SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 9 Months Ended |
Sep. 28, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | ' |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION |
On December 15, 2010, the Company sold the 2018 Notes. The 2018 Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by Pilgrim’s Pride Corporation of West Virginia, Inc., a wholly owned subsidiary of the Company (the “Guarantor”). In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, the following condensed consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as “Parent” for the purpose of this note only) on a Parent-only basis, the Guarantor on a Guarantor-only basis, the combined non-Guarantor subsidiaries and elimination entries necessary to arrive at the information for the Parent, the Guarantor and non-Guarantor subsidiaries on a consolidated basis. Investments in subsidiaries are accounted for by the Company using the equity method for this presentation. |
The tables below present the condensed consolidating balance sheets as of September 28, 2014 and December 29, 2013, as well as the condensed consolidating statements of operations and comprehensive income for the thirteen and thirty-nine weeks ended September 28, 2014 and September 29, 2013, and the condensed consolidated statements of cash flows for the thirty-nine weeks ended September 28, 2014 based on the guarantor structure. |
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CONDENSED CONSOLIDATING BALANCE SHEETS |
28-Sep-14 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Cash and cash equivalents | | $ | 604,990 | | | $ | — | | | $ | 263,607 | | | $ | — | | | $ | 868,597 | |
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Trade accounts and other receivables, less allowance for | | 367,848 | | | 1,419 | | | 44,135 | | | — | | | 413,402 | |
doubtful accounts |
Account receivable from JBS USA, LLC | | 240 | | | — | | | — | | | — | | | 240 | |
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Inventories | | 696,989 | | | 20,639 | | | 100,264 | | | — | | | 817,892 | |
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Income taxes receivable | | 588 | | | — | | | — | | | (588 | ) | | — | |
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Current deferred tax assets | | — | | | 9,902 | | | 506 | | | (8,181 | ) | | 2,227 | |
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Prepaid expenses and other current assets | | 38,519 | | | 208 | | | 38,666 | | | — | | | 77,393 | |
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Assets held for sale | | 1,419 | | | — | | | — | | | — | | | 1,419 | |
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Total current assets | | 1,710,593 | | | 32,168 | | | 447,178 | | | (8,769 | ) | | 2,181,170 | |
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Intercompany receivable | | (66,101 | ) | | 123,514 | | | — | | | (57,413 | ) | | — | |
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Investment in subsidiaries | | 669,742 | | | — | | | — | | | (669,742 | ) | | — | |
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Deferred tax assets | | 75,260 | | | — | | | 13,466 | | | (3,513 | ) | | 85,213 | |
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Other long-lived assets | | 29,741 | | | — | | | 181,025 | | | (180,000 | ) | | 30,766 | |
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Identified intangible assets, net | | 20,521 | | | — | | | 7,698 | | | — | | | 28,219 | |
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Property, plant and equipment, net | | 1,029,532 | | | 45,682 | | | 109,966 | | | (4,766 | ) | | 1,180,414 | |
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Total assets | | $ | 3,469,288 | | | $ | 201,364 | | | $ | 759,333 | | | $ | (924,203 | ) | | $ | 3,505,782 | |
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Accounts payable | | 318,106 | | | 17,501 | | | 48,172 | | | — | | | 383,779 | |
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Account payable to JBS USA, LLC | | 1,969 | | | — | | | — | | | — | | | 1,969 | |
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Accrued expenses and other current liabilities | | 246,759 | | | 37,318 | | | 23,076 | | | — | | | 307,153 | |
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Income taxes payable | | 151,714 | | | — | | | 25,027 | | | (588 | ) | | 176,153 | |
