notes 6.25% PPC 2033 1,000,000 102.90 % 1,029,020 — — — Notes 6.75% JBS Lux 2034 1,600,000 105.27 % 1,684,368 — — — Notes 6.87% PPC 2034 499,999 108.05 % 540,230 — — — Notes 4.37% JBS Lux 2052 900,000 74.36 % 669,204 900,000 — 646,182 Notes 7.25% JBS Lux 2053 900,000 109.34 % 984,060 — — — Notes 6.50% JBS Lux 2052 1,550,000 100.71 % 1,560,989 1,550,000 96.79 % 1,500,276 16,727,972 15,928,912 13,577,973 12,048,104 Finance income (expense) by category of financial instrument: 2023 2022 2021 Fair value through profit or loss 204,573 (277,875 ) 77,969 Amortized cost (1,566,845 ) (963,823 ) (1,019,327 ) Total (1,362,272 ) (1,241,698 ) (941,358 ) Risk management: The Group during the regular course of its operations is exposed to market, credit and liquidity risks. These exposures are managed by the Risk Management Department, following the Financial and Commodities Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors. The Risk Management Department is responsible for identifying all the risk factors that may cause adverse financial results for the Group and proposing strategies to mitigate those risks. Their proposals are submitted to the Risk Management Committee for submission to the Board of Directors, who supervises the implementation of new solutions, noting limitations of scope and guidelines of the Financial and Commodities Risk Management Policy. Below are the risks and operations to which the Group is exposed and a sensitivity analysis for each type of risk, consisting in the presentation of the effects in the finance income (expense), net, when subjected to possible changes, of 25% to 50%, in the relevant variables for each risk. For each probable scenario, the Group utilizes the Value at Risk Methodology (VaR),for the confidence interval (C.I.) of 99% and a horizon of one day. a Market Risk: The exposure to market risk is continuously monitored, especially the risks related to foreign exchange, interest rates and commodity prices, which directly affect the value of financial assets and liabilities, future cash flows and net investments in foreign subsidiaries. In these cases, Group may use financial hedge instruments, including derivatives, with the approval by the Board of Directors. It is the responsibility of the Risk Management Department to ensure that other areas are within the risk exposure limits set by Management to protect against volatility in price, centralize the exposures and apply the Financial and Commodities Risk Management policy. The Risk Management Department uses proprietary and third -party a1. Interest rate risk Interest rate risk is related to potentially adverse results that Group may realize from changes in interest rates, which may be caused by economic crisis, changes in sovereign monetary policy, or market movements. The Group primarily has assets and mainly liabilities exposed to variable interest rates like the CDI Interbank Deposit Certificate), IPCA (Extended National Consumer Price Index) and TJLP (Long Term Interest Rate), among others. The Group’s Financial and Commodities Risk Management Policy does not define the proportion between float and fixed exposures, but the Risk Management Department monitors market conditions and may propose to the Risk Management Committee strategies to rebalance the exposure. The quantitative data referring to the risk of exposure to the Group’s interest rates on December 31, 2023 and December 31, 2022, are in accordance with the Financial and Commodity Risk Management Policy of the Group and are representative of the exposure incurred during the period. The main exposure to financial risks as of December 31, 2023 and December 31, 2022 are shown below: December 31, 2023 December 31, 2022 Net exposure to the CDI rate: CRA – Agribusiness Credit Receivable Certificates (60,676 ) (5,882 ) Credit note – export (217,648 ) (441,125 ) Rural – Credit note – Prefixed (1,208 ) (800 ) Related party transactions 624 1,502 CDB-DI (Bank certificates of deposit) 943,526 676,961 Margin cash 31,566 74,237 Treasury bills — 23,774 Subtotal 696,184 328,667 Derivatives (Swap) (1,427,374 ) (1,220,527 ) Total (731,190 ) (891,860 ) Liabilities exposure to the LIBOR rate: Prepayment — (292,209 ) FINIMP — (2,823 ) PPC term loan — (478,916 ) Working Capital – Dollars — (3,190 ) Subtotal — (777,138 ) Derivatives (Swap) — 295,353 Total — (481,785 ) Net exposure to the IPCA rate: Treasury bills 27,716 14,767 CRA – Agribusiness Credit Receivable Certificates (2,101,681 ) (1,609,636 ) Margin cash 51,751 15,237 Related party transactions 117,930 104,100 Subtotal (1,904,284 ) (1,475,532 ) Derivatives (Swap) 1,423,667 1,365,001 Total (480,617 ) (110,531 ) Assets exposure to the CPI rate: Margin cash 49,144 40,469 Total 49,144 40,469 Liabilities exposure to the SOFR rate: Prepayment (280,971 ) (161,410 ) Prepayment – exchange agreement (2,915 ) — Total (283,886 ) (161,410 ) Liabilities exposure to the TJLP rate: Working Capital (771 ) (647 ) Total (771 ) (647 ) Sensitivity analysis as of December 31, 2023: Contracts exposure Risk Current Scenario (I) VaR Scenario (II) Scenario (III) Rate Effect Rate Effect Rate Effect CDI Increase 11.65 % 11.70 % (340 ) 14.56 % (20,839 ) 17.48 % (41,671 ) IPCA Increase 4.68 % 4.69 % (63 ) 5.85 % (5,496 ) 7.02 % (10,992 ) CPI Decrease 3.10 % 3.09 % (4 ) 2.33 % (372 ) 1.55 % (745 ) SOFR Increase 5.38 % 5.38 % (11 ) 6.73 % (3,732 ) 8.07 % (7,464 ) (418 ) (30,439 ) (60,872 ) Instrument Risk factor Maturity December 31, 2023 December 31, 2022 Notional Fair value (Asset) – US$ Fair Fair Notional Fair (Asset) – US$ Fair Fair Swap LIBOR — — — — — 288,889 295,353 (280,251 ) 15,102 CDI 2023 — — — — 76,662 80,523 (77,551 ) 2,972 CDI 2024 181,769 189,067 (189,571 ) (504 ) — — — — IPCA — 111,031 142,472 (111,625 ) 30,847 103,021 123,845 (98,448 ) 25,397 IPCA 2027 79,937 94,520 (85,402 ) 9,118 74,171 80,302 (80,025 ) 277 IPCA 2028 91,298 108,777 (100,034 ) 8,743 84,712 92,333 (93,764 ) (1,431 ) IPCA 2030 289,179 350,639 (328,591 ) 22,048 268,317 296,304 (307,264 ) (10,960 ) IPCA 2031 288,874 333,981 (326,029 ) 7,952 274,067 283,731 (300,700 ) (16,969 ) IPCA 2032 87,821 103,620 (105,459 ) (1,839 ) 172,490 177,699 (186,308 ) (8,609 ) IPCA 2036 18,824 23,487 (24,650 ) (1,163 ) 19,166 19,524 (21,408 ) (1,884 ) IPCA 2037 214,822 266,169 (267,639 ) (1,470 ) 243,786 291,262 (311,581 ) (20,319 ) 1,363,555 1,612,732 (1,539,000 ) 73,732 1,605,281 1,740,876 (1,757,300 ) (16,424 ) a2. Exchange rate risk Exchange rate risk relates to potentially adverse results that the Group may face from fluctuations in foreign currency exchange rates from economic crisis, sovereign monetary policy alterations, or market movements. The Risk Management Department enters into transaction with derivative instruments previously approved by the Board of Directors to protect financial assets and liabilities and future cash flow from commercial activities and net investments in foreign operations. The Board of Directors has approved the use of future contracts, NDFs (non deliverable forwards), DFs (Deliverable forwards), and swaps that may be applied to hedge loans, investments, cash flows from interest payments, export estimate, acquisition of raw material, and other transactions, whenever they are quoted in currencies different than the entity’s. functional currency. The primary exposures to exchange rate risk are in US Dollars (US$), Euro (€), British Pound (£), Mexican Pesos (MXN) and Australian Dollars (AU$). The carrying amounts of assets and liabilities and other positions exposed to foreign currency risk at December 31, 2023, and 2022 are presented below along with the notional amounts of derivative contracts intended to offset the exposure, in accordance with the Group’s Financial and Commodities Risk Management Policy. The exposure is related to Brazilian Real. USD EUR GBP MXN AUD December 31, December 31, December 31, December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 OPERATING Cash and cash equivalents 1,570,813 737,591 68,154 40,184 20,102 12,202 271,503 122,588 42 7 Trade accounts receivable 579,651 1,173,723 147,839 136,478 49,743 51,302 134,113 126,037 241 86 Sales orders 916,595 597,296 73,564 41,964 217,509 13,379 — — — — Trade accounts payable (174,781 ) (154,283 ) (74,963 ) (92,271 ) (15,846 ) (18,799 ) (267,433 ) (52,346 ) (320 ) (118 ) Purchase orders (56,710 ) (61,679 ) (18,012 ) (12,181 ) — — — — — — Operating subtotal 2,835,568 2,292,648 196,582 114,174 271,508 58,084 138,183 196,279 (37 ) (25 ) FINANCIAL Margin cash — 269 — — — — — — — — Advances to customers (111,368 ) (36,204 ) (12,621 ) (856 ) (511 ) — — — — — Loans and financing (306,798 ) (1,362,474 ) (3,218 ) (4,986 ) — — — — — — Financial subtotal (418,166 ) (1,398,409 ) (15,839 ) (5,842 ) (511 ) — — — — — Operating financial subtotal 2,417,402 894,239 180,743 108,332 270,997 58,084 138,183 196,279 (37 ) (25 ) Related party transactions, net — — — 289,556 — — — — — — Total exposure 2,417,402 894,239 180,743 397,888 270,997 58,084 138,183 196,279 (37 ) (25 ) DERIVATIVES Future contracts (250,788 ) (103,000 ) (137,070 ) (103,490 ) (44,142 ) — — — — — Deliverable Forwards (398,024 ) (463,371 ) 67,303 84,013 (14,369 ) (5,208 ) — (291,377 ) 2,846 943 Non-Deliverable Forwards (NDF’s) (1,306,760 ) 3,029 5,071 (11,834 ) (97,124 ) (19,761 ) — — — — Swap — 15,101 — — — — — — — — Total derivatives (1,955,572 ) (548,241 ) (64,696 ) (31,311 ) (155,635 ) (24,969 ) — (291,377 ) 2,846 943 NET EXPOSURE IN US$ 461,830 345,998 116,047 366,577 115,362 33,115 138,183 (95,098 ) 2,809 918 Net debt in foreign subsidiaries (1) (14,775,198 ) (12,816,599 ) — — — — — — — — (1) a2.1. Sensitivity analysis and derivative financial instruments breakdown: a2.1.1 US Dollar (amounts in thousands of US$): Current Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 4.8413 4.7621 (45,314 ) 3.6310 (692,836 ) 2.4207 (1,385,677 ) Financial Depreciation 4.8413 4.7621 (3,573 ) 3.6310 (54,636 ) 2.4207 (109,272 ) Derivatives Depreciation 4.8413 4.7621 31,251 3.6310 477,820 2.4207 955,643 Current exchange rate Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Interest rate variation – 25% Scenario (iii) Interest rate variation – 50% Exposure of US$ Risk Exchange rate Effect on equity Exchange rate Effect on equity Exchange rate Effect on equity Net debt in foreign subsidiaries Depreciation 4.8413 4.9205 (241,589 ) 6.0516 (3,693,815 ) 7.2620 (7,387,599 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Quantity Notional (US$) Fair value Quantity Notional (US$) Fair value Future Contract American dollar Short 52,199 (250,788 ) (2,078 ) 51 490 (872 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional (US$) Notional (US$) Fair value Notional (US$) Notional (US$) Fair value Deliverable Forwards American dollar Short (398,024 ) (398,024 ) 29,150 (463,371 ) (2,417,731 ) 67,658 Non-Deliverable Forwards American dollar Short (1,306,760 ) (1,306,760 ) 13,975 3029 15804 (339 ) a2.1.2 € – EURO (amounts in thousands of US$): Current Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest rate variation – 50% Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 5.3516 5.2638 (3,153 ) 4.0137 (48,033 ) 2.6758 (96,065 ) Financial Depreciation 5.3516 5.2638 254 4.0137 3,870 2.6758 7,740 Derivatives Appreciation 5.3516 5.2638 1,038 4.0137 15,808 2.6758 31,616 December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair Notional Notional Fair Non-Deliverable Euro Long (1,157 ) 5,071 513 78,708 85,306 3,443 Deliverable Forwards Euro Short 12,576 67,303 (1,885 ) (11,087 ) (12,016 ) 9 a2.1.3 £ – British Pound (amounts in thousands of US$): Current Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Interest rate variation – 25% Scenario (iii) Interest rate variation – 50% Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 6.1586 6.0564 (4,405 ) 4.6190 (66,340 ) 3.0793 (132,680 ) Financial Depreciation 6.1586 6.0564 8 4.7134 125 3.1423 250 Derivatives Depreciation 6.1586 6.0564 2,525 4.6190 38,028 3.0793 76,055 December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair value Notional Notional Fair value Deliverable Forwards British pound Short (2,333 ) (14,369 ) 202 (829 ) (4,869 ) (193 ) Non-Deliverable British pound Short (15,771 ) (97,124 ) (579 ) (3,147 ) (18,476 ) 1,357 a2.1.4 MXN – Mexican Peso (amounts in thousands of US$): Current exchange Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 0.2856 0.2815 (1,962 ) 0.2142 (33,763 ) 0.1428 (67,527 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair value Notional Notional Fair value Deliverable Forwards Mexican peso Short — — — (1,092,527 ) (272,434 ) (30,362 ) a2.1.5 AUD – Australian Dollar (amounts in thousands of US$): Current exchange Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Depreciation 3.2882 3.2319 1 2.4662 9 1.6441 18 Derivatives Appreciation 3.2882 3.2319 (48 ) 2.4662 (695 ) 1.6441 (1,391 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair value Notional Notional Fair Deliverable Forwards Australian dollar Long 865 2,846 (1 ) 266 943 5 b. Commodity price risk The Group operates globally (the entire livestock protein chain and related business) and during the regular course of its operations is exposed to price fluctuations in feeder cattle, live cattle, lean hogs, corn, soybeans, and energy, especially in the North American, Australian and Brazilian markets. Commodity markets are characterized by volatility arising from external factors including climate, supply levels, transportation costs, agricultural policies and storage costs, among others. The Risk Management Department is responsible for mapping the exposures to commodity prices of the Group and proposing strategies to the Risk Management Committee, in order to mitigate such exposures. Biological assets are a very important raw material used by the Group. In order to maintain future supply of these materials, the Group participates in forward contracts to anticipate purchases with suppliers. To complement these forward purchases, the Group use derivative instruments to mitigate each specific exposure, most notably futures contracts, to mitigate the impact of price fluctuations — on inventories and sales contracts. The G takes the historical average amount spent on materials as an indication of the operational value to be protected by firm contracts. b.1 Position balance in commodities (cattle) contracts of JBS S.A.: Given the nature of its operations, the Group is exposed to volatility in cattle prices, where price fluctuations arise from factors beyond the Group’s control, such as climate, cattle supply, transportation costs and agricultural policies among others. Forward purchases of cattle can be negotiated at floating (prices marked at the delivery day current price) or fixed prices. The Group may use future contracts traded at the B3 to balance these exposures. The factors that influence the commodity price risk reduction strategy are the timing of term contracts for cattle purchases considering any negotiated values and terms. The Group’s exposure to cattle price fluctuation as of December 31, 2023, are presented below in accordance with the Group’s Financial and Commodities Risk Management Policy and are representative of the exposure at each period end. Exposure in Commodities (Cattle) December 31, December 31, Firm contracts of cattle purchase — 2,873 Subtotal — 2,873 DERIVATIVES Future contracts (101 ) (385 ) Subtotal (101 ) (385 ) NET EXPOSURE (101 ) 2,488 Sensitivity analysis as of December 31, 2023: Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Variation – 25% Scenario (ii) Variation – 50% Exposure Risk Current Price Effect on income Price Effect on income Price Effect on income Derivatives Cattle depreciation 52 55 (5 ) 65 (25 ) 78 (49 ) Derivatives financial instruments breakdown: December 31, 2023 December 31, 2022 Instrument Risk factor Nature Quantity Notional Fair value Quantity Notional Fair value Future Contracts Commodities (Cattle) Long (6 ) (101 ) — 21 (385 ) (19 ) b2. Position balance in commodities (grain) derivatives financial instruments of Seara Alimentos: Seara Alimentos is exposed to price volatility of grain, which changes based on factors beyond the management’s control, such as climate, the supply volume, transportation costs, agricultural policies and others. Seara Alimentos, in accordance with its policy of inventory management, started the strategy of managing the risk of grain’s price by actively monitoring the Group´s grains needs, including expectations of future consumption, anticipated purchases, combined with future market operations, by hedging with grain futures on B3, CME and Over the Counter (OTC), through Non -Deliverable Management’s estimate at the exposure risk to grain’s price changes at Seara Alimentos at December 31, 2023, 2022 and 2021 are presented below in accordance with the Financial and Commodities Risk Management Policy and are representative of the exposure incurred during the period. EXPOSURE in Commodities (Grain) December 31, December 31, December 31, OPERATING Purchase orders 114,097 224,766 346,574 Subtotal 114,097 224,766 346,574 DERIVATIVES Future contracts — (948 ) (17,218 ) Brazil Cash basis — — 3,542 Non-Deliverable Forwards — (30,990 ) (202,375 ) Subtotal — (31,938 ) (216,051 ) NET EXPOSURE 114,097 192,828 130,523 Sensitivity analysis as of December 31, 2023: Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Price variation – 25% Scenario (ii) Price variation – 50% Exposure Risk Price (USD per tonne) Effect on income Price Effect on income Price Effect on income Operating Depreciation (2.19 )% (2,451 ) (25.00 )% (27,878 ) (50.00 )% (55,756 ) Derivatives financial instruments breakdown: December 31, 2023 December 31, 2022 Instrument Risk factor Nature Quantity Notional Fair value Quantity Notional Fair value Future contracts Commodities (Grains) Short — — — 520 (948 ) (2,448 ) Non-Deliverable Forwards Commodities (Grains) Short — — — 4,000 (30,990 ) 684 b3. Hedge accounting of Seara Alimentos: b3.1. Hedge accounting: The Group applies hedge accounting for grain purchases by the subsidiary Seara Alimentos, aiming at bringing stability to the results. The designation of these instruments is based on the guidelines outlined in the Financial and Commodity Risk Management Policy defined by the Risk Management Committee and approved by the Board of Directors. Financial instruments designated for hedge accounting were classified as cash flow hedge. The effective amount of the instrument’s gain or loss is recognized under “Other comprehensive income (expense)” and the ineffective amount under “Financial income (expense), net”, and the accumulated gains and losses are reclassified to profit and loss or to the statement of financial position when the object is recognized, adjusting the item in which the hedged object was recorded. In these hedge relationships, the main sources of ineffectiveness are the effect of the counterparties and the Group’s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates; changes in commodities prices; and changes in the timing of the hedged transactions. Below are the effects on the statement of income, after the adoption of hedge accounting: December 31, December 31, Statements of income: Cost of sales before hedge accounting adoption (7,798,858 ) (7,303,648 ) Derivatives operating income (loss) 31,693 61,857 Currency 1,441 10,103 Commodities 30,252 51,754 Cost of sales with hedge accounting (7,767,165 ) (7,241,791 ) Financial income (expense), net excluding derivatives (77,411 ) (45,390 ) Derivatives financial income (expense), net 14,405 (46,354 ) Currency 39,968 (61,277 ) Commodities (24,357 ) 26 Interest (1,206 ) 14,897 Financial income (expense), net (63,006 ) (91,744 ) Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting: December 31, 2023 December 31, 2022 Statements of other comprehensive income (expense): Financial instruments designated as hedge accounting: (537 ) (7,800 ) Currency 39 (2,622 ) Commodities (576 ) (5,178 ) Gain (loss) on cash flow hedge 7,882 (48,526 ) Deferred income tax on hedge accounting 16,499 Total of other comprehensive income (expense) 7,882 (32,027 ) Hedge cash flow movement December 31, 2022 OCI December 31, 2023 Hedge accounting operations at the parent company (7,992 ) 7,482 (510 ) (-) IR/CS 2,717 (2,544 ) 173 Impact of Hedge Operations on Subsidiaries 272 (272 ) — (92 ) 92 — Impact of Hedge Operations on Subsidiaries (5,095 ) 4,758 (337 ) Below are the effects on the statement of financial position, after the adoption of hedge accounting: December 31, December 31, Statement of financial position: Derivative (liabilities)/assets — (1,765 ) Financial instruments designated as hedge accounting: Commodities — (1,765 ) Currency — — Derivative (liabilities)/assets 4,473 18,073 Financial instruments not designated as hedge accounting: Exchange 4,977 — Interest (504 ) 18,073 Other comprehensive income (expense) (550 ) (7,720 ) Currency 39 (2,595 ) Commodities (589 ) (5,125 ) Inventories 6,577 6,951 Currency 136 2,298 Commodities 6,441 4,653 Open amounts in statement of financial position of derivative assets and liabilities: December 31, December 31, Assets: Not designated as hedge accounting — 18,074 Interest — 18,074 Current assets 4,977 13,267 Non-current assets — 4,807 (Liabilities): Designated as hedge accounting 750 1,764 Commodities — 1,764 interest 750 — Current liabilities — 1,765 Not designated as hedge accounting Currency 504 — interest 504 — b4. Position balance in commodities derivatives financial instruments of JBS USA: Exposure in Commodities December 31, December 31, OPERATIONAL Firm contracts of cattle purchase 3,230,355 2,514,530 Subtotal 3,230,355 2,514,530 DERIVATIVES Deliverable Forwards 389,130 (154,278 ) Subtotal 389,130 (154,278 ) NET EXPOSURE 3,619,485 2,360,252 Sensitivity analysis as of December 31, 2023: Scenario (i) VaR 99% Scenario (ii) Price variation – 25% Scenario (iii) Price variation – 50% Exposure Risk Price (US$ per head) Effect on income Price Effect on income Price Effect on income Operating Depreciation (2.25 )% (71,163 ) (25.00 )% (789,300 ) (50.00 )% (1,578,600 ) Derivatives Appreciation (2.25 )% (8,572 ) (25.00 )% (95,079 ) (50.00 )% (190,159 ) Derivatives financial instruments breakdown: December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional (US$) Notional (R$) Fair value Notional (US$) Notional (R$) Fair Deliverable Forwards Commodities (Cattle) Short 80,377 389,130 (1,982 ) (29,568 ) (154,278 ) (31,182 ) c. Credit risk The Group is potentially subject to credit risk related to accounts receivable, financial investments and derivative contracts. For the receivable account the Financial and Commodities Risk Policy significantly understand the diversification of the portfolio contribute significantly to the reduction of credit, but also sets parameters for the credit granting observing the measures, financial and operational, supported by consultations with agencies that also monitor credit. The impairment of these financial assets is carried out based on credit analyses. If the counter party of a financial transaction is a financial institution (financial investments and derivative contracts), the Group establishes exposure limits set by the Risk Management Committee, based on the risk ratings of specialized international agencies. The Group considers a financial asset to be in default when: 1. 2. Category % Equity Maximum AAA 2.00 5 years AA 1.00 3 years A 0.50 2 years BBB 0.25 1 year The information about the exposure to weighted average loss rate, gross carrying amount, impairment losses recognized in profit or loss were as follows: Weighted Gross Expected December 31, 2023 Cash and cash equivalents — 4,569,517 — Margin cash — 132,461 — Trade accounts receivable 2.50 % 3,390,856 (84,913 ) Related party receivables — 118,554 — — 8,211,388 (84,913 ) d. Liquidity risk Liquidity risk arises from the Group’s working capital management and obligations to pay interest and principal on its financing, especially debt instruments. Liquidity risk is the risk that the Company may not have available liquidity to meet its financial obligations when they are due. The Group’s key management personnel manage liquidity risk primarily by assessing the Group’s overall leverage by monitoring the net debt ratio. This ratio compares the Group’s net debt (total loans and financing less the total of cash and cash equivalents) to “Adjusted EBITDA” for the preceding 12 months. The Group’s working capital management strategy includes maintaining its leverage at or below its target leverage ratio in order to ensure that the Group can meet its financial obligations while achieving efficiency in its cost of funding. The leverage ratio is shown below: December 31, December 31, Leverage indicator (USD) 4.42x 2.26x The table below shows the contractual obligation amounts from financial liabilities of the Group according to their maturities: December 31, 2023 December 31, 2022 Less than 1 year Between Between More than Total Less than Between Between More than Total Trade accounts payable and supply chain finance 6,205,119 — — — 6,205,119 6,531,731 — — — 6,531,731 Loans and financing 891,570 171,228 1,212,538 17,723,802 19,999,138 1,577,047 815,045 2,396,339 12,911,717 17,700,148 Estimated interest on loans and financing (1) 1,362,896 1,052,488 1,910,116 7,390,262 11,715,762 924,346 1,837,495 1,485,208 4,441,125 8,688,174 Derivatives liabilities (assets) 144,251 — — — 144,251 107,238 — — — 107,238 Other liabilities 21,162 20,914 — 61,967 104,043 6,498 5,327 51 — 11,876 Payments of leases (2,796 ) 293,444 442,272 1,108,307 1,841,227 342,747 500,539 313,253 853,253 2,009,792 Total 8,622,202 1,538,074 3,564,926 26,284,338 40,009,540 9,489,607 3,158,406 4,194,851 18,206,095 35,048,959 (1) The Group has future commitment for purchase of grains and cattle whose balances at December 31, 2023 is US$35.6 billion (December 31, 2022 is US$32.9 billion). The Group has securities pledged as collateral for derivative transactions with the commodities and futures whose balance at December 31, 2023 is US$13,575 (US$15,416 at December 31, 2022). This guarantee exceeds the amount of the collateral. The indirect subsidiary JBS USA and its subsidiaries, has securities pledged as collateral for derivative transactions with the commodities and futures whose balance at December 31, 2023 is US$67,335 (US$99,288 at December 31, 2022). This guarantee exceeds the amount of the collateral. Also, the direct subsidiary Seara Alimentos has securities pledged as collateral for derivative transactions with the commodities and futures whose balance at December 31, 2023 is US$51,751 (US$15,505 at December 31, 2022). This guarantee exceeds the amount of the collateral. As disclosed in Note 15 Loans and financing, the Group has multiple bank loans that contains a loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. The interest payments on variable interest rate loans and bond issues in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the derivative change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly e |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 28 Subsequent events On February 28, 2024, the Attorney General of the State of New York filed a civil complaint against our subsidiaries, JBS USA Food Company and JBS USA Food Company Holdings, in the Supreme Court of the State of New York, County of New York, alleging that consumers in New York were misled by statements in which we expressed our goal of reducing greenhouse gas emissions and striving to achieve Net Zero by 2040. The complaint seeks an injunction, disgorgement of profits, civil penalties, attorney’s fees and other relief. We believe we will be successful in our defense strategy; an opinion shared by our legal advisors. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Functional and presentation currency | 2.1 Functional and presentation currency The financial statements of each subsidiary included in the consolidation are prepared using the functional currency of the main economic environment it operates. These consolidated financial statements are presented in U.S dollar (US$), the Group selected the US$ as its presentation currency to facilitate a more direct comparison to other competitors. |
Foreign currencies | 2.2 Foreign currencies Transactions in foreign currencies other than an entity’s functional currency are initially measured in the functional currency of the entity using the exchange rate effective at the date of each transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the closing exchange rate at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, under the caption “Finance income” or “Finance expense”. |
Translation of subsidiaries financial statements | 2.3 Translation of subsidiaries financial statements The consolidated financial statements of foreign subsidiaries are prepared using each subsidiary’s respective functional currency. The results and financial position of all entities with a functional currency different from its ultimate parent’s functional currency (R$) have been translated to R$ and then these financial statements have been translated from the parent´s functional currency (R$) into the Group’s presentation currency (US$). As follows: i. ii. iii. |
Basis of consolidation | 2.4 Basis of consolidation The Group consolidates all entities it controls. The Group controls an entity when the Group is exposed to or has rights to variable returns resulting with its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that the control is obtained by to the Group. Consolidation is discontinued from the date that control ceases. Investments in equity -accounted Accounting policies of subsidiaries have been changed where necessary to ensure consistency with policies adopted by the Group. Intercompany transactions, balances, income and expenses transactions between group companies are eliminated in consolidation. Non -controlling -controlling When the Group acquires or disposes of non -controlling -controlling |
New standards, amendments and interpretations | 2.5 New standards, amendments and interpretations Standards, amendments and interpretations recently issued and adopted by the Group IAS 1 — Presentation of Financial Statements As of January 1, 2023, sets out the requirements to defer settlement of a liability and whether the Group has reached these requirements at the end of the reporting period and, also, whether the classification between current and non -current IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors Correction Starting on January 1, 2023, the changes provide clarification on the distinction between changes in accounting estimates and changes in accounting policies and error corrections, ensuring the correct application of the standard. The Group did not identify significant impacts resulting from this change. IAS 12 — Income Taxes Starting on January 1, 2023, the changes aim to limit the scope of the Initial Recognition Exemption (“IRE”) so that the IRE is no longer applicable to transactions that give rise to equal and offsetting temporary differences. Therefore, a deferred tax asset and a deferred tax liability should be recognized for temporary differences arising at the initial recognition of a lease or a provision for dismantling and removing leased equipment. The Group did not identify significant impacts resulting from this change. As of May 23, 2023, the changes to the International Tax Reform — Pillar Two Model Rules aim to address tax issues related to the creation of a global system of minimum taxation for multinational companies, as disclosed in note 10 — Income tax and social contribution. IAS 1 and IFRS Practice Statement 2 — Disclosure of Accounting Policies Starting on January 1, 2023, the changes require the disclosure of “material” accounting policies instead of “significant” accounting policies. The changes also provide guidance on applying materiality to the disclosure of accounting policies, helping entities to provide useful information about specific accounting policies that users need to understand other information in the financial statements. The Group did not identify significant impacts resulting from this change. b. New accounting standards or amendments not yet effective IAS 1 and IFRS 7 — Supplier Financing Arrangements (“Risk Drawn”) Starting on January 1, 2024, the changes aim to increase transparency and comparability of financial information in supplier financing arrangements, which involve financing suppliers through a financial institution. Companies will be required to disclose the terms and conditions of transactions with suppliers, the exposure to risk drawn in the cash flow statement, and the factors affecting liquidity risk related to these operations. The Group is monitoring the changes and will adjust the disclosure in the explanatory notes according to the standard’s requirements. IAS 21 02 — Effect of changes in exchange rates and translation of financial statements Starting from January 1, 2025, this amendment establishes accounting requirements for situations where a functional currency cannot be converted into other currencies. In such cases, the Company must use the most recent observable exchange rate to translate the results and financial position of foreign operations into its presentation currency. The entity should also disclose this exchange rate, the date it was observed, and the reasons why the currency is non -exchangeable From January 1, 2023, changes in relation to contractual covenants impact the classification of liabilities between current and non -current -current -term |
Significant accounting judgements and estimates | 2.6 Significant accounting judgements and estimates The preparation of these consolidated financial statements requires the use of estimates and judgment by management in the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Judgments: • • -based • Assumptions and estimation uncertainties: • • • • • • The Group periodically reviews the estimates and assumptions on an ongoing basis. Revisions to estimates are recognized prospectively. |
Background Information (Tables)
Background Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Background Information [Abstract] | |
