Pilgrim's Pride (PPC) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 25, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 25, 2023
Document Transition Report	false
Entity File Number	1-9273
Entity Registrant Name	PILGRIM’S PRIDE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1285071
Entity Address, Address Line One	1770 Promontory Circle
Entity Address, City or Town	Greeley
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80634-9038
City Area Code	970
Local Phone Number	506-8000
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	PPC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		236,789,929
Amendment Flag	false
Entity Central Index Key	0000802481
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Cash and cash equivalents	$ 730,980	$ 400,988
Restricted cash and restricted cash equivalents	46,030	33,771
Inventories	2,047,817	1,990,184
Income taxes receivable	133,747	155,859
Prepaid expenses and other current assets	241,138	211,092
Total current assets	4,364,834	3,891,618
Deferred tax assets	17,949	1,969
Other long-lived assets	21,989	41,574
Operating lease assets, net	281,159	305,798
Intangible assets, net	868,095	846,020
Goodwill	1,282,946	1,227,944
Property, plant and equipment, net	3,085,539	2,940,846
Total assets	9,922,511	9,255,769
Revenue contract liabilities	61,233	34,486
Accrued expenses and other current liabilities	934,396	850,899
Income taxes payable	15,487	58,411
Current maturities of long-term debt	985	26,279
Total current liabilities	2,542,359	2,570,169
Noncurrent operating lease liabilities, less current maturities	213,350	230,701
Long-term debt, less current maturities	3,699,607	3,166,432
Deferred tax liabilities	336,579	364,184
Other long-term liabilities	58,028	71,007
Total liabilities	6,849,923	6,402,493
Common stock	2,619	2,617
Treasury stock	(544,687)	(544,687)
Additional paid-in capital	1,973,498	1,969,833
Retained earnings	1,815,142	1,749,499
Accumulated other comprehensive loss	(187,342)	(336,448)
Total Pilgrim’s Pride Corporation stockholders’ equity	3,059,230	2,840,814
Noncontrolling interest	13,358	12,462
Total stockholders’ equity	3,072,588	2,853,276
Total liabilities and stockholders’ equity	9,922,511	9,255,769
Nonrelated Party
Trade accounts, receivable from related party and other receivables, net	1,163,425	1,097,212
Accounts payable	1,515,540	1,587,939
Related Party
Trade accounts, receivable from related party and other receivables, net	1,697	2,512
Accounts payable	$ 14,718	$ 12,155

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Income Statement [Abstract]
Net sales	$ 4,308,091	$ 4,631,648	$ 8,473,719	$ 8,872,043
Cost of sales	4,029,666	3,954,877	8,022,247	7,653,292
Gross profit	278,425	676,771	451,472	1,218,751
Selling, general and administrative expense	148,436	163,867	282,114	303,834
Restructuring activities	29,718	0	37,744	0
Operating income	100,271	512,904	131,614	914,917
Interest expense, net of capitalized interest	47,152	38,112	89,814	74,408
Interest income	(7,628)	(1,010)	(11,228)	(2,284)
Foreign currency transaction losses	16,395	2,758	34,538	14,294
Miscellaneous, net	(1,331)	(1,688)	(23,984)	(2,012)
Income before income taxes	45,683	474,732	42,474	830,511
Income tax expense (benefit)	(15,225)	112,711	(24,065)	187,930
Net income	60,908	362,021	66,539	642,581
Less: Net income (loss) attributable to noncontrolling interests	452	(95)	896	27
Net income attributable to Pilgrim’s Pride Corporation	$ 60,456	$ 362,116	$ 65,643	$ 642,554
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic (in shares)	236,733	240,366	236,659	242,018
Effect of dilutive common stock equivalents (in shares)	476	607	527	619
Diluted (in shares)	237,209	240,973	237,186	242,637
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.26	$ 1.51	$ 0.28	$ 2.65
Diluted (in dollars per share)	$ 0.25	$ 1.50	$ 0.28	$ 2.65

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 60,908	$ 362,021	$ 66,539	$ 642,581
Foreign currency translation adjustment:
Gains (losses) arising during the period	101,281	(199,328)	143,925	(257,530)
Derivative financial instruments designated as cash flow hedges:
Losses arising during the period	(1,677)	(851)	(1,659)	(323)
Income tax effect	0	0	0	0
Reclassification to net earnings for losses (gains) realized	(285)	1,162	(349)	1,319
Income tax effect	0	18	0	(24)
Available-for-sale securities:
Losses arising during the period	(94)	0	(54)	0
Income tax effect	23	0	13	0
Reclassification to net earnings for gains realized	47	0	29	0
Income tax effect	(12)	0	(7)	0
Defined benefit plans:
Gains arising during the period	5,760	7,502	9,993	16,153
Income tax effect	(2,546)	(1,837)	(3,127)	(4,009)
Reclassification to net earnings of losses realized	266	345	448	577
Income tax effect	(63)	(84)	(106)	(141)
Total other comprehensive income (loss), net of tax	102,700	(193,073)	149,106	(243,978)
Comprehensive income	163,608	168,948	215,645	398,603
Less: Comprehensive income (loss) attributable to noncontrolling interests	452	(95)	896	27
Comprehensive income attributable to Pilgrim’s Pride Corporation	$ 163,156	$ 169,043	$ 214,749	$ 398,576

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 26, 2021		261,347	17,673
Balance, beginning of period at Dec. 26, 2021	$ 2,588,934	$ 2,614	$ (345,134)	$ 1,964,028	$ 1,003,569	$ (47,997)	$ 11,854
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	642,581				642,554		27
Other comprehensive (loss) income, net of tax	(243,978)					(243,978)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		231
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	4,536			4,536
Common stock purchased under share repurchase program (in shares)			(4,632)
Common stock purchased under share repurchase program	(119,989)		$ (119,989)
Common stock, ending balance of period (in shares) at Jun. 26, 2022		261,578	22,305
Balance, end of period at Jun. 26, 2022	2,872,084	$ 2,616	$ (465,123)	1,968,562	1,646,123	(291,975)	11,881
Common stock, beginning balance (in shares) at Mar. 27, 2022		261,568	18,831
Balance, beginning of period at Mar. 27, 2022	2,793,606	$ 2,616	$ 372,157	1,966,066	1,284,007	(98,902)	11,976
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	362,021				362,116		(95)
Other comprehensive (loss) income, net of tax	(193,073)					(193,073)
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		10
Common stock issued under compensation plans	0	$ 0		0
Requisite service period recognition	2,496			2,496
Common stock purchased under share repurchase program (in shares)			(3,474)
Common stock purchased under share repurchase program	(92,966)		$ (92,966)
Common stock, ending balance of period (in shares) at Jun. 26, 2022		261,578	22,305
Balance, end of period at Jun. 26, 2022	2,872,084	$ 2,616	$ (465,123)	1,968,562	1,646,123	(291,975)	11,881
Common stock, beginning balance (in shares) at Dec. 25, 2022		261,611
Balance, beginning of period at Dec. 25, 2022	2,853,276	$ 2,617	$ (544,687)	1,969,833	1,749,499	(336,448)	12,462
Treasury stock, beginning of period (in shares) at Dec. 25, 2022			(25,142)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	66,539				65,643		896
Other comprehensive (loss) income, net of tax	149,106					149,106
Stock-based compensation plans:
Common stock issued under compensation plans (in shares)		264
Common stock issued under compensation plans	0	$ 2		(2)
Requisite service period recognition	3,667			3,667
Common stock, ending balance of period (in shares) at Jun. 25, 2023		261,875
Balance, end of period at Jun. 25, 2023	3,072,588	$ 2,619	$ (544,687)	1,973,498	1,815,142	(187,342)	13,358
Treasury stock, end of period (in shares) at Jun. 25, 2023			(25,142)
Common stock, beginning balance (in shares) at Mar. 26, 2023		261,875
Balance, beginning of period at Mar. 26, 2023	2,906,520	$ 2,619	$ 544,687	1,971,038	1,754,686	(290,042)	12,906
Treasury stock, beginning of period (in shares) at Mar. 26, 2023			(25,142)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	60,908				60,456		452
Other comprehensive (loss) income, net of tax	102,700					102,700
Stock-based compensation plans:
Requisite service period recognition	2,460			2,460
Common stock, ending balance of period (in shares) at Jun. 25, 2023		261,875
Balance, end of period at Jun. 25, 2023	$ 3,072,588	$ 2,619	$ (544,687)	$ 1,973,498	$ 1,815,142	$ (187,342)	$ 13,358
Treasury stock, end of period (in shares) at Jun. 25, 2023			(25,142)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022
Cash flows from operating activities:
Net income	$ 66,539,000	$ 642,581,000
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	203,114,000	201,996,000
Deferred income tax benefit	(56,151,000)	(35,538,000)
Loss (gain) on property disposals	(9,316,000)	2,718,000
Loan cost amortization	4,733,000	2,827,000
Asset impairment	4,011,000	0
Stock-based compensation	3,300,000	4,346,000
Accretion of discount related to Senior Notes	980,000	859,000
Loss on equity-method investments	328,000	4,000
Changes in operating assets and liabilities:
Trade accounts and other receivables	(54,971,000)	(216,523,000)
Inventories	(45,242,000)	(309,360,000)
Prepaid expenses and other current assets	(27,754,000)	13,173,000
Accounts payable, accrued expenses and other current liabilities	5,139,000	96,083,000
Income taxes	9,933,000	21,959,000
Long-term pension and other postretirement obligations	944,000	(1,717,000)
Other operating assets and liabilities	(16,246,000)	(2,189,000)
Cash provided by operating activities	89,341,000	421,219,000
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(286,630,000)	(196,205,000)
Proceeds from insurance recoveries	20,681,000	0
Proceeds from property disposals	15,008,000	2,362,000
Purchase of acquired business, net of cash acquired	0	(4,847,000)
Cash used in investing activities	(250,941,000)	(198,690,000)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings	1,078,032,000	351,065,000
Payments on revolving line of credit, long-term borrowings and finance lease obligations	(565,658,000)	(170,022,000)
Payments of capitalized loan costs	(10,353,000)	(3,052,000)
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation	(1,592,000)	(1,961,000)
Purchase of common stock under share repurchase program	0	(119,989,000)
Cash provided by financing activities	500,429,000	56,041,000
Effect of exchange rate changes on cash and cash equivalents	3,422,000	(6,067,000)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents	342,251,000	272,503,000
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	434,759,000	450,121,000
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 777,010,000	$ 722,624,000