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Current deferred tax liabilities | | 7,189 | | | — | | | 15,070 | | | (7,189 | ) | | 15,070 | |
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Current maturities of long-term debt | | 260 | | | — | | | — | | | — | | | 260 | |
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Total current liabilities | | 725,997 | | | 54,819 | | | 111,345 | | | (7,777 | ) | | 884,384 | |
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Long-term debt, less current maturities | | 527,115 | | | — | | | — | | | (25,000 | ) | | 502,115 | |
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Intercompany payable | | — | | | 3,561 | | | 53,852 | | | (57,413 | ) | | — | |
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Deferred tax liabilities | | — | | | 4,204 | | | 301 | | | (4,505 | ) | | — | |
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Other long-term liabilities | | 85,140 | | | — | | | 3,350 | | | — | | | 88,490 | |
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Total liabilities | | 1,338,252 | | | 62,584 | | | 168,848 | | | (94,695 | ) | | 1,474,989 | |
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Total Pilgrim’s Pride Corporation stockholders’ | | 2,131,036 | | | 138,780 | | | 587,395 | | | (829,508 | ) | | 2,027,703 | |
equity |
Noncontrolling interest | | — | | | — | | | 3,090 | | | — | | | 3,090 | |
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Total stockholders’ equity | | 2,131,036 | | | 138,780 | | | 590,485 | | | (829,508 | ) | | 2,030,793 | |
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Total liabilities and stockholders’ equity | | $ | 3,469,288 | | | $ | 201,364 | | | $ | 759,333 | | | $ | (924,203 | ) | | $ | 3,505,782 | |
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CONDENSED CONSOLIDATING BALANCE SHEETS | |
29-Dec-13 | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation | |
Guarantor | Non-Guarantors | Adjustments | |
| (In thousands) | |
Cash and cash equivalents | $ | 413,092 | | | $ | — | | | $ | 95,114 | | | $ | — | | | $ | 508,206 | | |
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Investment in available-for-sale securities | 96,902 | | | — | | | — | | | — | | | 96,902 | | |
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Trade accounts and other receivables, less | 327,367 | | | 1,380 | | | 47,931 | | | — | | | 376,678 | | |
allowance for doubtful accounts | |
Account receivable from JBS USA, LLC | 2,388 | | | — | | | — | | | — | | | 2,388 | | |
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Inventories | 696,604 | | | 20,215 | | | 92,013 | | | — | | | 808,832 | | |
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Income taxes receivable | 52,662 | | | — | | | 12,793 | | | (587 | ) | | 64,868 | | |
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Current deferred tax assets | 3,213 | | | 5,698 | | | 506 | | | (7,190 | ) | | 2,227 | | |
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Prepaid expenses and other current assets | 34,881 | | | 270 | | | 26,697 | | | — | | | 61,848 | | |
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Assets held for sale | 6,798 | | | — | | | 235 | | | — | | | 7,033 | | |
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Total current assets | 1,633,907 | | | 27,563 | | | 275,289 | | | (7,777 | ) | | 1,928,982 | | |
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Intercompany receivable | (64,772 | ) | | 114,707 | | | — | | | (49,935 | ) | | — | | |
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Investment in subsidiaries | 472,431 | | | — | | | — | | | (472,431 | ) | | — | | |
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Deferred tax assets | 5,995 | | | — | | | 18,924 | | | (5,998 | ) | | 18,921 | | |
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Other long-lived assets | 37,282 | | | — | | | 182,881 | | | (180,000 | ) | | 40,163 | | |
|
Identified intangible assets, net | 23,463 | | | — | | | 9,062 | | | — | | | 32,525 | | |
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Property, plant and equipment, net | 1,009,711 | | | 44,643 | | | 102,221 | | | (4,764 | ) | | 1,151,811 | | |
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Total assets | $ | 3,118,017 | | | $ | 186,913 | | | $ | 588,377 | | | $ | (720,905 | ) | | $ | 3,172,402 | | |