Schedule of Operations in Brazil as well as the Activities of its Subsidiaries | These financial statements include the Group’s operations in Brazil as well as the activities of its subsidiaries. Below is a summary of the Group’s main operating activities by entity and geographic location, as well as the ownership percentage of interest in the main subsidiaries as of December 31, 2023. Description Activities Units Country JBS S.A. (JBS, Company) - Beef processing: slaughtering, refrigerating, industrializing and production of canned beef by -products 67 Brazil - Leather production, processing and commercialization. - Production and commercialization of steel cans, plastic resin, soap base for production, soap bar, biodiesel, glycerin, olein, oily acid, collagen and wrapper derived from cattle tripe; industrial waste management; purchase and sale of soybeans, tallow, palm oil, caustic soda, stearin; transportation services; dog biscuits; electric power production, cogeneration and commercialization. - Distribution centers and harbors. 14 Description Activities Units Country Participation December 31, 2023 December 31, 2022 December 31, 2021 Seara Alimentos Ltda. (Seara Alimentos) - Chicken and pork processing: raising, slaughtering and processing of broiler chickens and hogs; production and commercialization of beef and food products; and production of pet food and concentrates. 47 Brazil Indirect 100% 100% 100% - Distribution centers, transportation services and harbors. 24 - Direct sales to customers of beef and by -products 248 Meat Snacks Partners do Brasil Ltda (Meat Snacks) - Beef Jerky production. 2 Indirect 50% 50% 50% JBS Confinamento Ltda. (JBS Confinamento) - Cattle fattening services. 10 Direct 100% 100% 100% Brazservice Wet Leather S.A (Brazservice) - Wet blue leather production, processing and commercialization. 1 Direct 100% 100% 100% Description Activities Units Country Participation December 31, 2023 December 31, 2022 December 31, 2021 JBS USA Holding Lux, S.à.r.l. (JBS USA) - Beef processing: slaughtering, refrigerating, industrializing and, production of by -products - Transportation services. 56 Australia, Canada, France, Mexico, New Zealand, Netherlands, United Kingdom and United States of America. Indirect 100% 100% 100% - Pork processing: raising, slaughtering, industrializing and commercialization of by -products 61 - Chicken processing: raising, slaughtering and processing of broiler chickens, production and commercialization of by -products 157 - Fishing processing: raising, slaughtering, industrializing and commercialization of by -products 2 - Plant based processing: industrializing and commercialization of by -products 3 JBS Global (UK) Ltd. (JBS Global UK) - Trading fresh and processed beef, pork, lamb, chicken and fish products for the European market. 1 United Kingdom Indirect 100% 100% 100% Description Activities Units Country Participation December 31, 2023 December 31, 2022 December 31, 2021 JBS Toledo NV (Toledo) - Trading operations for the European market; cooked frozen meat commercialization; logistic operations; warehousing. 1 Belgium Direct 100% 100% 100% Rigamonti Salumificio SpA (Rigamonti) ‘- Production and commercialization of bresaola, Prosciutto di San Daniele D.O.P. (raw ham) and Prosciutto di Parma D.O.P.(raw ham) and pork products: ham, cooked ham, mortadella, among others. 9 Italy and United States of America. Indirect 100% 100% 100% Conceria Priante (Priante) - Semi -finished 1 Italy Direct 100% 100% 100% JBS Leather International (Leather International) - Wet blue, semi -finished 7 Argentina, Germany, China, Mexico, Uruguay and Vietnam. Direct 100% 100% 100% Seara Holding Europe B.V. (Seara Holding) - Animal protein products trading, industrializing and commercialization of by -products 14 China, Netherlands, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom and Singapore. Indirect 100% 100% 100% |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Margin Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents and Margin Cash [Abstract] | |
Schedule of Changes in Fair Value to be Cash Equivalents | Cash and cash equivalents December 31, 2023 December 31, 2022 Cash on hand and at banks 1,830,814 1,144,741 CDB (bank certificates of deposit) and National Treasury Bills ( Tesouro Selic (1) 2,738,703 1,381,690 4,569,517 2,526,431 Margin cash Margin cash (Restricted cash) 18,191 59,088 Investments in Treasury Bills 114,270 71,121 132,461 130,209 (1) Certificado de Depósito Interbancário Tesouro Selic |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Accounts Receivable [Abstract] | |
Schedule of Age Accounts Receivable Along with the Expected Credit Losses and Present Value Adjustment | The age of accounts receivable along with the expected credit losses and present value adjustment are as follows: December 31, 2023 December 31, 2022 Current receivables Domestic sales 1,920,310 2,137,350 Foreign sales 852,566 969,442 Subtotal 2,772,876 3,106,792 Overdue receivables: From 1 to 30 days 397,753 482,104 From 31 to 60 days 93,175 113,266 From 61 to 90 days 29,490 66,493 Above 90 days 188,300 199,084 Expected credit losses (84,913 ) (82,636 ) Present value adjustment (1) (5,825 ) (6,978 ) Subtotal 617,980 771,333 Trade accounts receivable, net 3,390,856 3,878,125 (1) |
Schedule of Changes in the Allowance for Expected Credit Losses | The resulting bad debt expense is recognized in the statement of income within “Selling Expenses”. Below are the changes in the allowance for expected credit losses: December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period (82,636 ) (82,318 ) (79,638 ) Additions (9,906 ) (9,230 ) (12,289 ) Write-offs/Reversals 9,580 10,351 8,541 Exchange rate variation (1,951 ) (1,439 ) 968 Balance at the end of the period (84,913 ) (82,636 ) (82,418 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | December 31, 2023 December 31, 2022 Finished products 3,096,459 3,296,410 Work in process 586,036 523,293 Raw materials 759,035 932,317 Supplies 659,700 641,562 5,101,230 5,393,582 |
Schedule of Inventory Adjustments Provision under Cost of Sales | Changes in the realizable value of inventories is recognized in the financial statement of income as “Cost of sales” and is presented below: December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period (59,525 ) (44,555 ) (35,101 ) Additions (54,945 ) (57,803 ) (43,066 ) Write-off 61,045 44,639 32,789 Exchange rate variation (3,637 ) (1,806 ) 823 Balance at the end of the period (57,062 ) (59,525 ) (44,555 ) |
Biological Assets (Tables)
Biological Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Biological Assets [Abstract] | |
Schedule of Current and Non-Current Biological Assets | Current biological assets (consumable): December 31, 2023 December 31, 2022 Amount Quantity (thousands) Amount Quantity (thousands) Chicken and eggs 685,465 560,414 737,911 615,040 Cattle 62,556 19 59,356 60 Hogs 776,125 8,516 859,905 7,922 Lamb 126 1 737 6 Fish (biomass – kg) 187,881 21,678 203,197 25,256 Total current 1,712,153 1,861,106 Non-current biological assets (bearer assets): December 31, 2023 December 31, 2022 Amount Quantity (thousands) Amount Quantity (thousands) Mature chickens (breeding stage) 211,021 23,745 173,416 24,598 Immature chickens (in development) and eggs 182,741 16,867 182,498 21,241 Cattle 2,534 1 1,759 1 Hogs 116,160 670 128,634 716 Mature fish (biomass – kg) 2,343 84 2,110 93 Immature fish (biomass – kg) and eggs 14,140 514 11,570 382 Eucalyptus forests (hectares) 2,538 2,232 1,971 2,232 Total non-current 531,477 501,958 Total of biological assets: 2,243,630 2,363,064 |
Schedule of Changes in Biological Assets | Current Non-current Changes in biological assets: December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period 1,861,106 1,327,675 984,417 501,958 402,297 342,249 Business combination (1) (24,542 ) 171,362 162,064 — 38,020 12,311 Increase by reproduction (born) and cost to reach maturity 12,889,376 12,225,934 10,069,305 836,047 790,192 592,871 Reduction for slaughter, sale or consumption (13,522,290 ) (12,545,787 ) (10,428,491 ) (66,503 ) (82,344 ) (52,846 ) Purchases 397,946 536,267 431,500 180,727 164,921 162,930 Decrease by death (168,073 ) (81,952 ) (33,141 ) (17,865 ) (14,886 ) (9,707 ) Fair value adjustments (85,715 ) 36,102 (35,455 ) 700 4 71 Reclassification from non-current to current 307,195 292,149 211,186 (307,195 ) (292,149 ) (211,186 ) Exchange rate variation 57,150 (100,644 ) (33,710 ) 12,426 602 (7,900 ) Amortization — — — (608,818 ) (504,699 ) (426,496 ) Balance at the end of the period 1,712,153 1,861,106 1,327,675 531,477 501,958 402,297 (1) |
Recoverable Taxes (Tables)
Recoverable Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes [Abstract] | |
Schedule of Recoverable Taxes | Recoverable taxes as of December 31, 2023 and December 31, 2022 was comprised of the following: December 31, 2023 December 31, 2022 Value-added tax on sales and services – ICMS/IVA/VAT/GST 919,634 1,006,814 Social contribution on billings – PIS and COFINS 502,397 527,607 Withholding income tax – IRRF/IRPJ 1,196,502 1,199,323 Excise tax – IPI 22,004 24,478 Reintegra 8,905 9,551 Other 13,953 10,558 2,663,395 2,778,331 Current 919,120 1,021,701 Non-current 1,744,275 1,756,630 2,663,395 2,778,331 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Receivable | December 31, 2023 December 31, 2022 J&F Oklahoma Holdings Inc – Associate — 76,665 J&F Investimentos S.A. (1) 117,930 104,101 Flora Produtos de Higiene e Limpeza S.A. – Associate 624 1,502 118,554 182,268 (1) (2) |
Schedule of Aggregate Amount of Compensation Received by Company’s key Management | The aggregate amount of compensation received by the Company’s key management for the year ended December 31, 2023, 2022 and 2021 was: 2023 2022 2021 Salaries and wages 8,179 7,678 6,191 Variable cash compensation 18,658 18,727 10,395 Share-based payments 7,217 6,863 10,275 34,054 33,268 26,861 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Deferred Taxes Assets and Liabilities | An unfavorable tax settlement would require an outflow of the Group´s cash and generally result in an increase in the effective tax rate in the period of resolution. A favorable tax settlement would generally be recognized as a reduction in the effective tax rate in the period of resolution. December 31, 2023 December 31, 2022 Deferred income taxes assets 774,861 605,880 Deferred income taxes liabilities (1,360,257 ) (1,363,072 ) (585,396 ) (757,192 ) |
Schedule of Deferred Tax Income and Social Contribution | Composition of deferred tax income and social contribution Balance at January 1, Statement of income Exchange variation Other Adjustments (1) Balance at Tax losses and negative basis of social contribution 649,164 154,719 36,289 — 840,172 Expected credit losses on trade accounts receivable 31,572 4,869 1,645 — 38,086 Provisions for contingencies 94,153 (19,037 ) 3,724 — 78,840 Present value adjustment 11,326 (4,401 ) 723 — 7,648 Tax credits 13,196 10,480 (19 ) 28 23,685 Labor accident accruals 6,139 1,788 — — 7,927 Pension plan 10,485 3,700 (17 ) (2,212 ) 11,956 Trade accounts payable accrual 284,235 (12,388 ) 5,665 — 277,512 Non-deductible interest 76,563 135,394 1 — 211,958 Right of use assets 22,583 1,848 986 — 25,417 Other temporary differences – assets 141,120 (16,514 ) (6,167 ) 5,955 124,394 Goodwill amortization (785,958 ) (11,163 ) (54,719 ) — (851,840 ) Present value adjustment – Trade accounts payable (8,105 ) 2,595 (554 ) — (6,064 ) Business combinations (441,428 ) (16 ) (2,806 ) — (444,250 ) Inventory valuation (109,703 ) (97,383 ) 1 — (207,085 ) Hedge operations 8,209 (32,815 ) (85 ) (673 ) (25,364 ) Realization of other reserves (110,379 ) 3,223 (8,484 ) — (115,640 ) Accelerated depreciation and amortization (586,839 ) 72,554 — — (514,285 ) Other temporary differences – liabilities (63,525 ) — (4,938 ) — (68,463 ) Deferred taxes, net (757,192 ) 197,453 (28,755 ) 3,098 (585,396 ) Balance at Statement of income Exchange variation Other Adjustments (1) Balance at Tax losses and negative basis of social contribution 431,501 200,298 16,863 502 649,164 Expected credit losses on trade accounts receivable 26,259 3,903 1,410 — 31,572 Provisions for contingencies 97,506 (9,963 ) 6,610 — 94,153 Present value adjustment 8,165 2,625 536 — 11,326 Tax credits 13,438 (225 ) 36 (53 ) 13,196 Rules for Animal Farming – Foreign Subsidiaries 7,815 — (7,815 ) — — Labor accident accruals 39,203 (33,065 ) 1 — 6,139 Pension plan 21,677 (5,487 ) 17 (5,722 ) 10,485 Trade accounts payable accrual 257,023 17,101 10,111 — 284,235 Non-deductible interest 5,894 70,669 — — 76,563 Right of use assets 6,072 16,077 434 — 22,583 Other Active Temporary Differences 53,439 85,724 1,702 255 141,120 Goodwill amortization (705,645 ) (36,002 ) (44,311 ) — (785,958 ) Present value adjustment – Trade accounts payable (6,015 ) (1,716 ) (374 ) — (8,105 ) Business combinations (473,415 ) 43,905 (5,335 ) (6,583 ) (441,428 ) Inventory valuation 23,596 (133,299 ) — — (109,703 ) Customer returns accruals – Foreign subsidiaries (33,416 ) 33,416 — — — Hedge operations (27,002 ) 20,698 620 13,893 8,209 Realization of other reserves (106,120 ) 3,156 (7,415 ) — (110,379 ) Accelerated depreciation and amortization (492,570 ) (93,828 ) (441 ) — (586,839 ) Other temporary differences – liabilities (29,128 ) (78,679 ) 45,755 (1,473 ) (63,525 ) Deferred taxes, net (881,723 ) 105,308 18,404 819 (757,192 ) Balance at Statement of income Exchange variation Other Adjustments (1) Balance at Tax losses and negative basis of social contribution 361,006 90,950 (20,455 ) — 431,501 Expected credit losses on trade accounts receivable 21,418 6,424 (1,583 ) — 26,259 Provisions for contingencies 96,790 7,555 (6,839 ) — 97,506 Present value adjustment 5,680 2,529 (44 ) — 8,165 Tax credits 9,817 3,603 — 18 13,438 Biological assets 11,511 (3,695 ) (1 ) — 7,815 Labor accident accruals 40,262 (1,058 ) (1 ) — 39,203 Pension plan 33,686 (2,673 ) (12 ) (9,324 ) 21,677 Trade accounts payable accrual 181,471 75,552 — — 257,023 Share-based payments 253 (246 ) (7 ) — — Non-deductible interest 481 5,411 2 — 5,894 Right of use assets 7,809 (1,391 ) (346 ) — 6,072 Other temporary differences – assets 98,252 (40,107 ) (4,706 ) — 53,439 Goodwill amortization (697,073 ) (52,388 ) 43,816 — (705,645 ) Present value adjustment – Trade accounts payable 304 (6,497 ) 178 — (6,015 ) Business combinations (323,680 ) 18,301 9,158 (177,194 ) (473,415 ) Customer return accruals (32,679 ) (737 ) — — (33,416 ) Inventory valuation (97,093 ) 120,673 — 16 23,596 Hedge operations (3) 279 (16,565 ) 3,895 (14,611 ) (27,002 ) Realization of other reserves (116,908 ) 2,846 7,942 — (106,120 ) Accelerated depreciation and amortization (417,396 ) (75,196 ) 22 — (492,570 ) Other temporary differences – liabilities (68,697 ) 25,222 14,522 (175 ) (29,128 ) Deferred taxes, net (884,507 ) 158,513 45,541 (201,270 ) (881,723 ) (1) (2) |
Schedule of Income Tax and Social Contribution Expense | Reconciliation of income tax and social contribution expense: 2023 2022 2021 Accounting result before taxation (259,728 ) 3,553,493 5,062,768 Brazilian statutory corporate tax rate (34 )% (34 )% (34 )% Expected tax benefit (expense) 88,308 (1,208,188 ) (1,721,341 ) Adjustments to reconcile taxable income tax expense (benefit): Share of profit of equity-accounted investees 3,243 4,013 5,840 Non-taxable tax benefits (1) 461,726 447,843 165,051 Difference of tax rates on taxable income from foreign subsidiaries (16,299 ) 317,989 509,139 Transfer pricing adjustments (12,265 ) (34,145 ) (5,782 ) Profits taxed by-foreign jurisdictions (3) (203,986 ) (266,049 ) (241,922 ) Deferred income tax not recognized (372,932 ) 94,238 (155,877 ) Withholding tax expense — (172 ) — Non-taxable interest – Foreign subsidiaries 140,284 129,703 108,072 Donations and social programs expenses (4) (7,524 ) (114 ) (2,572 ) SELIC interest on tax credits (2) 6,521 5,127 51,650 Double Jurisdiction Taxation — 35,138 Other permanent differences 40,917 64,661 43,612 Current and deferred income tax benefit (expense) 127,993 (409,956 ) (1,244,130 ) Current income tax (69,460 ) (515,264 ) (1,402,643 ) Deferred income tax 197,453 105,308 158,513 127,993 (409,956 ) (1,244,130 ) Effective income tax rate 49.28 % (11.54 )% (24.57 )% (1) (2) (3) -foreign (4) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress | As of December 31, 2023 the Group had into several purchase commitments for machinery and equipment, vehicles and construction in progress in the amount of US$388,325 (US$643,962 as of December 31, 2022). Net amount Useful life Cost Accumulated depreciation December 31, 2023 December 31, 2022 Buildings 5 to 60 years 6,480,294 (2,175,149 ) 4,305,145 3,779,963 Land — 1,209,739 — 1,209,739 1,056,590 Machinery and equipment 3 to 30 years 9,539,760 (5,229,170 ) 4,310,590 3,832,826 Facilities 10 to 30 years 1,176,199 (412,163 ) 764,036 575,290 Computer equipment 2 to 15 years 453,965 (287,674 ) 166,291 116,263 Vehicles (land and air) 3 to 35 years 438,490 (165,827 ) 272,663 214,898 Construction in progress — 1,636,719 — 1,636,719 2,124,483 Others 2 to 25 years 602,590 (349,524 ) 253,066 215,050 21,537,756 (8,619,507 ) 12,918,249 11,915,363 |
Schedule of Changes in Property, Plant and Equipment | Changes in property, plant and equipment: Balance at January 1, 2023 Adjustment in business combination (3) Additions net of transfers (1) Disposals Depreciation Exchange rate variation Balance at December 31, 2023 Buildings 3,779,963 4 680,142 (32,725 ) (263,669 ) 141,430 4,305,145 Land 1,056,590 — 118,254 (14,345 ) — 49,240 1,209,739 Machinery and equipment 3,832,826 10,180 989,430 (37,382 ) (610,850 ) 126,386 4,310,590 Facilities 575,290 — 184,128 (2,783 ) (44,024 ) 51,425 764,036 Computer equipment 116,263 — 90,951 (710 ) (44,804 ) 4,591 166,291 Vehicles (land and air) 214,898 — 99,659 (8,736 ) (43,559 ) 10,401 272,663 Construction in progress 2,124,483 — (558,747 ) (4,046 ) — 75,029 1,636,719 Other 215,050 (15 ) 77,369 (9,105 ) (36,973 ) 6,740 253,066 11,915,363 10,169 1,681,186 (109,832 ) (1,043,879 ) 465,242 12,918,249 Balance at January 1, 2022 Acquired in business combination (2) Additions net of transfers (1) Disposals Business combination adjustment (4) Depreciation Exchange rate variation Balance at December 31, 2022 Buildings 3,500,837 120,213 360,757 (3,900 ) 5 (235,102 ) 37,154 3,779,964 Land 944,922 81,496 25,770 (5,316 ) — — 9,718 1,056,590 Machinery and equipment 3,569,854 90,861 738,953 (6,308 ) 75 (569,888 ) 9,279 3,832,826 Facilities 487,028 854 86,100 (92 ) — (32,225 ) 33,625 575,290 Computer equipment 121,960 705 39,875 (4,299 ) — (41,298 ) (679 ) 116,264 Vehicles (land and air) 180,960 12,306 61,945 (7,497 ) 12 (34,571 ) 1,743 214,898 Construction in progress 1,218,888 4,990 892,255 (980 ) — — 9,330 2,124,483 Other 183,840 6,198 61,123 (1,557 ) 12 (34,968 ) 400 215,048 10,208,289 317,623 2,266,778 (29,949 ) 104 (948,052 ) 100,570 11,915,363 Balance at January 1, 2021 Acquired in business combination (2) Additions net of transfers Disposals Depreciation Exchange rate variation Balance at December 31, 2021 Buildings 3,298,443 137,443 398,731 (13,789 ) (204,340 ) (115,651 ) 3,500,837 Land 933,072 24,883 29,937 (3,788 ) — (39,182 ) 944,922 Machinery and equipment 3,222,626 269,328 690,187 (10,364 ) (506,569 ) (95,354 ) 3,569,854 Facilities 448,944 — 97,708 (538 ) (27,058 ) (32,028 ) 487,028 Computer equipment 99,987 3,348 60,764 (253 ) (40,633 ) (1,253 ) 121,960 Vehicles (land and air) 122,597 53,032 46,105 (8,455 ) (26,366 ) (5,953 ) 180,960 Construction in progress 792,178 19,939 442,425 — — (35,654 ) 1,218,888 Other 159,742 4,461 51,668 (1,323 ) (28,429 ) (2,279 ) 183,840 9,077,589 512,434 1,817,525 (38,510 ) (833,395 ) (327,354 ) 10,208,289 (1) (2) (3) (4) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Right of Use Asset | The average discount rate used for measuring lease liabilities was 5.85% as of December 31, 2023 (7.30% and 7.86% as of December 31, 2022 and 2021 respectively). range of Cost Accumulated amortization Net amount December 31, 2023 December 31, 2022 Growing facilities 1 to 13 years 1,276,977 (471,607 ) 805,370 823,989 Buildings 2 to 30 years 786,789 (254,685 ) 532,104 426,996 Vehicles (land) 1 to 20 years 437,146 (213,426 ) 223,720 201,655 Machinery and equipment 1 to 10 years 263,218 (173,117 ) 90,101 104,890 Operating plants 1 to 11 years 36,386 (16,691 ) 19,695 18,706 Land 1 to 30 years 39,121 (19,935 ) 19,186 19,641 Computer equipment 1 to 5 years 27,743 (12,209 ) 15,534 9,216 2,867,380 (1,161,670 ) 1,705,710 1,605,093 |
Schedule of Changes in Right of Use Asset | Changes in the right of use asset: Balance at January 1, 2023 Acquired in business combination (2) Additions Terminated contracts Amortization Exchange Balance at December 31, 2023 Growing facilities 823,989 (10,552 ) 146,905 (16,458 ) (167,078 ) 28,564 805,370 Buildings 426,996 — 190,185 (26,573 ) (83,876 ) 25,372 532,104 Vehicles (land) 201,655 — 94,448 (884 ) (72,532 ) 1,033 223,720 Machinery and equipment 104,890 — 33,933 (1,120 ) (51,140 ) 3,538 90,101 Operating plants 18,706 — 6,061 (138 ) (6,317 ) 1,383 19,695 Land 19,641 — 1,438 (24 ) (2,604 ) 735 19,186 Computer equipment 9,216 — 10,728 4 (5,225 ) 811 15,534 1,605,093 (10,552 ) 483,698 (45,193 ) (388,772 ) 61,436 1,705,710 Balance at Acquired (1) Adjustment in business combination (2) Additions Terminated contracts Amortization Exchange rate variation Balance at Growing facilities 610,411 143,298 — 224,140 (39,393 ) (130,460 ) 15,993 823,989 Buildings 396,209 63 — 127,081 (4,310 ) (63,189 ) (28,858 ) 426,996 Vehicles (land, air and sea) 220,607 585 — 84,994 (8,486 ) (88,730 ) (7,315 ) 201,655 Machinery and equipment 124,304 1,743 — 37,953 (4,349 ) (54,279 ) (482 ) 104,890 Operating plants 20,358 — — 6,269 (4,396 ) (4,492 ) 967 18,706 Land 19,698 824 48 2,761 (14 ) (2,754 ) (922 ) 19,641 Computer equipment 12,007 — — 3 (52 ) (3,482 ) 740 9,216 Furniture and appliances 15 — — — (14 ) (3 ) 2 — 1,403,609 146,513 48 483,201 (61,014 ) (347,389 ) (19,875 ) 1,605,093 Balance at Acquired Additions Terminated contracts Amortization Exchange Balance at Growing facilities 489,766 — 323,387 (94,040 ) (99,139 ) (9,563 ) 610,411 Buildings 304,791 43,273 135,572 (11,002 ) (59,402 ) (17,023 ) 396,209 Vehicles (land, air and sea) 152,437 74,399 82,392 (7,895 ) (78,514 ) (2,212 ) 220,607 Machinery and equipment 124,034 390 59,438 (2,376 ) (55,944 ) (1,238 ) 124,304 Operating plants 21,169 899 4,359 (797 ) (3,655 ) (1,617 ) 20,358 Land 15,840 5,066 324 (16 ) (1,812 ) 296 19,698 Computer equipment 5,091 — 21,910 (9 ) (7,369 ) (7,616 ) 12,007 Furniture and appliances 22 — 4 — (8 ) (3 ) 15 1,113,150 124,027 627,386 (116,135 ) (305,843 ) (38,976 ) 1,403,609 (1) (2) |
Schedule of Lease Liabilities | Lease liabilities December 31, 2023 December 31, 2022 Undiscounted lease payments 2,262,433 2,089,765 Present value adjustment (421,206 ) (367,932 ) 1,841,227 1,721,833 Breakdown: Current liabilities 352,627 342,747 Non-current liabilities 1,488,600 1,379,086 1,841,227 1,721,833 |
Schedule of Changes in Lease Liability | Changes in the lease liability Balance at January 1, 2023 Business Combination Adjustment Additions Interest accrual Payments Terminated contracts Exchange rate variation Balance at December 31, 2023 Lease liability 1,721,833 (10,401 ) 421,921 73,463 (354,947 ) (7,456 ) (3,186 ) 1,841,227 Balance at Acquired (1) Additions Interest accrual Payments Terminated contracts Exchange rate variation Balance at Lease liability 1,506,043 146,446 489,251 82,403 (434,488 ) (61,302 ) (6,520 ) 1,721,833 Balance at Acquired Additions Interest accrual Payments Terminated contracts Exchange rate variation Balance at Lease liability 1,174,686 147,645 634,868 64,593 (359,893 ) (116,329 ) (39,527 ) 1,506,043 (1) |
Schedule of Non-current Portion of Lease Liability | The non -current December 31, 2023 2025 293,444 2026 244,944 2027 197,328 2028 150,367 2029 73,535 Maturities after 2029 884,405 Total Future Minimum Lease Payments 1,844,023 Less: Imputed Interest (355,423 ) Present Value of Lease Liabilities 1,488,600 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets [Abstract] | |
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques | Intangible assets acquired in a business combination are recognized at fair value based on valuation methodologies and techniques that often involve the use of a third -party Net amount Useful life December 31, 2023 December 31, 2022 Trademarks Undefined 1,092,793 1,050,106 Trademarks 2 to 20 years 341,183 315,912 Software 2 to 15 years 24,941 21,079 Water rights Undefined 11,391 11,347 Customer relationships 3 to 20 years 486,166 549,705 Supplier contract 7 to 17 years old 28,077 30,509 Other 2 to 17 years 1,044 833 1,985,595 1,979,491 |
Schedule of Changes in Intangible Assets | Changes in intangible assets: Balance at January 1, 2023 Additions Disposals Amortization Exchange Balance at December 31, 2023 Amortizing: Trademarks 315,912 35,496 — (24,166 ) 13,941 341,183 Software 21,079 7,527 (12 ) (5,121 ) 1,468 24,941 Customer relationships 549,705 2,370 (2,434 ) (74,213 ) 10,738 486,166 Supplier contracts 30,509 — — (3,822 ) 1,390 28,077 Others 833 501 (28 ) (275 ) 13 1,044 Non-amortizing: Trademarks 1,050,106 367 — — 42,320 1,092,793 Water rights 11,347 — — — 44 11,391 1,979,491 46,261 (2,474 ) (107,597 ) 69,914 1,985,595 Balance at January 1, 2022 Acquired Additions Disposals Amortization Exchange Balance at December 31, 2022 Amortizing: Trademarks 335,452 21,138 6 — (22,230 ) (18,454 ) 315,912 Software 16,609 57 8,081 — (4,503 ) 835 21,079 Customer relationships 645,509 2,804 — 1,099 (76,529 ) (23,178 ) 549,705 Supplier contracts 32,967 — — — (3,773 ) 1,315 30,509 Others 1,001 556 38 — (746 ) (16 ) 833 Non-amortizing: Trademarks 1,107,993 3,793 331 834 — (62,845 ) 1,050,106 Water rights 11,595 — — — — (248 ) 11,347 2,151,126 28,348 8,456 1,933 (107,781 ) (102,591 ) 1,979,491 Balance at Acquired Additions Disposals Amortization Exchange Balance at December 31, 2021 Amortizing: Trademarks 73,241 286,576 — — (19,258 ) (5,107 ) 335,452 Software 13,961 6 6,160 (19 ) (4,212 ) 713 16,609 Customer relationships 499,757 251,262 — — (79,830 ) (25,680 ) 645,509 Supplier contracts 35,933 — 2,077 — (3,646 ) (1,397 ) 32,967 Others 833 724 — — (536 ) (20 ) 1,001 Non-amortizing: Trademarks 868,615 261,637 1,574 — — (23,833 ) 1,107,993 Water rights 11,775 — — — — (180 ) 11,595 1,504,115 800,205 9,811 (19 ) (107,482 ) (55,504 ) 2,151,126 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Schedule of Changes in Goodwill | Changes in goodwill: December 31, 2023 December 31, 2022 December 31, 2021 Balance at the beginning of the period 5,828,691 5,835,418 5,558,462 Acquired in business combination — 18,725 510,397 Business combinations adjustment (1) 11,842 5,955 — Disposal — (16,358 ) — Exchange rate variation 264,487 (15,049 ) (233,441 ) Balance at the end of the period 6,105,020 5,828,691 5,835,418 (1) |
Schedule of Impairment Testing Cash Generating Units | For the purposes of impairment testing CGUs have been aggregated into the following groups representing the lowest level within the Group at which the goodwill is monitored for internal management purposes and that have significant amounts of goodwill allocated to them: CGUs December 31, 2023 December 31, 2022 Brazil Beef 1,873,448 1,738,300 Seara 766,970 711,821 Moy Park 777,583 735,403 USA Pork 694,534 694,534 Australia Meat 280,915 277,116 Australia Smallgoods 310,598 306,405 Pilgrim’s Food Masters (PFM) 336,683 320,667 Others CGUs without significant goodwill (1) 1,064,289 1,044,445 Total 6,105,020 5,828,691 (1) |
Schedule of Key Assumptions Used in the Estimation of the Value in Use | The key assumptions used in the estimation of the value in -use 2023 2022 Discount rate (pre tax) 13.5 % 13.2 % Terminal value growth rate 3.5 % 4.3 % Estimated growth rate (average for the next 5 years) 7.2 % 6.6 % 2023 2022 Discount rate (pre tax) 15.8 % 15.2 % Terminal value growth rate 3.3 % 3.3 % Estimated growth rate (average for the next 5 years) 13.2 % 13.3 % 2023 2022 Discount rate (pre tax) 14 % 10.2 % Terminal value growth rate 2.0 % 1.0 % Estimated growth rate (average for the next 5 years) 7.4 % 6.4 % 2023 2022 Discount rate (pre tax) 9.8 % 10.7 % Terminal value growth rate 2.5 % 0.5 % Estimated growth rate (average for the next 5 years) 2.8 % 0.8 % 2023 2022 Discount rate (pre tax) 9.1 % 9.3 % Terminal value growth rate 2.0 % 2.0 % Estimated growth rate (average for the next 5 years) 2.3 % 2.7 % 2023 2022 Discount rate (pre tax) 9.0 % 9.4 % Terminal value growth rate 2.0 % 2.0 % Estimated growth rate (average for the next 5 years) 8.9 % 6.9 % 2023 2022 Discount rate (pre tax) 13.0 % 10.2 % Terminal value growth rate 2.7 % 3.0 % Estimated growth rate (average for the next 5 years) 6.3 % 6.9 % |
Trade Accounts Payable (Tables)
Trade Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Accounts Payable [Abstract] | |
Schedule of Accounts Payable by Major Type of Supplier | Accounts payable by major type of supplier is as follow: December 31, 2023 December 31, 2022 Domestic: Commodities 1,761,470 1,833,012 Materials and services 3,123,140 3,881,686 Finished products 38,061 13,773 Present value adjustment (19,642 ) (15,078 ) 4,903,029 5,713,393 Foreign: Commodities 31,354 36,602 Materials and services 320,691 192,280 Finished products 1,979 864 354,024 229,746 Total trade accounts payable 5,257,053 5,943,139 Supply chain finance (1) Domestic 940,344 574,280 Foreign 7,722 14,312 Total supply chain finance 948,066 588,592 Total 6,205,119 6,531,731 (1) |
Loans and Financing (Tables)
Loans and Financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Financing [Abstract] | |
Schedule of Loans and Financing | Type Average annual Currency Index Payment terms/non- Current Non-current December 31, December 31, December 31, December 31, Foreign currency ACC – Advances on exchange contracts 8.40% USD — 2024 52,158 416,772 — 51,056 Prepayment 7.38% USD SOFR 2024 – 27 5,531 397,508 174,346 378,479 FINIMP – Import Financing 6.48% USD and EUR Euribor 2024 – 25 31,291 100,641 647 3,041 White Stripe credit facility 8.45% USD and CAD — — 2,892 3,020 — — Working capital – Dollar 8.97% USD SOFR 2024 – 30 362 1,735 2,553 2,841 CRA – Agribusiness Credit Receivable Certificates 4.92% USD — 2028 442 93 38,464 12,757 Scott credit facilities 2.20% USD — 2025 — — 1,815 1,794 92,676 919,769 217,825 449,968 Local currency FINAME (1) 5.98% BRL — 2024 – 25 478 885 6 441 FINEP (2) — BRL — — 890 — 1,395 Prepayment 8.22% GBP and USD BoE, SOFR 2024 – 25 54,906 9,543 60,000 — Notes 2.50% JBS Lux 2027 2.50% USD — 2027 11,542 11,181 986,220 982,084 Notes 5.13% JBS Lux 2028 5.13% USD — 2028 19,219 23,703 886,398 883,767 Notes 6.5% JBS Lux 2029 6.50% USD — 2029 1,084 1,000 77,885 77,869 Notes 3.00% JBS Lux 2029 3.00% USD — 2029 7,458 7,200 586,210 583,499 Notes 5.50% JBS Lux 2030 5.50% USD — 2030 31,910 30,747 1,239,931 1,238,251 Notes 3.75% JBS Lux 2031 3.75% USD — 2031 1,563 1,302 495,338 494,748 Notes 3.00% JBS Lux 2032 3.00% USD — 2032 3,833 3,417 980,341 977,988 Notes 3.63% JBS Fin 2032 3.63% USD — 2032 16,729 16,212 984,472 982,586 Notes 5.75% JBS Lux 2033 5.75% USD — 2033 29,469 60,575 2,001,095 1,997,613 Notes 6.75% JBS Lux 2034 6.75% USD — 2034 30,900 — 1,576,065 — Notes 4.38% JBS Lux 2052 4.38% USD — 2052 16,309 15,750 887,237 886,786 Notes 6.50% JBS Lux 2052 6.50% USD — 2052 8,396 6,997 1,527,284 1,526,735 Notes 7.25% JBS Lux 2053 7.25% USD — 2053 18,669 — 883,214 — Type Average annual Currency Index Payment terms/non- Current Non-current December 31, December 31, December 31, December 31, Notes 5.88% PPC 2027 5.88% USD — 2027 — 11,930 — 842,009 Notes 4.25% PPC 2031 4.25% USD — 2031 8,972 8,382 984,404 982,248 Notes 3.50% PPC 2032 3.50% USD — 2032 10,500 10,063 891,184 890,113 Notes 6.25% PPC 2033 6.25% USD — 2033 43,924 — 984,018 — Notes 6.88% PPC 2034 6.88% USD — 2034 7,639 — 484,577 — PPC Credit Line – Term loan — — — — — 26,728 — 452,188 Working capital – Reais 17.45% BRL TJLP 2024 – 28 5,081 16,415 16,331 647 Working capital – Euros 3.10% EUR Euribor 2024 – 28 17,249 11,665 10,186 1,903 Export credit note 14.20% BRL CDI 2024 – 30 2,913 145,116 214,735 294,891 CDC – Direct Consumer Credit 15.97% BRL — 2024 – 28 21,296 7,723 9,020 90 Livestock financing – Pre 10.73% BRL — 2024 242,928 35,460 — — CRA – Agribusiness Receivables Certificate 10.38% BRL CDI and IPCA 2024 – 37 149,060 163,492 2,013,297 1,460,108 Credit line – Scott 7.69% USD and EUR — 2050 20,087 13,448 529 40 Credit line – Beardstown Pace 3.65% USD — 2050 6,689 7,425 64,700 62,969 JBS Australia Confinement Agreement 2.76% AUD — 2028 993 258 34,053 33,592 Others 4.68% Several Several 2031 9,098 9,771 11,012 18,573 Total 798,894 657,278 18,889,742 15,673,133 891,570 1,577,047 19,107,567 16,123,101 (1) (2) |
Schedule of Loans and Financing Maturity Principal Payment | The non -current Maturity December 31, 2023 December 31, 2022 2024 — 649,358 2025 171,228 165,687 2026 18,998 484,706 2027 1,193,540 1,911,633 2028 1,102,778 1,006,157 2029 34,417 — Maturities after 2029 16,586,606 11,905,560 19,107,567 16,123,101 |
Schedule of Guarantees and Contractual Restrictions | The Group was in compliance with all of its debt covenant restrictions at December 31, 2023. Type Issuer and guarantors Covenants/Guarantees Events of default JBS USA Issuer: - - - - Guarantors: - - - Usual and customary for investment grade facilities of this type and subject to customary exceptions, but limited to: (i) incurrence of “priority debt”, (ii) liens; (iii) fundamental changes, (iv) sale lease -backs The credit agreement also require compliance with a maximum total debt to capitalization of 55.0% (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all US assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the Revolving Credit Facility shall be limited to collateral coverage and there shall be limitations on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. The facility contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default Notes 2.50% Notes 3.63% Issuer: - - - Guarantor: - - - On September 12, 2022, the Group received offers to exchange 99.14% of the 2.50% senior notes due 2027 and 96.85% of the 3.625% sustainability -linked The new exchanged notes contain proposed amendments that permanently eliminated certain covenants, restrictive provisions, events of default and related provisions for the Group. The new exchanged notes contain restrictive covenants applicable to the Group and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. The covenants contains customary events of default. (1) Notes 3,00% Notes 6,50% Notes 5,50% Notes 3.75% Notes 3,00% Notas 4,38% Issuer: - - - Guarantor: - JBS Global Luxembourg S.à r.l (JBS Global Lux); JBS Global Meat Holdings Pty. Limited (JBS Global Meat). On August 15, 2022, the Group announced expiration of, and receipt of requisite consents in connection with its consent solicitations for each of its 3.00% senior notes due 2029, 6.50% senior notes due 2029, 5.50% senior notes due 2030, 3.75% senior notes due 2031, 3.00% sustainability -linked ‘The covenants contains customary events of default (1) Type Issuer and guarantors Covenants/Guarantees Events of default Notes 5,13% Notes 5,75% Notes 6,75% Notes 4,38% Notes 7,25% Notes 6,50% Issuer: JBS USA Holding Lux S.A. (JBS Lux); JBS USA Food Company (JBS USA); JBS Luxembourg Company S.à.r.l. Guarantor: JBS S.A. (JBS S.A.); JBS Global Luxembourg S.à r.l (JBS Global Lux); JBS Global Meat Holdings Pty. Limited (JBS Global Meat). These notes contain restrictive covenants applicable to the Group and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. ‘The covenants contains customary events of default. (1) Notes 4,25% Notes 3,50% Issuer: Pilgrim’s Pride Corporation. Guarantor Pilgrim’s Pride Corporation of West Virginia, Inc.; Gold’N Plump Poultry, LLC; Gold’N Plump Farms, LLC; JFC LLC On September 22, 2022 PPC announced expiration and receipt of requisite consent in its consent solicitation for certain amendments to its Senior Notes due 2031 and 2032. The consent solicitation contained proposed amendments that permanently eliminated certain covenants, restrictive provisions, events of default and related provisions for the Group. After the consent, these notes are subject to restrictive covenants applicable to PPC and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. Notes 6,25% Notes 6,88% Issuer: - Guarantor: - - - These notes were issued in investment -grade -grade Type Issuer and guarantors Covenants/Guarantees Events of default On October The credit agreement increased its availability under the revolving loan commitment from US$800.0 PPC Borrowers: - - -Ricos - -Ricos The RCF also requires compliance with a minimum interest coverage ratio of 3.50:1.00 (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all U.S. assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the RCF shall be limited to collateral coverage, may be subject to a minimum fixed charge coverage ratio if utilization is above 80% and there shall be limitation on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions, and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. The facility also contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default Primo ANZ credit facility Borrowers: - Guarantors: - - - - - - - - - - - - - - - Customary covenants that may limit Primo’s ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Huon credit Borrowers: Huon Aquaculture Group Limited Guarantors: - - - - - - - - - - - - - - - - Customary covenants that may limit Huon’s ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default Credit facility Borrowers: - - Guarantors: - - - - Customary covenants that may limit JBS Australia´s and Rivalea’s ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Credit facility Borrowers: - Customary covenants that may limit JBS AMI ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Credit facility Borrowers: - Customary covenants that may limit JBS WSF ability and the ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) Credit facility Mexico Borrowers: - Guarantors: - - - Customary covenants that may limit the Group´s ability to realize new investments and be a guarantor for third party loans, change the general nature of the core business of the Group or line of business and initiate the liquidation process. These limitations are subject to certain exceptions, which may be material. The facility also contains customary events of default. (1) Type Issuer and guarantors Covenants/Guarantees Events of default 4° issuance of debentures 5° issuance of debentures 6° issuance of debentures 7° issuance of debentures Borrowers: JBS S.A Customary covenants that may limit the Group´s ability of certain subsidiaries to, among other things: - - - - The facility also contains customary events of default. (1) 8° issuance of debentures CRA 9° issuance of debentures CRA 10° issuance of debentures CRA Borrowers: JBS S.A Standard contractual restrictions that may limit the Group’s ability, among other things, to: - - - -offs - The facility contains customary events of default. (1) (1) |
Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities | Note Balance at January 1, 2023 Cash flows (Financial) Revenue Non-cash transactions (1) Balance at December 31, 2023 Loans and financing 15 (17,700,148 ) (907,975 ) (1,322,258 ) (68,756 ) (19,999,137 ) Lease liability 11 (1,721,833 ) 354,947 (70,277 ) (404,064 ) (1,841,227 ) Derivative liabilities 27 1,267 12,745 (8,639 ) (61,829 ) (56,456 ) Margin cash 3 130,209 (26,602 ) 28,854 — 132,461 Profit reserves (4,264,534 ) (447,979 ) — 1,125,294 (3,587,219 ) Non-controlling interest (645,970 ) (6,318 ) — (30,454 ) (682,742 ) Total (24,201,009 ) (1,021,182 ) (1,372,320 ) 560,191 (26,034,320 ) Note Balance at January 1, 2022 Cash flows (Financial) Revenue Non-cash transactions (1) Balance at December 31, 2022 Loans and financing 15 (16,578,829 ) 187,123 (1,141,271 ) (167,171 ) (17,700,148 ) Lease liability 11 (1,506,043 ) 434,488 (75,883 ) (574,395 ) (1,721,833 ) Derivative liabilities 27 (10,444 ) 261,739 (250,028 ) — 1,267 Margin cash 3 223,162 (109,732 ) 16,779 — 130,209 Treasure shares 619,298 551,888 — (1,171,186 ) — Profit reserves (3,385,709 ) 872,802 — (1,751,627 ) (4,264,534 ) Non-controlling interest (660,796 ) 103,141 — (88,315 ) (645,970 ) Total (21,299,361 ) 2,301,449 (1,450,403 ) (3,752,694 ) (24,201,009 ) Note Balance at January 1, 2021 Cash flows (Financial) Revenue Non-cash transactions (1) Balance at December 31, 2021 Loans and financing 15 (12,682,415 ) (3,064,966 ) (670,660 ) (160,788 ) (16,578,829 ) Lease liability 11 (1,174,686 ) 359,893 (25,066 ) (666,184 ) (1,506,043 ) Derivative liabilities 27 (5,027 ) (29,742 ) 19,080 5,245 (10,444 ) Margin cash 3 — 136,045 87,117 — 223,162 Treasure shares 107,550 1,922,142 — (1,410,394 ) 619,298 Profit reserves (2,273,080 ) 905,378 — (2,018,007 ) (3,385,709 ) Non-controlling interest (660,438 ) 5,357 — (5,715 ) (660,796 ) Total (16,688,096 ) 234,107 (589,529 ) (4,255,843 ) (21,299,361 ) (1) -cash |
Income and Other Taxes Payable
Income and Other Taxes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income and Other Taxes Payable [Abstract] | |
Schedule of Income and Other Taxes Payable | Income and other taxes payable are comprised of the following: December 31, 2023 December 31, 2022 Taxes payable in installments 67,980 89,930 PIS/COFINS tax payable 32,835 30,218 ICMS/VAT/GST tax payable 35,335 28,081 Withholding income taxes 10,527 8,585 Others 91,693 98,425 Subtotal 238,370 255,239 Income taxes payable 83,247 91,070 Total 321,617 346,309 Breakdown: Current liabilities 227,249 230,158 Non-current liabilities 94,368 116,151 337,244 346,309 |
Payroll and social charges (Tab
Payroll and social charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payroll and Social Charges [Abstract] | |
Schedule of Payroll and Social Charges are Comprised | Payroll and social charges are comprised of the following: December 31, December 31, Social charges in installments 489,520 431,054 Bonus and vacation along with related social charges 736,138 735,770 Salaries and related social charges 503,400 436,364 Others 58,626 50,817 1,787,684 1,654,005 Breakdown: Current liabilities 1,297,181 1,198,063 Non-current liabilities 490,503 455,942 1,787,684 1,654,005 |
Dividends Payable (Tables)
Dividends Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Dividends Payable [Abstract] | |
Schedule of Dividends Payables are Recognized as a Liability | The Group’s bylaws requires the payment of dividends equal to at least 25% of the annual net income attributable to company shareholders, after the allocation of 5% for the legal reserve. The Group recognizes a liability at year -end December 31, December 31, Declared dividends on 2019 – Residual — 2 Declared dividends on 2020 – Residual 5 7 Declared dividends on 2021 – Residual 12 18 Declared dividends on 2022 – Residual 8 8 Declared dividends on 2023 – Residual 373 — Subtotal 398 35 |
Schedule of Distributed Dividends Per Share | The distributed dividends per share were: 2023 2022 Dividends to be distributed 458,165 872,800 Number of outstanding shares of share capital – ordinary shares 2,218,116,370 2,218,116,370 Dividends per share 0.21 0.39 |
Provisions for Legal Proceedi_2
Provisions for Legal Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions for Legal Proceedings [Abstract] | |
Schedule of Provisions are Recognized Based on Estimated Cost | The Group is party to several lawsuits arising in the ordinary course of business for which provisions are recognized for these deemed probable based on estimated costs determined by management as follow: December 31, December 31, Labor 108,004 99,270 Civil 270,989 222,800 Tax and Social Security 134,400 105,420 Total 513,393 427,490 |
Schedule of Breakdown Liabilities | Breakdown: December 31, December 31, Current liabilities 197,440 174,240 Non-current liabilities 315,953 253,250 513,393 427,490 |
Schedule of Changes in Provisions | Changes in provisions: Balance at Additions, Payments Indexation Exchange Balance at Labor 99,270 60,835 (69,450 ) 9,654 7,695 108,004 Civil 222,800 143,009 (114,340 ) 14,992 4,528 270,989 Tax and social security 105,420 4,773 (704 ) 16,227 8,684 134,400 Total 427,490 208,617 (184,494 ) 40,873 20,907 513,393 Balance at Additions, Payments Indexation Exchange Balance at Labor 96,551 47,771 (61,399 ) 9,622 6,725 99,270 Civil 281,135 106,831 (172,299 ) 4,329 2,804 222,800 Tax and social security 100,379 (9,383 ) (3,018 ) 10,540 6,902 105,420 Total 478,065 145,219 (236,716 ) 24,491 16,431 427,490 Balance at Additions, Payments Indexation Exchange rate variation Balance at December 31, 2021 Labor 128,050 62,926 (91,134 ) 4,974 (8,265 ) 96,551 Civil 265,955 760,767 (729,084 ) 6,150 (22,653 ) 281,135 Tax and social security 88,084 15,485 (2,304 ) 4,139 (5,025 ) 100,379 Total 482,089 839,178 (822,522 ) 15,263 (35,943 ) 478,065 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Share Capital | Share capital on December 31, 2023 and December 31, 2022 was US$13,177,841, represented by 2,218,116,370 common shares, having no nominal value and there were no changes in the year ended at December 31, 2023. December 31, 2023 December 31, 2022 December 31, 2021 Quantity US$ Quantity US$ Quantity US$ Initial balance 2,218,116,370 13,177,841 2,373,866,570 13,177,841 2,623,373,646 13,177,841 Cancellation — — (155,750,200 ) — (249,507,076 ) Final balance 2,218,116,370 13,177,841 2,218,116,370 13,177,841 2,373,866,570 13,177,841 |
Schedule of Treasury Share Activity | Treasury share activity were as follows: December 31, 2022 December 31, 2021 Quantity US$ thousand Quantity US$ thousand Balance at the beginning of the period 80,062,600 619,298 12,848,500 107,550 Purchase of treasury shares 97,687,600 719,393 396,907,500 1,922,142 Disposal of treasury shares (22,000,000 ) (169,408 ) (80,000,000 ) (713 ) Treasury shares used in stock option plan (1) — — (186,324 ) — Cancellation of treasury shares (155,750,200 ) (1,121,507 ) (249,507,076 ) (811 ) Exchange variation — (47,776 ) — (1,408,870 ) Balance at the end of the period — — 80,062,600 619,298 (1) |
Schedule of Net Sales, Net Income, Cash Provided by Operations, Total Assets and Total Liabilities | Below are the PPC total net sales, net income, cash provided by operations, total assets and total liabilities for the years indicated. 2023 2022 2021 Net Revenue 17,362,217 17,468,377 14,777,458 Net Income 322,317 746,538 31 Net cash provided by operating activities 677,877 669,863 326,459 Total assets 9,810,361 9,255,769 8,913,205 Total liabilities 6,465,784 6,402,493 6,324,271 |
Net Revenue (Tables)
Net Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Revenue [Abstract] | |
Schedule of Revenue by Significant Category | Revenue by significant category are as follows: 2023 2022 2021 Domestic sales 54,501,282 53,478,460 48,118,921 Export sales 18,416,841 19,135,450 16,923,785 NET REVENUE 72,918,123 72,613,910 65,042,706 |
Schedule of Trade Accounts Receivable and Contract Liabilities from Contracts with Customers | The following table provides information about trade accounts receivable and contract liabilities from contracts with customers: Note 2023 2022 Trade accounts receivable 4 3,390,856 3,878,125 Contract liabilities (324,598 ) (215,479 ) Total customer contract revenue 3,066,258 3,662,646 |
Net Finance Expense (Tables)
Net Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Finance Expense [Abstract] | |
Schedule of Net Finance Expense | 2023 2022 2021 Gains/(losses) from exchange rate variation 57,525 415,570 (595 ) Fair value adjustments on derivatives 82,928 (343,573 ) 46,716 Interest expense (1) (1,732,928 ) (1,342,486 ) (975,164 ) Interest income (2) 326,442 268,418 144,326 Bank fees and others (87,372 ) (239,627 ) (153,762 ) (1,353,405 ) (1,241,698 ) (938,479 ) Finance income 584,216 808,612 430,707 Finance expense (1,937,621 ) (2,050,310 ) (1,369,186 ) (1,353,405 ) (1,241,698 ) (938,479 ) (1) (2) -term |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | 2023 2022 2021 Net income attributable to Company shareholders (198,869 ) 2,997,488 3,811,442 Weighted average common shares 2,218,116 2,254,345 2,516,008 Weighted average – treasury shares — (23,933 ) (36,817 ) Weighted average – common shares outstanding 2,218,116 2,230,412 2,479,191 Basic and diluted earnings (loss) per share – (US$) (0.09 ) 1.34 1.54 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation [Abstract] | |
Schedule of RSU Activity | The following table presents the changes of restricted stock units (“RSUs”): December 31, 2023 December 31, 2022 Equity-based compensation, paid in shares Number Price Number Price Initial balance 993 22.00 554 20.4 Grants 324 23.67 405 23.88 Exercised (378 ) 22.25 (266 ) 23.25 Shares reissued (28 ) 24.99 300 23.52 Ending balance 911 22.4 993 22 December 31, 2023 December 31, 2022 Equity-based compensation, cash-settled Number Price Number Price Initial balance 377 23.8 574 27.55 Grants 158 24.21 269 22.09 Exercised (196 ) 25.27 (139 ) 27.55 Cancelled (97 ) 22.81 (327 ) 24 Ending balance 242 27.66 377 23.80 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Schedule of Operational Segment | The information by operating segment are as follows: 2023 Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total reportable segments Elimination (*) Total Net revenue 11,141,171 8,272,546 23,303,052 7,713,828 17,347,956 6,209,012 893,459 74,881,024 (1,962,901 ) 72,918,123 Adjusted EBITDA (1) 469,250 364,494 114,236 526,949 1,536,039 454,707 (5,207 ) 3,460,468 (2,583 ) 3,457,885 2022 Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total reportable segments Elimination (*) Total Net revenue 11,414,350 8,324,233 22,069,092 8,153,051 17,455,092 6,323,297 842,036 74,581,151 (1,967,241 ) 72,613,910 Adjusted EBITDA (1) 468,933 896,744 2,081,676 756,284 2,084,557 443,880 (7,887 ) 6,724,187 (2,182 ) 6,722,005 2021 Brazil Seara Beef North America Pork USA Pilgrim’s Pride Australia Others Total reportable segments Elimination (*) Total Net revenue 9,989,966 6,773,847 21,443,400 7,626,244 14,765,111 5,344,942 712,984 66,656,494 (1,613,788 ) 65,042,706 Adjusted EBITDA (1) 431,868 714,668 4,511,948 786,007 1,691,656 327,573 24,729 8,488,449 (2,033 ) 8,486,416 (*) (1) |
Schedule of Adjusted EBITDA is Reconciled with the Consolidated Operating Profit | The Adjusted EBITDA is reconciled with the consolidated operating profit, as follows below: 2023 2022 2021 Operating profit 1,084,140 4,783,391 5,984,069 Depreciation and amortization 2,149,066 1,907,923 1,673,216 Antitrust agreements (1) 102,500 101,447 792,700 Donations and social programs (2) 18,166 23,942 27,311 J&F Leniency expenses refund (3) — (93,786 ) — Impairment of assets (4) 26,268 17,396 — Restructuring (5) 53,275 — — Other operating income (expense), net (6) 24,470 (18,308 ) 9,120 Elimination 2,583 2,182 2,033 Total Adjusted EBITDA for operating segments 3,460,468 6,724,187 8,488,449 (1) (2) (3) (4) (5) (6) |
Schedule of Net Revenue and Total Assets Based on Geography | Below is net revenue and total assets based on geography, presented for supplemental information. 2023 North and Central America (2) South America Australia Europe Others Total Intercompany elimination (1) Total Net revenue 43,121,198 18,160,466 5,771,385 5,979,750 264,904 73,297,703 (379,579 ) 72,918,124 Total assets 17,525,543 17,674,813 5,771,385 5,896,287 2,088,347 48,956,375 (6,378,541 ) 42,577,834 2022 North and Central America (2) South America Australia Europe Others Total Intercompany elimination (1) Total Net revenue 42,934,979 19,022,041 6,373,122 5,588,847 189,715 74,108,704 (1,494,794 ) 72,613,910 Total assets 28,967,943 16,883,845 3,611,682 5,036,017 2,158,279 56,657,766 (16,772,255 ) 39,885,511 2021 North and Central America (2) South America Australia Europe Others Total Intercompany elimination (1) Total Net revenue 43,834,755 16,763,813 5,344,942 597,098 115,886 66,656,494 (1,613,788 ) 65,042,706 Total assets 23,641,965 15,778,101 3,520,751 5,042,651 2,082,577 50,066,045 (12,927,637 50,066,045 (1) (2) |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by Nature [Abstract] | |
Schedule of Expenses by Function in the Statement of Income | The Group’s policy is to present expenses by function in the statement of income. Expenses by nature are disclosed below: 2023 2022 2021 Cost of sales Cost of inventories, raw materials and production inputs (55,435,841 ) (52,469,159 ) (45,129,164 ) Salaries and benefits (7,641,355 ) (6,951,628 ) (6,178,825 ) Depreciation and amortization (1,873,776 ) (1,649,450 ) (1,445,850 ) (64,950,972 ) (61,070,237 ) (52,753,839 ) Selling Freight and selling expenses (3,848,089 ) (3,970,687 ) (2,994,516 ) Salaries and benefits (302,395 ) (242,342 ) (179,489 ) Depreciation and amortization (63,990 ) (62,188 ) (57,037 ) Advertising and marketing (313,736 ) (337,873 ) (250,319 ) Net impairment losses (7,748 ) (2,477 ) (10,277 ) Commissions (58,376 ) (66,122 ) (60,117 ) (4,594,334 ) (4,681,689 ) (3,551,755 ) General and administrative Salaries and benefits (1,247,927 ) (1,297,972 ) (1,117,757 ) Fees, services purchased and general expenses (735,386 ) (670,385 ) (712,694 ) Depreciation and amortization (211,095 ) (196,288 ) (170,793 ) DOJ – department of justice and Antitrust agreements (102,500 ) (101,446 ) (792,625 ) Donations and social programs (1) (18,166 ) (22,891 ) (18,278 ) JBS Fund For The Amazon — (1,049 ) (9,035 ) (2,315,074 ) (2,290,031 ) (2,821,182 ) (1) |
Risk Management and Financial_2
Risk Management and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management and Financial Instruments [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Through Profit or Loss | Financial instruments are recognized in the consolidated financial statements as follows: Note December 31, 2023 December 31, 2022 Assets Fair value through profit or loss (1) Financial investments 3 2,642,258 1,343,149 National treasury bills 3 210,716 109,662 Derivative assets 169,736 108,505 Amortized cost (2) Cash at banks 3 1,830,814 1,144,741 Margin cash 3 18,191 59,088 Trade accounts receivable 4 3,390,856 3,878,125 Related party receivables 8 118,554 182,268 Total 8,381,125 6,825,538 Liabilities Amortized cost Loans and financing 15 (19,999,137 ) (17,700,148 ) Trade accounts payable and supply chain finance 14 (6,205,119 ) (6,531,731 ) Lease (1,841,227 ) (1,721,833 ) Other financial liabilities (104,043 ) (11,876 ) Fair value through profit or loss Derivative liabilities (144,251 ) (107,238 ) Total (28,293,777 ) (26,072,826 ) (1) -term (2) -term |
Schedule of Fair Value of Assets and Liabilities Through Profit or Loss | December 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Financial assets Financial investments 206,650 2,435,608 2,642,258 — 1,343,149 1,343,149 National treasury bills 210,716 — 210,716 109,662 — 109,662 Derivative assets — 169,736 169,736 — 108,505 108,505 Financial liabilities Derivative liabilities — 144,251 144,251 — 107,238 107,238 |
Schedule of Estimated Fair Value | The following details the estimated fair value of the notes: December 31, 2023 December 31, 2022 Description Principal Price Fair value Principal Price Fair value Notes 5.85% PPC 2027 — — — 850,000 99.55 % 846,175 Notes 2.50% JBS Lux 2027 1,000,000 92.10 % 920,960 1,000,000 86.90 % 869,040 Notes 5.13% JBS Lux 2028 900,000 99.66 % 896,931 900,000 95.13 % 856,188 Notes 3.00% JBS Lux 2029 600,000 88.24 % 529,440 600,000 84.02 % 504,108 Notes 6.5% JBS Lux 2029 77,973 99.27 % 77,406 77,973 98.16 % 76,537 Notes 5.5% JBS Lux 2030 1,250,000 98.55 % 1,231,875 1,250,000 95.40 % 1,192,475 Notes 3.75% JBS Lux 2031 500,000 86.45 % 432,250 500,000 82.46 % 412,280 Notes 4.25% PPC 2031 1,000,000 90.27 % 902,650 1,000,000 86.39 % 863,940 Notes 3.00% JBS Lux 2032 1,000,000 81.66 % 816,560 1,000,000 77.61 % 776,110 Notes 3.62% JBS Lux 2032 1,000,000 85.60 % 856,030 1,000,000 82.24 % 822,410 Notes 3.5% PPC 2032 900,000 84.47 % 760,203 900,000 80.72 % 726,498 Notes 5.75% JBS Lux 2033 2,050,000 99.35 % 2,036,736 2,050,000 95.41 % 1,955,885 Notes 6.25% PPC 2033 1,000,000 102.90 % 1,029,020 — — — Notes 6.75% JBS Lux 2034 1,600,000 105.27 % 1,684,368 — — — Notes 6.87% PPC 2034 499,999 108.05 % 540,230 — — — Notes 4.37% JBS Lux 2052 900,000 74.36 % 669,204 900,000 — 646,182 Notes 7.25% JBS Lux 2053 900,000 109.34 % 984,060 — — — Notes 6.50% JBS Lux 2052 1,550,000 100.71 % 1,560,989 1,550,000 96.79 % 1,500,276 16,727,972 15,928,912 13,577,973 12,048,104 |
Schedule of Fair Value of Assets and Liabilities Through Profit or Loss | 2023 2022 2021 Fair value through profit or loss 204,573 (277,875 ) 77,969 Amortized cost (1,566,845 ) (963,823 ) (1,019,327 ) Total (1,362,272 ) (1,241,698 ) (941,358 ) |
Schedule of Assets and Liabilities Exposed to Floating Interest Rates | The main exposure to financial risks as of December 31, 2023 and December 31, 2022 are shown below: December 31, 2023 December 31, 2022 Net exposure to the CDI rate: CRA – Agribusiness Credit Receivable Certificates (60,676 ) (5,882 ) Credit note – export (217,648 ) (441,125 ) Rural – Credit note – Prefixed (1,208 ) (800 ) Related party transactions 624 1,502 CDB-DI (Bank certificates of deposit) 943,526 676,961 Margin cash 31,566 74,237 Treasury bills — 23,774 Subtotal 696,184 328,667 Derivatives (Swap) (1,427,374 ) (1,220,527 ) Total (731,190 ) (891,860 ) Liabilities exposure to the LIBOR rate: Prepayment — (292,209 ) FINIMP — (2,823 ) PPC term loan — (478,916 ) Working Capital – Dollars — (3,190 ) Subtotal — (777,138 ) Derivatives (Swap) — 295,353 Total — (481,785 ) Net exposure to the IPCA rate: Treasury bills 27,716 14,767 CRA – Agribusiness Credit Receivable Certificates (2,101,681 ) (1,609,636 ) Margin cash 51,751 15,237 Related party transactions 117,930 104,100 Subtotal (1,904,284 ) (1,475,532 ) Derivatives (Swap) 1,423,667 1,365,001 Total (480,617 ) (110,531 ) Assets exposure to the CPI rate: Margin cash 49,144 40,469 Total 49,144 40,469 Liabilities exposure to the SOFR rate: Prepayment (280,971 ) (161,410 ) Prepayment – exchange agreement (2,915 ) — Total (283,886 ) (161,410 ) Liabilities exposure to the TJLP rate: Working Capital (771 ) (647 ) Total (771 ) (647 ) |
Schedule of Contracts Exposure Scenario | Sensitivity analysis Contracts exposure Risk Current Scenario (I) VaR Scenario (II) Scenario (III) Rate Effect Rate Effect Rate Effect CDI Increase 11.65 % 11.70 % (340 ) 14.56 % (20,839 ) 17.48 % (41,671 ) IPCA Increase 4.68 % 4.69 % (63 ) 5.85 % (5,496 ) 7.02 % (10,992 ) CPI Decrease 3.10 % 3.09 % (4 ) 2.33 % (372 ) 1.55 % (745 ) SOFR Increase 5.38 % 5.38 % (11 ) 6.73 % (3,732 ) 8.07 % (7,464 ) (418 ) (30,439 ) (60,872 ) Current Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 4.8413 4.7621 (45,314 ) 3.6310 (692,836 ) 2.4207 (1,385,677 ) Financial Depreciation 4.8413 4.7621 (3,573 ) 3.6310 (54,636 ) 2.4207 (109,272 ) Derivatives Depreciation 4.8413 4.7621 31,251 3.6310 477,820 2.4207 955,643 Current exchange rate Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Interest rate variation – 25% Scenario (iii) Interest rate variation – 50% Exposure of US$ Risk Exchange rate Effect on equity Exchange rate Effect on equity Exchange rate Effect on equity Net debt in foreign subsidiaries Depreciation 4.8413 4.9205 (241,589 ) 6.0516 (3,693,815 ) 7.2620 (7,387,599 ) Current Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest rate variation – 50% Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 5.3516 5.2638 (3,153 ) 4.0137 (48,033 ) 2.6758 (96,065 ) Financial Depreciation 5.3516 5.2638 254 4.0137 3,870 2.6758 7,740 Derivatives Appreciation 5.3516 5.2638 1,038 4.0137 15,808 2.6758 31,616 Current Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Interest rate variation – 25% Scenario (iii) Interest rate variation – 50% Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 6.1586 6.0564 (4,405 ) 4.6190 (66,340 ) 3.0793 (132,680 ) Financial Depreciation 6.1586 6.0564 8 4.7134 125 3.1423 250 Derivatives Depreciation 6.1586 6.0564 2,525 4.6190 38,028 3.0793 76,055 Current exchange Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Appreciation 0.2856 0.2815 (1,962 ) 0.2142 (33,763 ) 0.1428 (67,527 ) Current exchange Scenario (i) VaR 99% Scenario (ii) Interest Scenario (iii) Interest Exposure of US$ Risk Exchange Effect on Exchange Effect on Exchange Effect on Operating Depreciation 3.2882 3.2319 1 2.4662 9 1.6441 18 Derivatives Appreciation 3.2882 3.2319 (48 ) 2.4662 (695 ) 1.6441 (1,391 ) Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Variation – 25% Scenario (ii) Variation – 50% Exposure Risk Current Price Effect on income Price Effect on income Price Effect on income Derivatives Cattle depreciation 52 55 (5 ) 65 (25 ) 78 (49 ) Scenario (i) VaR 99% C.I. 1 day Scenario (ii) Price variation – 25% Scenario (ii) Price variation – 50% Exposure Risk Price (USD per tonne) Effect on income Price Effect on income Price Effect on income Operating Depreciation (2.19 )% (2,451 ) (25.00 )% (27,878 ) (50.00 )% (55,756 ) Scenario (i) VaR 99% Scenario (ii) Price variation – 25% Scenario (iii) Price variation – 50% Exposure Risk Price (US$ per head) Effect on income Price Effect on income Price Effect on income Operating Depreciation (2.25 )% (71,163 ) (25.00 )% (789,300 ) (50.00 )% (1,578,600 ) Derivatives Appreciation (2.25 )% (8,572 ) (25.00 )% (95,079 ) (50.00 )% (190,159 ) |
Schedule of Sensitivity Analysis Fair Value Asset and Liability | Instrument Risk factor Maturity December 31, 2023 December 31, 2022 Notional Fair value (Asset) – US$ Fair Fair Notional Fair (Asset) – US$ Fair Fair Swap LIBOR — — — — — 288,889 295,353 (280,251 ) 15,102 CDI 2023 — — — — 76,662 80,523 (77,551 ) 2,972 CDI 2024 181,769 189,067 (189,571 ) (504 ) — — — — IPCA — 111,031 142,472 (111,625 ) 30,847 103,021 123,845 (98,448 ) 25,397 IPCA 2027 79,937 94,520 (85,402 ) 9,118 74,171 80,302 (80,025 ) 277 IPCA 2028 91,298 108,777 (100,034 ) 8,743 84,712 92,333 (93,764 ) (1,431 ) IPCA 2030 289,179 350,639 (328,591 ) 22,048 268,317 296,304 (307,264 ) (10,960 ) IPCA 2031 288,874 333,981 (326,029 ) 7,952 274,067 283,731 (300,700 ) (16,969 ) IPCA 2032 87,821 103,620 (105,459 ) (1,839 ) 172,490 177,699 (186,308 ) (8,609 ) IPCA 2036 18,824 23,487 (24,650 ) (1,163 ) 19,166 19,524 (21,408 ) (1,884 ) IPCA 2037 214,822 266,169 (267,639 ) (1,470 ) 243,786 291,262 (311,581 ) (20,319 ) 1,363,555 1,612,732 (1,539,000 ) 73,732 1,605,281 1,740,876 (1,757,300 ) (16,424 ) |
Schedule of Exposure | The carrying amounts of assets and liabilities and other positions exposed to foreign currency risk at December 31, 2023, and 2022 are presented below along with the notional amounts of derivative contracts intended to offset the exposure, in accordance with the Group’s Financial and Commodities Risk Management Policy. The exposure is related to Brazilian Real. USD EUR GBP MXN AUD December 31, December 31, December 31, December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 OPERATING Cash and cash equivalents 1,570,813 737,591 68,154 40,184 20,102 12,202 271,503 122,588 42 7 Trade accounts receivable 579,651 1,173,723 147,839 136,478 49,743 51,302 134,113 126,037 241 86 Sales orders 916,595 597,296 73,564 41,964 217,509 13,379 — — — — Trade accounts payable (174,781 ) (154,283 ) (74,963 ) (92,271 ) (15,846 ) (18,799 ) (267,433 ) (52,346 ) (320 ) (118 ) Purchase orders (56,710 ) (61,679 ) (18,012 ) (12,181 ) — — — — — — Operating subtotal 2,835,568 2,292,648 196,582 114,174 271,508 58,084 138,183 196,279 (37 ) (25 ) FINANCIAL Margin cash — 269 — — — — — — — — Advances to customers (111,368 ) (36,204 ) (12,621 ) (856 ) (511 ) — — — — — Loans and financing (306,798 ) (1,362,474 ) (3,218 ) (4,986 ) — — — — — — Financial subtotal (418,166 ) (1,398,409 ) (15,839 ) (5,842 ) (511 ) — — — — — Operating financial subtotal 2,417,402 894,239 180,743 108,332 270,997 58,084 138,183 196,279 (37 ) (25 ) Related party transactions, net — — — 289,556 — — — — — — Total exposure 2,417,402 894,239 180,743 397,888 270,997 58,084 138,183 196,279 (37 ) (25 ) DERIVATIVES Future contracts (250,788 ) (103,000 ) (137,070 ) (103,490 ) (44,142 ) — — — — — Deliverable Forwards (398,024 ) (463,371 ) 67,303 84,013 (14,369 ) (5,208 ) — (291,377 ) 2,846 943 Non-Deliverable Forwards (NDF’s) (1,306,760 ) 3,029 5,071 (11,834 ) (97,124 ) (19,761 ) — — — — Swap — 15,101 — — — — — — — — Total derivatives (1,955,572 ) (548,241 ) (64,696 ) (31,311 ) (155,635 ) (24,969 ) — (291,377 ) 2,846 943 NET EXPOSURE IN US$ 461,830 345,998 116,047 366,577 115,362 33,115 138,183 (95,098 ) 2,809 918 Net debt in foreign subsidiaries (1) (14,775,198 ) (12,816,599 ) — — — — — — — — (1) |
Schedule of Future Contracts | December 31, 2023 December 31, 2022 Instrument Risk factor Nature Quantity Notional (US$) Fair value Quantity Notional (US$) Fair value Future Contract American dollar Short 52,199 (250,788 ) (2,078 ) 51 490 (872 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional (US$) Notional (US$) Fair value Notional (US$) Notional (US$) Fair value Deliverable Forwards American dollar Short (398,024 ) (398,024 ) 29,150 (463,371 ) (2,417,731 ) 67,658 Non-Deliverable Forwards American dollar Short (1,306,760 ) (1,306,760 ) 13,975 3029 15804 (339 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair Notional Notional Fair Non-Deliverable Euro Long (1,157 ) 5,071 513 78,708 85,306 3,443 Deliverable Forwards Euro Short 12,576 67,303 (1,885 ) (11,087 ) (12,016 ) 9 December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair value Notional Notional Fair value Deliverable Forwards British pound Short (2,333 ) (14,369 ) 202 (829 ) (4,869 ) (193 ) Non-Deliverable British pound Short (15,771 ) (97,124 ) (579 ) (3,147 ) (18,476 ) 1,357 December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair value Notional Notional Fair value Deliverable Forwards Mexican peso Short — — — (1,092,527 ) (272,434 ) (30,362 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional Notional Fair value Notional Notional Fair Deliverable Forwards Australian dollar Long 865 2,846 (1 ) 266 943 5 December 31, 2023 December 31, 2022 Instrument Risk factor Nature Quantity Notional Fair value Quantity Notional Fair value Future Contracts Commodities (Cattle) Long (6 ) (101 ) — 21 (385 ) (19 ) December 31, 2023 December 31, 2022 Instrument Risk factor Nature Quantity Notional Fair value Quantity Notional Fair value Future contracts Commodities (Grains) Short — — — 520 (948 ) (2,448 ) Non-Deliverable Forwards Commodities (Grains) Short — — — 4,000 (30,990 ) 684 December 31, 2023 December 31, 2022 Instrument Risk factor Nature Notional (US$) Notional (R$) Fair value Notional (US$) Notional (R$) Fair Deliverable Forwards Commodities (Cattle) Short 80,377 389,130 (1,982 ) (29,568 ) (154,278 ) (31,182 ) |
Schedule of Exposure in Commodities | The Group’s exposure to cattle price fluctuation as of December 31, 2023, are presented below in accordance with the Group’s Financial and Commodities Risk Management Policy and are representative of the exposure at each period end. Exposure in Commodities (Cattle) December 31, December 31, Firm contracts of cattle purchase — 2,873 Subtotal — 2,873 DERIVATIVES Future contracts (101 ) (385 ) Subtotal (101 ) (385 ) NET EXPOSURE (101 ) 2,488 EXPOSURE in Commodities (Grain) December 31, December 31, December 31, OPERATING Purchase orders 114,097 224,766 346,574 Subtotal 114,097 224,766 346,574 DERIVATIVES Future contracts — (948 ) (17,218 ) Brazil Cash basis — — 3,542 Non-Deliverable Forwards — (30,990 ) (202,375 ) Subtotal — (31,938 ) (216,051 ) NET EXPOSURE 114,097 192,828 130,523 Exposure in Commodities December 31, December 31, OPERATIONAL Firm contracts of cattle purchase 3,230,355 2,514,530 Subtotal 3,230,355 2,514,530 DERIVATIVES Deliverable Forwards 389,130 (154,278 ) Subtotal 389,130 (154,278 ) NET EXPOSURE 3,619,485 2,360,252 |
Schedule of Statement of Income | Below are the effects on the statement of income, after the adoption of hedge accounting: December 31, December 31, Statements of income: Cost of sales before hedge accounting adoption (7,798,858 ) (7,303,648 ) Derivatives operating income (loss) 31,693 61,857 Currency 1,441 10,103 Commodities 30,252 51,754 Cost of sales with hedge accounting (7,767,165 ) (7,241,791 ) Financial income (expense), net excluding derivatives (77,411 ) (45,390 ) Derivatives financial income (expense), net 14,405 (46,354 ) Currency 39,968 (61,277 ) Commodities (24,357 ) 26 Interest (1,206 ) 14,897 Financial income (expense), net (63,006 ) (91,744 ) |
Schedule of Other Comprehensive Income (Expense) | Below are the effects on other comprehensive income (expense), after the adoption of hedge accounting: December 31, 2023 December 31, 2022 Statements of other comprehensive income (expense): Financial instruments designated as hedge accounting: (537 ) (7,800 ) Currency 39 (2,622 ) Commodities (576 ) (5,178 ) Gain (loss) on cash flow hedge 7,882 (48,526 ) Deferred income tax on hedge accounting 16,499 Total of other comprehensive income (expense) 7,882 (32,027 ) |
Schedule of Hedge Cash Flow Movement | Hedge cash flow movement December 31, 2022 OCI December 31, 2023 Hedge accounting operations at the parent company (7,992 ) 7,482 (510 ) (-) IR/CS 2,717 (2,544 ) 173 Impact of Hedge Operations on Subsidiaries 272 (272 ) — (92 ) 92 — Impact of Hedge Operations on Subsidiaries (5,095 ) 4,758 (337 ) |
Schedule of Balance Sheet | Below are the effects on the statement of financial position, after the adoption of hedge accounting: December 31, December 31, Statement of financial position: Derivative (liabilities)/assets — (1,765 ) Financial instruments designated as hedge accounting: Commodities — (1,765 ) Currency — — Derivative (liabilities)/assets 4,473 18,073 Financial instruments not designated as hedge accounting: Exchange 4,977 — Interest (504 ) 18,073 Other comprehensive income (expense) (550 ) (7,720 ) Currency 39 (2,595 ) Commodities (589 ) (5,125 ) Inventories 6,577 6,951 Currency 136 2,298 Commodities 6,441 4,653 |
Schedule of Open Balance Sheet Position of Derivative Assets and Liabilities | Open amounts in statement of financial position of derivative assets and liabilities: December 31, December 31, Assets: Not designated as hedge accounting — 18,074 Interest — 18,074 Current assets 4,977 13,267 Non-current assets — 4,807 (Liabilities): Designated as hedge accounting 750 1,764 Commodities — 1,764 interest 750 — Current liabilities — 1,765 Not designated as hedge accounting Currency 504 — interest 504 — |
Schedule of Maximum Horizon | Category % Equity Maximum AAA 2.00 5 years AA 1.00 3 years A 0.50 2 years BBB 0.25 1 year |
Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss | The information about the exposure to weighted average loss rate, gross carrying amount, impairment losses recognized in profit or loss were as follows: Weighted Gross Expected December 31, 2023 Cash and cash equivalents — 4,569,517 — Margin cash — 132,461 — Trade accounts receivable 2.50 % 3,390,856 (84,913 ) Related party receivables — 118,554 — — 8,211,388 (84,913 ) |
Schedule of leverage ratio | The leverage ratio is shown below: December 31, December 31, Leverage indicator (USD) 4.42x 2.26x |
Schedule of Contractual Obligation Amounts from Financial Liabilities | The table below shows the contractual obligation amounts from financial liabilities of the Group according to their maturities: December 31, 2023 December 31, 2022 Less than 1 year Between Between More than Total Less than Between Between More than Total Trade accounts payable and supply chain finance 6,205,119 — — — 6,205,119 6,531,731 — — — 6,531,731 Loans and financing 891,570 171,228 1,212,538 17,723,802 19,999,138 1,577,047 815,045 2,396,339 12,911,717 17,700,148 Estimated interest on loans and financing (1) 1,362,896 1,052,488 1,910,116 7,390,262 11,715,762 924,346 1,837,495 1,485,208 4,441,125 8,688,174 Derivatives liabilities (assets) 144,251 — — — 144,251 107,238 — — — 107,238 Other liabilities 21,162 20,914 — 61,967 104,043 6,498 5,327 51 — 11,876 Payments of leases (2,796 ) 293,444 442,272 1,108,307 1,841,227 342,747 500,539 313,253 853,253 2,009,792 Total 8,622,202 1,538,074 3,564,926 26,284,338 40,009,540 9,489,607 3,158,406 4,194,851 18,206,095 35,048,959 (1) |
Background Information (Details
Background Information (Details) - Schedule of Operations in Brazil as well as the Activities of its Subsidiaries | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2008 | |
JBS S.A. (JBS, Company) [Member] | Main Activities Company [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Beef processing: slaughtering, refrigerating, industrializing and production of canned beef by-products. | |||
Subsidiaries operating units | 67 | |||
Subsidiaries country | Brazil | |||
JBS S.A. (JBS, Company) One [Member] | Main Activities Company [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Leather production, processing and commercialization. | |||
JBS S.A. (JBS, Company) Two [Member] | Main Activities Company [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Production and commercialization of steel cans, plastic resin, soap base for production, soap bar, biodiesel, glycerin, olein, oily acid, collagen and wrapper derived from cattle tripe; industrial waste management; purchase and sale of soybeans, tallow, palm oil, caustic soda, stearin; transportation services; dog biscuits; electric power production, cogeneration and commercialization. | |||
JBS S.A. (JBS, Company) Three [Member] | Main Activities Company [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Distribution centers and harbors. | |||
Subsidiaries operating units | 14 | |||