BUSINESS AND SUMMARY OF SIGNIFI

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to approximately 110 countries. Our fresh products consist of refrigerated (nonfrozen) whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork and pork ribs. The Company’s prepared products include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls. The Company’s other products include plant-based protein offerings, ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts. The Company also provides direct-to-consumer meals and hot food-to-go solutions in the U.K. and the Republic of Ireland. We operate feed mills, hatcheries, processing plants and distribution centers in the U.S., the U.K., Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. As of June 25, 2023, Pilgrim’s had approximately 61,900 employees and had the capacity to process approximately 42.1 million birds per 5-day work week. Approximately 4,655 contract growers supply chicken for the Company’s operations. As of June 25, 2023, PPC had the capacity to process approximately 33,500 pigs per 5-day work week and 226 contract growers supply pigs for the Company’s operations. As of June 25, 2023, JBS S.A., through its indirect wholly-owned subsidiaries (collectively, “JBS”), beneficially owned 82.6% of the Company’s outstanding common stock. Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the six months ended June 25, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 25, 2022. The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2023) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The six months ended June 25, 2023 represents the period from December 26, 2022 through June 25, 2023. The six months ended June 26, 2022 represents the period from December 27, 2021 through June 26, 2022. The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation. The Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for credit losses, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions, certain litigation reserves and valuations of acquired businesses. The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction losses in the Condensed Consolidated Statements of Income. Restricted Cash and Restricted Cash Equivalents The Company is required to maintain cash balances with a broker as collateral for exchange-traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral. The following table reconciles cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: June 25, 2023 December 25, 2022 (In thousands) Cash and cash equivalents $ 730,980 $ 400,988 Restricted cash and restricted cash equivalents 46,030 33,771 Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows $ 777,010 $ 434,759 Accounting Pronouncements Adopted in 2023 In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which requires disclosure of the existence of supplier financing programs. The guidance requires disclosure about the nature of the supplier financing agreements, including key terms and payment timing and determination of amounts, the accounting treatment for the transactions and the effect of the transactions on the financial statements, as well as any assets pledged or guarantees provided to the providers of the financing programs. The provisions of the new guidance were effective for years beginning after December 15, 2022 with the requirement to add rollforward disclosures for years beginning after December 15, 2023. The Company adopted this guidance effective December 26, 2022. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. Additional information regarding supplier finance programs is included in “Note 10. Supplier Finance Programs.” In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions to the application of current GAAP to existing contracts, hedging relationships and other transactions affected by reference rate reform. The new guidance will ease the transition to new reference rates by allowing entities to update contracts and hedging relationships without applying many of the contract modification requirements specific to those contracts. The provisions of the new guidance are effective beginning March 12, 2020, extending through December 31, 2022 with the option to apply the guidance at any point during that time period. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) , which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. Once an entity elects an expedient or exception it must be applied to all eligible contracts or transactions. The Company adopted this guidance effective December 26, 2022. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 25, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company 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. The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. 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 at the Company’s facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order. The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration. Disaggregated Revenue Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended June 25, 2023 (In thousands) Fresh Prepared Export Other Total U.S. $ 1,992,208 $ 221,655 $ 139,498 $ 92,847 $ 2,446,208 U.K. and Europe 280,707 878,720 117,103 34,220 1,310,750 Mexico 473,742 49,848 — 27,543 551,133 Total net sales $ 2,746,657 $ 1,150,223 $ 256,601 $ 154,610 $ 4,308,091 Three Months Ended June 26, 2022 (In thousands) Fresh Prepared Export Other Total U.S. $ 2,312,418 $ 303,963 $ 141,015 $ 142,483 $ 2,899,879 U.K. and Europe 232,045 791,189 184,862 36,956 1,245,052 Mexico 425,849 39,338 — 21,530 486,717 Total net sales $ 2,970,312 $ 1,134,490 $ 325,877 $ 200,969 $ 4,631,648 Six Months Ended June 25, 2023 (In thousands) Fresh Prepared Export Other Total U.S. $ 3,935,994 $ 466,456 $ 267,773 $ 208,553 $ 4,878,776 U.K. and Europe 545,370 1,710,449 234,724 59,471 2,550,014 Mexico 885,661 96,204 — 63,064 1,044,929 Total net sales $ 5,367,025 $ 2,273,109 $ 502,497 $ 331,088 $ 8,473,719 Six Months Ended June 26, 2022 (In thousands) Fresh Prepared Export Other Total U.S. $ 4,400,039 $ 559,050 $ 274,812 $ 247,186 $ 5,481,087 U.K. and Europe 469,354 1,537,825 358,273 71,582 2,437,034 Mexico 836,269 75,479 — 42,174 953,922 Total net sales $ 5,705,662 $ 2,172,354 $ 633,085 $ 360,942 $ 8,872,043 Contract Costs The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred. Taxes The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price. Contract Balances The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied. Changes in the revenue contract liabilities balance are as follows (in thousands): Balance as of December 25, 2022 $ 34,486 Revenue recognized (21,699) Cash received, excluding amounts recognized as revenue during the period 48,446 Balance as of June 25, 2023 $ 61,233 Accounts Receivable