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Current maturities of long-term debt | $ | 410,234 | | | $ | — | | | $ | — | | | $ | — | | | $ | 410,234 | | |
|
Accounts payable | 308,154 | | | 12,711 | | | 49,495 | | | — | | | 370,360 | | |
|
Account payable to JBS USA, LLC | 3,934 | | | — | | | — | | | — | | | 3,934 | | |
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Accrued expenses and other current liabilities | 269,062 | | | 33,821 | | | (19,528 | ) | | — | | | 283,355 | | |
|
Income taxes payable | — | | | — | | | 587 | | | (587 | ) | | — | | |
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Current deferred tax liabilities | 7,190 | | | — | | | 15,515 | | | (7,190 | ) | | 15,515 | | |
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Total current liabilities | 998,574 | | | 46,532 | | | 46,069 | | | (7,777 | ) | | 1,083,398 | | |
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Long-term debt, less current maturities | 526,999 | | | — | | | — | | | (25,000 | ) | | 501,999 | | |
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Intercompany payable | — | | | — | | | 49,935 | | | (49,935 | ) | | — | | |
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Deferred tax liabilities | 13,944 | | | 5,698 | | | 297 | | | (5,995 | ) | | 13,944 | | |
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Other long-term liabilities | 77,228 | | | — | | | 3,231 | | | — | | | 80,459 | | |
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Total liabilities | 1,616,745 | | | 52,230 | | | 99,532 | | | (88,707 | ) | | 1,679,800 | | |
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Total Pilgrim’s Pride Corporation stockholders’ | 1,501,272 | | | 134,683 | | | 486,061 | | | (632,198 | ) | | 1,489,818 | | |
equity | |
Noncontrolling interest | — | | | — | | | 2,784 | | | — | | | 2,784 | | |
|
Total stockholders’ equity | 1,501,272 | | | 134,683 | | | 488,845 | | | (632,198 | ) | | 1,492,602 | | |
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Total liabilities and stockholders' equity | $ | 3,118,017 | | | $ | 186,913 | | | $ | 588,377 | | | $ | (720,905 | ) | | $ | 3,172,402 | | |
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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
Thirteen Weeks Ended September 28, 2014 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net sales | | $ | 1,844,929 | | | $ | 121,540 | | | $ | 276,394 | | | $ | 25,185 | | | $ | 2,268,048 | |
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Cost of sales | | 1,453,490 | | | 124,940 | | | 214,168 | | | 25,185 | | | 1,817,783 | |
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Gross profit (loss) | | 391,439 | | | (3,400 | ) | | 62,226 | | | — | | | 450,265 | |
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Selling, general and administrative expense | | 38,184 | | | 1,112 | | | 5,333 | | | — | | | 44,629 | |
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Administrative restructuring charges | | 135 | | | — | | | — | | | — | | | 135 | |
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Operating income (loss) | | 353,120 | | | (4,512 | ) | | 56,893 | | | — | | | 405,501 | |
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Interest expense, net | | 11,315 | | | (48 | ) | | 105 | | | — | | | 11,372 | |
|
Interest income | | (215 | ) | | — | | | (956 | ) | | — | | | (1,171 | ) |
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Foreign currency transaction loss | | — | | | — | | | 6,414 | | | — | | | 6,414 | |
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Miscellaneous, net | | (1,815 | ) | | 1,447 | | | (323 | ) | | 81 | | | (610 | ) |
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Income (loss) before income taxes | | 343,835 | | | (5,911 | ) | | 51,653 | | | (81 | ) | | 389,496 | |
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Income tax expense (benefit) | | 118,146 | | | (2,245 | ) | | 17,792 | | | — | | | 133,693 | |
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Income (loss) before equity in earnings of | | 225,689 | | | (3,666 | ) | | 33,861 | | | (81 | ) | | 255,803 | |
consolidated subsidiaries |
Equity in earnings of consolidated subsidiaries | | 30,295 | | | — | | | — | | | (30,295 | ) | | — | |
|