Seara Alimentos Ltda. (Seara Alimentos) [Member] | Main Activities in Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Chicken and pork processing: raising, slaughtering and processing of broiler chickens and hogs; production and commercialization of beef and food products; and production of pet food and concentrates. | |||
Subsidiaries operating units | 47 | |||
Subsidiaries country | Brazil | |||
Subsidiaries participation | Indirect | |||
Subsidiaries rate | 100% | 100% | 100% | |
Seara Alimentos Ltda. (Seara Alimentos) One [Member] | Main Activities in Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Distribution centers, transportation services and harbors. | |||
Subsidiaries operating units | 24 | |||
Seara Alimentos Ltda. (Seara Alimentos) Two [Member] | Main Activities in Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Direct sales to customers of beef and by-products in stores named “Mercado da Carne”. | |||
Subsidiaries operating units | 248 | |||
Meat Snacks Partners do Brasil Ltda (Meat Snacks) [Member] | Main Activities in Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Beef Jerky production. | |||
Subsidiaries operating units | 2 | |||
Subsidiaries participation | Indirect | |||
Subsidiaries rate | 50% | 50% | 50% | |
JBS Confinamento Ltda. (JBS Confinamento) [Member] | Main Activities in Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Cattle fattening services. | |||
Subsidiaries operating units | 10 | |||
Subsidiaries participation | Direct | |||
Subsidiaries rate | 100% | 100% | 100% | |
Brazservice Wet Leather S.A (Brazservice) [Member] | Main Activities in Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Wet blue leather production, processing and commercialization. | |||
Subsidiaries operating units | 1 | |||
Subsidiaries participation | Direct | |||
Subsidiaries rate | 100% | 100% | 100% | |
JBS USA Holding Lux, S.à.r.l. (JBS USA) [Member] | Main Activities Outside of Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Beef processing: slaughtering, refrigerating, industrializing and, production of by-products; - Transportation services. | |||
Subsidiaries operating units | 56 | |||
Subsidiaries country | Australia, Canada, France, Mexico, New Zealand, Netherlands, United Kingdom and United States of America. | |||
Subsidiaries participation | Indirect | |||
Subsidiaries rate | 100% | 100% | 100% | |
JBS USA Holding Lux, S.à.r.l. (JBS USA) One [Member] | Main Activities Outside of Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Pork processing: raising, slaughtering, industrializing and commercialization of by-products derived from processing operations. | |||
Subsidiaries operating units | 61 | |||
JBS USA Holding Lux, S.à.r.l. (JBS USA) Two [Member] | Main Activities Outside of Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Chicken processing: raising, slaughtering and processing of broiler chickens, production and commercialization of by-products derived and prepared meal from processing operations. | |||
Subsidiaries operating units | 157 | |||
JBS USA Holding Lux, S.à.r.l. (JBS USA) Three [Member] | Main Activities Outside of Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Fishing processing: raising, slaughtering, industrializing and commercialization of by-products derived from processing operations. | |||
Subsidiaries operating units | 2 | |||
JBS USA Holding Lux, S.à.r.l. (JBS USA) Four [Member] | Main Activities Outside of Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Plant based processing: industrializing and commercialization of by-products derived from processing operations. | |||
Subsidiaries operating units | 3 | |||
JBS Global (UK) Ltd. (JBS Global UK) [Member] | Main Activities Outside of Brazil [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Trading fresh and processed beef, pork, lamb, chicken and fish products for the European market. | |||
Subsidiaries operating units | 1 | |||
Subsidiaries country | United Kingdom | |||
Subsidiaries participation | Indirect | |||
Subsidiaries rate | 100% | 100% | 100% | |
JBS Toledo NV (Toledo) [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Trading operations for the European market; cooked frozen meat commercialization; logistic operations; warehousing. | |||
Subsidiaries operating units | 1 | |||
Subsidiaries country | Belgium | |||
Subsidiaries participation | Direct | |||
Subsidiaries rate | 100% | 100% | 100% | |
Rigamonti Salumificio SpA (Rigamonti) [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | ‘- Production and commercialization of bresaola, Prosciutto di San Daniele D.O.P. (raw ham) and Prosciutto di Parma D.O.P.(raw ham) and pork products: ham, cooked ham, mortadella, among others. | |||
Subsidiaries operating units | 9 | |||
Subsidiaries country | Italy and United States of America. | |||
Subsidiaries participation | Indirect | |||
Subsidiaries rate | 100% | 100% | 100% | |
Conceria Priante SRL (Priante) [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Semi-finished and finished leather production. | |||
Subsidiaries operating units | 1 | |||
Subsidiaries country | Italy | |||
Subsidiaries participation | Direct | |||
Subsidiaries rate | 100% | 100% | 100% | |
JBS Leather International BV (Leather International) [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Wet blue, semi-finished and finished leather production. | |||
Subsidiaries operating units | 7 | |||
Subsidiaries country | Argentina, Germany, China, Mexico, Uruguay and Vietnam. | |||
Subsidiaries participation | Direct | |||
Subsidiaries rate | 100% | 100% | 100% | |
Seara Holding Europe B.V. (Seara Holding) [Member] | ||||
Background Information [Line Items] | ||||
Subsidiaries activities | - Animal protein products trading, industrializing and commercialization of by-products derived from processing operations. | |||
Subsidiaries operating units | 14 | |||
Subsidiaries country | China, Netherlands, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom and Singapore. | |||
Subsidiaries participation | Indirect | |||
Subsidiaries rate | 100% | 100% | 100% |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Margin Cash (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents and Margin Cash (Details) [Line Items] | ||
Revolving credit facilities | $ 2,900,000,000 | $ 2,800,000,000 |
BR [Member] | ||
Cash and Cash Equivalents and Margin Cash (Details) [Line Items] | ||
Revolving credit facilities | $ 450,000 | $ 450,000 |
Cash and Cash Equivalents and_4
Cash and Cash Equivalents and Margin Cash (Details) - Schedule of Changes in Fair Value to be Cash Equivalents - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Changes in Fair Value to be Cash Equivalents [Abstract] | |||||
Cash on hand and at banks | $ 1,830,814 | $ 1,144,741 | |||
CDB (bank certificates of deposit) and National Treasury Bills (Tesouro Selic) | [1] | 2,738,703 | 1,381,690 | ||
Cash and cash equivalents, Total | 4,569,517 | 2,526,431 | $ 4,164,349 | $ 3,786,969 | |
Margin cash | |||||
Margin cash (Restricted cash) | 18,191 | 59,088 | |||
Investments in Treasury Bills | 114,270 | 71,121 | |||
Margin cash, Total | $ 132,461 | $ 130,209 | |||
[1]CDBs are held at financial institutions and earn interest based on floating rates and are pegged to the Brazilian overnight interbank lending rate ( Certificado de Depósito Interbancário Tesouro Selic |
Trade Accounts Receivable (Deta
Trade Accounts Receivable (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade Accounts Receivable [Abstract] | ||
Account receivable maturity term | 1 year | |
Percentage of outstanding receivable | 1.20% | 1.30% |
Trade receivables or revenues percentage | 10% |
Trade Accounts Receivable (De_2
Trade Accounts Receivable (Details) - Schedule of Age Accounts Receivable Along with the Expected Credit Losses and Present Value Adjustment - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Current receivables | |||
Current receivables, subtotal | $ 2,772,876 | $ 3,106,792 | |
Overdue receivables: | |||
Overdue receivables, subtotal | 617,980 | 771,333 | |
Expected credit losses | (84,913) | (82,636) | |
Present value adjustment | [1] | (5,825) | (6,978) |
Trade accounts receivable, net | [2] | 3,390,856 | 3,878,125 |
From 1 to 30 days [Member] | |||
Overdue receivables: | |||
Overdue receivables, subtotal | 397,753 | 482,104 | |
From 31 to 60 days [Member] | |||
Overdue receivables: | |||
Overdue receivables, subtotal | 93,175 | 113,266 | |
From 61 to 90 days [Member] | |||
Overdue receivables: | |||
Overdue receivables, subtotal | 29,490 | 66,493 | |
Above 90 days [Member] | |||
Overdue receivables: | |||
Overdue receivables, subtotal | 188,300 | 199,084 | |
Domestic sales [Member] | |||
Current receivables | |||
Current receivables, subtotal | 1,920,310 | 2,137,350 | |
Foreign sales [Member] | |||
Current receivables | |||
Current receivables, subtotal | $ 852,566 | $ 969,442 | |
[1]The Group discounts its receivables to present value using interest rates directly related to customer credit profiles. The monthly interest used to calculate the present value of outstanding receivables on December 31, 2023 were, mostly in Brazil, 1.2%, and 1.3% at December 31, 2022). Realization of the present value adjustment is recognized as deduction item to sales revenue.[2]Loans and receivables are classified as amortized cost; (ii) the trade accounts receivable are short -term |
Trade Accounts Receivable (De_3
Trade Accounts Receivable (Details) - Schedule of Changes in the Allowance for Expected Credit Losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Allowance for Expected Credit Losses [Abstract] | |||
Initial balance | $ (82,636) | $ (82,318) | $ (79,638) |
Additions | (9,906) | (9,230) | (12,289) |
Write-offs/Reversals | 9,580 | 10,351 | 8,541 |
Exchange rate variation | (1,951) | (1,439) | 968 |
Closing balance | $ (84,913) | $ (82,636) | $ (82,418) |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Finished products | $ 3,096,459 | $ 3,296,410 |
Work in process | 586,036 | 523,293 |
Raw materials | 759,035 | 932,317 |
Supplies | 659,700 | 641,562 |
Inventory Total | $ 5,101,230 | $ 5,393,582 |
Inventories (Details) - Sched_2
Inventories (Details) - Schedule of Inventory Adjustments Provision under Cost of Sales - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Inventory Adjustments Provision Under Cost of Sales [Abstract] | |||
Initial balance | $ (59,525) | $ (44,555) | $ (35,101) |
Additions | (54,945) | (57,803) | (43,066) |
Write-offs | 61,045 | 44,639 | 32,789 |
Exchange rate variation | (3,637) | (1,806) | 823 |
Closing balance | $ (57,062) | $ (59,525) | $ (44,555) |
Biological Assets (Details)
Biological Assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Chicken and Eggs [Member] | |
Biological Assets (Details) [Line Items] | |
Non-current (bearer assets) estimated useful life | 476 days |
Fish and Eggs [Member] | |
Biological Assets (Details) [Line Items] | |
Non-current (developing stage) estimated period | 24 months |
Bottom of Range [Member] | Chicken [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 30 days |
Bottom of Range [Member] | Eggs [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 21 days |
Bottom of Range [Member] | Cattle [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 90 days |
Bottom of Range [Member] | Hogs [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 170 days |
Top of Range [Member] | Chicken [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 48 days |
Top of Range [Member] | Eggs [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 25 days |
Top of Range [Member] | Cattle [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 120 days |
Top of Range [Member] | Hogs [Member] | |
Biological Assets (Details) [Line Items] | |
Current (consumable) period | 175 days |
Non-Current Biological Assets [Member] | Cattle [Member] | |
Biological Assets (Details) [Line Items] | |
Non-current (bearer assets) estimated useful life | 5 years |
Non-Current Biological Assets [Member] | Hogs [Member] | |
Biological Assets (Details) [Line Items] | |
Non-current (bearer assets) estimated useful life | 27 months |
Non-Current Biological Assets [Member] | Fish and Eggs [Member] | |
Biological Assets (Details) [Line Items] | |
Non-current (bearer assets) estimated useful life | 36 months |
Biological Assets (Details) - S
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets pure in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total current | $ 1,712,153 | $ 1,861,106 | $ 1,327,675 | $ 984,417 |
Total non-current | 531,477 | 501,958 | $ 402,297 | $ 342,249 |
Total of biological assets: | 2,243,630 | 2,363,064 | ||
Chicken and eggs [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total current | $ 685,465 | $ 737,911 | ||
Current biological assets quantity | 560,414 | 615,040 | ||
Cattle [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total current | $ 62,556 | $ 59,356 | ||
Current biological assets quantity | 19 | 60 | ||
Total non-current | $ 2,534 | $ 1,759 | ||
Non-current biological assets quantity | 1 | 1 | ||
Hogs [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total current | $ 776,125 | $ 859,905 | ||
Current biological assets quantity | 8,516 | 7,922 | ||
Total non-current | $ 116,160 | $ 128,634 | ||
Non-current biological assets quantity | 670 | 716 | ||
Lamb [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total current | $ 126 | $ 737 | ||
Current biological assets quantity | 1 | 6 | ||
Fish (biomass - kg) [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total current | $ 187,881 | $ 203,197 | ||
Current biological assets quantity | 21,678 | 25,256 | ||
Mature chickens (breeding stage) [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total non-current | $ 211,021 | $ 173,416 | ||
Non-current biological assets quantity | 23,745 | 24,598 | ||
Immature chickens (in development) and eggs [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total non-current | $ 182,741 | $ 182,498 | ||
Non-current biological assets quantity | 16,867 | 21,241 | ||
Mature fish (biomass - kg) [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total non-current | $ 2,343 | $ 2,110 | ||
Non-current biological assets quantity | 84 | 93 | ||
Immature fish (biomass - kg) and eggs [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total non-current | $ 14,140 | $ 11,570 | ||
Non-current biological assets quantity | 514 | 382 | ||
Eucalyptus forests (hectares) [Member] | ||||
Biological Assets (Details) - Schedule of Current and Non-Current Biological Assets [Line Items] | ||||
Total non-current | $ 2,538 | $ 1,971 | ||
Non-current biological assets quantity | 2,232 | 2,232 |
Biological Assets (Details) -_2
Biological Assets (Details) - Schedule of Changes in Biological Assets - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule Of Changes In Biological Assets Abstract | ||||
Balance at the beginning of the period, Current | $ 1,861,106 | $ 1,327,675 | $ 984,417 | |
Balance at the beginning of the period, Non-current | 501,958 | 402,297 | 342,249 | |
Business combination, Current | [1] | (24,542) | 171,362 | 162,064 |
Business combination, Non-current | [1] | 38,020 | 12,311 | |
Increase by reproduction (born) and cost to reach maturity, Current | 12,889,376 | 12,225,934 | 10,069,305 | |
Increase by reproduction (born) and cost to reach maturity, Non-current | 836,047 | 790,192 | 592,871 | |
Reduction for slaughter, sale or consumption, Current | (13,522,290) | (12,545,787) | (10,428,491) | |
Reduction for slaughter, sale or consumption, Non-current | (66,503) | (82,344) | (52,846) | |
Purchases, Current | 397,946 | 536,267 | 431,500 | |
Purchases, Non-current | 180,727 | 164,921 | 162,930 | |
Decrease by death, Current | (168,073) | (81,952) | (33,141) | |
Decrease by death, Non-current | (17,865) | (14,886) | (9,707) | |
Fair value adjustments, Current | (85,715) | 36,102 | (35,455) | |
Fair value adjustments, Non-current | 700 | 4 | 71 | |
Reclassification from non-current to current, Current | 307,195 | 292,149 | 211,186 | |
Reclassification from non-current to current, Non-current | (307,195) | (292,149) | (211,186) | |
Exchange rate variation, Current | 57,150 | (100,644) | (33,710) | |
Exchange rate variation, Non-current | 12,426 | 602 | (7,900) | |
Amortization, Current | ||||
Amortization, Non-current | (608,818) | (504,699) | (426,496) | |
Balance at the end of the period, Current | 1,712,153 | 1,861,106 | 1,327,675 | |
Balance at the end of the period, Non-current | $ 531,477 | $ 501,958 | $ 402,297 | |
[1]Refers to the business combination adjustment of the acquisition of TriOak acquired for the year ended 2022 financial year. |
Recoverable Taxes (Details)
Recoverable Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Recoverable Taxes [Abstract] | ||
Income taxes in foreign jurisdictions | $ 886,130 | $ 730,069 |
Recoverable Taxes (Details) - S
Recoverable Taxes (Details) - Schedule of Recoverable Taxes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Recoverable Taxes [Abstract] | ||
Value-added tax on sales and services – ICMS / IVA / VAT / GST | $ 919,634 | $ 1,006,814 |
Social contribution on billings - PIS and COFINS | 502,397 | 527,607 |
Withholding income tax - IRRF / IRPJ | 1,196,502 | 1,199,323 |
Excise tax – IPI | 22,004 | 24,478 |
Reintegra | 8,905 | 9,551 |
Other | 13,953 | 10,558 |
Recoverable taxes | 2,663,395 | 2,778,331 |
Current | 919,120 | 1,021,701 |
Non-current | 1,744,275 | 1,756,630 |
Total Recoverable Taxes | $ 2,663,395 | $ 2,778,331 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transactions (Details) [Line Items] | ||||
Settlement amount | $ 117,930,000 | |||
Loss from sale of receivables | 97,325,000 | $ 72,635,000 | $ 35,610,000 | |
Company held investments | 781,523,000 | 358,352,000 | ||
Earned interest from these investments | [1] | 326,442,000 | 268,418,000 | 144,326,000 |
Accounts receivable | 401 | 42 | ||
Net revenue | 72,918,123,000 | 72,613,910,000 | 65,042,706,000 | |
Total amount of purchases | 349,543,000 | 658,638,000 | 99,976,000 | |
Commitments agreements amount | 61,926,000 | 85,478,000 | ||
Certificado de Depósito Interbancário [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Earned interest from these investments | 26,205,000 | 1,448,000 | 1,083,000 | |
Sponsor of Institute Germinare [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
General and administrative expenses | 22,535,000 | 34,625,000 | 4,475,000 | |
JBJ Agropecuária Ltd [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Accounts receivable | 878,000 | 558,000 | ||
Net revenue | 5,039,000 | 12,844,000 | 2,555,000 | |
JBS S.A. and Manufactures Soaps [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Accounts receivable | 6,927,000 | 6,585,000 | ||
J&F. Flora [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Net revenue | 65,397,000 | 159,095,000 | 43,777,000 | |
Total amount of purchases | $ 0 | $ 2,631 | $ 83 | |
[1]For the year ended December 31, 2023,2022 and 2021 the amount of US$117,866, US$110,677 and US$61,024, respectively, refers to interest income from present value adjustments. In addition, for the year ended December 31, 2023, the amount of US$105,839 (US$68,478 and US$24,156 for the year ended December 31, 2022 and 2021 respectively), refers to interest income from short -term |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Related Party Receivable - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions (Details) - Schedule of Related Party Receivable [Line Items] | |||
Related party receivables | $ 118,554 | $ 182,268 | |
J&F Oklahoma Holdings Inc - Associate [Member] | |||
Related Party Transactions (Details) - Schedule of Related Party Receivable [Line Items] | |||
Related party receivables | [1] | 76,665 | |
J&F Investimentos S.A [Member]. | |||
Related Party Transactions (Details) - Schedule of Related Party Receivable [Line Items] | |||
Related party receivables | [2] | 117,930 | 104,101 |
Flora Produtos de Higiene e Limpeza S.A. - Associate [Member] | |||
Related Party Transactions (Details) - Schedule of Related Party Receivable [Line Items] | |||
Related party receivables | [1] | $ 624 | $ 1,502 |
[1]The J&F Investimentos S.A. is the ultimate controller of the related companies.[2]It refers to the agreement entered into between JBS S.A. and J&F Investimentos S.A. and some former executives of the Group, which represents the definitive settlement of the dispute subject to Arbitration CAM n° 186/21, whereby J&F undertook to pay the total updated amount of US$ 117,930, to be paid in accordance with the terms and conditions specified in the agreement. |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Aggregate Amount of Compensation Received by Company’s key Management - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Aggregate Amount of Compensation Received by Company SKey Management [Abstract] | |||
Salaries and wages | $ 8,179 | $ 7,678 | $ 6,191 |
Variable cash compensation | 18,658 | 18,727 | 10,395 |
Share-based payments | 7,217 | 6,863 | 10,275 |
Aggregate amount of compensation | $ 34,054 | $ 33,268 | $ 26,861 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Income Taxes [Line Items] | |||
Statutory nominal rate | 34% | 34% | |
Accumulated tax losses | $ 786,180 | $ 616,136 | |
Government subsidies amount | 1,400,450 | 1,316,255 | |
Presumed credit | 582,488 | 548,901 | |
Reduction and exemption | 817,962 | 767,354 | |
Unrecognized tax benefits | $ 278,639 | 258,538 | |
Statutory tax rate | 34% | 34% | |
Annual Turnover Exceeding (in Euro) | € | € 750 | ||
Minimum effective global rate | 15% | 15% | |
Unused tax credits [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | $ 198,433 | $ 186,658 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Deferred Taxes Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Deferred Taxes Assets and Liabilities [Abstract] | ||
Deferred income taxes assets | $ 774,861 | $ 605,880 |
Deferred income taxes liabilities | (1,360,257) | (1,363,072) |
Deferred income taxes | $ (585,396) | $ (757,192) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | $ (757,192) | $ (881,723) | $ (884,507) | |||
Statement of income | 197,453 | 105,308 | 158,513 | |||
Exchange variation | (28,755) | 18,404 | 45,541 | |||
Other Adjustments | [1] | 3,098 | 819 | (201,270) | ||
Balance | (585,396) | (757,192) | (881,723) | |||
Tax losses and negative basis of social contribution [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 649,164 | 431,501 | 361,006 | |||
Statement of income | 154,719 | 200,298 | 90,950 | |||
Exchange variation | 36,289 | 16,863 | (20,455) | |||
Other Adjustments | [1] | 502 | ||||
Balance | 840,172 | 649,164 | 431,501 | |||
Expected credit losses on trade accounts receivable [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 31,572 | 26,259 | 21,418 | |||
Statement of income | 4,869 | 3,903 | 6,424 | |||
Exchange variation | 1,645 | 1,410 | (1,583) | |||
Other Adjustments | [1] | |||||
Balance | 38,086 | 31,572 | 26,259 | |||
Provisions for contingencies [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 94,153 | 97,506 | 96,790 | |||
Statement of income | (19,037) | (9,963) | 7,555 | |||
Exchange variation | 3,724 | 6,610 | (6,839) | |||
Other Adjustments | [1] | |||||
Balance | 78,840 | 94,153 | 97,506 | |||
Present value adjustment [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 11,326 | 8,165 | 5,680 | |||
Statement of income | (4,401) | 2,625 | 2,529 | |||
Exchange variation | 723 | 536 | (44) | |||
Other Adjustments | [1] | |||||
Balance | 7,648 | 11,326 | 8,165 | |||
Tax credits [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 13,196 | 13,438 | 9,817 | |||
Statement of income | 10,480 | (225) | 3,603 | |||
Exchange variation | (19) | 36 | ||||
Other Adjustments | [1] | 28 | (53) | 18 | ||
Balance | 23,685 | 13,196 | 13,438 | |||
Labor accident accruals [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 6,139 | 39,203 | 40,262 | |||
Statement of income | 1,788 | (33,065) | (1,058) | |||
Exchange variation | 1 | (1) | ||||
Other Adjustments | [1] | |||||
Balance | 7,927 | 6,139 | 39,203 | |||
Pension plan [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 10,485 | 21,677 | 33,686 | |||
Statement of income | 3,700 | (5,487) | (2,673) | |||
Exchange variation | (17) | 17 | (12) | |||
Other Adjustments | [1] | (2,212) | (5,722) | (9,324) | ||
Balance | 11,956 | 10,485 | 21,677 | |||
Trade accounts payable accrual [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 284,235 | 257,023 | 181,471 | |||
Statement of income | (12,388) | 17,101 | 75,552 | |||
Exchange variation | 5,665 | 10,111 | ||||
Other Adjustments | [1] | |||||
Balance | 277,512 | 284,235 | 257,023 | |||
Non-deductible interest [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 76,563 | 5,894 | 481 | |||
Statement of income | 135,394 | 70,669 | 5,411 | |||
Exchange variation | 1 | 2 | ||||
Other Adjustments | [1] | |||||
Balance | 211,958 | 76,563 | 5,894 | |||
Right of use assets [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 22,583 | 6,072 | 7,809 | |||
Statement of income | 1,848 | 16,077 | (1,391) | |||
Exchange variation | 986 | 434 | (346) | |||
Other Adjustments | [1] | |||||
Balance | 25,417 | 22,583 | 6,072 | |||
Other temporary differences - assets [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 141,120 | 53,439 | 98,252 | |||
Statement of income | (16,514) | (40,107) | ||||
Exchange variation | (6,167) | (4,706) | ||||
Other Adjustments | [1] | 5,955 | ||||
Balance | 124,394 | 141,120 | 53,439 | |||
Goodwill amortization [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (785,958) | (705,645) | (697,073) | |||
Statement of income | (11,163) | (36,002) | (52,388) | |||
Exchange variation | (54,719) | (44,311) | 43,816 | |||
Other Adjustments | [1] | |||||
Balance | (851,840) | (785,958) | (705,645) | |||
Present value adjustment - Trade accounts payable [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (8,105) | (6,015) | 304 | |||
Statement of income | 2,595 | (1,716) | (6,497) | |||
Exchange variation | (554) | (374) | 178 | |||
Other Adjustments | [1] | |||||
Balance | (6,064) | (8,105) | (6,015) | |||
Business combinations [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (441,428) | (473,415) | (323,680) | |||
Statement of income | (16) | 43,905 | 18,301 | |||
Exchange variation | (2,806) | (5,335) | 9,158 | |||
Other Adjustments | [1] | (6,583) | (177,194) | |||
Balance | (444,250) | (441,428) | (473,415) | |||
Inventory valuation [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (109,703) | 23,596 | (97,093) | |||
Statement of income | (97,383) | (133,299) | 120,673 | |||
Exchange variation | 1 | |||||
Other Adjustments | [1] | 16 | ||||
Balance | (207,085) | (109,703) | 23,596 | |||
Hedge operations [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 8,209 | (27,002) | [2] | 279 | [2] | |
Statement of income | (32,815) | 20,698 | (16,565) | [2] | ||
Exchange variation | (85) | 620 | 3,895 | [2] | ||
Other Adjustments | [1] | (673) | 13,893 | (14,611) | [2] | |
Balance | (25,364) | 8,209 | (27,002) | [2] | ||
Realization of other reserves [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (110,379) | (106,120) | (116,908) | |||
Statement of income | 3,223 | 3,156 | 2,846 | |||
Exchange variation | (8,484) | (7,415) | 7,942 | |||
Other Adjustments | [1] | |||||
Balance | (115,640) | (110,379) | (106,120) | |||
Accelerated depreciation and amortization [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (586,839) | (492,570) | (417,396) | |||
Statement of income | 72,554 | (93,828) | (75,196) | |||
Exchange variation | (441) | 22 | ||||
Other Adjustments | [1] | |||||
Balance | (514,285) | (586,839) | (492,570) | |||
Other temporary differences - liabilities [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (63,525) | (29,128) | (68,697) | |||
Statement of income | (78,679) | 25,222 | ||||
Exchange variation | (4,938) | 45,755 | 14,522 | |||
Other Adjustments | [1] | (1,473) | (175) | |||
Balance | (68,463) | (63,525) | (29,128) | |||
Rules for Animal Farming - Foreign Subsidiaries [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 7,815 | |||||
Statement of income | ||||||
Exchange variation | (7,815) | |||||
Other Adjustments | [1] | |||||
Balance | 7,815 | |||||
Other Active Temporary Differences [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 141,120 | 53,439 | ||||
Statement of income | 85,724 | |||||
Exchange variation | 1,702 | |||||
Other Adjustments | [1] | 255 | ||||
Balance | 141,120 | 53,439 | ||||
Customer return accruals [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | (33,416) | (32,679) | ||||
Statement of income | 33,416 | (737) | ||||
Exchange variation | ||||||
Other Adjustments | [1] | |||||
Balance | (33,416) | |||||
Biological assets [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 7,815 | 11,511 | ||||
Statement of income | (3,695) | |||||
Exchange variation | (1) | |||||
Other Adjustments | [1] | |||||
Balance | 7,815 | |||||
Share-based payments [Member] | ||||||
Income Taxes (Details) - Schedule of Deferred Tax Income and Social Contribution [Line Items] | ||||||
Balance | 253 | |||||
Statement of income | (246) | |||||
Exchange variation | (7) | |||||
Other Adjustments | [1] | |||||
Balance | ||||||
[1]Changes in the deferred tax assets and liabilities that do not directly impact the statement of income. These adjustments refer mainly to: the direct subsidiary Brazservice Ltda. incorporated into the Group; deferred taxes on cash flow hedge transactions recognized in other comprehensive income, carried out by the subsidiary Seara Alimentos; and, gains associated with pension and other postretirement benefit obligations in the United States of America; and impacts related to the acquisitions of the King´s group in Italy and Rivalea in Australia.[2]The hedge and hedge accounting operations are demonstrated in footnote 27 — Risk management and financial instruments. |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Income Tax and Social Contribution Expense - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Income Tax and Social Contribution Expense [Abstract] | ||||
Accounting result before taxation | $ (259,728) | $ 3,553,493 | $ 5,062,768 | |
Brazilian statutory corporate tax rate | (34.00%) | (34.00%) | (34.00%) | |
Expected tax benefit (expense) | $ 88,308 | $ (1,208,188) | $ (1,721,341) | |
Adjustments to reconcile taxable income tax expense (benefit): | ||||
Share of profit of equity-accounted investees | 3,243 | 4,013 | 5,840 | |
Non-taxable tax benefits | [1] | 461,726 | 447,843 | 165,051 |
Difference of tax rates on taxable income from foreign subsidiaries | (16,299) | 317,989 | 509,139 | |
Transfer pricing adjustments | (12,265) | (34,145) | (5,782) | |
Profits taxed by-foreign jurisdictions | [2] | (203,986) | (266,049) | (241,922) |
Deferred income tax not recognized | (372,932) | 94,238 | (155,877) | |
Withholding tax expense | (172) | |||
Non-taxable interest - Foreign subsidiaries | 140,284 | 129,703 | 108,072 | |
Donations and social programs expenses | [3] | (7,524) | (114) | (2,572) |
SELIC interest on tax credits | [4] | 6,521 | 5,127 | 51,650 |
Double Jurisdiction Taxation | 35,138 | |||
Other permanent differences | 40,917 | 64,661 | 43,612 | |
Current and deferred income tax benefit (expense) | 127,993 | (409,956) | (1,244,130) | |
Current income tax | (69,460) | (515,264) | (1,402,643) | |
Deferred income tax | 197,453 | 105,308 | 158,513 | |
Total income tax | $ 127,993 | $ (409,956) | $ (1,244,130) | |
Effective income tax rate | 49.28% | (11.54%) | (24.57%) | |
[1]The Group and its subsidiaries recognize grants given by Brazilian state governments as a presumed credit, partial and full reduction of the ICMS calculation base of certain goods in its production chain, in accordance with the regulations of each state. The amounts appropriated from these tax incentives as revenue in the statement of income are excluded from the calculation of taxes on income, when the requirements set forth in current legislation are achieved. During the for the year ended December 31, 2023, the Group recorded the amount of government subsidies in the amount of US$1,400,450 (US$1,316,255 for the year ended December 31, 2022), of which US$582,488 of presumed credit (US$548,901 for the year ended December 31, 2022) and US$817,962 of reduction and exemption from ICMS, (US$767,354 for the year ended December 31, 2022) excluded from its calculation basis for income tax and social contribution. The exclusion of this tax benefit from the income tax and social contribution calculation base on net income reflected a tax gain for the year ended December 31, 2023 of US$198,433 referring to the presumed credit (US$186,658 for the year ended December 31, 2022) and US$278,639 of exemption and base reduction (US$258,538 for the year ended December 31, 2022).[2]According to Law No. 12,973/14, the income from foreign subsidiaries must be taxed at the Brazilian statutory tax rate of 34%, and the income tax paid abroad by these subsidiaries may be used to compensate income taxes to be paid in Brazil. The results obtained from foreign subsidiaries are subject to taxation by the countries where they are based, according to applicable rates and legislation (profits taxed by -foreign |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Purchase commitments for machinery and equipment, vehicles and construction in progress | $ 388,325,000 | ||
Construction in progress | 68,164,000 | $ 70,788,000 | $ 36,998,000 |
Brazil [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Impairment in property, plant and equipment | $ 23,491 | ||
Capitalization rate | 8.41% | 7.05% | |
Currently stated [member] | |||
Property, Plant and Equipment [Abstract] | |||
Capitalization rate | 4.40% | 3.70% | |
Cash Generating Units (CGU) [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Purchase commitments for machinery and equipment, vehicles and construction in progress | $ 643,962,000 | ||
Cash Generating Units (CGU) [Member] | Brazil [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Capitalization rate | 4.21% | ||
Cash Generating Units (CGU) [Member] | Currently stated [member] | |||
Property, Plant and Equipment [Abstract] | |||
Capitalization rate | 3.88% |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | $ 21,537,756 | |||
Property plant and equipment, accumulated depreciation | (8,619,507) | |||
Property plant and equipment, net amount | 12,918,249 | $ 11,915,363 | $ 10,208,289 | $ 9,077,589 |
Buildings [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | 6,480,294 | |||
Property plant and equipment, accumulated depreciation | (2,175,149) | |||
Property plant and equipment, net amount | $ 4,305,145 | 3,779,963 | ||
Buildings [Member] | Bottom of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 5 years | |||
Buildings [Member] | Top of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 60 years | |||
Land [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | ||||
Property plant and equipment, cost | $ 1,209,739 | |||
Property plant and equipment, accumulated depreciation | ||||
Property plant and equipment, net amount | 1,209,739 | 1,056,590 | ||
Machinery and equipment [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | 9,539,760 | |||
Property plant and equipment, accumulated depreciation | (5,229,170) | |||
Property plant and equipment, net amount | $ 4,310,590 | 3,832,826 | ||
Machinery and equipment [Member] | Bottom of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 3 years | |||
Machinery and equipment [Member] | Top of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 30 years | |||
Facilities [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | $ 1,176,199 | |||
Property plant and equipment, accumulated depreciation | (412,163) | |||
Property plant and equipment, net amount | $ 764,036 | 575,290 | ||
Facilities [Member] | Bottom of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 10 years | |||
Facilities [Member] | Top of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 30 years | |||