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 25, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes various raw materials in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel, which are all considered commodities. The Company considers these raw materials generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company purchases derivative financial instruments, specifically exchange-traded futures and options, in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for approximately the next twelve months. The Company may purchase longer-term derivative financial instruments on particular commodities if deemed appropriate. The Company has operations in Mexico, the U.K., France, the Netherlands and the Republic of Ireland. Therefore, it has exposure to translational foreign exchange risk when the financial results of those operations are remeasured in U.S. dollars. The Company has purchased foreign currency forward contracts to manage a portion of this foreign exchange risk. The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets while the fair value of derivative liabilities is included in the line item Accrued expenses and other current liabilities on the same statements. The Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item Restricted cash and restricted cash equivalents on the Condensed Consolidated Balance Sheets. Undesignated contracts may include contracts not designated as hedges or contracts that do not qualify for hedge accounting. The fair value of each of these derivatives is recognized in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities . Changes in fair value of each derivative are recognized immediately in the Condensed Consolidated Statements of Income within Net sales , Cost of sales , Selling, general and administrative expense , or Foreign currency transaction losses depending on the risk the derivative is intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated and accounted for as hedges as a result of the extensive record keeping requirements. The Company does not apply hedge accounting treatment to certain derivative financial instruments that it has purchased to mitigate commodity purchase exposures in the U.S. and Mexico or foreign currency transaction exposures on our Mexico operations. Therefore, the Company recognized changes in the fair value of these derivative financial instruments immediately in earnings. Gains or losses related to the commodity derivative financial instruments are included in the line item Cost of sales in the Condensed Consolidated Statements of Income. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction losses and Cost of sales in the Condensed Consolidated Statements of Income. The Company does apply hedge accounting treatment to certain derivative financial instruments related to its U.K. and Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the cash flow hedge into accumulated other comprehensive income (“AOCI”). When the derivative financial instruments are settled, the amount in AOCI is then reclassified to earnings. Gains or losses related to these derivative financial instruments are included in the line item Net sales and Cost of sales in the Condensed Consolidated Statements of Income. We have generally applied the normal purchase and normal sale scope exception ("NPNS") to our forward physical grain purchase contracts delivered by truck and to our forward physical natural gas and solar-generated power purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, amounts payable under these contracts are recorded when we take delivery of the contracted product and no amounts were recorded for the fair value of these contracts in the condensed consolidated financial statements at June 25, 2023 and December 25, 2022. Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table: June 25, 2023 December 25, 2022 (In thousands) Fair values: Commodity derivative assets $ 10,706 $ 17,922 Commodity derivative liabilities (34,882) (9,042) Foreign currency derivative assets 1,312 555 Foreign currency derivative liabilities (4,484) (6,170) Sales contract derivative liabilities (1,178) (3,705) Cash collateral posted with brokers (a) 46,030 33,771 Derivatives coverage (b) : Corn 11.8 % 14.4 % Soybean meal 18.2 % 10.1 % Period through which stated percent of needs are covered: Corn March 2024 December 2023 Soybean meal March 2024 December 2023 (a) Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents. (b) Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date. The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments: Three Months Ended Six Months Ended Gains (Losses) by Type of Contract (a) June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Affected Line Item in the Condensed Consolidated Statements of Income (In thousands) Foreign currency derivatives $ (28,551) $ (5,260) $ (47,654) $ (18,560) Foreign currency transaction losses Commodity derivatives 188 (12,517) (16,347) 19,023 Cost of sales Sales contract derivative liabilities (1,637) 16,849 2,528 8,182 Net sales Total $ (30,000) $ (928) $ (61,473) $ 8,645 (a) Amounts represent income (expenses) related to results of operations. The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges: Gains (Losses) Recognized in Other Comprehensive Income Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Foreign currency derivatives $ 16 $ (866) $ (1,648) $ (343) Gains (Losses) Reclassified from AOCI into Income Three Months Ended June 25, 2023 Three Months Ended June 26, 2022 Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) (In thousands) Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 4,308,091 $ 4,029,666 $ 47,152 $ 4,631,648 $ 3,954,877 $ 38,112 Impact from cash flow hedging instruments: Foreign currency derivatives 120 56 — (966) 196 — (a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense. Gains (Losses) Reclassified from AOCI into Income Six Months Ended June 25, 2023 Six Months Ended June 26, 2022 Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) (In thousands) Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 8,473,719 $ 8,022,247 $ 89,814 $ 8,872,043 $ 7,653,292 $ 74,408 Impact from cash flow hedging instruments: Foreign currency derivatives 335 (14) — (933) 288 — Interest rates swap derivatives — — — — — 98 (a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense.

TRADE ACCOUNTS AND OTHER RECEIV

TRADE ACCOUNTS AND OTHER RECEIVABLES	6 Months Ended
	Jun. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
TRADE ACCOUNTS AND OTHER RECEIVABLES	TRADE ACCOUNTS AND OTHER RECEIVABLES Trade accounts and other receivables, less allowance for credit losses, consisted of the following: June 25, 2023 December 25, 2022 (In thousands) Trade accounts receivable $ 1,051,942 $ 984,332 Notes receivable from third parties 48,586 33,477 Other receivables 72,544 88,962 Receivables, gross 1,173,072 1,106,771 Allowance for credit losses (9,647) (9,559) Receivables, net $ 1,163,425 $ 1,097,212 Accounts receivable from related parties (a) $ 1,697 $ 2,512 (a) Additional information regarding accounts receivable from related parties is included in “Note 17. Related Party Transactions.” Activity in the allowance for credit losses was as follows: Six Months Ended June 25, 2023 (In thousands) Balance, beginning of period $ (9,559) Provision charged to operating results (576) Account write-offs and recoveries 1,166 Effect of exchange rate (678) Balance, end of period $ (9,647) In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with a maximum capacity of $265.0 million and no recourse to the Company or JBS USA. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860 in the Broad Transactions – Transfers and Servicing topic. At the transfer date, the Company received cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 25, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: June 25, 2023 December 25, 2022 (In thousands) Raw materials and work-in-process $ 1,219,819 $ 1,204,092 Finished products 651,061 596,375 Operating supplies 73,679 95,367 Maintenance materials and parts 103,258 94,350 Total inventories $ 2,047,817 $ 1,990,184

INVESTMENTS IN SECURITIES

INVESTMENTS IN SECURITIES	6 Months Ended
	Jun. 25, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN SECURITIES	INVESTMENTS IN SECURITIESThe Company recognizes investments in available-for-sale securities as cash equivalents, current investments or long-term investments depending upon each security’s length to maturity. The following table summarizes our investments in available-for-sale securities: June 25, 2023 December 25, 2022 Cost Fair Value Cost Fair Value (In thousands) Cash equivalents: Fixed income securities $ 308,549 $ 308,722 $ 167,366 $ 167,430 Gross realized gains during the three and six months ended June 25, 2023 related to the Company’s available-for-sale securities were $4.4 million and $6.3 million, respectively and gross realized gains during the three and six months ended June 26, 2022 were immaterial. Proceeds received from the sale or maturity of available-for-sale securities investments are historically disclosed in the Condensed Consolidated Statements of Cash Flows. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the six months ended June 25, 2023 and June 26, 2022 that have been included in accumulated other comprehensive income (loss) and the net amount of gains and losses reclassified out of accumulated other comprehensive income (loss) to earnings during the six months ended June 25, 2023 and June 26, 2022 are disclosed in “Note 13. Stockholders’ Equity.”

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by segment for the six months ended June 25, 2023 was as follows: December 25, 2022 Currency Translation June 25, 2023 (In thousands) U.S. $ 41,936 $ — $ 41,936 U.K. and Europe 1,058,204 55,002 1,113,206 Mexico 127,804 — 127,804 Total $ 1,227,944 $ 55,002 $ 1,282,946 Intangible assets consisted of the following: December 25, 2022 Amortization Currency Translation June 25, 2023 (In thousands) Cost: Trade names not subject to amortization $ 549,024 $ — $ 29,591 $ 578,615 Trade names subject to amortization 112,057 — 874 112,931 Customer relationships 427,662 — 13,217 440,879 Accumulated amortization: Trade names (53,708) (1,898) (139) (55,745) Customer relationships (189,015) (14,821) (4,749) (208,585) Intangible assets, net $ 846,020 $ (16,719) $ 38,794 $ 868,095 Intangible assets are amortized over the estimated useful lives of the assets as follows: Customer relationships 3-18 years Trade names subject to amortization 15-20 years At June 25, 2023, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its intangible assets subject to amortization at that date.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 25, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment (“PP&E”), net consisted of the following: June 25, 2023 December 25, 2022 (In thousands) Land $ 270,474 $ 263,494 Buildings 2,113,264 2,065,042 Machinery and equipment 3,746,044 3,651,464 Autos and trucks 86,388 77,865 Finance lease assets 5,710 5,710 Construction-in-progress 474,532 358,819 PP&E, gross 6,696,412 6,422,394 Accumulated depreciation (3,610,873) (3,481,548) PP&E, net $ 3,085,539 $ 2,940,846 The Company recognized depreciation expense of $96.4 million and $91.1 million during the three months ended June 25, 2023 and June 26, 2022, respectively. The Company recognized depreciation expense of $186.4 million and $184.5 million during the six months ended June 25, 2023 and June 26, 2022, respectively. During the six months ended June 25, 2023, Pilgrim’s spent $286.6 million on capital projects and transferred $174.5 million of completed projects from construction-in-progress to depreciable assets. During the six months ended June 26, 2022, the Company spent $196.2 million on capital projects and transferred $135.5 million of completed projects from construction-in-progress to depreciable assets. During the three and six months ended June 25, 2023, the Company sold certain PP&E for $2.4 million and $15.0 million, respectively, in cash and recognized a net immaterial loss and a net gain of $9.3 million, respectively, on these sales. PP&E sold during the six months ended June 25, 2023 consisted of a farm in Mexico and other miscellaneous equipment. During the three and six months ended June 26, 2022, the Company sold miscellaneous equipment for cash of $1.6 million and $2.4 million, respectively, and recognized a net loss of $0.8 million and $2.7 million, respectively, on these sales. The Company has closed or idled various facilities in the U.S. and in the U.K. The Board of Directors has not determined if it would be in the best interest of the Company to divest any of these idled assets. Management is therefore not certain that it can or will divest any of these assets within one year, is not actively marketing these assets and, accordingly, has not classified them as assets held for sale. The Company continues to depreciate these assets. As of June 25, 2023, the carrying amounts of these idled assets totaled $39.3 million based on depreciable value of $156.4 million and accumulated depreciation of $117.1 million. Idled asset values include those assets that are no longer in use as a result of the recent restructuring activities of our U.K. and Europe segment. During the six months ended June 25, 2023, the Company recognized an additional impairment loss on PP&E of $4.0 million incurred as a result of those restructuring activities. Additional information regarding restructuring activities is included in “Note 16. Restructuring-Related Activities.” As of June 25, 2023, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its PP&E held for use might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its PP&E held for use at that date.