Net income (loss) | | 255,984 | | | (3,666 | ) | | 33,861 | | | (30,376 | ) | | 255,803 | |
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Less: Net loss attributable to noncontrolling interest | | — | | | — | | | (181 | ) | | — | | | (181 | ) |
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Net income (loss) attributable to Pilgrim’s Pride | | $ | 255,984 | | | $ | (3,666 | ) | | $ | 34,042 | | | $ | (30,376 | ) | | $ | 255,984 | |
Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
Thirteen Weeks Ended September 29, 2013 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net sales | | $ | 1,889,353 | | | $ | 132,942 | | | $ | 245,372 | | | $ | (124,852 | ) | | $ | 2,142,815 | |
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Cost of sales | | 1,676,605 | | | 117,753 | | | 235,856 | | | (123,972 | ) | | 1,906,242 | |
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Gross profit | | 212,748 | | | 15,189 | | | 9,516 | | | (880 | ) | | 236,573 | |
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Selling, general and administrative expense | | 36,976 | | | 1,068 | | | 5,753 | | | — | | | 43,797 | |
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Administrative restructuring charges | | 3,126 | | | — | | | 532 | | | — | | | 3,658 | |
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Operating income | | 172,646 | | | 14,121 | | | 3,231 | | | (880 | ) | | 189,118 | |
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Interest expense, net | | 20,246 | | | — | | | 167 | | | — | | | 20,413 | |
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Interest income | | (8 | ) | | — | | | (563 | ) | | — | | | (571 | ) |
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Foreign currency transaction loss (gain) | | (1 | ) | | — | | | 2,683 | | | — | | | 2,682 | |
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Miscellaneous, net | | (1,508 | ) | | 1,260 | | | (98 | ) | | 338 | | | (8 | ) |
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Income before income taxes | | 153,917 | | | 12,861 | | | 1,042 | | | (1,218 | ) | | 166,602 | |
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Income tax expense (benefit) | | 13,643 | | | — | | | (8,065 | ) | | — | | | 5,578 | |
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Income before equity in earnings of consolidated | | 140,274 | | | 12,861 | | | 9,107 | | | (1,218 | ) | | 161,024 | |
subsidiaries |
Equity in earnings of consolidated subsidiaries | | 20,643 | | | — | | | — | | | (20,643 | ) | | — | |
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Net income | | 160,917 | | | 12,861 | | | 9,107 | | | (21,861 | ) | | 161,024 | |
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Less: Net income attributable to noncontrolling | | — | | | — | | | 107 | | | — | | | 107 | |
interest |
Net income attributable to Pilgrim’s Pride | | $ | 160,917 | | | $ | 12,861 | | | $ | 9,000 | | | $ | (21,861 | ) | | $ | 160,917 | |
Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
Thirty-Nine Weeks Ended September 28, 2014 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net sales | | $ | 5,491,934 | | | $ | 362,390 | | | $ | 819,354 | | | $ | (200,749 | ) | | $ | 6,472,929 | |
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Cost of sales | | 4,660,153 | | | 344,707 | | | 653,972 | | | (200,749 | ) | | 5,458,083 | |
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Gross profit | | 831,781 | | | 17,683 | | | 165,382 | | | — | | | 1,014,846 | |
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Selling, general and administrative expense | | 119,268 | | | 3,491 | | | 15,678 | | | — | | | 138,437 | |
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Administrative restructuring charges | | 2,286 | | | — | | | — | | | — | | | 2,286 | |
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Operating income | | 710,227 | | | 14,192 | | | 149,704 | | | — | | | 874,123 | |
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Interest expense, net | | 45,114 | | | (109 | ) | | 402 | | | — | | | 45,407 | |
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Interest income | | (522 | ) | | — | | | (2,452 | ) | | — | | | (2,974 | ) |
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Foreign currency transaction loss | | 2 | | | — | | | 4,930 | | | — | | | 4,932 | |