Computer equipment [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | $ 453,965 | |||
Property plant and equipment, accumulated depreciation | (287,674) | |||
Property plant and equipment, net amount | $ 166,291 | 116,263 | ||
Computer equipment [Member] | Bottom of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 2 years | |||
Computer equipment [Member] | Top of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 15 years | |||
Vehicles (land and air) [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | $ 438,490 | |||
Property plant and equipment, accumulated depreciation | (165,827) | |||
Property plant and equipment, net amount | $ 272,663 | 214,898 | ||
Vehicles (land and air) [Member] | Bottom of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 3 years | |||
Vehicles (land and air) [Member] | Top of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 35 years | |||
Construction in progress [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | ||||
Property plant and equipment, cost | $ 1,636,719 | |||
Property plant and equipment, accumulated depreciation | ||||
Property plant and equipment, net amount | 1,636,719 | 2,124,483 | ||
Others [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, cost | 602,590 | |||
Property plant and equipment, accumulated depreciation | (349,524) | |||
Property plant and equipment, net amount | $ 253,066 | $ 215,050 | ||
Others [Member] | Bottom of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 2 years | |||
Others [Member] | Top of Range [Member] | ||||
Property, Plant and Equipment (Details) - Schedule of Several Purchase Commitments for Machinery and Equipment, Vehicles and Construction in Progress [Line Items] | ||||
Property plant and equipment, useful life | 25 years |
Property, Plant and Equipment_4
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | $ 11,915,363 | $ 10,208,289 | $ 9,077,589 | ||||
Acquired in business combinations | 10,169 | [1] | 317,623 | [2] | 512,434 | [2] | |
Additions net of transfers | 1,681,186 | [3] | 2,266,778 | [3] | 1,817,525 | ||
Disposals | (109,832) | (29,949) | (38,510) | ||||
Depreciation | (1,043,879) | (948,052) | (833,395) | ||||
Exchange rate variation | 465,242 | 100,570 | (327,354) | ||||
Balance | 12,918,249 | 11,915,363 | 10,208,289 | ||||
Business combination adjustment | [4] | 104 | |||||
Buildings [member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 3,779,963 | ||||||
Acquired in business combinations | [1] | 4 | |||||
Additions net of transfers | [3] | 680,142 | |||||
Disposals | (32,725) | ||||||
Depreciation | (263,669) | ||||||
Exchange rate variation | 141,430 | ||||||
Balance | 4,305,145 | 3,779,963 | |||||
Land [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 1,056,590 | ||||||
Acquired in business combinations | [1] | ||||||
Additions net of transfers | [3] | 118,254 | |||||
Disposals | (14,345) | ||||||
Depreciation | |||||||
Exchange rate variation | 49,240 | ||||||
Balance | 1,209,739 | 1,056,590 | |||||
Machinery and equipment [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 3,832,826 | ||||||
Acquired in business combinations | [1] | 10,180 | |||||
Additions net of transfers | [3] | 989,430 | |||||
Disposals | (37,382) | ||||||
Depreciation | (610,850) | ||||||
Exchange rate variation | 126,386 | ||||||
Balance | 4,310,590 | 3,832,826 | |||||
Facilities [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 575,290 | ||||||
Acquired in business combinations | [1] | ||||||
Additions net of transfers | [3] | 184,128 | |||||
Disposals | (2,783) | ||||||
Depreciation | (44,024) | ||||||
Exchange rate variation | 51,425 | ||||||
Balance | 764,036 | 575,290 | |||||
Computer equipment [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 116,263 | ||||||
Acquired in business combinations | [1] | ||||||
Additions net of transfers | [3] | 90,951 | |||||
Disposals | (710) | ||||||
Depreciation | (44,804) | ||||||
Exchange rate variation | 4,591 | ||||||
Balance | 166,291 | 116,263 | |||||
Vehicles (land and air) [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 214,898 | ||||||
Acquired in business combinations | [1] | ||||||
Additions net of transfers | [3] | 99,659 | |||||
Disposals | (8,736) | ||||||
Depreciation | (43,559) | ||||||
Exchange rate variation | 10,401 | ||||||
Balance | 272,663 | 214,898 | |||||
Construction in progress [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 2,124,483 | ||||||
Acquired in business combinations | [1] | ||||||
Additions net of transfers | [3] | (558,747) | |||||
Disposals | (4,046) | ||||||
Depreciation | |||||||
Exchange rate variation | 75,029 | ||||||
Balance | 1,636,719 | 2,124,483 | |||||
Other [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 215,050 | ||||||
Acquired in business combinations | [1] | (15) | |||||
Additions net of transfers | [3] | 77,369 | |||||
Disposals | (9,105) | ||||||
Depreciation | (36,973) | ||||||
Exchange rate variation | 6,740 | ||||||
Balance | 253,066 | 215,050 | |||||
Buildings [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 3,779,964 | 3,500,837 | |||||
Acquired in business combinations | [2] | 120,213 | |||||
Additions net of transfers | [3] | 360,757 | |||||
Disposals | (3,900) | ||||||
Depreciation | (235,102) | ||||||
Exchange rate variation | 37,154 | ||||||
Balance | 3,779,964 | 3,500,837 | |||||
Business combination adjustment | [4] | 5 | |||||
Land [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 1,056,590 | 944,922 | |||||
Acquired in business combinations | [2] | 81,496 | |||||
Additions net of transfers | [3] | 25,770 | |||||
Disposals | (5,316) | ||||||
Depreciation | |||||||
Exchange rate variation | 9,718 | ||||||
Balance | 1,056,590 | 944,922 | |||||
Business combination adjustment | [4] | ||||||
Machinery and equipment [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 3,832,826 | 3,569,854 | |||||
Acquired in business combinations | [2] | 90,861 | |||||
Additions net of transfers | [3] | 738,953 | |||||
Disposals | (6,308) | ||||||
Depreciation | (569,888) | ||||||
Exchange rate variation | 9,279 | ||||||
Balance | 3,832,826 | 3,569,854 | |||||
Business combination adjustment | [4] | 75 | |||||
Facilities [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 575,290 | 487,028 | |||||
Acquired in business combinations | [2] | 854 | |||||
Additions net of transfers | [3] | 86,100 | |||||
Disposals | (92) | ||||||
Depreciation | (32,225) | ||||||
Exchange rate variation | 33,625 | ||||||
Balance | 575,290 | 487,028 | |||||
Business combination adjustment | [4] | ||||||
Computer equipment [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 116,264 | 121,960 | |||||
Acquired in business combinations | [2] | 705 | |||||
Additions net of transfers | [3] | 39,875 | |||||
Disposals | (4,299) | ||||||
Depreciation | (41,298) | ||||||
Exchange rate variation | (679) | ||||||
Balance | 116,264 | 121,960 | |||||
Business combination adjustment | [4] | ||||||
Vehicles (land and air) [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 214,898 | 180,960 | |||||
Acquired in business combinations | [2] | 12,306 | |||||
Additions net of transfers | [3] | 61,945 | |||||
Disposals | (7,497) | ||||||
Depreciation | (34,571) | ||||||
Exchange rate variation | 1,743 | ||||||
Balance | 214,898 | 180,960 | |||||
Business combination adjustment | [4] | 12 | |||||
Construction in progress [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 2,124,483 | 1,218,888 | |||||
Acquired in business combinations | [2] | 4,990 | |||||
Additions net of transfers | [3] | 892,255 | |||||
Disposals | (980) | ||||||
Depreciation | |||||||
Exchange rate variation | 9,330 | ||||||
Balance | 2,124,483 | 1,218,888 | |||||
Business combination adjustment | [4] | ||||||
Other [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | $ 215,048 | 183,840 | |||||
Acquired in business combinations | [2] | 6,198 | |||||
Additions net of transfers | [3] | 61,123 | |||||
Disposals | (1,557) | ||||||
Depreciation | (34,968) | ||||||
Exchange rate variation | 400 | ||||||
Balance | 215,048 | 183,840 | |||||
Business combination adjustment | [4] | 12 | |||||
Buildings [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 3,500,837 | 3,298,443 | |||||
Acquired in business combinations | [2] | 137,443 | |||||
Additions net of transfers | 398,731 | ||||||
Disposals | (13,789) | ||||||
Depreciation | (204,340) | ||||||
Exchange rate variation | (115,651) | ||||||
Balance | 3,500,837 | ||||||
Land [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 944,922 | 933,072 | |||||
Acquired in business combinations | [2] | 24,883 | |||||
Additions net of transfers | 29,937 | ||||||
Disposals | (3,788) | ||||||
Depreciation | |||||||
Exchange rate variation | (39,182) | ||||||
Balance | 944,922 | ||||||
Machinery and equipment [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 3,569,854 | 3,222,626 | |||||
Acquired in business combinations | [2] | 269,328 | |||||
Additions net of transfers | 690,187 | ||||||
Disposals | (10,364) | ||||||
Depreciation | (506,569) | ||||||
Exchange rate variation | (95,354) | ||||||
Balance | 3,569,854 | ||||||
Facilities [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 487,028 | 448,944 | |||||
Acquired in business combinations | [2] | ||||||
Additions net of transfers | 97,708 | ||||||
Disposals | (538) | ||||||
Depreciation | (27,058) | ||||||
Exchange rate variation | (32,028) | ||||||
Balance | 487,028 | ||||||
Computer equipment [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 121,960 | 99,987 | |||||
Acquired in business combinations | [2] | 3,348 | |||||
Additions net of transfers | 60,764 | ||||||
Disposals | (253) | ||||||
Depreciation | (40,633) | ||||||
Exchange rate variation | (1,253) | ||||||
Balance | 121,960 | ||||||
Vehicles (land and air) [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 180,960 | 122,597 | |||||
Acquired in business combinations | [2] | 53,032 | |||||
Additions net of transfers | 46,105 | ||||||
Disposals | (8,455) | ||||||
Depreciation | (26,366) | ||||||
Exchange rate variation | (5,953) | ||||||
Balance | 180,960 | ||||||
Construction in progress [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | 1,218,888 | 792,178 | |||||
Acquired in business combinations | [2] | 19,939 | |||||
Additions net of transfers | 442,425 | ||||||
Disposals | |||||||
Depreciation | |||||||
Exchange rate variation | (35,654) | ||||||
Balance | 1,218,888 | ||||||
Other [Member] | |||||||
Property, Plant and Equipment (Details) - Schedule of Changes in Property, Plant and Equipment [Line Items] | |||||||
Balance | $ 183,840 | 159,742 | |||||
Acquired in business combinations | [2] | 4,461 | |||||
Additions net of transfers | 51,668 | ||||||
Disposals | (1,323) | ||||||
Depreciation | (28,429) | ||||||
Exchange rate variation | (2,279) | ||||||
Balance | $ 183,840 | ||||||
[1]Refers to the business combination adjustment of the acquisition of TriOak acquired for the year ended 2022 financial year.[2]Refers to the acquisitions completed during the first half of 2022, such as King’s and Rivalea during the first quarter and, BioTech, during the second quarter.[3]Additions for each category includes transfers from construction in progress during the period.[4]Refers to the business combination adjustments of the acquisition of King’s and Rivalea acquired during the 2022 fiscal year and International Food Company Seara LLC acquired during the 2021 fiscal year. |
Leases (Details)
Leases (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Average discount rate used for measuring lease liabilities | 5.85% | 7.30% | 7.86% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Right of Use Asset - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Right of Use Asset [Line Items] | ||||
Cost | $ 2,867,380 | |||
Accumulated amortization | (1,161,670) | |||
Net amount | 1,705,710 | $ 1,605,093 | $ 1,403,609 | $ 1,113,150 |
Growing facilities [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 1,276,977 | |||
Accumulated amortization | (471,607) | |||
Net amount | 805,370 | 823,989 | 610,411 | 489,766 |
Buildings [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 786,789 | |||
Accumulated amortization | (254,685) | |||
Net amount | 532,104 | 426,996 | 396,209 | 304,791 |
Vehicles (land, air and sea) [membr] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 437,146 | |||
Accumulated amortization | (213,426) | |||
Net amount | 223,720 | 201,655 | 220,607 | 152,437 |
Machinery and equipment [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 263,218 | |||
Accumulated amortization | (173,117) | |||
Net amount | 90,101 | 104,890 | 124,304 | 124,034 |
Operating plants [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 36,386 | |||
Accumulated amortization | (16,691) | |||
Net amount | 19,695 | 18,706 | 20,358 | 21,169 |
Land [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 39,121 | |||
Accumulated amortization | (19,935) | |||
Net amount | 19,186 | 19,641 | 19,698 | 15,840 |
Computer equipment [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Cost | 27,743 | |||
Accumulated amortization | (12,209) | |||
Net amount | $ 15,534 | $ 9,216 | $ 12,007 | $ 5,091 |
Bottom of range [member] | Growing facilities [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 1 year | |||
Bottom of range [member] | Buildings [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 2 years | |||
Bottom of range [member] | Vehicles (land, air and sea) [membr] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 1 year | |||
Bottom of range [member] | Machinery and equipment [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 1 year | |||
Bottom of range [member] | Operating plants [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 1 year | |||
Bottom of range [member] | Land [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 1 year | |||
Bottom of range [member] | Computer equipment [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 1 year | |||
Top of range [member] | Growing facilities [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 13 years | |||
Top of range [member] | Buildings [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 30 years | |||
Top of range [member] | Vehicles (land, air and sea) [membr] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 20 years | |||
Top of range [member] | Machinery and equipment [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 10 years | |||
Top of range [member] | Operating plants [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 11 years | |||
Top of range [member] | Land [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 30 years | |||
Top of range [member] | Computer equipment [member] | ||||
Schedule of Right of Use Asset [Line Items] | ||||
Range of lease terms | 5 years |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Changes in Right of Use Asset - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | $ 1,605,093 | $ 1,403,609 | $ 1,113,150 | |||
Acquired in business combination | (10,552) | [1] | 146,513 | [2] | 124,027 | |
Additions | 483,698 | 483,201 | 627,386 | |||
Terminated contracts | (45,193) | (61,014) | (116,135) | |||
Amortization | (388,772) | (347,389) | (305,843) | |||
Exchange rate variation | 61,436 | (19,875) | (38,976) | |||
Ending Balance | 1,705,710 | 1,605,093 | 1,403,609 | |||
Adjustment in business combination | [1] | 48 | ||||
Growing facilities [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 823,989 | 610,411 | 489,766 | |||
Acquired in business combination | (10,552) | [1] | 143,298 | [2] | ||
Additions | 146,905 | 224,140 | 323,387 | |||
Terminated contracts | (16,458) | (39,393) | (94,040) | |||
Amortization | (167,078) | (130,460) | (99,139) | |||
Exchange rate variation | 28,564 | 15,993 | (9,563) | |||
Ending Balance | 805,370 | 823,989 | 610,411 | |||
Adjustment in business combination | [1] | |||||
Buildings [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 426,996 | 396,209 | 304,791 | |||
Acquired in business combination | [1] | 63 | [2] | 43,273 | ||
Additions | 190,185 | 127,081 | 135,572 | |||
Terminated contracts | (26,573) | (4,310) | (11,002) | |||
Amortization | (83,876) | (63,189) | (59,402) | |||
Exchange rate variation | 25,372 | (28,858) | (17,023) | |||
Ending Balance | 532,104 | 426,996 | 396,209 | |||
Adjustment in business combination | [1] | |||||
Vehicles [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 201,655 | 220,607 | 152,437 | |||
Acquired in business combination | [1] | 585 | [2] | 74,399 | ||
Additions | 94,448 | 84,994 | 82,392 | |||
Terminated contracts | (884) | (8,486) | (7,895) | |||
Amortization | (72,532) | (88,730) | (78,514) | |||
Exchange rate variation | 1,033 | (7,315) | (2,212) | |||
Ending Balance | 223,720 | 201,655 | 220,607 | |||
Adjustment in business combination | [1] | |||||
Machinery and equipment [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 104,890 | 124,304 | 124,034 | |||
Acquired in business combination | [1] | 1,743 | [2] | 390 | ||
Additions | 33,933 | 37,953 | 59,438 | |||
Terminated contracts | (1,120) | (4,349) | (2,376) | |||
Amortization | (51,140) | (54,279) | (55,944) | |||
Exchange rate variation | 3,538 | (482) | (1,238) | |||
Ending Balance | 90,101 | 104,890 | 124,304 | |||
Adjustment in business combination | [1] | |||||
Operating plants [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 18,706 | 20,358 | 21,169 | |||
Acquired in business combination | [1] | [2] | 899 | |||
Additions | 6,061 | 6,269 | 4,359 | |||
Terminated contracts | (138) | (4,396) | (797) | |||
Amortization | (6,317) | (4,492) | (3,655) | |||
Exchange rate variation | 1,383 | 967 | (1,617) | |||
Ending Balance | 19,695 | 18,706 | 20,358 | |||
Adjustment in business combination | [1] | |||||
Land [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 19,641 | 19,698 | 15,840 | |||
Acquired in business combination | [1] | 824 | [2] | 5,066 | ||
Additions | 1,438 | 2,761 | 324 | |||
Terminated contracts | (24) | (14) | (16) | |||
Amortization | (2,604) | (2,754) | (1,812) | |||
Exchange rate variation | 735 | (922) | 296 | |||
Ending Balance | 19,186 | 19,641 | 19,698 | |||
Adjustment in business combination | [1] | 48 | ||||
Computer equipment [member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 9,216 | 12,007 | 5,091 | |||
Acquired in business combination | [1] | [2] | ||||
Additions | 10,728 | 3 | 21,910 | |||
Terminated contracts | 4 | (52) | (9) | |||
Amortization | (5,225) | (3,482) | (7,369) | |||
Exchange rate variation | 811 | 740 | (7,616) | |||
Ending Balance | 15,534 | 9,216 | 12,007 | |||
Adjustment in business combination | [1] | |||||
Furniture and appliances [Member] | ||||||
Schedule of Changes in Right of Use Asset [Line Items] | ||||||
Beginning Balance | 15 | 22 | ||||
Acquired in business combination | [2] | |||||
Additions | 4 | |||||
Terminated contracts | (14) | |||||
Amortization | (3) | (8) | ||||
Exchange rate variation | 2 | (3) | ||||
Ending Balance | $ 15 | |||||
Adjustment in business combination | [1] | |||||
[1]Refers to the business combination adjustment of the acquisition of TriOak acquired during the 2022 financial year.[2]Refers to Rivalea’s, which was acquired during the first quarter of 2022. |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Lease Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Lease Liabilities [Abstract] | ||||
Undiscounted lease payments | $ 2,262,433 | $ 2,089,765 | ||
Present value adjustment | (421,206) | (367,932) | ||
Lease liability | 1,841,227 | 1,721,833 | ||
Breakdown: | ||||
Current liabilities | 352,627 | 342,747 | ||
Non-current liabilities | 1,488,600 | 1,379,086 | ||
Total Lease liability | $ 1,841,227 | $ 1,721,833 | $ 1,506,043 | $ 1,174,686 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of Changes in Lease Liability - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Changes in Lease Liability [Line Items] | ||||
Balance at beginning | $ 1,721,833 | $ 1,506,043 | $ 1,174,686 | |
Acquired in business combinations | (10,401) | 146,446 | [1] | 147,645 |
Additions | 421,921 | 489,251 | 634,868 | |
Interest accrual | 73,463 | 82,403 | 64,593 | |
Payments | (354,947) | (434,488) | (359,893) | |
Terminated contracts | (7,456) | (61,302) | (116,329) | |
Exchange rate variation | (3,186) | (6,520) | (39,527) | |
Balance at Ending | $ 1,841,227 | $ 1,721,833 | $ 1,506,043 | |
[1]Refers to Rivalea’s, which was acquired during the first quarter of 2022. |
Leases (Details) - Schedule o_5
Leases (Details) - Schedule of Non-current Portion of Lease Liability - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | $ 1,844,023 | |
Less: Imputed Interest | (355,423) | |
Present Value of Lease Liabilities | 1,488,600 | $ 1,379,086 |
2025 [Member] | ||
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | 293,444 | |
2026 [Member] | ||
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | 244,944 | |
2027 [Member] | ||
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | 197,328 | |
2028 [Member] | ||
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | 150,367 | |
2029 [Member] | ||
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | 73,535 | |
Maturities after 2029 [Member] | ||
Leases (Details) - Schedule of Non-current Portion of Lease Liability [Line Items] | ||
Total Future Minimum Lease Payments | $ 884,405 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Net amount | $ 1,985,595 | $ 1,979,491 |
Trade Marks One [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Net amount | $ 341,183 | 315,912 |
Trade Marks One [Member] | Bottom of range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 2 years | |
Trade Marks One [Member] | Top of Range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 20 years | |
Software [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Net amount | $ 24,941 | 21,079 |
Software [Member] | Bottom of range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 2 years | |
Software [Member] | Top of Range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 15 years | |
Customer relationships [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Net amount | $ 486,166 | 549,705 |
Customer relationships [Member] | Bottom of range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 3 years | |
Customer relationships [Member] | Top of Range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 20 years | |
Supplier contracts [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Net amount | $ 28,077 | 30,509 |
Supplier contracts [Member] | Bottom of range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 7 years | |
Supplier contracts [Member] | Top of Range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 17 years | |
Other [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Net amount | $ 1,044 | 833 |
Other [Member] | Bottom of range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 2 years | |
Other [Member] | Top of Range [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life | 17 years | |
Indefinite [Membet] | Trademarks [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life, description | Undefined | |
Net amount | $ 1,092,793 | 1,050,106 |
Indefinite [Membet] | Water rights [Member] | ||
Schedule of Intangible Assets Acquired in a Business Combination are Recognized at Fair Value Based on Valuation Methodologies and Techniques [Line Items] | ||
Useful life, description | Undefined | |
Net amount | $ 11,391 | $ 11,347 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Changes in Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Software [Member] | |||
Amortizing: | |||
Balance as beginning | $ 21,079 | ||
Balance at ending | 24,941 | $ 21,079 | |
Customer relationships [Member] | |||
Amortizing: | |||
Balance as beginning | 549,705 | ||
Balance at ending | 486,166 | 549,705 | |
Supplier contracts [Member] | |||
Amortizing: | |||
Balance as beginning | 30,509 | ||
Balance at ending | 28,077 | 30,509 | |
Intangible assets [Member] | |||
Amortizing: | |||
Balance as beginning | 1,979,491 | 2,151,126 | $ 1,504,115 |
Additions | 46,261 | 8,456 | 9,811 |
Disposals | (2,474) | 1,933 | (19) |
Amortization | (107,597) | (107,781) | (107,482) |
Exchange rate variation | 69,914 | (102,591) | (55,504) |
Balance at ending | 1,985,595 | 1,979,491 | 2,151,126 |
Acquired in business combination | 28,348 | 800,205 | |
Amortizing [Member] | Trademarks [Member] | |||
Amortizing: | |||
Balance as beginning | 315,912 | 335,452 | 73,241 |
Additions | 35,496 | 6 | |
Disposals | |||
Amortization | (24,166) | (22,230) | (19,258) |
Exchange rate variation | 13,941 | (18,454) | (5,107) |
Balance at ending | 341,183 | 315,912 | 335,452 |
Acquired in business combination | 21,138 | 286,576 | |
Amortizing [Member] | Software [Member] | |||
Amortizing: | |||
Balance as beginning | 21,079 | 16,609 | 13,961 |
Additions | 7,527 | 8,081 | 6,160 |
Disposals | (12) | (19) | |
Amortization | (5,121) | (4,503) | (4,212) |
Exchange rate variation | 1,468 | 835 | 713 |
Balance at ending | 24,941 | 21,079 | 16,609 |
Acquired in business combination | 57 | 6 | |
Amortizing [Member] | Customer relationships [Member] | |||
Amortizing: | |||
Balance as beginning | 549,705 | 645,509 | 499,757 |
Additions | 2,370 | ||
Disposals | (2,434) | 1,099 | |
Amortization | (74,213) | (76,529) | (79,830) |
Exchange rate variation | 10,738 | (23,178) | (25,680) |
Balance at ending | 486,166 | 549,705 | 645,509 |
Acquired in business combination | 2,804 | 251,262 | |
Amortizing [Member] | Supplier contracts [Member] | |||
Amortizing: | |||
Balance as beginning | 30,509 | 32,967 | 35,933 |
Additions | 2,077 | ||
Disposals | |||
Amortization | (3,822) | (3,773) | (3,646) |
Exchange rate variation | 1,390 | 1,315 | (1,397) |
Balance at ending | 28,077 | 30,509 | 32,967 |
Acquired in business combination | |||
Amortizing [Member] | Others [Member] | |||
Amortizing: | |||
Balance as beginning | 833 | 1,001 | 833 |
Additions | 501 | 38 | |
Disposals | (28) | ||
Amortization | (275) | (746) | (536) |
Exchange rate variation | 13 | (16) | (20) |
Balance at ending | 1,044 | 833 | 1,001 |
Acquired in business combination | 556 | 724 | |
Non-amortizing [Member] | Trademarks [Member] | |||
Amortizing: | |||
Balance as beginning | 1,050,106 | 1,107,993 | 868,615 |
Additions | 367 | 331 | 1,574 |
Disposals | 834 | ||
Amortization | |||
Exchange rate variation | 42,320 | (62,845) | (23,833) |
Balance at ending | 1,092,793 | 1,050,106 | 1,107,993 |
Acquired in business combination | 3,793 | 261,637 | |
Non-amortizing [Member] | Water rights [Member] | |||
Amortizing: | |||
Balance as beginning | 11,347 | 11,595 | 11,775 |
Additions | |||
Disposals | |||
Amortization | |||
Exchange rate variation | 44 | (248) | (180) |
Balance at ending | $ 11,391 | 11,347 | 11,595 |
Acquired in business combination |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Maximum period cash generating units | 5 years |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Changes in Goodwill - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Goodwill [Abstract] | ||||
Balance at the beginning of the period | $ 5,828,691 | $ 5,835,418 | $ 5,558,462 | |
Acquired in business combination | 18,725 | 510,397 | ||
Business combinations adjustment | [1] | 11,842 | 5,955 | |
Disposal | (16,358) | |||
Exchange rate variation | 264,487 | (15,049) | (233,441) | |
Balance at the end of the period | $ 6,105,020 | $ 5,828,691 | $ 5,835,418 | |
[1]Refers to the business combination adjustment in TriOak. |
Goodwill (Details) - Schedule_2
Goodwill (Details) - Schedule of Impairment Testing Cash Generating Units - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | $ 6,105,020 | $ 5,828,691 | $ 5,835,418 | |
Brazil Beef [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 1,873,448 | 1,738,300 | ||
Seara [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 766,970 | 711,821 | ||
Moy Park [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 777,583 | 735,403 | ||
USA Pork [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 694,534 | 694,534 | ||
Australia Meat [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 280,915 | 277,116 | ||
Australia Smallgoods [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 310,598 | 306,405 | ||
Pilgrim’s Food Masters (PFM) [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | 336,683 | 320,667 | ||
Others CGUs without significant goodwill [Member] | ||||
Schedule of Impairment Testing Cash Generating Units [Line Items] | ||||
Goodwill | [1] | $ 1,064,289 | $ 1,044,445 | |
[1]They comprise about 21 Cash Generating Units (CGUs) that, due to their lower values, were allocated to the ‘other’ category as shown. |
Goodwill (Details) - Schedule_3
Goodwill (Details) - Schedule of Key Assumptions Used in the Estimation of the Value in Use | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Brazil Beef [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 13.50% | 13.20% |
Terminal value growth rate | 3.50% | 4.30% |
Estimated growth rate (average for the next 5 years) | 7.20% | 6.60% |
Seara [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 15.80% | 15.20% |
Terminal value growth rate | 3.30% | 3.30% |
Estimated growth rate (average for the next 5 years) | 13.20% | 13.30% |
Moy Park [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 14% | 10.20% |
Terminal value growth rate | 2% | 1% |
Estimated growth rate (average for the next 5 years) | 7.40% | 6.40% |
USA Pork [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 9.80% | 10.70% |
Terminal value growth rate | 2.50% | 0.50% |
Estimated growth rate (average for the next 5 years) | 2.80% | 0.80% |
Australia Meat [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 9.10% | 9.30% |
Terminal value growth rate | 2% | 2% |
Estimated growth rate (average for the next 5 years) | 2.30% | 2.70% |
Australia Smallgoods [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 9% | 9.40% |
Terminal value growth rate | 2% | 2% |
Estimated growth rate (average for the next 5 years) | 8.90% | 6.90% |
Pilgrim’s Food Masters [Member] | ||
Schedule of Key Assumptions Used in the Estimation of the Value in Use [Line Items] | ||
Discount rate (pretax) | 13% | 10.20% |
Terminal value growth rate | 2.70% | 3% |
Estimated growth rate (average for the next 5 years) | 6.30% | 6.90% |
Trade Accounts Payable (Details
Trade Accounts Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade Accounts Payable [Abstract] | ||
Purchase of cattle | $ 61,926 | $ 86,593 |
Trade Accounts Payable (Detai_2
Trade Accounts Payable (Details) - Schedule of Accounts Payable by Major Type of Supplier - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Domestic: | |||
Domestic Commodities | $ 1,761,470 | $ 1,833,012 | |
Domestic Materials and services | 3,123,140 | 3,881,686 | |
Domestic Finished products | 38,061 | 13,773 | |
Domestic Present value adjustment | (19,642) | (15,078) | |
Total domestic commodities | 4,903,029 | 5,713,393 | |
Foreign: | |||
Foreign Commodities | 31,354 | 36,602 | |
Foreign Materials and services | 320,691 | 192,280 | |
Foreign Finished products | 1,979 | 864 | |
Total foreign commodities | 354,024 | 229,746 | |
Total trade accounts payable | 5,257,053 | 5,943,139 | |
Supply chain finance(1) | |||
Domestic | [1] | 940,344 | 574,280 |
Foreign | [1] | 7,722 | 14,312 |
Total supply chain finance | [1] | 948,066 | 588,592 |
Total | $ 6,205,119 | $ 6,531,731 | |
[1]The Group and its indirect subsidiary Seara Alimentos carry out transactions with financial institutions that allow the suppliers to anticipate their receivables in the domestic market. These transactions do not extend payment terms beyond the normal terms with other suppliers. In addition, this operation did not bring any other cost to the Group and all financial costs of the operation are the responsibility of the suppliers. |
Loans and Financing (Details)
Loans and Financing (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Financings [Line Items] | ||
Revolving credit facilities | $ 2,900,000 | $ 2,800,000 |
Foreign countries [member] | ||
Loans and Financings [Line Items] | ||
Revolving credit facilities | $ 450,000 | $ 450,000 |
Loans and Financing (Details) -
Loans and Financing (Details) - Schedule of Loans and Financing - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Foreign currency | |||
Financing expenses, Current | $ 891,570 | $ 1,577,047 | |
Financing expenses, Non-current | 19,107,567 | 16,123,101 | |
Foreign currency [Member] | |||
Foreign currency | |||
Financing expenses, Current | 92,676 | 919,769 | |
Financing expenses, Non-current | 217,825 | 449,968 | |
Local currency [Member] | |||
Foreign currency | |||
Financing expenses, Current | 798,894 | 657,278 | |
Financing expenses, Non-current | $ 18,889,742 | 15,673,133 | |
ACC – Advances on exchange contracts [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 8.40% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2024 | ||
Financing expenses, Current | $ 52,158 | 416,772 | |
Financing expenses, Non-current | 51,056 | ||
Prepayment [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 7.38% | ||
Currency | USD | ||
Indexer | SOFR | ||
Payment terms/non- current debt | 2024 – 27 | ||
Financing expenses, Current | $ 5,531 | 397,508 | |
Financing expenses, Non-current | $ 174,346 | 378,479 | |
Prepayment [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 8.22% | ||
Currency | GBP and USD | ||
Indexer | BoE, SOFR | ||
Payment terms/non- current debt | 2024 – 25 | ||
Financing expenses, Current | $ 54,906 | 9,543 | |
Financing expenses, Non-current | $ 60,000 | ||
FINIMP – Import Financing [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 6.48% | ||
Currency | USD and EUR | ||
Indexer | Euribor | ||
Payment terms/non- current debt | 2024 – 25 | ||
Financing expenses, Current | $ 31,291 | 100,641 | |
Financing expenses, Non-current | $ 647 | 3,041 | |
White Stripe credit facility [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 8.45% | ||
Currency | USD and CAD | ||
Indexer | |||
Payment terms/non- current debt | |||
Financing expenses, Current | $ 2,892 | 3,020 | |
Financing expenses, Non-current | |||
Working capital – Dollar [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 8.97% | ||
Currency | USD | ||
Indexer | SOFR | ||
Payment terms/non- current debt | 2024 – 30 | ||
Financing expenses, Current | $ 362 | 1,735 | |
Financing expenses, Non-current | $ 2,553 | 2,841 | |
CRA – Agribusiness Credit Receivable Certificates [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 4.92% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2028 | ||
Financing expenses, Current | $ 442 | 93 | |
Financing expenses, Non-current | $ 38,464 | 12,757 | |
Scott credit facilities [Member] | Foreign currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 2.20% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2025 | ||
Financing expenses, Current | |||
Financing expenses, Non-current | $ 1,815 | 1,794 | |
FINAME [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | [1] | 5.98% | |
Currency | [1] | BRL | |
Indexer | [1] | ||
Payment terms/non- current debt | [1] | 2024 – 25 | |
Financing expenses, Current | [1] | $ 478 | 885 |
Financing expenses, Non-current | [1] | $ 6 | 441 |
FINEP [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | [2] | ||
Currency | [2] | BRL | |
Indexer | [2] | ||
Financing expenses, Current | [2] | 890 | |
Financing expenses, Non-current | [2] | 1,395 | |
Notes 2.50% JBS Lux 2027 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 2.50% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2027 | ||
Financing expenses, Current | $ 11,542 | 11,181 | |
Financing expenses, Non-current | $ 986,220 | 982,084 | |
Notes 5.13% JBS Lux 2028 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 5.13% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2028 | ||
Financing expenses, Current | $ 19,219 | 23,703 | |
Financing expenses, Non-current | $ 886,398 | 883,767 | |
Notes 6.50% JBS Lux 2029 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 6.50% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2029 | ||