CURRENT LIABILITIES

CURRENT LIABILITIES	6 Months Ended
	Jun. 25, 2023
Payables and Accruals [Abstract]
CURRENT LIABILITIES	CURRENT LIABILITIES Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components: June 25, 2023 December 25, 2022 (In thousands) Accounts payable: Trade accounts payable $ 1,408,842 $ 1,476,552 Book overdrafts 94,567 93,800 Other payables 12,131 17,587 Total accounts payable 1,515,540 1,587,939 Accounts payable to related parties (a) 14,718 12,155 Revenue contract liabilities (b) 61,233 34,486 Accrued expenses and other current liabilities: Compensation and benefits 239,399 258,098 Litigation settlements (c) 93,130 99,230 Accrued sales rebates 91,195 55,002 Current maturities of operating lease liabilities 73,593 79,222 Insurance and self-insured claims 67,417 72,453 Interest and debt-related fees 43,084 32,433 Derivative liabilities (d) 40,543 18,917 Taxes 38,752 33,550 Other accrued expenses 247,283 201,994 Total accrued expenses and other current liabilities 934,396 850,899 Total $ 2,525,887 $ 2,485,479 (a) Additional information regarding accounts payable to related parties is included in “Note 17. Related Party Transactions.” (b) Additional information regarding revenue contract liabilities is included in “Note 2. Revenue Recognition.” (c) Additional information regarding litigation settlements is included in “Note 19. Commitments and Contingencies.” (d) Additional information regarding derivative liabilities is included in “Note 3. Derivative Financial Instruments.”

SUPPLIER FINANCE PROGRAMS

SUPPLIER FINANCE PROGRAMS	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLIER FINANCE PROGRAMS	SUPPLIER FINANCE PROGRAMS The Company maintains supplier finance programs, under which we agree to pay for confirmed invoices from participating suppliers to a financing entity. Maturity dates are generally between 65-180 days and we pay either the supplier or the financing entity depending on the supplier’s election. As of June 25, 2023 and December 25, 2022, the outstanding balance of confirmed invoices was $112.5 million and $239.6 million, respectively and are included in Accounts payable in the Condensed Consolidated Balance Sheets.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 25, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded an income tax benefit of $24.1 million, a (56.7)% effective tax rate, for the six months ended June 25, 2023 compared to income tax expense of $187.9 million, a 22.6% effective tax rate, for the six months ended June 26, 2022. The decrease in income tax expense in 2023 resulted primarily from the decrease in profit before income taxes. Additionally, due to multi-jurisdictional results for the six months ended June 25, 2023, routine tax adjustments on discrete items are amplified. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of June 25, 2023, the Company did not believe it had sufficient positive evidence to conclude that realization of a portion of its foreign net deferred tax assets are more likely than not to be realized. For the six months ended June 25, 2023 and June 26, 2022, there is a tax effect of $(3.2) million and $(4.2) million, respectively, reflected in other comprehensive income. For the six months ended June 25, 2023 and June 26, 2022, there are immaterial tax effects reflected in income tax expense due to excess tax windfalls and shortfalls related to stock-based compensation. The Company and its subsidiaries file a variety of consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In general, tax returns filed by the Company and its subsidiaries for years prior to 2011 are no longer subject to examination by tax authorities. As of July 27, 2020, JBS owns in excess of 80% of Pilgrim’s. JBS has a federal tax election to file a consolidated tax return with subsidiaries in which it holds an ownership of at least 80%.