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Miscellaneous, net | | (7,090 | ) | | 5,034 | | | (766 | ) | | 213 | | | (2,609 | ) |
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Income before income taxes | | 672,723 | | | 9,267 | | | 147,590 | | | (213 | ) | | 829,367 | |
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Income tax expense | | 233,478 | | | 5,171 | | | 46,283 | | | — | | | 284,932 | |
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Income before equity in earnings of consolidated | | 439,245 | | | 4,096 | | | 101,307 | | | (213 | ) | | 544,435 | |
subsidiaries |
Equity in earnings of consolidated subsidiaries | | 105,216 | | | — | | | — | | | (105,216 | ) | | — | |
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Net income | | 544,461 | | | 4,096 | | | 101,307 | | | (105,429 | ) | | 544,435 | |
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Less: Net income attributable to noncontrolling | | — | | | — | | | (26 | ) | | — | | | (26 | ) |
interest |
Net income attributable to Pilgrim’s Pride | | $ | 544,461 | | | $ | 4,096 | | | $ | 101,333 | | | $ | (105,429 | ) | | $ | 544,461 | |
Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
Thirty-Nine Weeks Ended September 29, 2013 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net sales | | $ | 5,538,779 | | | $ | 404,360 | | | $ | 801,270 | | | $ | (380,546 | ) | | $ | 6,363,863 | |
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Cost of sales | | 5,059,584 | | | 366,769 | | | 679,661 | | | (379,666 | ) | | 5,726,348 | |
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Gross profit | | 479,195 | | | 37,591 | | | 121,609 | | | (880 | ) | | 637,515 | |
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Selling, general and administrative expense | | 111,473 | | | 3,187 | | | 17,228 | | | — | | | 131,888 | |
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Administrative restructuring charges | | 4,090 | | | — | | | 532 | | | — | | | 4,622 | |
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Operating income | | 363,632 | | | 34,404 | | | 103,849 | | | (880 | ) | | 501,005 | |
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Interest expense, net | | 67,710 | | | — | | | 489 | | | — | | | 68,199 | |
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Interest income | | (14 | ) | | — | | | (1,480 | ) | | — | | | (1,494 | ) |
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Foreign currency transaction loss (gain) | | (10 | ) | | — | | | 4,781 | | | — | | | 4,771 | |
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Miscellaneous, net | | (5,254 | ) | | 3,569 | | | 435 | | | 520 | | | (730 | ) |
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Income before income taxes | | 301,200 | | | 30,835 | | | 99,624 | | | (1,400 | ) | | 430,259 | |
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Income tax expense | | 528 | | | 5,764 | | | 17,924 | | | — | | | 24,216 | |
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Income before equity in earnings of consolidated | | 300,672 | | | 25,071 | | | 81,700 | | | (1,400 | ) | | 406,043 | |
subsidiaries |
Equity in earnings of consolidated subsidiaries | | 105,532 | | | — | | | — | | | (105,532 | ) | | — | |
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Net income | | 406,204 | | | 25,071 | | | 81,700 | | | (106,932 | ) | | 406,043 | |
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Less: Net loss attributable to noncontrolling interest | | — | | | — | | | (161 | ) | | — | | | (161 | ) |
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Net income attributable to Pilgrim’s Pride | | $ | 406,204 | | | $ | 25,071 | | | $ | 81,861 | | | $ | (106,932 | ) | | $ | 406,204 | |
Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Thirteen Weeks Ended September 28, 2014 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net income (loss) | | $ | 255,984 | | | $ | (3,666 | ) | | $ | 33,861 | | | $ | (30,376 | ) | | $ | 255,803 | |
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Other comprehensive loss: | | | | | | | | | | |
Gain associated with available-for-sale | | 17 | | | — | | | — | | | — | | | 17 | |
securities, net of tax |
Loss associated with pension and other | | (653 | ) | | — | | | — | | | — | | | (653 | ) |
postretirement benefits, net of tax |
Total other comprehensive loss, net of tax | | (636 | ) | | — | | | — | | | — | | | (636 | ) |