Financing expenses, Current | $ 1,084 | 1,000 | |
Financing expenses, Non-current | $ 77,885 | 77,869 | |
Notes 3.00% JBS Lux 2029 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2029 | ||
Financing expenses, Current | $ 7,458 | 7,200 | |
Financing expenses, Non-current | $ 586,210 | 583,499 | |
Notes 5.50% JBS Lux 2030 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 5.50% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2030 | ||
Financing expenses, Current | $ 31,910 | 30,747 | |
Financing expenses, Non-current | $ 1,239,931 | 1,238,251 | |
Notes 3.75% JBS Lux 2031 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3.75% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2031 | ||
Financing expenses, Current | $ 1,563 | 1,302 | |
Financing expenses, Non-current | $ 495,338 | 494,748 | |
Notes 3.00% JBS Lux 2032 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2032 | ||
Financing expenses, Current | $ 3,833 | 3,417 | |
Financing expenses, Non-current | $ 980,341 | 977,988 | |
Notes 3.63% JBS Fin 2032 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3.63% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2032 | ||
Financing expenses, Current | $ 16,729 | 16,212 | |
Financing expenses, Non-current | $ 984,472 | 982,586 | |
Notes 5.75% JBS Lux 2033 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 5.75% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2033 | ||
Financing expenses, Current | $ 29,469 | 60,575 | |
Financing expenses, Non-current | $ 2,001,095 | 1,997,613 | |
Notes 6.75% JBS Lux 2034 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 6.75% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2034 | ||
Financing expenses, Current | $ 30,900 | ||
Financing expenses, Non-current | $ 1,576,065 | ||
Notes 4.38% JBS Lux 2052 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 4.38% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2052 | ||
Financing expenses, Current | $ 16,309 | 15,750 | |
Financing expenses, Non-current | $ 887,237 | 886,786 | |
Notes 6.50% JBS Lux 2052 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 6.50% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2052 | ||
Financing expenses, Current | $ 8,396 | 6,997 | |
Financing expenses, Non-current | $ 1,527,284 | 1,526,735 | |
Notes 7.25% JBS Lux 2053 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 7.25% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2053 | ||
Financing expenses, Current | $ 18,669 | ||
Financing expenses, Non-current | $ 883,214 | ||
Notes 5.88% PPC 2027 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 5.88% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2027 | ||
Financing expenses, Current | 11,930 | ||
Financing expenses, Non-current | 842,009 | ||
Notes 4.25% PPC 2031 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 4.25% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2031 | ||
Financing expenses, Current | $ 8,972 | 8,382 | |
Financing expenses, Non-current | $ 984,404 | 982,248 | |
Notes 3.50% PPC 2032 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3.50% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2032 | ||
Financing expenses, Current | $ 10,500 | 10,063 | |
Financing expenses, Non-current | $ 891,184 | 890,113 | |
Notes 6.25% PPC 2033 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 6.25% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2033 | ||
Financing expenses, Current | $ 43,924 | ||
Financing expenses, Non-current | $ 984,018 | ||
Notes 6.88% PPC 2034 [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 6.88% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2034 | ||
Financing expenses, Current | $ 7,639 | ||
Financing expenses, Non-current | $ 484,577 | ||
PPC Credit Line - Term loan [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | |||
Currency | |||
Indexer | |||
Payment terms/non- current debt | |||
Financing expenses, Current | 26,728 | ||
Financing expenses, Non-current | 452,188 | ||
Working capital - Reais [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 17.45% | ||
Currency | BRL | ||
Indexer | TJLP | ||
Payment terms/non- current debt | 2024 – 28 | ||
Financing expenses, Current | $ 5,081 | 16,415 | |
Financing expenses, Non-current | $ 16,331 | 647 | |
Working capital – Euros [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3.10% | ||
Currency | EUR | ||
Indexer | Euribor | ||
Payment terms/non- current debt | 2024 – 28 | ||
Financing expenses, Current | $ 17,249 | 11,665 | |
Financing expenses, Non-current | $ 10,186 | 1,903 | |
Export credit note [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 14.20% | ||
Currency | BRL | ||
Indexer | CDI | ||
Payment terms/non- current debt | 2024 – 30 | ||
Financing expenses, Current | $ 2,913 | 145,116 | |
Financing expenses, Non-current | $ 214,735 | 294,891 | |
CDC - Direct Consumer Credit [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 15.97% | ||
Currency | BRL | ||
Indexer | |||
Payment terms/non- current debt | 2024 – 28 | ||
Financing expenses, Current | $ 21,296 | 7,723 | |
Financing expenses, Non-current | $ 9,020 | 90 | |
Livestock financing - Pre [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 10.73% | ||
Currency | BRL | ||
Indexer | |||
Payment terms/non- current debt | 2024 | ||
Financing expenses, Current | $ 242,928 | 35,460 | |
Financing expenses, Non-current | |||
CRA - Agribusiness Receivables Certificate [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 10.38% | ||
Currency | BRL | ||
Indexer | CDI and IPCA | ||
Payment terms/non- current debt | 2024 – 37 | ||
Financing expenses, Current | $ 149,060 | 163,492 | |
Financing expenses, Non-current | $ 2,013,297 | 1,460,108 | |
Credit line - Scott [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 7.69% | ||
Currency | USD and EUR | ||
Indexer | |||
Payment terms/non- current debt | 2050 | ||
Financing expenses, Current | $ 20,087 | 13,448 | |
Financing expenses, Non-current | $ 529 | 40 | |
Credit line - Beardstown Pace [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 3.65% | ||
Currency | USD | ||
Indexer | |||
Payment terms/non- current debt | 2050 | ||
Financing expenses, Current | $ 6,689 | 7,425 | |
Financing expenses, Non-current | $ 64,700 | 62,969 | |
JBS Australia Confinement Agreement [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 2.76% | ||
Currency | AUD | ||
Indexer | |||
Payment terms/non- current debt | 2028 | ||
Financing expenses, Current | $ 993 | 258 | |
Financing expenses, Non-current | $ 34,053 | 33,592 | |
Other [Member] | Local currency [Member] | |||
Foreign currency | |||
Average annual interest rate | 4.68% | ||
Currency | Several | ||
Indexer | Several | ||
Payment terms/non- current debt | 2031 | ||
Financing expenses, Current | $ 9,098 | 9,771 | |
Financing expenses, Non-current | $ 11,012 | $ 18,573 | |
[1]FINAME — Government Agency for Machinery and Equipment Financing[2]FINEP — Research and projects financing |
Loans and Financing (Details)_2
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | $ 19,107,567 | $ 16,123,101 |
2024 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | 649,358 | |
2025 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | 171,228 | 165,687 |
2026 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | 18,998 | 484,706 |
2027 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | 1,193,540 | 1,911,633 |
2028 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | 1,102,778 | 1,006,157 |
2029 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | 34,417 | |
Maturities after 2029 [Member] | ||
Loans and Financing (Details) - Schedule of Loans and Financing Maturity Principal Payment [Line Items] | ||
Non-current portion of the principal payment | $ 16,586,606 | $ 11,905,560 |
Loans and Financing (Details)_3
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
JBS USA Revolving Credit Facility [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Issuer: - JBS USA Holding Lux S.à.r.l.; - JBS USA Food Company; - JBS Australia Pty. Ltd.; - JBS Food Canada ULC. Guarantors: - JBS S.A.; - JBS Global Luxembourg S.à.r.l.; - JBS Global Meat Holdings Pty. Limited. |
Covenants / Guarantees | Usual and customary for investment grade facilities of this type and subject to customary exceptions, but limited to: (i) incurrence of “priority debt”, (ii) liens; (iii) fundamental changes, (iv) sale lease-backs, (v) sales of all or substantially all of the assets of the Borrowers and their subsidiaries, (vi) changes in line of business and (vii) changes in fiscal year. The credit agreement also require compliance with a maximum total debt to capitalization of 55.0% (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all US assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the Revolving Credit Facility shall be limited to collateral coverage and there shall be limitations on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. |
Events of default | The facility contains customary events of default.(1) |
Notes 2.50% JBS Lux 2027 [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Issuer: - JBS USA Holding Lux S.à.r.l.; - JBS USA Food Company (JBS USA); - JBS Luxembourg Company S.à Guarantor: - JBS S.A.; - JBS Global Luxembourg S.àr.l (JBS Global Lux); - JBS Global Meat Holdings Pty. Limited (JBS Global Meat). |
Covenants / Guarantees | On September 12, 2022, the Group received offers to exchange 99.14% of the 2.50% senior notes due 2027 and 96.85% of the 3.625% sustainability-linked senior notes due 2032, issued by JBS USA Food Group (originally issued by JBS Finance Luxembourg S.a.r.l.), for new notes issued by JBS USA Lux SA, JBS USA Food Company and JBS USA Finance Inc. and cash consideration. The new exchanged notes contain proposed amendments that permanently eliminated certain covenants, restrictive provisions, events of default and related provisions for the Group. The new exchanged notes contain restrictive covenants applicable to the Group and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. |
Events of default | The covenants contains customary events of default.(1) |
Notes 3,00% JBS Lux 2029 [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Issuer: - JBS USA Holding Lux S.à.r.l ; - JBS USA Food Company; (JBS USA) - JBS Luxembourg Company S.à.r.l. Guarantor: - JBS S.A. (JBS S.A.); JBS Global Luxembourg S.à r.l (JBS Global Lux); JBS Global Meat Holdings Pty. Limited (JBS Global Meat). |
Covenants / Guarantees | On August 15, 2022, the Group announced expiration of, and receipt of requisite consents in connection with its consent solicitations for each of its 3.00% senior notes due 2029, 6.50% senior notes due 2029, 5.50% senior notes due 2030, 3.75% senior notes due 2031, 3.00% sustainability-linked senior notes due 2032 and 4.38% senior notes due 2052. The proposed amendments conform certain provisions and restrictive covenants in each indenture to the corresponding provisions and restrictive covenants set forth in each indenture dated June 21, 2022, governing the 5.13% senior notes due 2028, the 5.75% senior notes due 2023 and the 6.50% senior notes due 2052. |
Events of default | ‘The covenants contains customary events of default(1). |
Notes 5,13% JBS Lux 2028 [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Issuer: JBS USA Holding Lux S.A. (JBS Lux); JBS USA Food Company (JBS USA); JBS Luxembourg Company S.à.r.l. Guarantor: JBS S.A. (JBS S.A.); JBS Global Luxembourg S.à r.l (JBS Global Lux); JBS Global Meat Holdings Pty. Limited (JBS Global Meat). |
Covenants / Guarantees | These notes contain restrictive covenants applicable to the Group and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. |
Events of default | ‘The covenants contains customary events of default.(1) |
Notes 4,25% PPC 2031 [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Issuer: Pilgrim’s Pride Corporation. Guarantor: Pilgrim’s Pride Corporation of West Virginia, Inc.; Gold’N Plump Poultry, LLC; Gold’N Plump Farms, LLC; JFC LLC |
Covenants / Guarantees | On September 22, 2022 PPC announced expiration and receipt of requisite consent in its consent solicitation for certain amendments to its Senior Notes due 2031 and 2032. The consent solicitation contained proposed amendments that permanently eliminated certain covenants, restrictive provisions, events of default and related provisions for the Group. After the consent, these notes are subject to restrictive covenants applicable to PPC and its Significant subsidiaries including limitation on liens, limitation on sale and leaseback transactions, limitation on merger, consolidation and sale of assets. These limitations are subject to certain exceptions, which can be material. |
Notes 6,25% PPC 2033 [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Issuer: - Pilgrim’s Pride Corporation. Guarantor: - Pilgrim’s Pride Corporation of West Virginia, Inc.; - Gold’N Plump Poultry, LLC; - Gold’N Plump Farms, LLC; JFC LLC |
Covenants / Guarantees | These notes were issued in investment-grade format and contain customary investment-grade clauses related to limitations on encumbrances, sale and lease transactions, change of control, and customary merger and consolidation clauses. These limitations are subject to certain exceptions, which may be relevant. |
PPC Revolving Credit Facility [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Covenants / Guarantees | On October 4, 2023, PPC and certain of its subsidiaries entered into an unsecured Revolving Credit Agreement with CoBank, ACB as administrative agent and other involved lenders that replaced the 2021 U.S. Credit Facility. The credit agreement increased its availability under the revolving loan commitment from US$800.0 million to US$850.0 million, in addition to changes to clauses and the extension of the maturity date from August 2026 to October 2028. |
PPC Revolving Credit Facility One [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: - Pilgrim’s Pride Corporation; - To-Ricos Ltd. - To-Ricos Distribution, LTD. |
Covenants / Guarantees | The RCF also requires compliance with a minimum interest coverage ratio of 3.50:1.00 (the “Financial Maintenance Covenant”). The Borrowers may give collateral cure notice to the administrative agent, electing to provide full unconditional guarantee perfected by first priority security interest in substantially all U.S. assets. From and after the collateral cure date the financial maintenance covenant shall no longer be in effect, availability under the RCF shall be limited to collateral coverage, may be subject to a minimum fixed charge coverage ratio if utilization is above 80% and there shall be limitation on 1) liens, 2) indebtedness, 3) sales and other dispositions of assets, 4) dividends, distributions, and other payments in respect of equity interest, 5) investments, acquisitions, loans and advances, and 6) voluntary prepayments, redemptions or repurchases of unsecured subordinated material indebtedness. In each case, clauses 1 to 6 are subject to certain exceptions which can be material. |
Events of default | The facility also contains customary events of default.(1) |
Primo ANZ Credit Facility [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: - Primo Foods Pty Ltd. Guarantors: - Industry Park Pty Ltd; - Primo Foods Pty Ltd; - Australian Consolidated Food Holdings Pty Limited; - Australian Consolidated Food Investments Pty Limited; - Primo Group Holdings Pty Limited; - Primo Meats Pty Ltd; - Hans Continental Smallgoods Pty Ltd; - P& H Investments 1 Pty Ltd; - Hunter Valley Quality Meats Pty Limited; - Seven Point Pork Pty Ltd; - P&H Investments 2 Pty Ltd; - Primo Retail Pty Ltd; - Primo Meats Admin Pty Ltd; - Premier Beehive Holdco Pty Ltd; - Premier Beehive NZ. |
Covenants / Guarantees | Customary covenants that may limit Primo’s ability and the ability of certain subsidiaries to, among other things: - sell or dispose of certain assets; - change the general nature of the core business of the Group; - incur certain additional indebtedness; - declare certain dividends, share premiums, or repurchases of equity. |
Events of default | The facility also contains customary events of default.(1) |
Huon Credit Facility [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: Huon Aquaculture Group Limited Guarantors: - Industry Park Pty Ltd; - Huon Aquaculture Group Limited; - Huon Aquaculture Company Pty Ltd; - Springs Smoked Seafoods Pty Ltd ; - Springfield Hatcheries Pty Ltd; - Huon Ocean Trout Pty Ltd; - Meadow Bank Hatchery Pty Ltd; - Morrison’s Seafood Pty Ltd; - Southern Ocean Trout Pty Ltd; - Huon Shellfish Co Pty Ltd; - Spring Smoked Salmon Pty Ltd; - Huon Salmon Pty Ltd; - Huon Smoked Salmon Pty Ltd; - Huon Smoked Seafoods Pty Ltd; - Huon Seafoods Pty Ltd; - Huon Tasmanian Salmon Pty Ltd. |
Covenants / Guarantees | Customary covenants that may limit Huon’s ability and the ability of certain subsidiaries to, among other things: - sell or dispose of certain assets; - change the general nature of the core business of the Group; - incur certain additional indebtedness; - declare certain dividends, share premiums, or repurchases of equity. |
Events of default | The facility also contains customary events of default.(1) |
Credit Facility JBS Australia & Rivalea [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: - JBS Australia Pty Limited; - Rivalea (Australia) Pty Ltd. Guarantors: - JBS Australia Pty Limited; - Diamond Valley Pork Pty Ltd; - Oxdale Dairy Enterprise Pty Ltd; - Rivalea (Australia) Pty Ltd Industry Park Pty Ltd. |
Covenants / Guarantees | Customary covenants that may limit JBS Australia´s and Rivalea’s ability and the ability of certain subsidiaries to, among other things: - sell or dispose of certain assets; - change the general nature of the core business of the Group; - incur certain additional indebtedness; - declare certain dividends, share premiums, or repurchases of equity. |
Events of default | The facility also contains customary events of default.(1) |
Credit Facility AMI [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: - Andrews Meat Industries Pty Ltd. |
Covenants / Guarantees | Customary covenants that may limit JBS AMI ability and the ability of certain subsidiaries to, among other things: - sell or dispose of certain assets; - change the general nature of the core business of the Group; - incur certain additional indebtedness; - declare certain dividends, share premiums, or repurchases of equity. |
Events of default | The facility also contains customary events of default.(1) |
Credit facility WSF NAB [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: - White Stripe Foods Pty Ltd. |
Covenants / Guarantees | Customary covenants that may limit JBS WSF ability and the ability of certain subsidiaries to, among other things: - sell or dispose of certain assets; - change the general nature of the core business of the Group; - incur certain additional indebtedness; - declare certain dividends, share premiums, or repurchases of equity. |
Events of default | The facility also contains customary events of default.(1) |
Credit facility Mexico [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: - Avícola Pilgrim’s Pride de Mexico, SA de CV. Guarantors: - Comercializadora de Carnes de Mexico, S de RL de CV; - Pilgrim’s Pride de S de RL de CV; - Pilgrim’s Operaciones Laguna S de RL de CV |
Covenants / Guarantees | Customary covenants that may limit the Group´s ability to realize new investments and be a guarantor for third party loans, change the general nature of the core business of the Group or line of business and initiate the liquidation process. These limitations are subject to certain exceptions, which may be material. |
Events of default | The facility also contains customary events of default.(1) |
4,5,6,and 7 issuance of debentures CRA [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: JBS S.A |
Covenants / Guarantees | Customary covenants that may limit the Group´s ability of certain subsidiaries to, among other things: - incur certain additional indebtedness;, if the net debt/EBITDA in R$ exceeds 4.75/1.0; - sell or dispose of certain assets; - consolidate, merge or dissolve substantially all the assets; - declare certain dividends, if the issuer is in default with respect to any of its pecuniary obligations under the terms of the indenture. |
Events of default | The facility also contains customary events of default.(1) |
8,9 and 10 issuance of debentures CRA [Member] | |
Loans and Financing (Details) - Schedule of Guarantees and Contractual Restrictions [Line Items] | |
Issuer and guarantors | Borrowers: JBS S.A |
Covenants / Guarantees | Standard contractual restrictions that may limit the Group’s ability, among other things, to: - create liens; - sell or transfer to third parties all or substantially all assets; - carry out spin-offs, mergers or incorporations of the Group and/or its Subsidiaries by third parties; - pay dividends if the issuer is in default with respect to any of its pecuniary obligations under the indenture |
Events of default | The facility contains customary events of default.(1) |
Loans and Financing (Details)_4
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | $ (24,201,009) | $ (21,299,361) | $ (16,688,096) |
Cash flows | (1,021,182) | 2,301,449 | 234,107 |
(Financial) Revenue | (1,372,320) | (1,450,403) | (589,529) |
Non-cash transactions | 560,191 | (3,752,694) | (4,255,843) |
Ending balance | (26,034,320) | (24,201,009) | (21,299,361) |
Loans and financing [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (17,700,148) | ||
Cash flows | (907,975) | ||
(Financial) Revenue | (1,322,258) | ||
Non-cash transactions | (68,756) | ||
Ending balance | (19,999,137) | (17,700,148) | |
Lease liability [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (1,721,833) | ||
Cash flows | 354,947 | ||
(Financial) Revenue | (70,277) | ||
Non-cash transactions | (404,064) | ||
Ending balance | (1,841,227) | (1,721,833) | |
Derivative liabilities [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 1,267 | ||
Cash flows | 12,745 | ||
(Financial) Revenue | (8,639) | ||
Non-cash transactions | (61,829) | ||
Ending balance | (56,456) | 1,267 | |
Margin cash [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 130,209 | ||
Cash flows | (26,602) | ||
(Financial) Revenue | 28,854 | ||
Non-cash transactions | |||
Ending balance | 132,461 | 130,209 | |
Profit reserves [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (4,264,534) | ||
Cash flows | (447,979) | ||
(Financial) Revenue | |||
Non-cash transactions | 1,125,294 | ||
Ending balance | (3,587,219) | (4,264,534) | |
Non-controlling interest [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (645,970) | ||
Cash flows | (6,318) | ||
(Financial) Revenue | |||
Non-cash transactions | (30,454) | ||
Ending balance | (682,742) | (645,970) | |
Loans and financing [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (17,700,148) | (16,578,829) | |
Cash flows | 187,123 | ||
(Financial) Revenue | (1,141,271) | ||
Non-cash transactions | (167,171) | ||
Ending balance | (17,700,148) | (16,578,829) | |
Lease liability [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (1,721,833) | (1,506,043) | |
Cash flows | 434,488 | ||
(Financial) Revenue | (75,883) | ||
Non-cash transactions | (574,395) | ||
Ending balance | (1,721,833) | (1,506,043) | |
Derivative liabilities [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 1,267 | (10,444) | |
Cash flows | 261,739 | ||
(Financial) Revenue | (250,028) | ||
Non-cash transactions | |||
Ending balance | 1,267 | (10,444) | |
Margin cash [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 130,209 | 223,162 | |
Cash flows | (109,732) | ||
(Financial) Revenue | 16,779 | ||
Non-cash transactions | |||
Ending balance | 130,209 | 223,162 | |
Treasure Shares [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 619,298 | ||
Cash flows | 551,888 | ||
(Financial) Revenue | |||
Non-cash transactions | (1,171,186) | ||
Ending balance | 619,298 | ||
Profit reserves [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (4,264,534) | (3,385,709) | |
Cash flows | 872,802 | ||
(Financial) Revenue | |||
Non-cash transactions | (1,751,627) | ||
Ending balance | (4,264,534) | (3,385,709) | |
vNon-controlling interest [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | $ (645,970) | (660,796) | |
Cash flows | 103,141 | ||
(Financial) Revenue | |||
Non-cash transactions | (88,315) | ||
Ending balance | (645,970) | (660,796) | |
Loans and financing two [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (16,578,829) | (12,682,415) | |
Cash flows | (3,064,966) | ||
(Financial) Revenue | (670,660) | ||
Non-cash transactions | (160,788) | ||
Ending balance | (16,578,829) | ||
Lease liability [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (1,506,043) | (1,174,686) | |
Cash flows | 359,893 | ||
(Financial) Revenue | (25,066) | ||
Non-cash transactions | (666,184) | ||
Ending balance | (1,506,043) | ||
Derivative liabilities [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (10,444) | (5,027) | |
Cash flows | (29,742) | ||
(Financial) Revenue | 19,080 | ||
Non-cash transactions | 5,245 | ||
Ending balance | (10,444) | ||
Margin cash [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 223,162 | ||
Cash flows | 136,045 | ||
(Financial) Revenue | 87,117 | ||
Non-cash transactions | |||
Ending balance | 223,162 | ||
Treasure shares [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | 619,298 | 107,550 | |
Cash flows | 1,922,142 | ||
(Financial) Revenue | |||
Non-cash transactions | (1,410,394) | ||
Ending balance | 619,298 | ||
Profit reserves [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | (3,385,709) | (2,273,080) | |
Cash flows | 905,378 | ||
(Financial) Revenue | |||
Non-cash transactions | (2,018,007) | ||
Ending balance | (3,385,709) | ||
Non-controlling interest [Member] | |||
Loans and Financing (Details) - Schedule of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Beginning balance | $ (660,796) | (660,438) | |
Cash flows | 5,357 | ||
(Financial) Revenue | |||
Non-cash transactions | (5,715) | ||
Ending balance | $ (660,796) |
Income and Other Taxes Payabl_2
Income and Other Taxes Payable (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jul. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income and other taxes payable [Line Items] | |||
Percentage rate | 4.65% | ||
Income taxes and other taxes payable | $ 28,498 | $ 29,478 |
Income and Other Taxes Payabl_3
Income and Other Taxes Payable (Details) - Schedule of Income and Other Taxes Payable - Tax Contingent Liability [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income and Other Taxes Payable (Details) - Schedule of Income and Other Taxes Payable [Line Items] | ||
Taxes payable in installments | $ 67,980 | $ 89,930 |
PIS/COFINS tax payable | 32,835 | 30,218 |
ICMS/VAT/GST tax payable | 35,335 | 28,081 |
Withholding income taxes | 10,527 | 8,585 |
Others | 91,693 | 98,425 |
Subtotal | 238,370 | 255,239 |
Income taxes payable | 83,247 | 91,070 |
Total | 321,617 | 346,309 |
Breakdown: | ||
Current liabilities | 227,249 | 230,158 |
Non-current liabilities | 94,368 | 116,151 |
Total | $ 337,244 | $ 346,309 |
Payroll and social charges (Det
Payroll and social charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Payroll and Social Charges [Abstract] | ||
Social charges in installments | $ 328,000 | $ 353,000 |
Funrural payments installment | $ 252,000 |
Payroll and social charges (D_2
Payroll and social charges (Details) - Schedule of Payroll and Social Charges are Comprised - Payroll and social charges [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payroll and social charges (Details) - Schedule of Payroll and Social Charges are Comprised [Line Items] | ||
Social charges in installments | $ 489,520 | $ 431,054 |
Bonus and vacation along with related social charges | 736,138 | 735,770 |
Salaries and related social charges | 503,400 | 436,364 |
Others | 58,626 | 50,817 |
Payroll and social charges | 1,787,684 | 1,654,005 |
Breakdown: | ||
Current liabilities | 1,297,181 | 1,198,063 |
Non-current liabilities | 490,503 | 455,942 |
Total liabilities | $ 1,787,684 | $ 1,654,005 |
Dividends Payable (Details)
Dividends Payable (Details) - USD ($) | 12 Months Ended | ||
Jun. 19, 2023 | Dec. 31, 2023 | Jun. 22, 2023 | |
Dividends Payable [Abstract] | |||
Payment of dividends rate | 25% | ||
Percentage of allocation for legal reserve | 5% | ||
Dividends referring (in Dollars) | $ 458,165 | ||
Per share value (in Dollars per share) | $ 0.21 |
Dividends Payable (Details) - S
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability [Line Items] | ||
Total declared dividends | $ 398 | $ 35 |
Declared dividends on 2019 - Residual [Member] | ||
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability [Line Items] | ||
Total declared dividends | 2 | |
Declared dividends on 2020 - Residual [Member] | ||
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability [Line Items] | ||
Total declared dividends | 5 | 7 |
Declared dividends on 2021 - Residual [Member] | ||
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability [Line Items] | ||
Total declared dividends | 12 | 18 |
Declared dividends on 2022 - Residual [Member] | ||
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability [Line Items] | ||
Total declared dividends | 8 | 8 |
Declared dividends on 2023 - Residual [Member] | ||
Dividends Payable (Details) - Schedule of Dividends Payables are Recognized as a Liability [Line Items] | ||
Total declared dividends | $ 373 |
Dividends Payable (Details) -_2
Dividends Payable (Details) - Schedule of Distributed Dividends Per Share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Distributed Dividends Per Share [Abstract] | ||
Dividends to be distributed | $ 458,165 | $ 872,800 |
Number of outstanding shares of share capital– ordinary shares | 2,218,116,370 | 2,218,116,370 |
Dividends per share | $ 0.21 | $ 0.39 |
Provisions for Legal Proceedi_3
Provisions for Legal Proceedings (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 11, 2022 | |
Provisions for Legal Proceedings [Line Items] | ||||
Foreign subsidiaries chances of loss | $ 144,575 | |||
Received final approval amount | 770,000 | |||
Recognized settlements | 214,000 | $ 550,000 | ||
Claim amount | $ 550,000 | |||
Tax paid | $ 259,000 | |||
Tax reserve | 172,000 | |||
Appeal for tax assessment | 2,871,000 | |||
Proceeds civil tax | 3,140,000 | $ 2,910,000 | ||
JBS USA [Member] | ||||
Provisions for Legal Proceedings [Line Items] | ||||
Foreign subsidiaries chances of loss | 2,300,000 | |||
Received final approval amount | 573,000 | |||
Recognized settlements | 807,000 | |||
Pilgrims Pride Corporation (PPC) [Member] | ||||
Provisions for Legal Proceedings [Line Items] | ||||
Received final approval amount | 1,955,000 | |||
Recognized settlements | 5,374,000 | |||
Claim amount | 290,000 | |||
Pilgrims Pride Corporation (PPC) [Member] | Tyson Foods Inc. [Member] | ||||
Provisions for Legal Proceedings [Line Items] | ||||
Recognized settlements | $ 11,000 | |||
Mexico Tax Claims and Proceedings [Member] | ||||
Provisions for Legal Proceedings [Line Items] | ||||
Voting rights percentage | 50% |
Provisions for Legal Proceedi_4
Provisions for Legal Proceedings (Details) - Schedule of Provisions are Recognized Based on Estimated Cost - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Provisions for Legal Proceedings (Details) - Schedule of Provisions are Recognized Based on Estimated Cost [Line Items] | ||
Estimated costs | $ 513,393 | $ 427,490 |
Labor [Member] | ||
Provisions for Legal Proceedings (Details) - Schedule of Provisions are Recognized Based on Estimated Cost [Line Items] | ||
Estimated costs | 108,004 | 99,270 |
Civil [Member] | ||
Provisions for Legal Proceedings (Details) - Schedule of Provisions are Recognized Based on Estimated Cost [Line Items] | ||
Estimated costs | 270,989 | 222,800 |
Tax and Social Security [Member] | ||
Provisions for Legal Proceedings (Details) - Schedule of Provisions are Recognized Based on Estimated Cost [Line Items] | ||
Estimated costs | $ 134,400 | $ 105,420 |
Provisions for Legal Proceedi_5
Provisions for Legal Proceedings (Details) - Schedule of Breakdown Liabilities - Breakdown Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Breakdown Liabilities [Line Items] | ||
Current liabilities | $ 197,440 | $ 174,240 |
Non-current liabilities | 315,953 | 253,250 |
Liabilities | $ 513,393 | $ 427,490 |
Provisions for Legal Proceedi_6
Provisions for Legal Proceedings (Details) - Schedule of Changes in Provisions - Changes in Provisions [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions for Legal Proceedings - Schedule of Changes in Provisions [Line Items] | |||
Beginning balance | $ 427,490 | $ 478,065 | $ 482,089 |
Additions, reversals and changes in estimates | 208,617 | 145,219 | 839,178 |
Payments | (184,494) | (236,716) | (822,522) |
Indexation | 40,873 | 24,491 | 15,263 |
Exchange rate variation | 20,907 | 16,431 | (35,943) |
Ending balance | 513,393 | 427,490 | 478,065 |
Labor [Member] | |||
Provisions for Legal Proceedings - Schedule of Changes in Provisions [Line Items] | |||
Beginning balance | 99,270 | 96,551 | 128,050 |
Additions, reversals and changes in estimates | 60,835 | 47,771 | 62,926 |
Payments | (69,450) | (61,399) | (91,134) |
Indexation | 9,654 | 9,622 | 4,974 |
Exchange rate variation | 7,695 | 6,725 | (8,265) |
Ending balance | 108,004 | 99,270 | 96,551 |
Civil [Member] | |||
Provisions for Legal Proceedings - Schedule of Changes in Provisions [Line Items] | |||
Beginning balance | 222,800 | 281,135 | 265,955 |
Additions, reversals and changes in estimates | 143,009 | 106,831 | 760,767 |
Payments | (114,340) | (172,299) | (729,084) |
Indexation | 14,992 | 4,329 | 6,150 |
Exchange rate variation | 4,528 | 2,804 | (22,653) |
Ending balance | 270,989 | 222,800 | 281,135 |
Tax and Social Security [Member] | |||
Provisions for Legal Proceedings - Schedule of Changes in Provisions [Line Items] | |||
Beginning balance | 105,420 | 100,379 | 88,084 |
Additions, reversals and changes in estimates | 4,773 | (9,383) | 15,485 |
Payments | (704) | (3,018) | (2,304) |
Indexation | 16,227 | 10,540 | 4,139 |
Exchange rate variation | 8,684 | 6,902 | (5,025) |
Ending balance | $ 134,400 | $ 105,420 | $ 100,379 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Line Items] | ||||
Share capital | $ 13,177,841,000 | $ 13,177,841,000 | ||
Number of common shares (in Shares) | 2,218,116,370 | 2,218,116,370 | ||
Dividends to be distributed | $ 458,165,000 | $ 872,800,000 | ||
Dividends ordinary per share (in Dollars per share) | $ 0.21 | |||
Percentage of net profit to legal reserve | 5% | |||
Percentage of reserve equals to share capital | 20% | |||
Government subsidies amount | $ 820,028,000 | |||
Indirect subsidiary amount | 20,147,000,000 | |||
Tax incentive reserve amount | $ 799,881,000,000 | |||
Material non-controlling interest percentage | 17.50% | 17.30% | ||
Non-controlling interest voting rights percentage | 82.50% | 82.70% | ||
Profit allocated to the PPC non-controlling interest | $ 67,153,000 | $ 147,429,000 | $ 6,900,000 | |
Accumulated non-controlling interest | 728,551,000 | 639,664 | ||
Non-controlling interest [Member] | ||||
Equity [Line Items] | ||||
Purchase of treasury stock | 89,216,000 | |||
Share Capital [Member] | ||||
Equity [Line Items] | ||||
Share capital | $ 13,177,841,000 | $ 13,177,841,000 | $ 13,177,841,000 | $ 13,177,841,000 |
Number of common shares (in Shares) | 2,218,116,370 | 2,218,116,370 | 2,373,866,570 | 2,623,373,646 |
Ordinary shares [member] | Share Capital [Member] | ||||
Equity [Line Items] | ||||
Share capital | $ 13,177,841,000 | $ 13,177,841,000 | ||
Dividends [Member] | ||||
Equity [Line Items] | ||||
Dividends to be distributed | $ 458,165,000 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Share Capital - Share Capital [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Share Capital [Line Items] | |||