DEBT

DEBT	6 Months Ended
	Jun. 25, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components: Maturity June 25, 2023 December 25, 2022 (In thousands) Senior notes payable, net of discount, at 6.25% 2033 $ 993,239 $ — Senior notes payable at 3.50% 2032 900,000 900,000 Senior notes payable, net of discount, at 4.25% 2031 992,195 991,692 Senior notes payable, net of discount, at 5.875% 2027 846,941 846,582 U.S. Credit Facility (defined below): Term note payable at 6.40% - 8.50% 2026 — 480,078 Revolving note payable 2026 — — U.K. and Europe Revolving Facility (defined below) with notes payable at SONIA plus 1.25% 2027 — — Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% 2023 — — Finance lease obligations Various 3,149 3,624 Long-term debt 3,735,524 3,221,976 Less: Current maturities of long-term debt (985) (26,279) Long-term debt, less current maturities 3,734,539 3,195,697 Less: Capitalized financing costs (34,932) (29,265) Long-term debt, less current maturities, net of capitalized financing costs $ 3,699,607 $ 3,166,432 U.S. Senior Notes U.S. Senior Notes Due 2027 On September 29, 2017, the Company completed a sale of $600.0 million aggregate principal amount of its 5.875% unsecured senior notes due 2027. On March 7, 2018, the Company completed an add-on offering of $250.0 million of these senior notes (together with the senior notes issued in September 2017, the “Senior Notes due 2027”). The issuance price of this add-on offering was 97.25%, which created gross proceeds of $243.1 million. The $6.9 million discount will be amortized over the remaining life of the Senior Notes due 2027. Each issuance of the Senior Notes due 2027 is treated as a single class for all purposes under the 2017 Indenture (defined below) and have the same terms. The Senior Notes due 2027 are governed by, and were issued pursuant to, an indenture dated as of September 29, 2017 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “2017 Indenture”). The 2017 Indenture provides, among other things, that the Senior Notes due 2027 bear interest at a rate of 5.875% per annum from the date of issuance until maturity, payable semi-annually in cash in arrears, beginning on March 30, 2018 for the Senior Notes due 2027 that were issued in September 2017 and beginning on March 15, 2018 for the Senior Notes due 2027 that were issued in March 2018. U.S. Senior Notes Due 2031 On April 8, 2021, the Company completed a sale of $1.0 billion aggregate principal amount of its 4.25% sustainability-linked unsecured senior notes due 2031 (“Senior Notes due 2031”). The Company used the net proceeds, together with cash on hand, to redeem previously issued senior notes. The issuance price of this offering was 98.994%, which created gross proceeds of $989.9 million. The $10.1 million discount will be amortized over the remaining life of the Senior Notes due 2031. Each issuance of the Senior Notes due 2031 is treated as a single class for all purposes under the April 2021 Indenture (defined below) and have the same terms. The Senior Notes due 2031 are governed by, and were issued pursuant to, an indenture dated as of April 8, 2021 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “April 2021 Indenture”). The April 2021 Indenture provides, among other things, that the Senior Notes due 2031 bear interest at a rate of 4.25% per annum payable semi-annually on April 15 and October 15 of each year. From and including October 15, 2026, the interest rate payable on the notes shall be increased to 4.50% per annum unless the Company has notified the trustee at least 30 days prior to October 15, 2026 that in respect of the year ended December 31, 2025, (1) the Company’s greenhouse gas emissions intensity reduction target of 17.679% by December 31, 2025 from a 2019 baseline (the “Sustainability Performance Target”) has been satisfied and (2) the satisfaction of the Sustainability Performance Target has been confirmed by a qualified provider of third-party assurance or attestation services appointed by the Company to review the Company’s statement of the greenhouse gas emissions intensity in accordance with its customary procedures. U.S. Senior Notes Due 2032 On September 2, 2021, the Company completed a sale of $900.0 million in aggregate principal amount of its 3.50% unsecured senior notes due 2032 (“Senior Notes due 2032”). The Company used the proceeds, together with borrowings under the delayed draw term loan under its U.S. Credit Facility, to finance the acquisition of the Kerry Consumer Foods’ meats and meals businesses (now Pilgrim’s Food Masters) and to pay related fees and expenses. Each issuance of the Senior Notes due 2032 is treated as a single class for all purposes under the September 2021 Indenture (defined below) and have the same terms. The Senior Notes due 2032 are governed by, and were issued pursuant to, an indenture dated as of September 2, 2021 by and among the Company, its guarantor subsidiaries and Regions Bank, as trustee (the “September 2021 Indenture”). The September 2021 Indenture provides, among other things, that the Senior Notes due 2032 bear interest at a rate of 3.50% per annum payable semi-annually on March 1 and September 1 of each year. On September 22, 2022, the Company announced expiration and receipt of requisite consents in its consent solicitation for certain amendments to its Senior Notes due 2031 and Senior Notes due 2032. The amendments conform certain provisions and restrictive covenants in each indenture to (1) reflect PPC investment grade status and (2) the corresponding provisions and restrictive covenants set forth in the indenture governing its Senior Notes due 2031 and Senior Notes due 2032. The amendments permanently eliminated certain covenants for the Company, including limitation on incurrence of additional debt, issuance of capital stock, restricted payments, asset sales, restrictions on distributions, affiliate transactions, guarantees of debt by restricted subsidiaries and provisions related to mergers and consolidation. In addition, provisions related to limitation on liens, sale and leaseback transactions, substitution of the company and measuring compliance were amended. U.S. Senior Notes Due 2033 On April 19, 2023, the Company completed a sale of $1.0 billion aggregate principal amount of its 6.25% unsecured, registered senior notes due 2033 (“Senior Notes due 2033”). The Company used the net proceeds to repay the term loans and the outstanding balance under the U.S. Credit Facility as defined below. The remaining proceeds will be used for general corporate purposes, including repaying existing debt. The issuance price of this offering to the public was 99.312%, which created gross proceeds of $993.1 million before transaction costs. The $6.9 million discount will be amortized over the remaining life of the Senior Notes due 2033. The Senior Notes due 2033 bear interest at a rate of 6.25% per annum from the date of issuance until maturity, payable semiannually on January 1 and July 1 of each year, commencing on January 1, 2024. The Senior Notes were and are each guaranteed on a senior unsecured basis by the Company’s guarantor subsidiaries. On February 16, 2023, the Company exchanged all of its outstanding principal amounts on the Senior Notes due 2031 and the Senior Notes due 2032 for an equal principal amount of new notes in a transaction registered under the Securities Act. The Senior Notes due 2033 were registered under the Securities Act from the date of sale. In addition, and of the Company’s other existing or future domestic restricted subsidiaries that incur or guarantee any other indebtedness (with limited exceptions) must also guarantee the Senior Notes. All the Senior Notes related guarantees were and are unsecured senior obligations of the Company and its guarantor subsidiaries and rank equally with all of the Company’s and its guarantor subsidiaries’ other unsubordinated indebtedness. The Senior Notes also contain customary covenants and events of default. U.S. Credit Facilities On August 9, 2021, the Company and certain of the Company’s subsidiaries entered into a Fifth Amended and Restated Credit Agreement (the “U.S. Credit Facility”) with CoBank, ACB, as administrative agent and collateral agent, and the other lenders party thereto. The U.S. Credit Facility provides for an $800.0 million revolving credit commitment and a term loan commitment of up to $700.0 million (the “Term Loans”). The U.S. Credit Facility includes an incremental commitment and loan feature that allows the Company, subject to certain conditions, to increase the aggregate revolving loan and term loan commitments. The aggregate amount of incremental commitments and loans shall not exceed the sum of $500.0 million plus the maximum amount that would result in a senior secured leverage ratio, on a pro-forma basis, of not more than 3.00 to 1.00. The revolving loan commitment under the U.S. Credit Facility matures on August 9, 2026. All principal on the Term Loans is due at maturity on August 9, 2026. Installments of principal in amounts predetermined by CoBank, ACB are required to be made on a quarterly basis prior to the maturity date of the Term Loans beginning in January 2022. On April 19, 2023, the outstanding balances for the swingline loans and term loans under the U.S. Credit Facility were paid in full with the proceeds from the Senior Notes 2033 as outlined above. As of June 25, 2023, the Company had outstanding letters of credit and available borrowings under the revolving credit commitment of $25.3 million and $774.7 million, respectively. There were no outstanding borrowings as of June 25, 2023. The U.S. Credit Facility includes an $80.0 million sub-limit for swingline loans and a $125.0 million sub-limit for letters of credit. On June 21, 2023, PPC, CoBank and the other lenders party entered into a first amendment to the U.S. Credit Facility in connection with a benchmark transition event with respect to LIBOR. With the first amendment the parties agreed to replace LIBOR with Adjusted Term Secured Overnight Financing rate (“SOFR”), corresponding to Term SOFR plus a SOFR adjustment percentage per annum equal to 0.10%. The U.S. Credit Facility contains customary financial and other various covenants for transactions of this type, including restrictions on the Company’s ability to incur additional indebtedness, incur liens, pay dividends, make certain restricted payments, consummate certain asset sales, enter into certain transactions with the Company’s affiliates, or merge, consolidate and/or sell or dispose of all or substantially all of its assets, among other things. The U.S. Credit Facility requires the Company to comply with a minimum net leverage ratio and a minimum interest coverage ratio. All obligations under the U.S. Credit Facility continue to be secured by first priority liens on (1) all present and future personal property of the Company and certain of the Company’s subsidiaries and the guarantors, including all material domestic and first-tier direct foreign subsidiaries, (2) all present and future shares of capital stock of the borrowers and guarantors and (3) substantially all of the present and future assets of the Company and the guarantors under the U.S. Credit Facility. The Company is currently in compliance with the covenants under the U.S. Credit Facility. U.K. and Europe Revolving Facility On June 24, 2022, Moy Park Holdings (Europe) Ltd. (“MPH(E)”) and other Pilgrim’s entities located in the U.K. and Republic of Ireland entered into an unsecured multicurrency revolving facility agreement (the “U.K. and Europe Revolver Facility”) with the Governor and Company of the Bank of Ireland, as agent, and the other lenders party thereto. The U.K. and Europe Revolver Facility provides for a multicurrency revolving loan commitment of up to £150.0 million. The loan commitment matures on June 24, 2027. Outstanding borrowings bear interest at the (1) current index interest rate, depending on the currency of the borrowing, plus (2) a margin, ranging from 1.25% to 2.00% based on leverage (as defined in the U.K. and Europe Revolver Facility). All obligations under this agreement are guaranteed by certain of the Company’s subsidiaries. As of June 25, 2023, both the U.S. dollar-equivalent loan commitment and borrowing availability were $190.7 million and there were no outstanding borrowings under this agreement. The U.K. and Europe Revolver Facility contains representations and warranties, covenants, indemnities and conditions, in each case, that the Company believes are customary for transactions of this type. Pursuant to the terms of the agreement, the Company is required to meet certain financial and other restrictive covenants. Additionally, the Company is prohibited from taking certain actions without consent of the lenders, including, without limitation, incurring additional indebtedness, entering into certain mergers or other business combination transactions, permitting liens or other encumbrances on its assets and making restricted payments, including dividends, in each case, except as expressly permitted under the U.K. and Europe Revolver Facility. The Company is currently in compliance with the covenants under the U.K. and Europe Revolver Facility. Mexico Credit Facility On December 14, 2018, certain of the Company’s Mexican subsidiaries entered into an unsecured credit agreement (the “Mexico Credit Facility”) with Banco del Bajio, Sociedad Anónima, Institución de Banca Múltiple, as lender. The loan commitment under the Mexico Credit Facility is Mex$1.5 billion and can be borrowed on a revolving basis. Outstanding borrowings under the Mexico Credit Facility accrue interest at a rate equal to the 28-Day Interbank Equilibrium Interest Rate plus 1.5%. The Mexico Credit Facility contains covenants and defaults that the Company believes are customary for transactions of this type. The Company is currently in compliance with the covenants under the Mexico Credit Facility. The Mexico Credit Facility will be used for general corporate and working capital purposes. The Mexico Credit Facility will mature on December 14, 2023. As of June 25, 2023, the U.S. dollar-equivalent of the loan commitment and borrowing availability was $87.3 million. As of June 25, 2023, there were no outstanding borrowings under the Mexico Credit Facility.