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Comprehensive income (loss) | | 255,348 | | | (3,666 | ) | | 33,861 | | | (30,376 | ) | | 255,167 | |
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Less: Comprehensive loss attributable to | | — | | | — | | | (181 | ) | | — | | | (181 | ) |
noncontrolling interests |
Comprehensive income (loss) attributable to | | $ | 255,348 | | | $ | (3,666 | ) | | $ | 34,042 | | | $ | (30,376 | ) | | $ | 255,348 | |
Pilgrim's Pride Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Thirteen Weeks Ended September 29, 2013 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net income | | $ | 160,917 | | | $ | 12,861 | | | $ | 9,107 | | | $ | (21,861 | ) | | $ | 161,024 | |
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Other comprehensive income: | | | | | | | | | | |
Gains associated with pension and other | | 313 | | | — | | | — | | | — | | | 313 | |
postretirement benefits, net of tax |
Total other comprehensive income, net of tax | | 313 | | | — | | | — | | | — | | | 313 | |
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Comprehensive income | | 161,230 | | | 12,861 | | | 9,107 | | | (21,861 | ) | | 161,337 | |
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Less: Comprehensive income attributable to | | — | | | — | | | 107 | | | — | | | 107 | |
noncontrolling interests |
Comprehensive income attributable to | | $ | 161,230 | | | $ | 12,861 | | | $ | 9,000 | | | $ | (21,861 | ) | | $ | 161,230 | |
Pilgrim's Pride Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Thirty-Nine Weeks Ended September 28, 2014 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net income | | $ | 544,461 | | | $ | 4,096 | | | $ | 101,307 | | | $ | (105,429 | ) | | $ | 544,435 | |
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Other comprehensive loss: | | | | | | | | | | |
Loss associated with available-for-sale | | (12 | ) | | — | | | — | | | — | | | (12 | ) |
securities, net of tax |
Loss associated with pension and other | | (10,068 | ) | | — | | | — | | | — | | | (10,068 | ) |
postretirement benefits, net of tax |
Total other comprehensive loss, net of tax | | (10,080 | ) | | — | | | — | | | — | | | (10,080 | ) |
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Comprehensive income | | 534,381 | | | 4,096 | | | 101,307 | | | (105,429 | ) | | 534,355 | |
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Less: Comprehensive income attributable to | | — | | | — | | | (26 | ) | | — | | | (26 | ) |
noncontrolling interests |
Comprehensive income attributable to | | $ | 534,381 | | | $ | 4,096 | | | $ | 101,333 | | | $ | (105,429 | ) | | $ | 534,381 | |
Pilgrim's Pride Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Thirty-Nine Weeks Ended September 29, 2013 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Net income | | $ | 406,204 | | | $ | 25,071 | | | $ | 81,700 | | | $ | (106,932 | ) | | $ | 406,043 | |
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Other comprehensive income: | | | | | | | | | | |
Gains associated with pension and other | | 36,114 | | | — | | | — | | | — | | | 36,114 | |
postretirement benefits, net of tax |
Total other comprehensive income, net of tax | | 36,114 | | | — | | | — | | | — | | | 36,114 | |
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Comprehensive income | | 442,318 | | | 25,071 | | | 81,700 | | | (106,932 | ) | | 442,157 | |
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Less: Comprehensive loss attributable to | | — | | | — | | | (161 | ) | | — | | | (161 | ) |
noncontrolling interests |
Comprehensive income attributable to | | $ | 442,318 | | | $ | 25,071 | | | $ | 81,861 | | | $ | (106,932 | ) | | $ | 442,318 | |
Pilgrim's Pride Corporation |
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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Thirty-Nine Weeks Ended September 28, 2014 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Cash provided by operating activities | | $ | 608,674 | | | $ | 5,441 | | | $ | 188,506 | | | $ | (213 | ) | | $ | 802,408 | |
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Cash flows from investing activities: | | | | | | | | | | |
Acquisitions of property, plant and equipment | | (109,071 | ) | | (5,448 | ) | | (16,830 | ) | | — | | | (131,349 | ) |