Initial balance quantity | 2,218,116,370 | 2,373,866,570 | 2,623,373,646 |
Initial balance | $ 13,177,841 | $ 13,177,841 | $ 13,177,841 |
Cancellation of treasury shares quantity | (155,750,200) | (249,507,076) | |
Cancellation of treasury shares | |||
Final balance quantity | 2,218,116,370 | 2,218,116,370 | 2,373,866,570 |
Final balance | $ 13,177,841 | $ 13,177,841 | $ 13,177,841 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of Treasury Share Activity - Treasury shares [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Treasury Share Activity [Line Items] | |||
Balance at the beginning of the period quantity | 80,062,600 | 12,848,500 | |
Balance at the beginning of the period | $ 619,298 | $ 107,550 | |
Balance at the end of the period quantity | 80,062,600 | ||
Balance at the end of the period | $ 619,298 | ||
Purchase of treasury shares quantity | 97,687,600 | 396,907,500 | |
Purchase of treasury shares | $ 719,393 | $ 1,922,142 | |
Disposal of treasury shares quantity | (22,000,000) | (80,000,000) | |
Disposal of treasury shares | $ (169,408) | $ (713) | |
Treasury shares used in stock option plan quantity | [1] | (186,324) | |
Treasury shares used in stock option plan | [1] | ||
Cancellation of treasury shares quantity | (155,750,200) | (249,507,076) | |
Cancellation of treasury shares | $ (1,121,507) | $ (811) | |
Exchange variation quantity | |||
Exchange variation | $ (47,776) | $ (1,408,870) | |
[1]Refers to treasury shares for stock options exercised effectively. |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of Net Sales, Net Income, Cash Provided by Operations, Total Assets and Total Liabilities - PPC [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Net Sales and Income [Line Items] | |||
Net Revenue | $ 17,362,217 | $ 17,468,377 | $ 14,777,458 |
Net Income | 322,317 | 746,538 | 31 |
Net cash provided by operating activities | 677,877 | 669,863 | 326,459 |
Total assets | 9,810,361 | 9,255,769 | 8,913,205 |
Total liabilities | $ 6,465,784 | $ 6,402,493 | $ 6,324,271 |
Net Revenue (Details)
Net Revenue (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Net Revenue [Abstract] | |
Amortization period | 1 year |
Payments maturity term | 25 days |
Maturity for international accounts | 39 days |
Net Revenue (Details) - Schedul
Net Revenue (Details) - Schedule of Revenue by Significant Category - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Revenue by Significant Category [Line Items] | |||
Net revenue | $ 72,918,123 | $ 72,613,910 | $ 65,042,706 |
Domestic Sales [Member] | |||
Schedule of Revenue by Significant Category [Line Items] | |||
Net revenue | 54,501,282 | 53,478,460 | 48,118,921 |
Export Sales [Member] | |||
Schedule of Revenue by Significant Category [Line Items] | |||
Net revenue | $ 18,416,841 | $ 19,135,450 | $ 16,923,785 |
Net Revenue (Details) - Sched_2
Net Revenue (Details) - Schedule of Trade Accounts Receivable and Contract Liabilities from Contracts with Customers - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Trade Accounts Receivable and Contract Liabilities from Contracts with Customers [Line Items] | ||
Trade accounts receivable | $ 3,390,856 | $ 3,878,125 |
Contract liabilities | (324,598) | (215,479) |
Total customer contract revenue | $ 3,066,258 | $ 3,662,646 |
Net Finance Expense (Details)
Net Finance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Finance Expense [Line Items] | |||
Interest expenses from loans and financings | $ 1,183,852 | $ 909,942 | $ 786,388 |
Interest income from present value adjustments | 117,866 | 110,677 | 61,024 |
Interest income from short-term investments | $ 105,839 | $ 68,478 | $ 24,156 |
Net Finance Expense (Details) -
Net Finance Expense (Details) - Schedule of Net Finance Expense - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Net Finance Expense [Abstract] | ||||
Gains/(losses) from exchange rate variation | $ 57,525 | $ 415,570 | $ (595) | |
Fair value adjustments on derivatives | 82,928 | (343,573) | 46,716 | |
Interest expense | [1] | (1,732,928) | (1,342,486) | (975,164) |
Interest income | [2] | 326,442 | 268,418 | 144,326 |
Bank fees and others | (87,372) | (239,627) | (153,762) | |
Total income expense | (1,353,405) | (1,241,698) | (938,479) | |
Finance income | 584,216 | 808,612 | 430,707 | |
Finance expense | (1,937,621) | (2,050,310) | (1,369,186) | |
Net finance income expense | $ (1,353,405) | $ (1,241,698) | $ (938,479) | |
[1]For the year ended December 31, 2023, 2022 and 2021 the amount of US$1,183,852, US$909,942 and US$786,388, respectively, refers to interest expenses from loans and financings.[2]For the year ended December 31, 2023,2022 and 2021 the amount of US$117,866, US$110,677 and US$61,024, respectively, refers to interest income from present value adjustments. In addition, for the year ended December 31, 2023, the amount of US$105,839 (US$68,478 and US$24,156 for the year ended December 31, 2022 and 2021 respectively), refers to interest income from short -term |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Earnings Per Share [Abstract] | |||
Net income attributable to Company shareholders (in Dollars) | $ (198,869) | $ 2,997,488 | $ 3,811,442 |
Weighted average common shares | 2,218,116 | 2,254,345 | 2,516,008 |
Weighted average - treasury shares | (23,933) | (36,817) | |
Weighted average - common shares outstanding | 2,218,116 | 2,230,412 | 2,479,191 |
Basic earnings (loss) per share (in Dollars per share) | $ (0.09) | $ 1.34 | $ 1.54 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Earnings Per Share (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Earnings Per Share [Abstract] | |||
Diluted earnings (loss) per share | $ (0.09) | $ 1.34 | $ 1.54 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation [Line Items] | ||
Payment in shares and cash | $ 5,728 | $ 5,729 |
Fair values of equity based awards | $ 5,000 | 7,500 |
Fair values of liability based awards | 5,600 | |
Bottom of range [member] | ||
Share-based Compensation [Line Items] | ||
Share capital percentage | 2% | |
Liability based awards [Member] | ||
Share-based Compensation [Line Items] | ||
Payment in shares and cash | $ 1,888 | 1,341 |
Unrecognized compensation cost | $ 9,000 | $ 10,161 |
Weighted average period | 1 year 11 months 4 days | 2 years 2 months 1 day |
Equity based awards [Member] | ||
Share-based Compensation [Line Items] | ||
Fair values of equity based awards | $ 9,300 | |
Unrecognized compensation cost | $ 4,100 | $ 2,674 |
Weighted average period | 1 year 8 months 23 days | 1 year 7 months 6 days |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Schedule of RSU Activity | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
RSU [Member] | ||
Schedule of RSU Activity [Line Items] | ||
Number of shares, Initial balance | 993 | 554 |
Price, Initial balance | $ 22 | $ 20.4 |
Number of shares, Grants | 324 | 405 |
Price, Grants | $ 23.67 | $ 23.88 |
Number of shares, Exercised | (378) | (266) |
Price, Exercised | $ 22.25 | $ 23.25 |
Number of shares, Shares reissued (in Shares) | shares | (28) | 300 |
Price, Shares reissued | $ 24.99 | $ 23.52 |
Number of shares, Ending balance | 911 | 993 |
Price, Ending balance | $ 22.4 | $ 22 |
Equity-Based Compensation, Cash-Settled [Member] | ||
Schedule of RSU Activity [Line Items] | ||
Number of shares, Initial balance | 377 | 574 |
Price, Initial balance | $ 23.8 | $ 27.55 |
Number of shares, Grants | 158 | 269 |
Price, Grants | $ 24.21 | $ 22.09 |
Number of shares, Exercised | (196) | (139) |
Price, Exercised | $ 25.27 | $ 27.55 |
Number of shares, Cancelled | (97) | (327) |
Price, Cancelled | $ 22.81 | $ 24 |
Number of shares, Ending balance | 242 | 377 |
Price, Ending balance | $ 27.66 | $ 23.8 |
Operating Segments (Details)
Operating Segments (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Reportable segments | 7 |
Total revenues | 5% |
Operating Segments (Details) -
Operating Segments (Details) - Schedule of Operational Segment - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | $ 72,918,123 | $ 72,613,910 | $ 65,042,706 | |
Adjusted EBITDA | [1] | 3,457,885 | 6,722,005 | 8,486,416 |
Brazil [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 11,141,171 | 11,414,350 | 9,989,966 | |
Adjusted EBITDA | [1] | 469,250 | 468,933 | 431,868 |
Seara [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 8,272,546 | 8,324,233 | 6,773,847 | |
Adjusted EBITDA | [1] | 364,494 | 896,744 | 714,668 |
Beef North America [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 23,303,052 | 22,069,092 | 21,443,400 | |
Adjusted EBITDA | [1] | 114,236 | 2,081,676 | 4,511,948 |
Pork USA [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 7,713,828 | 8,153,051 | 7,626,244 | |
Adjusted EBITDA | [1] | 526,949 | 756,284 | 786,007 |
Pilgrim’s Pride [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 17,347,956 | 17,455,092 | 14,765,111 | |
Adjusted EBITDA | [1] | 1,536,039 | 2,084,557 | 1,691,656 |
Australia [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 6,209,012 | 6,323,297 | 5,344,942 | |
Adjusted EBITDA | [1] | 454,707 | 443,880 | 327,573 |
Others [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 893,459 | 842,036 | 712,984 | |
Adjusted EBITDA | [1] | (5,207) | (7,887) | 24,729 |
Reportable segments [member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | 74,881,024 | 74,581,151 | 66,656,494 | |
Adjusted EBITDA | [1] | 3,460,468 | 6,724,187 | 8,488,449 |
Elimination [Member] | ||||
Operating Segments (Details) - Schedule of Operational Segment [Line Items] | ||||
Net revenue | [2] | (1,962,901) | (1,967,241) | (1,613,788) |
Adjusted EBITDA | [1],[2] | $ (2,583) | $ (2,182) | $ (2,033) |
[1]The Adjusted EBITDA is reconciled with the consolidated operating profit, as follows below:[2]Includes intercompany and intersegment transactions. |
Operating Segments (Details) _2
Operating Segments (Details) - Schedule of Adjusted EBITDA is Reconciled with the Consolidated Operating Profit - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Adjusted Ebitda is Reconciled with the Consolidated Operating Profit [Abstract] | ||||
Operating profit | $ 1,084,140 | $ 4,783,391 | $ 5,984,069 | |
Depreciation and amortization | 2,149,066 | 1,907,923 | 1,673,216 | |
Antitrust agreements | [1] | 102,500 | 101,447 | 792,700 |
Donations and social programs | [2] | 18,166 | 23,942 | 27,311 |
J&F Leniency expenses refund | [3] | (93,786) | ||
Impairment of assets | [4] | 26,268 | 17,396 | |
Restructuring | [5] | 53,275 | ||
Other operating income (expense), net | [6] | 24,470 | (18,308) | 9,120 |
Elimination | 2,583 | 2,182 | 2,033 | |
Total Adjusted EBITDA for operating segments | $ 3,460,468 | $ 6,724,187 | $ 8,488,449 | |
[1]Refers to the Agreements entered by JBS USA and its subsidiaries as described in Note 19 — Provisions for legal proceedings.[2]Refers to the donations, as described in Note 26 — Expenses by nature.[3]Refers to the amount that J&F agreed to pay to JBS in connection with the settlement agreement between the parties to Arbitration Proceeding No. 186/21, net of PIS/COFINS social contribution tax.[4]Refers to the impairment of assets related to Planterra’s plant closure during the year ended at 2023.[5]Refers to the project implementation of multiple restructuring initiatives mainly in the indirect subsidiary Pilgrim’s Pride Corporation (PPC).[6]Refers to various adjustments, mainly abroad, such as expenses related to acquisitions, insurance indemnities, among others. |
Operating Segments (Details) _3
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | $ 72,918,124 | $ 72,613,910 | $ 65,042,706 | |
Total assets | 42,577,834 | 39,885,511 | 50,066,045 | |
North and Central America [Member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | [1] | 43,121,198 | 42,934,979 | 43,834,755 |
Total assets | [1] | 17,525,543 | 28,967,943 | 23,641,965 |
South America [Member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | 18,160,466 | 19,022,041 | 16,763,813 | |
Total assets | 17,674,813 | 16,883,845 | 15,778,101 | |
Australia [Member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | 5,771,385 | 6,373,122 | 5,344,942 | |
Total assets | 5,771,385 | 3,611,682 | 3,520,751 | |
Europe [Member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | 5,979,750 | 5,588,847 | 597,098 | |
Total assets | 5,896,287 | 5,036,017 | 5,042,651 | |
Others [Member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | 264,904 | 189,715 | 115,886 | |
Total assets | 2,088,347 | 2,158,279 | 2,082,577 | |
Reportable segments [member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | 73,297,703 | 74,108,704 | 66,656,494 | |
Total assets | 48,956,375 | 56,657,766 | 50,066,045 | |
Intercompany elimination [Member] | ||||
Operating Segments (Details) - Schedule of Net Revenue and Total Assets Based on Geography [Line Items] | ||||
Net revenue | [2] | (379,579) | (1,494,794) | (1,613,788) |
Total assets | [2] | $ (6,378,541) | $ (16,772,255) | $ 12,927,637 |
[1]Including the holdings located in Europe that are part of the North American operation.[2]Includes intercompany and intersegment transactions. |
Expenses by Nature (Details)
Expenses by Nature (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses by Nature [Abstract] | |||
Incurred expenses | $ 5,135 | $ 8,311 | $ 21,023 |
Expenses by Nature (Details) -
Expenses by Nature (Details) - Schedule of Expenses by Function in the Statement of Income - Statement of Income [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cost of sales [Member] | ||||
Cost of sales | ||||
Cost of inventories, raw materials and production inputs | $ (55,435,841) | $ (52,469,159) | $ (45,129,164) | |
Salaries and benefits | (7,641,355) | (6,951,628) | (6,178,825) | |
Depreciation and amortization | (1,873,776) | (1,649,450) | (1,445,850) | |
Total Cost of sales | (64,950,972) | (61,070,237) | (52,753,839) | |
Selling [Member] | ||||
Cost of sales | ||||
Freight and selling expenses | (3,848,089) | (3,970,687) | (2,994,516) | |
Salaries and benefits | (302,395) | (242,342) | (179,489) | |
Depreciation and amortization | (63,990) | (62,188) | (57,037) | |
Advertising and marketing | (313,736) | (337,873) | (250,319) | |
Net impairment losses | (7,748) | (2,477) | (10,277) | |
Commissions | (58,376) | (66,122) | (60,117) | |
Total Selling | (4,594,334) | (4,681,689) | (3,551,755) | |
General and administrative [Member] | ||||
Cost of sales | ||||
Salaries and benefits | (1,247,927) | (1,297,972) | (1,117,757) | |
Fees, services purchased and general expenses | (735,386) | (670,385) | (712,694) | |
Depreciation and amortization | (211,095) | (196,288) | (170,793) | |
DOJ - department of justice and Antitrust agreements | (102,500) | (101,446) | (792,625) | |
Donations and social programs | [1] | (18,166) | (22,891) | (18,278) |
JBS Fund For The Amazon | (1,049) | (9,035) | ||
Total General and administrative | $ (2,315,074) | $ (2,290,031) | $ (2,821,182) | |
[1]Refers to donations made to Instituto J&F regarding improvements on school’s building, the social program “Fazer o Bem Faz Bem” created by the Group to support actions for social transformation where the Group is present and donations to the JBS Fund For The Amazon. |
Risk Management and Financial_3
Risk Management and Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risk Management and Financial Instruments [Line Items] | ||
Percentage of VaR | 99% | |
Purchase of cattle | $ 35,600,000 | $ 32,900,000 |
Securities pledged as commodities and futures | $ 13,575 | 15,416 |
Bottom of range [Member] | ||
Risk Management and Financial Instruments [Line Items] | ||
Percentage of possible risk changes | 25% | |
Top of range [Member] | ||
Risk Management and Financial Instruments [Line Items] | ||
Percentage of possible risk changes | 50% | |
JBS USA and Its Subsidiaries [Member] | ||
Risk Management and Financial Instruments [Line Items] | ||
Securities pledged as commodities and futures | $ 67,335 | 99,288 |
Direct Subsidiary Seara Alimentos [Member] | ||
Risk Management and Financial Instruments [Line Items] | ||
Securities pledged as commodities and futures | $ 51,751 | $ 15,505 |
Risk Management and Financial_4
Risk Management and Financial Instruments (Details) - Schedule of Consolidated Financial Statements - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value through profit or loss(1) | |||
Financial investments | [1] | $ 2,642,258 | $ 1,343,149 |
National treasury bills | [1] | 210,716 | 109,662 |
Derivative assets | [1] | 169,736 | 108,505 |
Amortized cost(2) | |||
Cash at banks | [2] | 1,830,814 | 1,144,741 |
Margin cash | [2] | 18,191 | 59,088 |
Trade accounts receivable | [2] | 3,390,856 | 3,878,125 |
Related party receivables | [2] | 118,554 | 182,268 |
Total | [2] | 8,381,125 | 6,825,538 |
Amortized cost | |||
Loans and financing | (19,999,137) | (17,700,148) | |
Trade accounts payable and supply chain finance | (6,205,119) | (6,531,731) | |
Lease | (1,841,227) | (1,721,833) | |
Other financial liabilities | (104,043) | (11,876) | |
Fair value through profit or loss | |||
Derivative liabilities | (144,251) | (107,238) | |
Total | $ (28,293,777) | $ (26,072,826) | |
[1]CDBs are updated at the contractual rate but have a short -term -term |
Risk Management and Financial_5
Risk Management and Financial Instruments (Details) - Schedule of Fair Value of Assets and Liabilities Through Profit or Loss - Market approach [member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Financial investments | $ 2,642,258 | $ 1,343,149 |
National treasury bills | 210,716 | 109,662 |
Derivative assets | 169,736 | 108,505 |
Financial liabilities | ||
Derivative liabilities | 144,251 | 107,238 |
Level 1 of fair value hierarchy [member] | ||
Financial assets | ||
Financial investments | 206,650 | |
National treasury bills | 210,716 | 109,662 |
Derivative assets | ||
Financial liabilities | ||
Derivative liabilities | ||
Level 2 of fair value hierarchy [member] | ||
Financial assets | ||
Financial investments | 2,435,608 | 1,343,149 |
National treasury bills | ||
Derivative assets | 169,736 | 108,505 |
Financial liabilities | ||
Derivative liabilities | $ 144,251 | $ 107,238 |
Risk Management and Financial_6
Risk Management and Financial Instruments (Details) - Schedule of Estimated Fair Value - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 16,727,972 | $ 13,577,973 |
Fair value | 15,928,912 | 12,048,104 |
PPC 2027 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 850,000 | |
Price (% of the Principal) | 99.55% | |
Fair value | $ 846,175 | |
JBS Lux 2027 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,000,000 | $ 1,000,000 |
Price (% of the Principal) | 92.10% | 86.90% |
Fair value | $ 920,960 | $ 869,040 |
JBS Lux 2028 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 900,000 | $ 900,000 |
Price (% of the Principal) | 99.66% | 95.13% |
Fair value | $ 896,931 | $ 856,188 |
JBS Lux 2029 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 600,000 | $ 600,000 |
Price (% of the Principal) | 88.24% | 84.02% |
Fair value | $ 529,440 | $ 504,108 |
JBS Lux 2029 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 77,973 | $ 77,973 |
Price (% of the Principal) | 99.27% | 98.16% |
Fair value | $ 77,406 | $ 76,537 |
JBS Lux 2030 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,250,000 | $ 1,250,000 |
Price (% of the Principal) | 98.55% | 95.40% |
Fair value | $ 1,231,875 | $ 1,192,475 |
JBS Lux 2031 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 500,000 | $ 500,000 |
Price (% of the Principal) | 86.45% | 82.46% |
Fair value | $ 432,250 | $ 412,280 |
PPC 2031 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,000,000 | $ 1,000,000 |
Price (% of the Principal) | 90.27% | 86.39% |
Fair value | $ 902,650 | $ 863,940 |
JBS Lux 2032 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,000,000 | $ 1,000,000 |
Price (% of the Principal) | 81.66% | 77.61% |
Fair value | $ 816,560 | $ 776,110 |
JBS Lux 2032 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,000,000 | $ 1,000,000 |
Price (% of the Principal) | 85.60% | 82.24% |
Fair value | $ 856,030 | $ 822,410 |
PPC 2032 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 900,000 | $ 900,000 |
Price (% of the Principal) | 84.47% | 80.72% |
Fair value | $ 760,203 | $ 726,498 |
JBS Lux 2033 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 2,050,000 | $ 2,050,000 |
Price (% of the Principal) | 99.35% | 95.41% |
Fair value | $ 2,036,736 | $ 1,955,885 |
PPC 2033 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,000,000 | |
Price (% of the Principal) | 102.90% | |
Fair value | $ 1,029,020 | |
JBS Lux 2025 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,600,000 | |
Price (% of the Principal) | 105.27% | |
Fair value | $ 1,684,368 | |
PPC 2034 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 499,999 | |
Price (% of the Principal) | 108.05% | |
Fair value | $ 540,230 | |
JBS Lux 2052 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 900,000 | $ 900,000 |
Price (% of the Principal) | 74.36% | |
Fair value | $ 669,204 | $ 646,182 |
JBS Lux 2053 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 900,000 | |
Price (% of the Principal) | 109.34% | |
Fair value | $ 984,060 | |
JBS Lux 2052 [Member] | ||
Schedule of Estimated Fair Value [Line Items] | ||
Principal | $ 1,550,000 | $ 1,550,000 |
Price (% of the Principal) | 100.71% | 96.79% |
Fair value | $ 1,560,989 | $ 1,500,276 |
Risk Management and Financial_7
Risk Management and Financial Instruments (Details) - Schedule of Estimated Fair Value (Parentheticals) | Dec. 31, 2023 |
PPC 2027 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 585% |
JBS Lux 2027 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 2.50% |
JBS Lux 2028 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 5.13% |
JBS Lux 2029 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 3% |
JBS Lux 2029 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 6.50% |
JBS Lux 2030 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 5.50% |
JBS Lux 2031 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 3.75% |
PPC 2031 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 4.25% |
JBS Lux 2032 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 3% |
JBS Lux 2032 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 362% |
PPC 2032 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 35% |
JBS Lux 2033 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 5.75% |
PPC 2033 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 625% |
JBS Lux 2025 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 675% |
PPC 2034 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 687% |
JBS Lux 2052 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 437% |
JBS Lux 2053 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 7.25% |
JBS Lux 2052 [Member] | |
Schedule of Estimated Fair Value [Line Items] | |
Notes | 6.50% |
Risk Management and Financial_8
Risk Management and Financial Instruments (Details) - Schedule of Fair Value of Assets and Liabilities Through Profit or Loss - Fair value model [member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Risk Management and Financial Instruments (Details) - Schedule of Fair Value of Assets and Liabilities Through Profit or Loss [Line Items] | |||
Fair value through profit or loss | $ 204,573 | $ (277,875) | $ 77,969 |
Amortized cost | (1,566,845) | (963,823) | (1,019,327) |
Total | $ (1,362,272) | $ (1,241,698) | $ (941,358) |
Risk Management and Financial_9
Risk Management and Financial Instruments (Details) - Schedule of Assets and Liabilities Exposed to Floating Interest Rates - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | $ (731,190) | $ (891,860) |
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | (481,785) | |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | (480,617) | (110,531) |
Assets exposure to the CPI rate: | ||
Assets exposure to the CPI rate | 49,144 | 40,469 |
Liabilities exposure to the SOFR rate: | ||
Liabilities exposure to the SOFR rate | (283,886) | (161,410) |
Liabilities exposure to the TJLP rate: | ||
Liabilities exposure to the TJLP rate | (771) | (647) |
CRA – Agribusiness Credit Receivable Certificates [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | (60,676) | (5,882) |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | (2,101,681) | (1,609,636) |
Credit note – export [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | (217,648) | (441,125) |
Rural – Credit note – Prefixed [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | (1,208) | (800) |
Related party transactions [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | 624 | 1,502 |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | 117,930 | 104,100 |
CDB-DI (Bank certificates of deposit) [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | 943,526 | 676,961 |
Margin cash [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | 31,566 | 74,237 |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | 51,751 | 15,237 |
Assets exposure to the CPI rate: | ||
Assets exposure to the CPI rate | 49,144 | 40,469 |
Treasury bills [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | 23,774 | |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | 27,716 | 14,767 |
Subtotal [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | 696,184 | 328,667 |
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | (777,138) | |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | (1,904,284) | (1,475,532) |
Derivatives (Swap) [Member] | ||
Net exposure to the CDI rate: | ||
Net exposure to the CDI rate | (1,427,374) | (1,220,527) |
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | 295,353 | |
Net exposure to the IPCA rate: | ||
Net exposure to the IPCA rate | 1,423,667 | 1,365,001 |
Prepayment [Member] | ||
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | (292,209) | |
Liabilities exposure to the SOFR rate: | ||
Liabilities exposure to the SOFR rate | (280,971) | (161,410) |
FINIMP [Member] | ||
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | (2,823) | |
PPC term loan [Member] | ||
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | (478,916) | |
Working Capital - Dollars [Member] | ||
Liabilities exposure to the LIBOR rate: | ||
Liabilities exposure to the LIBOR rate | (3,190) | |
Prepayment exchange agreement [Member] | ||
Liabilities exposure to the SOFR rate: | ||
Liabilities exposure to the SOFR rate | (2,915) | |
Working Capital [Member] | ||
Liabilities exposure to the TJLP rate: | ||
Liabilities exposure to the TJLP rate | $ (771) | $ (647) |
Risk Management and Financia_10
Risk Management and Financial Instruments (Details) - Schedule of Contracts Exposure Scenario - 12 months ended Dec. 31, 2023 € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | USD ($) | EUR (€) | GBP (£) | MXN ($) | AUD ($) |
Scenario (I) VaR 99% C.I. 1 day Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (418) | ||||
Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | (30,439) | ||||
Scenario (III) Interest Rate Variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (60,872) | ||||
CDI [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Increase | Increase | Increase | Increase | Increase |
CDI [Member] | Current Scenario [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 11.65% | 11.65% | 11.65% | 11.65% | 11.65% |
CDI [Member] | Scenario (I) VaR 99% C.I. 1 Day Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 11.70% | 11.70% | 11.70% | 11.70% | 11.70% |
CDI [Member] | Scenario (I) VaR 99% C.I. 1 day Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (340) | ||||
CDI [Member] | Scenario (II) Interest rate variation - Twenty Five Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 14.56% | 14.56% | 14.56% | 14.56% | 14.56% |
CDI [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (20,839) | ||||
CDI [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 17.48% | 17.48% | 17.48% | 17.48% | 17.48% |
CDI [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (41,671) | ||||
IPCA [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Increase | Increase | Increase | Increase | Increase |
IPCA [Member] | Current Scenario [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 4.68% | 4.68% | 4.68% | 4.68% | 4.68% |
IPCA [Member] | Scenario (I) VaR 99% C.I. 1 Day Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.69% | 4.69% | 4.69% | 4.69% | 4.69% |
IPCA [Member] | Scenario (I) VaR 99% C.I. 1 day Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (63) | ||||
IPCA [Member] | Scenario (II) Interest rate variation - Twenty Five Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 5.85% | 5.85% | 5.85% | 5.85% | 5.85% |
IPCA [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (5,496) | ||||
IPCA [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 7.02% | 7.02% | 7.02% | 7.02% | 7.02% |
IPCA [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (10,992) | ||||
CPI [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Decrease | Decrease | Decrease | Decrease | Decrease |
CPI [Member] | Current Scenario [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% |
CPI [Member] | Scenario (I) VaR 99% C.I. 1 Day Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.09% | 3.09% | 3.09% | 3.09% | 3.09% |
CPI [Member] | Scenario (I) VaR 99% C.I. 1 day Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (4) | ||||
CPI [Member] | Scenario (II) Interest rate variation - Twenty Five Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 2.33% | 2.33% | 2.33% | 2.33% | 2.33% |
CPI [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (372) | ||||
CPI [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
CPI [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (745) | ||||
SOFR [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Increase | Increase | Increase | Increase | Increase |
SOFR [Member] | Current Scenario [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 5.38% | 5.38% | 5.38% | 5.38% | 5.38% |
SOFR [Member] | Scenario (I) VaR 99% C.I. 1 Day Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 5.38% | 5.38% | 5.38% | 5.38% | 5.38% |
SOFR [Member] | Scenario (I) VaR 99% C.I. 1 day Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (11) | ||||
SOFR [Member] | Scenario (II) Interest rate variation - Twenty Five Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 6.73% | 6.73% | 6.73% | 6.73% | 6.73% |
SOFR [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (3,732) | ||||
SOFR [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 8.07% | 8.07% | 8.07% | 8.07% | 8.07% |
SOFR [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (7,464) | ||||
Operating [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Operating [Member] | Current Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 4.8413% | 4.8413% | 4.8413% | 4.8413% | 4.8413% |
Operating [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.7621% | 4.7621% | 4.7621% | 4.7621% | 4.7621% |
Operating [Member] | Scenario (i) VaR 99% C.I. 1 Day Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (45,314) | ||||
Operating [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.631% | 3.631% | 3.631% | 3.631% | 3.631% |
Operating [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Effect on Income One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (692,836) | ||||
Operating [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.4207% | 2.4207% | 2.4207% | 2.4207% | 2.4207% |
Operating [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (1,385,677) | ||||
Financial [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Financial [Member] | Current Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 4.8413% | 4.8413% | 4.8413% | 4.8413% | 4.8413% |
Financial [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.7621% | 4.7621% | 4.7621% | 4.7621% | 4.7621% |
Financial [Member] | Scenario (i) VaR 99% C.I. 1 Day Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (3,573) | ||||
Financial [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.631% | 3.631% | 3.631% | 3.631% | 3.631% |
Financial [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Effect on Income One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (54,636) | ||||
Financial [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.4207% | 2.4207% | 2.4207% | 2.4207% | 2.4207% |
Financial [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (109,272) | ||||
Derivative [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Derivative [Member] | Current Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 4.8413% | 4.8413% | 4.8413% | 4.8413% | 4.8413% |
Derivative [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.7621% | 4.7621% | 4.7621% | 4.7621% | 4.7621% |
Derivative [Member] | Scenario (i) VaR 99% C.I. 1 Day Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ 31,251 | ||||
Derivative [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.631% | 3.631% | 3.631% | 3.631% | 3.631% |
Derivative [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Effect on Income One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ 477,820 | ||||
Derivative [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.4207% | 2.4207% | 2.4207% | 2.4207% | 2.4207% |
Derivative [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ 955,643 | ||||
Net debt in foreign subsidiaries [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Net debt in foreign subsidiaries [Member] | Current Exchange Rate One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 4.8413% | 4.8413% | 4.8413% | 4.8413% | 4.8413% |
Net debt in foreign subsidiaries [Member] | Scenario (i) VaR 99% C.I. 1 Day Exchange Rate One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.9205% | 4.9205% | 4.9205% | 4.9205% | 4.9205% |
Net debt in foreign subsidiaries [Member] | Scenario (i) VaR 99% C.I. 1 Day Effect on Equity [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on equity (in Dollars) | $ (241,589) | ||||
Net debt in foreign subsidiaries [Member] | Scenario (ii) Interest rate variation - Twenty Five Percentage Exchange Rate One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 6.0516% | 6.0516% | 6.0516% | 6.0516% | 6.0516% |
Net debt in foreign subsidiaries [Member] | Scenario (ii) Interest rate variation - Twenty Five Percentage Effect on Equity [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on equity (in Dollars) | $ (3,693,815) | ||||
Net debt in foreign subsidiaries [Member] | Scenario (iii) Interest rate variation - Fifty Percentage Exchange rate One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 7.262% | 7.262% | 7.262% | 7.262% | 7.262% |
Net debt in foreign subsidiaries [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Equity [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on equity (in Dollars) | $ (7,387,599) | ||||
Operating One [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 5.2638% | 5.2638% | 5.2638% | 5.2638% | 5.2638% |
Operating One [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.0137% | 4.0137% | 4.0137% | 4.0137% | 4.0137% |
Operating One [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.6758% | 2.6758% | 2.6758% | 2.6758% | 2.6758% |
Operating One [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Operating One [Member] | Current Exchange [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 5.3516% | 5.3516% | 5.3516% | 5.3516% | 5.3516% |
Operating One [Member] | Scenario (i) VaR 99% C.I. 1 day Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € (3,153) | ||||
Operating One [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € (48,033) | ||||
Operating One [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | (96065.00%) | (96065.00%) | (96065.00%) | (96065.00%) | (96065.00%) |
Financial One [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 5.2638% | 5.2638% | 5.2638% | 5.2638% | 5.2638% |
Financial One [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.0137% | 4.0137% | 4.0137% | 4.0137% | 4.0137% |
Financial One [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.6758% | 2.6758% | 2.6758% | 2.6758% | 2.6758% |