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 25, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS ’ EQUITY Accumulated Other Comprehensive Loss The following tables provide information regarding the changes in accumulated other comprehensive loss: Six Months Ended June 25, 2023 Losses Related to Foreign Currency Translation Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of period $ (269,825) $ (1,162) $ (65,447) $ (14) $ (336,448) Other comprehensive income (loss) before reclassifications 143,925 (1,648) 7,207 (41) 149,443 Amounts reclassified from accumulated other comprehensive loss (gain) to net income — (349) 342 22 15 Currency translation — (11) (341) — (352) Net current period other comprehensive income (loss) 143,925 (2,008) 7,208 (19) 149,106 Balance, end of period $ (125,900) $ (3,170) $ (58,239) $ (33) $ (187,342) Six Months Ended June 26, 2022 Gains (Losses) Related to Foreign Currency Translation Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of period $ 27,241 $ (2,365) $ (72,873) $ — $ (47,997) Other comprehensive income (loss) before reclassifications (257,530) (343) 12,144 — (245,729) Amounts reclassified from accumulated other comprehensive loss to net income — 1,295 436 — 1,731 Currency translation — 20 — — 20 Net current period other comprehensive income (loss) (257,530) 972 12,580 — (243,978) Balance, end of period $ (230,289) $ (1,393) $ (60,293) $ — $ (291,975) Amount Reclassified from Accumulated Other Comprehensive Loss (a) Details about Accumulated Other Comprehensive Loss Components Six Months Ended June 25, 2023 Six Months Ended June 26, 2022 Affected Line Item in the Condensed Consolidated Statements of Income (In thousands) Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges $ 335 $ (933) Net sales Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges 14 (288) Cost of sales Realized losses on sale of securities (29) — Interest income Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges — (98) Interest expense, net of capitalized interest Amortization of pension and other postretirement plan actuarial losses (b) (448) (577) Miscellaneous, net Total before tax (128) (1,896) Tax benefit 113 165 Total reclassification for the period $ (15) $ (1,731) (a) Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the results of operations. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 14. Pension and Other Postretirement Benefits.” Preferred Stock The Company has authorized 50,000,000 shares of $0.01 par value preferred stock, although no shares have been issued and no shares are outstanding. Restrictions on Dividends Both the U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, the U.K. and Europe Revolver Facility prohibits MPH(E) and other Pilgrim’s entities located in the U.K. and Republic of Ireland to, among other things, make payments and distributions to the Company.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFITS	6 Months Ended
	Jun. 25, 2023
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans such as the Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”), the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”), the Tulip Limited Pension Plan (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan”), nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $7.8 million and $10.4 million in the three months ended June 25, 2023 and June 26, 2022, respectively, and $15.4 million and $16.8 million in the six months ended June 25, 2023 and June 26, 2022, respectively. Defined Benefit Plans Obligations and Assets The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows: Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Change in projected benefit obligation: Projected benefit obligation, beginning of period $ 236,147 $ 1,169 $ 373,062 $ 1,346 Interest cost 5,097 22 3,224 10 Actuarial gain (11,029) (8) (62,285) (116) Benefits paid (7,437) (73) (6,344) (66) Curtailments and settlements — — (3,762) — Currency translation loss (gain) 3,018 — (11,305) — Projected benefit obligation, end of period $ 225,796 $ 1,110 $ 292,590 $ 1,174 Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Change in plan assets: Fair value of plan assets, beginning of period $ 210,133 $ — $ 326,409 $ — Actual return on plan assets 3,972 — (42,499) — Contributions by employer 3,249 73 5,494 66 Benefits paid (7,437) (73) (6,344) (66) Curtailments and settlements — — (3,762) — Expenses paid from assets (146) — (188) — Currency translation gain (loss) 2,700 — (10,747) — Fair value of plan assets, end of period $ 212,471 $ — $ 268,363 $ — June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Funded status: Unfunded benefit obligation, end of period $ (13,325) $ (1,110) $ (26,014) $ (1,169) June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Amounts recognized in the Condensed Consolidated Balance Sheets at end of period: Current liability $ (794) $ (148) $ (841) $ (177) Long-term liability (12,531) (962) (25,173) (992) Recognized liability $ (13,325) $ (1,110) $ (26,014) $ (1,169) June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Amounts recognized in accumulated other comprehensive loss at end of period: Net actuarial loss (gain) $ 37,731 $ (74) $ 48,121 $ (66) The accumulated benefit obligation for the Company’s defined benefit pension plans was $225.8 million and $236.1 million at June 25, 2023 and December 25, 2022, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both June 25, 2023 and December 25, 2022. Net Periodic Benefit Costs Net defined benefit pension and other postretirement costs included the following components: Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) (In thousands) Interest cost $ 2,783 $ 13 $ 1,716 $ 6 $ 5,097 $ 22 $ 3,224 $ 10 Estimated return on plan assets (2,531) — (2,611) — (4,753) — (5,014) — Settlement loss — — 1,167 — — — 1,167 — Expenses paid from assets 52 — 73 — 146 — 188 — Amortization of net loss 261 — 341 — 440 — 568 — Amortization of past service cost 4 — 4 — 8 — 9 — Net costs (a) $ 569 $ 13 $ 690 $ 6 $ 938 $ 22 $ 142 $ 10 (a) Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income. Economic Assumptions The weighted average assumptions used in determining pension and other postretirement plan information were as follows: June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits Assumptions used to measure benefit obligation at end of period: Discount rate 5.46 % 5.33 % 5.04 % 5.16 % Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits Assumptions used to measure net pension and other postretirement cost: Discount rate 5.05 % 5.16 % 2.29 % 2.38 % Expected return on plan assets 4.98 % NA 3.32 % NA Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows: Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Net actuarial loss (gain), beginning of period $ 48,121 $ (66) $ 58,143 $ 118 Amortization (448) — (577) — Settlement adjustments — — (1,167) — Actuarial gain (11,029) (8) (62,285) (115) Asset loss 781 — 47,513 — Currency translation loss (gain) 306 — (207) — Net actuarial loss (gain), end of period $ 37,731 $ (74) $ 41,420 $ 3 Remeasurement The Company remeasures both plan assets and obligations on a quarterly basis. Defined Contribution Plans The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains seven defined contribution retirement savings plans in the U.K. and Europe reportable segment for eligible U.K. and Europe employees, as required by U.K. and Europe law. The Company’s expenses related to its defined contribution plans totaled $6.9 million in the three months ended June 25, 2023 and $13.7 million in the six months ended June 25, 2023.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
	Jun. 25, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities measured at fair value must be categorized into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation: Level 1 Unadjusted quoted prices available in active markets for identical assets or liabilities at the measurement date; Level 2 Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or Level 3 Unobservable inputs, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. As of June 25, 2023 and December 25, 2022, the Company held derivative assets and liabilities that were required to be measured at fair value on a recurring basis. Derivative assets and liabilities consist of long and short positions on exchange-traded commodity futures instruments, commodity options instruments, sales contracts instruments, foreign currency instruments to manage translation and remeasurement risk. The following items were measured at fair value on a recurring basis: June 25, 2023 December 25, 2022 Level 1 Level 2 Total Level 1 Level 2 Total (In thousands) Assets: Commodity derivative assets $ 10,706 $ — $ 10,706 $ 17,922 $ — $ 17,922 Foreign currency derivative assets 1,312 — 1,312 555 — 555 Liabilities: Commodity derivative liabilities (34,882) — (34,882) (9,042) — (9,042) Foreign currency derivative liabilities (4,484) — (4,484) (6,170) — (6,170) Sales contract derivative liabilities — (1,178) (1,178) — (3,705) (3,705) See “Note 3. Derivative Financial Instruments” for additional information. The valuation of financial assets and liabilities classified in Level 1 is based upon unadjusted quoted prices for identical assets or liabilities in active markets. The valuation of financial assets and liabilities in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for substantially the full term of the financial instrument. The valuation of financial assets in Level 3 is determined using an income approach based on unobservable inputs such as discounted cash flow models or valuations. For each class of assets and liabilities not measured at fair value in the Condensed Consolidated Balance Sheets but for which fair value is disclosed, the Company is not required to provide the quantitative disclosure about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy. In addition to the fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require interim disclosures regarding the fair value of all of the Company’s financial instruments. The methods and significant assumptions used to estimate the fair value of financial instruments and any changes in methods or significant assumptions from prior periods are also required to be disclosed. The carrying amounts and estimated fair values of our debt obligations recorded in the Condensed Consolidated Balance Sheets consisted of the following: June 25, 2023 December 25, 2022 Carrying Amount Fair Carrying Amount Fair (In thousands) Fixed-rate senior notes payable at 3.50%, at Level 2 inputs $ (900,000) $ (713,439) $ (900,000) $ (726,498) Fixed-rate senior notes payable at 4.25%, at Level 2 inputs (992,195) (849,990) (991,691) (734,349) Fixed-rate senior notes payable at 5.875%, at Level 2 inputs (846,940) (834,122) (846,582) (846,175) Fixed-rate senior notes payable at 6.25%, at Level 2 inputs (993,238) (975,490) — — Variable-rate term note payable at 5.00%, at Level 3 inputs — — (480,078) (489,857) See “Note 12. Debt” for additional information. The carrying amounts of our cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, accounts payable and certain other liabilities approximate their fair values due to their relatively short maturities. Derivative assets were recorded at fair value based on quoted market prices and are included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Derivative liabilities were recorded at fair value based on quoted market prices and are included in the line item Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The fair value of the Company’s Level 2 fixed-rate debt obligations was based on the quoted market price at June 25, 2023 or December 25, 2022, as applicable. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges when required by U.S. GAAP. There were no significant fair value measurement losses recognized for such assets and liabilities in the periods reported.