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Purchases of investment securities | | (55,100 | ) | | — | | | — | | | — | | | (55,100 | ) |
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Proceeds from sale or maturity of investment securities | | 152,050 | | | — | | | — | | | — | | | 152,050 | |
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Proceeds from property sales and disposals | | 5,544 | | | 7 | | | 2,871 | | | — | | | 8,422 | |
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Cash used in investing activities | | (6,577 | ) | | (5,441 | ) | | (13,959 | ) | | — | | | (25,977 | ) |
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Cash flows from financing activities: | | | | | | | | | | |
Payments on long-term debt | | (410,199 | ) | | — | | | — | | | — | | | (410,199 | ) |
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Proceeds from sale of subsidiary common stock | | — | | | — | | | 332 | | | — | | | 332 | |
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Other financing activities | | — | | | — | | | (213 | ) | | 213 | | | — | |
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Cash provided by (used in) financing activities | | (410,199 | ) | | — | | | 119 | | | 213 | | | (409,867 | ) |
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Effect of exchange rate changes on cash and cash equivalents | | — | | | — | | | (6,173 | ) | | — | | | (6,173 | ) |
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Increase in cash and cash equivalents | | 191,898 | | | — | | | 168,493 | | | — | | | 360,391 | |
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Cash and cash equivalents, beginning of period | | 413,092 | | | — | | | 95,114 | | | — | | | 508,206 | |
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Cash and cash equivalents, end of period | | $ | 604,990 | | | $ | — | | | $ | 263,607 | | | $ | — | | | $ | 868,597 | |
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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Thirty-Nine Weeks Ended September 29, 2013 |
| | Parent | | Subsidiary | | Subsidiary | | Eliminations/ | | Consolidation |
Guarantor | Non-Guarantors | Adjustments |
| | (In thousands) |
Cash provided by operating activities | | $ | 551,027 | | | $ | 4,235 | | | $ | 41,974 | | | $ | (520 | ) | | $ | 596,716 | |
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Cash flows from investing activities: | | | | | | | | | | |
Acquisitions of property, plant and equipment | | (63,298 | ) | | (4,240 | ) | | (8,755 | ) | | — | | | (76,293 | ) |
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Proceeds from property sales and disposals | | 2,288 | | | 5 | | | 1,037 | | | — | | | 3,330 | |
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Cash used in investing activities | | (61,010 | ) | | (4,235 | ) | | (7,718 | ) | | — | | | (72,963 | ) |
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Cash flows from financing activities: | | | | | | | | | | |
Proceeds from long-term debt | | 505,600 | | | — | | | — | | | — | | | 505,600 | |
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Payments on long-term debt | | (758,283 | ) | | — | | | — | | | — | | | (758,283 | ) |
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Payment of capitalized loan costs | | (5,006 | ) | | — | | | — | | | — | | | (5,006 | ) |
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Other financing activities | | — | | | — | | | (520 | ) | | 520 | | | — | |
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Cash used in financing activities | | (257,689 | ) | | — | | | (520 | ) | | 520 | | | (257,689 | ) |
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Effect of exchange rate changes on cash and cash equivalents | | — | | | — | | | (3,928 | ) | | — | | | (3,928 | ) |
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Increase in cash and cash equivalents | | 232,328 | | | — | | | 29,808 | | | — | | | 262,136 | |
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Cash and cash equivalents, beginning of period | | 27,657 | | | — | | | 40,523 | | | — | | | 68,180 | |
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Cash and cash equivalents, end of period | | $ | 259,985 | | | $ | — | | | $ | 70,331 | | | $ | — | | | $ | 330,316 | |
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