Financial One [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Financial One [Member] | Current Exchange [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 5.3516% | 5.3516% | 5.3516% | 5.3516% | 5.3516% |
Financial One [Member] | Scenario (i) VaR 99% C.I. 1 day Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € 254 | ||||
Financial One [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € 3,870 | ||||
Financial One [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 7,740% | 7,740% | 7,740% | 7,740% | 7,740% |
Derivatives One [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 5.2638% | 5.2638% | 5.2638% | 5.2638% | 5.2638% |
Derivatives One [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.0137% | 4.0137% | 4.0137% | 4.0137% | 4.0137% |
Derivatives One [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.6758% | 2.6758% | 2.6758% | 2.6758% | 2.6758% |
Derivatives One [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Derivatives One [Member] | Current Exchange [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 5.3516% | 5.3516% | 5.3516% | 5.3516% | 5.3516% |
Derivatives One [Member] | Scenario (i) VaR 99% C.I. 1 day Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € 1,038 | ||||
Derivatives One [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € 15,808 | ||||
Derivatives One [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 31,616% | 31,616% | 31,616% | 31,616% | 31,616% |
Operating Two [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 6.0564% | 6.0564% | 6.0564% | 6.0564% | 6.0564% |
Operating Two [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.619% | 4.619% | 4.619% | 4.619% | 4.619% |
Operating Two [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.0793% | 3.0793% | 3.0793% | 3.0793% | 3.0793% |
Operating Two [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Operating Two [Member] | Current Exchange One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 6.1586% | 6.1586% | 6.1586% | 6.1586% | 6.1586% |
Operating Two [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € (4,405) | ||||
Operating Two [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ (66,340) | ||||
Operating Two [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ (132,680) | ||||
Financial Two [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 6.0564% | 6.0564% | 6.0564% | 6.0564% | 6.0564% |
Financial Two [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.7134% | 4.7134% | 4.7134% | 4.7134% | 4.7134% |
Financial Two [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.1423% | 3.1423% | 3.1423% | 3.1423% | 3.1423% |
Financial Two [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Financial Two [Member] | Current Exchange One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 6.1586% | 6.1586% | 6.1586% | 6.1586% | 6.1586% |
Financial Two [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € 8 | ||||
Financial Two [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ 125 | ||||
Financial Two [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ 250 | ||||
Derivatives Two [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 6.0564% | 6.0564% | 6.0564% | 6.0564% | 6.0564% |
Derivatives Two [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 4.619% | 4.619% | 4.619% | 4.619% | 4.619% |
Derivatives Two [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.0793% | 3.0793% | 3.0793% | 3.0793% | 3.0793% |
Derivatives Two [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Derivatives Two [Member] | Current Exchange One [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 6.1586% | 6.1586% | 6.1586% | 6.1586% | 6.1586% |
Derivatives Two [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | € | € 2,525 | ||||
Derivatives Two [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ 38,028 | ||||
Derivatives Two [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ 76,055 | ||||
Operating Three [Member] | Scenario (III) Interest Rate Variation - Fifty Percentage Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 0.1428% | 0.1428% | 0.1428% | 0.1428% | 0.1428% |
Operating Three [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 0.2815% | 0.2815% | 0.2815% | 0.2815% | 0.2815% |
Operating Three [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 0.2142% | 0.2142% | 0.2142% | 0.2142% | 0.2142% |
Operating Three [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Operating Three [Member] | Current Exchange Rate Two [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 0.2856% | 0.2856% | 0.2856% | 0.2856% | 0.2856% |
Operating Three [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Four [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | £ | £ (1,962) | ||||
Operating Three [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Four [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (33,763) | ||||
Operating Three [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Four [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (67,527) | ||||
Operating Four [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.2319% | 3.2319% | 3.2319% | 3.2319% | 3.2319% |
Operating Four [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.4662% | 2.4662% | 2.4662% | 2.4662% | 2.4662% |
Operating Four [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 1.6441% | 1.6441% | 1.6441% | 1.6441% | 1.6441% |
Operating Four [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Operating Four [Member] | Current Exchange Rate Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 3.2882% | 3.2882% | 3.2882% | 3.2882% | 3.2882% |
Operating Four [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Five [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ 1 | ||||
Operating Four [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Five [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ 9 | ||||
Operating Four [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Six [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ 18 | ||||
Derivatives Four [Member] | Scenario (i) VaR 99% C.I. 1 day Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 3.2319% | 3.2319% | 3.2319% | 3.2319% | 3.2319% |
Derivatives Four [Member] | Scenario (ii) Interest Rate Variation - Twenty Five Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 2.4662% | 2.4662% | 2.4662% | 2.4662% | 2.4662% |
Derivatives Four [Member] | Scenario (iii) Interest Rate Variation - Fifty Percentage Exchange Rate [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Rate | 1.6441% | 1.6441% | 1.6441% | 1.6441% | 1.6441% |
Derivatives Four [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Derivatives Four [Member] | Current Exchange Rate Three [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Current scenario | 3.2882% | 3.2882% | 3.2882% | 3.2882% | 3.2882% |
Derivatives Four [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Five [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (48) | ||||
Derivatives Four [Member] | Scenario (II) Interest Rate Variation - Twenty Five Percentage Effect on Income Five [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (695) | ||||
Derivatives Four [Member] | (new) Scenario (iii) Interest Rate Variation - Fifty Percentage Effect on Income Six [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (1,391) | ||||
Derivatives Five [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Cattle depreciation | Cattle depreciation | Cattle depreciation | Cattle depreciation | Cattle depreciation |
Derivatives Five [Member] | Current Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | 52% | 52% | 52% | 52% | 52% |
Derivatives Five [Member] | Scenario (i) VaR 99% C.I. 1 day Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on equity (in Dollars) | $ 55 | ||||
Derivatives Five [Member] | Scenario (I) VaR 99% C.I. 1 Day Effect on Income Six [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (5) | ||||
Derivatives Five [Member] | Scenario (ii) @ Variation - Twenty Five Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | 65% | 65% | 65% | 65% | 65% |
Derivatives Five [Member] | Scenario (ii) @ Variation - Twenty Five Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (25) | ||||
Derivatives Five [Member] | Scenario (ii) @ Variation - Fifty Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | 78% | 78% | 78% | 78% | 78% |
Derivatives Five [Member] | Scenario (ii) @ Variation - Fiftyt Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (49) | ||||
Operating Five [Member] | Scenario (i) VaR 99% C.I. 1 day Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (2.19%) | (2.19%) | (2.19%) | (2.19%) | (2.19%) |
Operating Five [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Operating Five [Member] | Scenario (i) VaR 99% C.I. 1 Day Effect on Income Seven [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (2,451) | ||||
Operating Five [Member] | Scenario (ii) Price variation -Twenty Five Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (25.00%) | (25.00%) | (25.00%) | (25.00%) | (25.00%) |
Operating Five [Member] | Scenario (ii) Price variation -Twenty Five Percentage Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (27,878) | ||||
Operating Five [Member] | Scenario (ii) Price variation -Fifty Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (55,756) | ||||
Price | (50.00%) | (50.00%) | (50.00%) | (50.00%) | (50.00%) |
Operating Six [Member] | Scenario (ii) Price variation -Twenty Five Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (25.00%) | (25.00%) | (25.00%) | (25.00%) | (25.00%) |
Operating Six [Member] | Scenario (ii) Price variation -Twenty Five Percentage Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (789,300) | ||||
Operating Six [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Depreciation | Depreciation | Depreciation | Depreciation | Depreciation |
Operating Six [Member] | Scenario (i) VaR 99% I.C. 1 day Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (2.25%) | (2.25%) | (2.25%) | (2.25%) | (2.25%) |
Operating Six [Member] | Scenario (i) VaR 99% I.C. 1 day Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (71,163) | ||||
Operating Six [Member] | Scenario (iii) Price variation - Fifty Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (50.00%) | (50.00%) | (50.00%) | (50.00%) | (50.00%) |
Operating Six [Member] | Scenario (iii) Price variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (1,578,600) | ||||
Derivatives Six [Member] | Scenario (ii) Price variation -Twenty Five Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (25.00%) | (25.00%) | (25.00%) | (25.00%) | (25.00%) |
Derivatives Six [Member] | Scenario (ii) Price variation -Twenty Five Percentage Effect on income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (95,079) | ||||
Derivatives Six [Member] | Risk [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Risk | Appreciation | Appreciation | Appreciation | Appreciation | Appreciation |
Derivatives Six [Member] | Scenario (i) VaR 99% I.C. 1 day Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (2.25%) | (2.25%) | (2.25%) | (2.25%) | (2.25%) |
Derivatives Six [Member] | Scenario (i) VaR 99% I.C. 1 day Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (8,572) | ||||
Derivatives Six [Member] | Scenario (iii) Price variation - Fifty Percentage Price [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Price | (50.00%) | (50.00%) | (50.00%) | (50.00%) | (50.00%) |
Derivatives Six [Member] | Scenario (iii) Price variation - Fifty Percentage Effect on Income [Member] | |||||
Schedule of Contracts Exposure Scenario [Line Items] | |||||
Effect on income (in Dollars, Euro, Pesos, Pounds and Dollars) | $ (190,159) |
Risk Management and Financia_11
Risk Management and Financial Instruments (Details) - Schedule of Sensitivity Analysis Fair Value Asset and Liability - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | $ 1,363,555 | $ 1,605,281 |
Fair value (Asset) | 1,612,732 | 1,740,876 |
Fair value (Liability) | (1,539,000) | (1,757,300) |
Fair value | 73,732 | (16,424) |
Swap [Member] | LIBOR [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 288,889 | |
Fair value (Asset) | 295,353 | |
Fair value (Liability) | (280,251) | |
Fair value | 15,102 | |
Swap [Member] | CDI [Member] | 2023 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 76,662 | |
Fair value (Asset) | 80,523 | |
Fair value (Liability) | (77,551) | |
Fair value | 2,972 | |
Swap [Member] | CDI [Member] | 2024 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 181,769 | |
Fair value (Asset) | 189,067 | |
Fair value (Liability) | (189,571) | |
Fair value | (504) | |
Swap [Member] | IPCA [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 111,031 | 103,021 |
Fair value (Asset) | 142,472 | 123,845 |
Fair value (Liability) | (111,625) | (98,448) |
Fair value | 30,847 | 25,397 |
Swap [Member] | IPCA [Member] | 2027 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 79,937 | 74,171 |
Fair value (Asset) | 94,520 | 80,302 |
Fair value (Liability) | (85,402) | (80,025) |
Fair value | 9,118 | 277 |
Swap [Member] | IPCA [Member] | 2028 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 91,298 | 84,712 |
Fair value (Asset) | 108,777 | 92,333 |
Fair value (Liability) | (100,034) | (93,764) |
Fair value | 8,743 | (1,431) |
Swap [Member] | IPCA [Member] | 2030 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 289,179 | 268,317 |
Fair value (Asset) | 350,639 | 296,304 |
Fair value (Liability) | (328,591) | (307,264) |
Fair value | 22,048 | (10,960) |
Swap [Member] | IPCA [Member] | 2031 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 288,874 | 274,067 |
Fair value (Asset) | 333,981 | 283,731 |
Fair value (Liability) | (326,029) | (300,700) |
Fair value | 7,952 | (16,969) |
Swap [Member] | IPCA [Member] | 2032 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 87,821 | 172,490 |
Fair value (Asset) | 103,620 | 177,699 |
Fair value (Liability) | (105,459) | (186,308) |
Fair value | (1,839) | (8,609) |
Swap [Member] | IPCA [Member] | 2036 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 18,824 | 19,166 |
Fair value (Asset) | 23,487 | 19,524 |
Fair value (Liability) | (24,650) | (21,408) |
Fair value | (1,163) | (1,884) |
Swap [Member] | IPCA [Member] | 2037 [Member] | ||
Schedule of Sensitivity Analysis Fair Value Asset and Liability [Line Items] | ||
Notional | 214,822 | 243,786 |
Fair value (Asset) | 266,169 | 291,262 |
Fair value (Liability) | (267,639) | (311,581) |
Fair value | $ (1,470) | $ (20,319) |
Risk Management and Financia_12
Risk Management and Financial Instruments (Details) - Schedule of Exposure - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
USD [Member] | |||
OPERATING | |||
Cash and cash equivalents | $ 1,570,813 | $ 737,591 | |
Trade accounts receivable | 579,651 | 1,173,723 | |
Sales orders | 916,595 | 597,296 | |
Trade accounts payable | (174,781) | (154,283) | |
Purchase orders | (56,710) | (61,679) | |
Operating subtotal | 2,835,568 | 2,292,648 | |
FINANCIAL | |||
Margin cash | 269 | ||
Advances to customers | (111,368) | (36,204) | |
Loans and financing | (306,798) | (1,362,474) | |
Financial subtotal | (418,166) | (1,398,409) | |
Operating financial subtotal | 2,417,402 | 894,239 | |
Related party transactions, net | |||
Total exposure | 2,417,402 | 894,239 | |
DERIVATIVES | |||
Total derivatives | (1,955,572) | (548,241) | |
NET EXPOSURE | 461,830 | 345,998 | |
Net debt in foreign subsidiaries | [1] | (14,775,198) | (12,816,599) |
EUR [Member] | |||
OPERATING | |||
Cash and cash equivalents | 68,154 | 40,184 | |
Trade accounts receivable | 147,839 | 136,478 | |
Sales orders | 73,564 | 41,964 | |
Trade accounts payable | (74,963) | (92,271) | |
Purchase orders | (18,012) | (12,181) | |
Operating subtotal | 196,582 | 114,174 | |
FINANCIAL | |||
Margin cash | |||
Advances to customers | (12,621) | (856) | |
Loans and financing | (3,218) | (4,986) | |
Financial subtotal | (15,839) | (5,842) | |
Operating financial subtotal | 180,743 | 108,332 | |
Related party transactions, net | 289,556 | ||
Total exposure | 180,743 | 397,888 | |
DERIVATIVES | |||
Total derivatives | (64,696) | (31,311) | |
NET EXPOSURE | 116,047 | 366,577 | |
Net debt in foreign subsidiaries | [1] | ||
GBP [Member] | |||
OPERATING | |||
Cash and cash equivalents | 20,102 | 12,202 | |
Trade accounts receivable | 49,743 | 51,302 | |
Sales orders | 217,509 | 13,379 | |
Trade accounts payable | (15,846) | (18,799) | |
Purchase orders | |||
Operating subtotal | 271,508 | 58,084 | |
FINANCIAL | |||
Margin cash | |||
Advances to customers | (511) | ||
Loans and financing | |||
Financial subtotal | (511) | ||
Operating financial subtotal | 270,997 | 58,084 | |
Related party transactions, net | |||
Total exposure | 270,997 | 58,084 | |
DERIVATIVES | |||
Total derivatives | (155,635) | (24,969) | |
NET EXPOSURE | 115,362 | 33,115 | |
Net debt in foreign subsidiaries | [1] | ||
MXN [Member] | |||
OPERATING | |||
Cash and cash equivalents | 271,503 | 122,588 | |
Trade accounts receivable | 134,113 | 126,037 | |
Sales orders | |||
Trade accounts payable | (267,433) | (52,346) | |
Purchase orders | |||
Operating subtotal | 138,183 | 196,279 | |
FINANCIAL | |||
Margin cash | |||
Advances to customers | |||
Loans and financing | |||
Financial subtotal | |||
Operating financial subtotal | 138,183 | 196,279 | |
Related party transactions, net | |||
Total exposure | 138,183 | 196,279 | |
DERIVATIVES | |||
Total derivatives | (291,377) | ||
NET EXPOSURE | 138,183 | (95,098) | |
Net debt in foreign subsidiaries | [1] | ||
AUD [Member] | |||
OPERATING | |||
Cash and cash equivalents | 42 | 7 | |
Trade accounts receivable | 241 | 86 | |
Sales orders | |||
Trade accounts payable | (320) | (118) | |
Purchase orders | |||
Operating subtotal | (37) | (25) | |
FINANCIAL | |||
Margin cash | |||
Advances to customers | |||
Loans and financing | |||
Financial subtotal | |||
Operating financial subtotal | (37) | (25) | |
Related party transactions, net | |||
Total exposure | (37) | (25) | |
DERIVATIVES | |||
Total derivatives | 2,846 | 943 | |
NET EXPOSURE | 2,809 | 918 | |
Net debt in foreign subsidiaries | [1] | ||
Futures Contract [Member] | USD [Member] | |||
DERIVATIVES | |||
Total derivatives | (250,788) | (103,000) | |
Futures Contract [Member] | EUR [Member] | |||
DERIVATIVES | |||
Total derivatives | (137,070) | (103,490) | |
Futures Contract [Member] | GBP [Member] | |||
DERIVATIVES | |||
Total derivatives | (44,142) | ||
Futures Contract [Member] | MXN [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Futures Contract [Member] | AUD [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Deliverable Forwards (DF’s) [Member] | USD [Member] | |||
DERIVATIVES | |||
Total derivatives | (398,024) | (463,371) | |
Deliverable Forwards (DF’s) [Member] | EUR [Member] | |||
DERIVATIVES | |||
Total derivatives | 67,303 | 84,013 | |
Deliverable Forwards (DF’s) [Member] | GBP [Member] | |||
DERIVATIVES | |||
Total derivatives | (14,369) | (5,208) | |
Deliverable Forwards (DF’s) [Member] | MXN [Member] | |||
DERIVATIVES | |||
Total derivatives | (291,377) | ||
Deliverable Forwards (DF’s) [Member] | AUD [Member] | |||
DERIVATIVES | |||
Total derivatives | 2,846 | 943 | |
Non-Deliverable Forwards (NDF’s) [Member] | USD [Member] | |||
DERIVATIVES | |||
Total derivatives | (1,306,760) | 3,029 | |
Non-Deliverable Forwards (NDF’s) [Member] | EUR [Member] | |||
DERIVATIVES | |||
Total derivatives | 5,071 | (11,834) | |
Non-Deliverable Forwards (NDF’s) [Member] | GBP [Member] | |||
DERIVATIVES | |||
Total derivatives | (97,124) | (19,761) | |
Non-Deliverable Forwards (NDF’s) [Member] | MXN [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Non-Deliverable Forwards (NDF’s) [Member] | AUD [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Swap [Member] | USD [Member] | |||
DERIVATIVES | |||
Total derivatives | 15,101 | ||
Swap [Member] | EUR [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Swap [Member] | GBP [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Swap [Member] | MXN [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
Swap [Member] | AUD [Member] | |||
DERIVATIVES | |||
Total derivatives | |||
[1]The Group includes the net debt of foreign subsidiaries in the disclosure of economic hedging exposure. Although these debts do not generate foreign exchange gains or losses (since they are foreign debts and in the functional currency of each respective country), they are translated to Brazilian Real in the consolidation, impacting the equity as exchange variation of investment, influencing the consolidated debt of the Group, and consequently the leverage indicators. |
Risk Management and Financia_13
Risk Management and Financial Instruments (Details) - Schedule of Future Contracts - Sensitivity analysis and derivative financial instruments breakdown [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Futures contract [member] | US Dollor [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | American dollar | |
Nature | Short | |
Quantity (in Shares) | 52,199 | 51 |
Notional | $ (250,788) | $ 490 |
Fair value | $ (2,078) | $ (872) |
Futures contract [member] | Commodities Cattle [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Commodities (Cattle) | |
Nature | Long | |
Quantity (in Shares) | (6) | 21 |
Notional | $ (101) | $ (385) |
Fair value | $ (19) | |
Futures contract [member] | Commodities Grains [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Commodities (Grains) | |
Nature | Short | |
Quantity (in Shares) | 520 | |
Notional | $ (948) | |
Fair value | $ (2,448) | |
Derivatives [member] | US Dollor [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | American dollar | |
Nature | Short | |
Quantity (in Shares) | (398,024) | (463,371) |
Notional | $ (398,024) | $ (2,417,731) |
Fair value | $ 29,150 | $ 67,658 |
Derivatives [member] | EURO [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Euro | |
Nature | Long | |
Quantity (in Shares) | (1,157) | 78,708 |
Notional | $ 5,071 | $ 85,306 |
Fair value | $ 513 | $ 3,443 |
Derivatives [member] | British Pound [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | British pound | |
Nature | Short | |
Quantity (in Shares) | (2,333) | (829) |
Notional | $ (14,369) | $ (4,869) |
Fair value | $ 202 | $ (193) |
Derivatives [member] | Mexican Peso [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Mexican peso | |
Nature | Short | |
Quantity (in Shares) | (1,092,527) | |
Notional | $ (272,434) | |
Fair value | $ (30,362) | |
Derivatives [member] | Australian Dollar [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Australian dollar | |
Nature | Long | |
Quantity (in Shares) | 865 | 266 |
Notional | $ 2,846 | $ 943 |
Fair value | $ (1) | $ 5 |
Derivatives [member] | Commodities Cattle [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Commodities (Cattle) | |
Nature | Short | |
Quantity (in Shares) | 80,377 | (29,568) |
Notional | $ 389,130 | $ (154,278) |
Fair value | $ (1,982) | $ (31,182) |
Non-Deliverable Forwards [Member] | US Dollor [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | American dollar | |
Nature | Short | |
Quantity (in Shares) | (1,306,760) | 3,029 |
Notional | $ (1,306,760) | $ 15,804 |
Fair value | $ 13,975 | $ (339) |
Non-Deliverable Forwards [Member] | EURO [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Euro | |
Nature | Short | |
Quantity (in Shares) | 12,576 | (11,087) |
Notional | $ 67,303 | $ (12,016) |
Fair value | $ (1,885) | $ 9 |
Non-Deliverable Forwards [Member] | British Pound [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | British pound | |
Nature | Short | |
Quantity (in Shares) | (15,771) | (3,147) |
Notional | $ (97,124) | $ (18,476) |
Fair value | $ (579) | $ 1,357 |
Non-Deliverable Forwards [Member] | Commodities Grains [Member] | ||
Schedule of Future Contracts [Line Items] | ||
Risk factor | Commodities (Grains) | |
Nature | Short | |
Quantity (in Shares) | 4,000 | |
Notional | $ (30,990) | |
Fair value | $ 684 |
Risk Management and Financia_14
Risk Management and Financial Instruments (Details) - Schedule of Exposure in Commodities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | $ 3,619,485 | $ 2,360,252 | $ 130,523 |
Cattle [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (101) | 2,488 | |
Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 114,097 | 192,828 | |
Firm contracts of cattle purchase [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 3,230,355 | 2,514,530 | |
Firm contracts of cattle purchase [Member] | Cattle [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 2,873 | ||
Exposure,Subtotal [Member] | Cattle [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 2,873 | ||
Futures contract [member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (17,218) | ||
Futures contract [member] | Cattle [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (101) | (385) | |
Futures contract [member] | Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (948) | ||
Derivatives subtotal [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 389,130 | (154,278) | (216,051) |
Derivatives subtotal [Member] | Cattle [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (101) | (385) | |
Derivatives subtotal [Member] | Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (31,938) | ||
Purchase orders [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 346,574 | ||
Purchase orders [Member] | Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 114,097 | 224,766 | |
Operating Subtotal [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 3,230,355 | 2,514,530 | 346,574 |
Operating Subtotal [Member] | Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 114,097 | 224,766 | |
Brazil Cash basis [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | 3,542 | ||
Brazil Cash basis [Member] | Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | |||
Non-Deliverable Forwards [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | $ (202,375) | ||
Non-Deliverable Forwards [Member] | Grain [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | (30,990) | ||
Deliverable Forwards [Member] | |||
Schedule of Exposure in Commodities [Line Items] | |||
NET EXPOSURE | $ 389,130 | $ (154,278) |
Risk Management and Financia_15
Risk Management and Financial Instruments (Details) - Schedule of Statement of Income - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Risk Management and Financial Instruments (Details) - Schedule of Statement of Income [Line Items] | ||
Cost of sales before hedge accounting adoption | $ (7,798,858) | $ (7,303,648) |
Derivatives operating income (loss) | 31,693 | 61,857 |
Cost of sales with hedge accounting | (7,767,165) | (7,241,791) |
Financial income (expense), net excluding derivatives | (77,411) | (45,390) |
Derivatives financial income (expense), net | 14,405 | (46,354) |
Financial income (expense), net | (63,006) | (91,744) |
Currency [Member] | ||
Risk Management and Financial Instruments (Details) - Schedule of Statement of Income [Line Items] | ||
Derivatives operating income (loss) | 1,441 | 10,103 |
Derivatives financial income (expense), net | 39,968 | (61,277) |
Commodities [Member] | ||
Risk Management and Financial Instruments (Details) - Schedule of Statement of Income [Line Items] | ||
Derivatives operating income (loss) | 30,252 | 51,754 |
Derivatives financial income (expense), net | (24,357) | 26 |
Interests [Member] | ||
Risk Management and Financial Instruments (Details) - Schedule of Statement of Income [Line Items] | ||
Derivatives financial income (expense), net | $ (1,206) | $ 14,897 |
Risk Management and Financia_16
Risk Management and Financial Instruments (Details) - Schedule of Other Comprehensive Income (Expense) - Seara Alimentos [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Other Comprehensive Income (Expense) [Line Items] | ||
Financial instruments designated as hedge accounting: | $ (537) | $ (7,800) |
Gain (loss) on cash flow hedge | 7,882 | (48,526) |
Deferred income tax on hedge accounting | 16,499 | |
Total of other comprehensive income (expense) | 7,882 | (32,027) |
Currency [Member] | ||
Schedule of Other Comprehensive Income (Expense) [Line Items] | ||
Financial instruments designated as hedge accounting: | 39 | (2,622) |
Commodities [Member] | ||
Schedule of Other Comprehensive Income (Expense) [Line Items] | ||
Financial instruments designated as hedge accounting: | $ (576) | $ (5,178) |
Risk Management and Financia_17
Risk Management and Financial Instruments (Details) - Schedule of Hedge Cash Flow Movement - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risk Management and Financial Instruments (Details) - Schedule of Hedge Cash Flow Movement [Line Items] | ||
Hedge accounting operations at the parent company | $ (510) | $ (7,992) |
(-) IR/CS | 173 | 2,717 |
Impact of Hedge Operations on Subsidiaries | 272 | |
Other | (92) | |
Impact of Hedge Operations on Subsidiaries | (337) | $ (5,095) |
OCR [Member] | ||
Risk Management and Financial Instruments (Details) - Schedule of Hedge Cash Flow Movement [Line Items] | ||
Hedge accounting operations at the parent company | 7,482 | |
(-) IR/CS | (2,544) | |
Impact of Hedge Operations on Subsidiaries | (272) | |
Other | 92 | |
Impact of Hedge Operations on Subsidiaries | $ 4,758 |
Risk Management and Financia_18
Risk Management and Financial Instruments (Details) - Schedule of Balance Sheet - Seara Alimentos [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of financial position: | ||
Derivative (liabilities)/assets | $ (1,765) | |
Financial instruments designated as hedge accounting: | ||
Financial instruments designated as hedge accounting, Commodities | (1,765) | |
Financial instruments designated as hedge accounting, Currency | ||
Derivative (liabilities)/assets | 4,473 | 18,073 |
Financial instruments not designated as hedge accounting: | ||
Financial instruments not designated as hedge accounting, Exchange | 4,977 | |
Financial instruments not designated as hedge accounting, Interest | (504) | 18,073 |
Other comprehensive income (expense) | (550) | (7,720) |
Other comprehensive income (expense), Currency | 39 | (2,595) |
Other comprehensive income (expense), Commodities | (589) | (5,125) |
Inventories | 6,577 | 6,951 |
Inventories, Currency | 136 | 2,298 |
Inventories, Commodities | $ 6,441 | $ 4,653 |
Risk Management and Financia_19
Risk Management and Financial Instruments (Details) - Schedule of Open Balance Sheet Position of Derivative Assets and Liabilities - Seara Alimentos [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
(Liabilities): | ||
Liabilities | $ (1,765) | |
Derivatives assets [Member] | ||
Assets: | ||
Current assets | 4,977 | 13,267 |
Non-current assets | 4,807 | |
Derivative liabilities [Member] | ||
(Liabilities): | ||
Current liabilities | 1,765 | |
Currency [member] | ||
(Liabilities): | ||
Not designated as hedge accounting | 504 | |
Interests [Member] | ||
(Liabilities): | ||
Not designated as hedge accounting | 504 | |
Interests [Member] | ||
Assets: | ||
Assets | 18,074 | |
(Liabilities): | ||
Liabilities | 750 | |
Commodities [Member] | ||
(Liabilities): | ||
Liabilities | 1,764 | |
Not Designated as Hedge Accounting [Member] | ||
Assets: | ||
Assets | 18,074 | |
Designated as Hedge Accounting [Member] | ||
(Liabilities): | ||
Liabilities | $ 750 | $ 1,764 |
Risk Management and Financia_20
Risk Management and Financial Instruments (Details) - Schedule of Maximum Horizon | 12 Months Ended |
Dec. 31, 2023 | |
AAA [Member] | |
Schedule of Maximum Horizon [Line Items] | |
Percentage Equity | 2% |
Maximum horizon | 5 years |
AA [Member] | |
Schedule of Maximum Horizon [Line Items] | |
Percentage Equity | 1% |
Maximum horizon | 3 years |
A [Member] | |
Schedule of Maximum Horizon [Line Items] | |
Percentage Equity | 0.50% |
Maximum horizon | 2 years |
BBB [Member] | |
Schedule of Maximum Horizon [Line Items] | |
Percentage Equity | 0.25% |
Maximum horizon | 1 year |
Risk Management and Financia_21
Risk Management and Financial Instruments (Details) - Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss [Line Items] | |
Weighted average loss rate | |
Gross carrying amount | $ 8,211,388 |
Impairment loss allowance | $ (84,913) |
Cash and cash equivalents [Member] | |
Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss [Line Items] | |
Weighted average loss rate | |
Gross carrying amount | $ 4,569,517 |
Impairment loss allowance | |
Margin cash [Member] | |
Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss [Line Items] | |
Weighted average loss rate | |
Gross carrying amount | $ 132,461 |
Impairment loss allowance | |
Trade accounts receivable [Member] | |
Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss [Line Items] | |
Weighted average loss rate | 2.50% |
Gross carrying amount | $ 3,390,856 |
Impairment loss allowance | $ (84,913) |
Related party receivables [Member] | |
Schedule of Weighted Average Loss Rate, Gross Carrying Amount, Impairment Losses Recognized in Profit or Loss [Line Items] | |
Weighted average loss rate | |
Gross carrying amount | $ 118,554 |
Impairment loss allowance |
Risk Management and Financia_22
Risk Management and Financial Instruments (Details) - Schedule of leverage ratio | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of leverage ratio [Abstract] | ||
Leverage indicator (USD) | 4.42x | 2.26x |
Risk Management and Financia_23
Risk Management and Financial Instruments (Details) - Schedule of Contractual Obligation Amounts from Financial Liabilities - Financial Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Contractual Obligation Amounts from Financial Liabilities [Line Items] | |||
Trade accounts payable and supply chain finance | $ 6,205,119 | $ 6,531,731 | |
Loans and financing | 19,999,138 | 17,700,148 | |
Estimated interest on loans and financing | [1] | 11,715,762 | 8,688,174 |
Derivatives liabilities (assets) | 144,251 | 107,238 | |
Other liabilities | 104,043 | 11,876 | |
Payments of leases | 1,841,227 | 2,009,792 | |
Total | 40,009,540 | 35,048,959 | |
Less than 1 year [Member] | |||
Schedule of Contractual Obligation Amounts from Financial Liabilities [Line Items] | |||
Trade accounts payable and supply chain finance | 6,205,119 | 6,531,731 | |
Loans and financing | 891,570 | 1,577,047 | |
Estimated interest on loans and financing | [1] | 1,362,896 | 924,346 |
Derivatives liabilities (assets) | 144,251 | 107,238 | |
Other liabilities | 21,162 | 6,498 | |
Payments of leases | (2,796) | 342,747 | |
Total | 8,622,202 | 9,489,607 | |
Between 1 and 3 years [Member] | |||
Schedule of Contractual Obligation Amounts from Financial Liabilities [Line Items] | |||
Trade accounts payable and supply chain finance | |||
Loans and financing | 171,228 | 815,045 | |
Estimated interest on loans and financing | [1] | 1,052,488 | 1,837,495 |
Derivatives liabilities (assets) | |||
Other liabilities | 20,914 | 5,327 | |
Payments of leases | 293,444 | 500,539 | |
Total | 1,538,074 | 3,158,406 | |
Between 4 and 5 years [Member] | |||
Schedule of Contractual Obligation Amounts from Financial Liabilities [Line Items] | |||
Trade accounts payable and supply chain finance | |||
Loans and financing | 1,212,538 | 2,396,339 | |
Estimated interest on loans and financing | [1] | 1,910,116 | 1,485,208 |
Derivatives liabilities (assets) | |||
Other liabilities | 51 | ||
Payments of leases | 442,272 | 313,253 | |
Total | 3,564,926 | 4,194,851 | |
More than 5 years [Member] | |||
Schedule of Contractual Obligation Amounts from Financial Liabilities [Line Items] | |||
Trade accounts payable and supply chain finance | |||
Loans and financing | 17,723,802 | 12,911,717 | |
Estimated interest on loans and financing | [1] | 7,390,262 | 4,441,125 |
Derivatives liabilities (assets) | |||
Other liabilities | 61,967 | ||
Payments of leases | 1,108,307 | 853,253 | |
Total | $ 26,284,338 | $ 18,206,095 | |
[1]Includes interest on all loans and financing outstanding. Payments are estimated for variable rate debt based on effective interest rates at December 31, 2023 and December 31, 2022. Payments in foreign currencies are estimated using the December 31, 2023 and December 31, 2022 exchange rates. |