RESTRUCTURING-RELATED ACTIVITIE

RESTRUCTURING-RELATED ACTIVITIES	6 Months Ended
	Jun. 25, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING-RELATED ACTIVITIES	RESTRUCTURING-RELATED ACTIVITIESIn 2022, the Company began restructuring initiatives to phase out and reduce processing volumes at multiple production facilities throughout the U.K. and Europe reportable segment. Implementation of these initiatives is expected to result in total pre-tax charges of approxim ately $71.2 million, and approximately $45.7 million of these charges are estimated to result in cash outlays. These activities were initiated in the fourth quarter of 2022 and are expected to be substantially completed by the end of the third quarter of 2023. The following table provides a summary of our estimates of costs associated with these restructuring initiatives by major type of cost: Moy Park Pilgrim’s Pride Ltd. Pilgrim’s Food Masters Total (In thousands) Earliest implementation date October 2022 November 2022 December 2022 Expected completion date June 2023 July 2023 July 2023 Costs incurred and expected to be incurred: Employee-related costs $ 10,972 $ 18,546 $ 13,120 $ 42,638 Asset impairment costs 3,236 — 4,216 7,452 Contract termination costs 248 708 371 1,327 Other exit and disposal costs (a) 7,414 6,425 5,968 19,807 Total exit and disposal costs $ 21,870 $ 25,679 $ 23,675 $ 71,224 Cost incurred since earliest implementation date: Employee-related costs $ 10,972 $ 18,546 $ 12,450 $ 41,968 Asset impairment costs 3,236 — 4,141 7,377 Contract termination costs 248 — — 248 Other exit and disposal costs (a) 6,224 6,425 5,968 18,617 Total exit and disposal costs $ 20,680 $ 24,971 $ 22,559 $ 68,210 (a) Comprised of other costs directly related to the restructuring initiatives including Moy Park flock depletion, the write-off of Pilgrim’s Pride Ltd. prepaid maintenance costs and Pilgrim’s Food Masters consulting fees. During the six months ended June 25, 2023, the Company recognized the following expenses and paid the following cash related to each restructuring initiative: Expenses Cash Outlays (In thousands) Moy Park $ 1,355 $ 6,174 Pilgrim’s Pride Ltd. 14,831 6,507 Pilgrim’s Food Masters 21,558 17,643 $ 37,744 $ 30,324 These expenses are reported in the line item Restructuring activities on the Condensed Consolidated Statements of Income. The following table reconciles liabilities and reserves associated with each restructuring initiative from its respective inception to June 25, 2023 . Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets. The ending reserve balance for inventory adjustments is reported in the line item Inventories in our Condensed Consolidated Balance Sheets. The ending reserve balance for asset impairments is reported in the line item Property, plant and equipment, net in our Condensed Consolidated Balance Sheets. Moy Park Liability or reserve as of December 25, 2022 Restructuring charges incurred Cash payments and disposals Currency translation Liability or reserve as of June 25, 2023 (In thousands) Asset impairment $ 2,391 $ (323) $ (2,514) $ 446 $ — Inventory adjustments 1 47 (48) — — Other charges 6,025 141 (2,152) (211) 3,803 Other employee costs — 1,364 (1,364) — — Contract termination 122 126 (96) 6 158 Total $ 8,539 $ 1,355 $ (6,174) $ 241 $ 3,961 Pilgrim’s Pride Ltd. Liability or reserve as of December 25, 2022 Restructuring charges incurred Cash payments and disposals Currency translation Liability or reserve as of June 25, 2023 (In thousands) Employee retention benefits $ — $ 1,642 $ (1,276) $ 10 $ 376 Severance 5,503 8,698 (4,509) 231 9,923 Inventory adjustments 615 604 (722) 27 524 Lease termination 800 (67) — 44 777 Other charges 501 3,954 — 72 4,527 Total $ 7,419 $ 14,831 $ (6,507) $ 384 $ 16,127 Pilgrim’s Food Masters Liability or reserve as of December 25, 2022 Restructuring charges incurred Cash payments and disposals Currency translation Liability or reserve as of June 25, 2023 (In thousands) Severance $ 639 $ 11,488 $ (10,851) $ 52 $ 1,328 Asset impairment — 4,141 (4,143) 2 — Inventory adjustments — 728 (728) — — Lease termination — 1,219 — 68 1,287 Other charges — 3,982 (1,921) 41 2,102 Total $ 639 $ 21,558 $ (17,643) $ 163 $ 4,717

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 25, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Pilgrim’s has been and, in some cases, continues to be a party to certain transactions with affiliated companies. Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Sales to related parties: JBS USA Food Company (a) $ 9,012 $ 4,986 $ 16,524 $ 9,597 JBS Australia Pty. Ltd 1,044 865 1,690 1,396 JBS Chile Ltd. 182 125 1,128 179 Other related parties 311 172 543 856 Total sales to related parties $ 10,549 $ 6,148 $ 19,885 $ 12,028 Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Cost of goods purchased from related parties: JBS USA Food Company (a) $ 78,509 $ 51,251 $ 128,414 $ 113,154 Seara Meat B.V. 4,638 11,663 9,638 13,131 Penasul UK LTD 4,103 2,883 8,290 6,423 JBS Asia Co Limited 729 1,797 1,639 3,921 Other related parties 991 400 1,888 463 Total cost of goods purchased from related parties $ 88,970 $ 67,994 $ 149,869 $ 137,092 Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Expenditures paid by related parties: JBS USA Food Company (b) $ 46,104 $ 29,762 $ 60,127 $ 53,939 Other related parties 15 55 15 55 Total expenditures paid by related parties $ 46,119 $ 29,817 $ 60,142 $ 53,994 Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Expenditures paid on behalf of related parties: JBS USA Food Company (b) $ 9,540 $ 6,817 $ 12,919 $ 39,342 Other related parties — — 5 — Total expenditures paid on behalf of related parties $ 9,540 $ 6,817 $ 12,924 $ 39,342 June 25, 2023 December 25, 2022 (In thousands) Accounts receivable from related parties: JBS USA Food Company (a) $ 1,446 $ 2,062 Other related parties 251 450 Total accounts receivable from related parties $ 1,697 $ 2,512 June 25, 2023 December 25, 2022 (In thousands) Accounts payable to related parties: JBS USA Food Company (a) $ 8,447 $ 7,434 Penasul UK LTD 2,661 940 JBS Asia Co Limited 1,644 2,099 Other related parties 1,966 1,682 Total accounts payable to related parties $ 14,718 $ 12,155 (a) The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of June 25, 2023 goods purchased and in transit from JBS USA were immaterial and not reflected on our Condensed Consolidated Balance Sheet.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	6 Months Ended
	Jun. 25, 2023
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS The Company operates in three reportable segments: U.S., U.K. and Europe, and Mexico. The Company measures segment profit as operating income. Corporate expenses are allocated to the Mexico and U.K. and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. reportable segment. We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. The U.K. and Europe reportable segment processes primarily fresh chicken, pork products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants. Additional information regarding reportable segments is as follows: Three Months Ended Six Months Ended June 25, 2023 (a) June 26, 2022 (b) June 25, 2023 (c) June 26, 2022 (d) (In thousands) Net sales U.S. $ 2,446,208 $ 2,899,879 $ 4,878,776 $ 5,481,087 U.K. and Europe 1,310,750 1,245,052 2,550,014 2,437,034 Mexico 551,133 486,717 1,044,929 953,922 Total $ 4,308,091 $ 4,631,648 $ 8,473,719 $ 8,872,043 (a) For the three months ended June 25, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $64.9 million. These sales consisted of fresh products, prepared products and grain. (b) For the three months ended June 26, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $26.3 million. These sales consisted of fresh products, prepared products, grain and egg sales. (c) For the six months ended June 25, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $95.9 million. These sales consisted of fresh products, prepared products and grain. (d) For the six months ended June 26, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $69.7 million. These sales consisted of fresh products, prepared products, grain and egg sales. Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Reportable segment profit: U.S. $ 37,265 $ 453,198 $ 9,159 $ 808,273 U.K. and Europe 2,513 7,848 27,774 (13,792) Mexico 60,719 51,844 94,894 120,408 Eliminations (226) 14 (213) 28 Total operating income 100,271 512,904 131,614 914,917 Interest expense, net of capitalized interest 47,152 38,112 89,814 74,408 Interest income (7,628) (1,010) (11,228) (2,284) Foreign currency transaction losses 16,395 2,758 34,538 14,294 Miscellaneous, net (1,331) (1,688) (23,984) (2,012) Income before income taxes 45,683 474,732 42,474 830,511 Income tax expense (benefit) (15,225) 112,711 (24,065) 187,930 Net income $ 60,908 $ 362,021 $ 66,539 $ 642,581 June 25, 2023 December 25, 2022 (In thousands) Total assets by reportable segment: U.S. $ 7,215,483 $ 6,847,209 U.K. and Europe 4,297,959 4,033,990 Mexico 1,429,248 1,292,056 Eliminations (3,020,179) (2,917,486) Total assets $ 9,922,511 $ 9,255,769 June 25, 2023 December 25, 2022 (In thousands) Long-lived assets by reportable segment (a) : U.S. $ 2,011,492 $ 1,943,967 U.K. and Europe 1,059,268 1,011,283 Mexico 299,826 295,069 Eliminations (3,888) (3,675) Total long-lived assets $ 3,366,698 $ 3,246,644 (a) For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting . Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 25, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES General The Company is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. Among other considerations, the Company has not recorded a liability for any of these indemnities because, based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on its financial condition, results of operations and cash flows. Financial Instruments The Company’s loan agreements generally obligate the Company to reimburse the applicable lender for incremental increased costs due to a change in law that imposes (1) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (2) any tax, duty or other charge with respect to the loan (except standard income tax) or (3) capital adequacy requirements. In addition, some of the Company’s loan agreements contain a withholding tax provision that requires the Company to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law. These increased cost and withholding tax provisions continue for the entire term of the applicable transaction and there is no limitation on the maximum additional amounts the Company could be obligated to pay under such provisions. Any failure to pay amounts due under such provisions generally would trigger an event of default and, in a secured financing transaction, would entitle the lender to foreclose upon the collateral to realize the amount due. Litigation The Company is subject to various legal proceedings and claims which arise in the ordinary course of business. In the Company’s opinion, it has made appropriate and adequate accruals for claims where necessary; however, the ultimate liability for these matters is uncertain, and if significantly different than the amounts accrued, the ultimate outcome could have a material effect on the financial condition or results of operations of the Company. The Company cannot predict the outcome of the litigation matters or other actions nor when they will be resolved. The consequences of the pending litigation matters are inherently uncertain, and settlements, adverse actions, or adverse judgments in some or all of these matters, including investigations by the U.S. Department of Justice (“DOJ”) or the Attorneys General, may result in monetary damages, fines, penalties, or injunctive relief against the Company, which could be material and could adversely affect its financial condition or results of operations. Any claims or litigation, even if fully indemnified or insured, could damage the Company’s reputation and make it more difficult to compete effectively or to obtain adequate insurance in the future. In addition, the U.S. government’s recent focus on market dynamics in the meat processing industry could expose the Company to additional costs and risks. Tax Claims and Proceedings During 2014 and 2015, the Mexican Tax Administration Service (“SAT”) opened a review of Avícola Pilgrim’s Pride de Mexico, S.A. de C.V. (“Avícola”) 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 Avícola 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). As a result, according to the SAT, Avícola should have considered dividends paid out of these subsidiaries partially taxable since a portion of the dividend amount was not paid from the net tax profit account (CUFIN). Avícola appealed the opinion, and on January 31, 2023, the appeal as to tax year 2009 was dismissed by the Mexico Supreme Court. Accordingly, the Company paid $25.9 million for tax year 2009. The opinion for tax year 2010 is still under appeal. Avícola has recorded a tax reserve of $17.0 million in connection therewith. On May 12, 2022, the Mexican Tax Authorities 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 Provemex Holdings, LLC from the U.S. to Mexico. The tax authorities claim that Provemex Holdings, LLC was a Mexican entity at the time of the acquisition and, as a result, was obligated to pay taxes on the sale. The Mexican subsidiaries of PPC filed a petition to nullify theses assessments, and on June 7, 2023, the tax court granted the petition. The Mexican Tax Authorities have appealed that decision. Amounts under appeal are approximately $287.5 million for each of the two tax assessments. No loss has been recorded for these amounts at this time. 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, Case No. 1:16-cv-08637 (“Broiler Antitrust Litigation”). The 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. The class plaintiffs have filed three consolidated amended complaints: the direct purchasers (“Broiler DPPs”), the commercial and institutional indirect purchasers (“Broiler CIIPPs”), and the end-user consumer indirect purchasers (“Broiler EUCPs”). Between December 8, 2017 and September 1, 2021, 82 individual direct action complaints were filed with the Illinois Court by individual direct purchaser entities (“Broiler DAPs”) naming PPC as a defendant, the allegations of which largely mirror those in the class action complaints, though some added allegations of price fixing and bid rigging on certain sales. The Illinois Court issued a revised scheduling order for certain plaintiffs who limited their claims to reduction of output, which sets the first trial date on September 12, 2023. The schedule for the rest of the plaintiffs is still awaiting an order from the Illinois Court. On May 27, 2022, the Illinois Court certified each of the three classes. On June 30, 2023, the Illinois Court issued its summary judgment order that dismissed certain claims against PPC but denied dismissal as to the supply reduction claims from 2008-2012. PPC has entered into agreements to settle all claims made by the Broiler DPPs, Broiler CIIPPs, and Broiler EUCPs, for an aggregate total of $195.5 million, each of which has received final approval from the Illinois Court. PPC continues to defend itself against the Broiler DAPs as well as parties that have opted out of the class settlements (collectively, the “Broiler Opt Outs”). PPC will seek reasonable settlements where they are available. To date, PPC has recognized an expense of $527.4 million to cover settlements with various Broiler Opt Outs. For the six months ending June 25, 2023, $13.0 million has been recognized by PPC in Selling, general and administrative expense (“ SG&A expense ”) in the Consolidated Statements of Income. 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., No.19-cv-02521. The plaintiffs are a putative class of poultry processing plant production and maintenance workers (“Poultry Workers Class”) and allege that the defendants conspired to fix and depress the compensation paid to Poultry Workers Class in violation of the Sherman Antitrust Act. Defendants moved to dismiss on December 18, 2020, which the Maryland Court denied on March 10, 2021. On June 14, 2021, PPC entered into an agreement to settle all claims made by the Poultry Workers Class for $29.0 million, though the agreement is still subject to final approval by the Maryland Court. On February 16, 2022, the plaintiffs filed an amended complaint, which extended the relevant period, added defendants, and included additional workers in the class. PPC recognizes these settlement expenses within SG&A expense in the Consolidated Statements of Income. 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. The complaint was consolidated with several subsequently filed consolidated amended class action complaints and styled as In re Broiler Chicken Grower Litigation , Case No. CIV-17-033. The defendants (including PPC) jointly moved to dismiss the consolidated amended complaint, which the Oklahoma Court denied as to PPC and certain other defendants. PPC, therefore, continues to litigate against the putative class plaintiffs. 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. , No. 16-CV-02611 (“Hogan Litigation”). The complaint alleges, among other things, that PPC’s SEC filings contained statements that were rendered materially false and misleading by PPC’s failure to disclose that (1) PPC colluded with several of its industry peers to fix prices in the broiler chicken market as alleged in the Broilers Litigation, (2) its conduct constituted a violation of federal antitrust laws, and (3) PPC’s revenues during the class period were the result of illegal conduct. On July 31, 2020, defendants filed a motion to dismiss, which the Colorado Court granted on procedural grounds on April 19, 2021. On May 17, 2021, the plaintiff filed a motion for amended judgment, which the Colorado Court denied on November 29, 2021. The plaintiff then filed a notice of appeal on December 28, 2021, and the appeal was opened in the U.S. Court of Appeals for the Tenth Circuit. On July 13, 2023, the Tenth Circuit reversed the Colorado Court decision and remanded to consider the complaint on the merits. 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. PPC 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), Alaska ( State of Alaska v. Agri Stats, Inc., et al. , 3AN-21-04632), and Washington ( State of Washington v. Tyson Foods Inc., et al. , 21-2-14174-5), respectively, filed complaints against PPC and others based on allegations similar to those asserted in the Broiler Antitrust Litigation. PPC has answered all of the complaints and each case is now in discovery. On March 9, 2023, PPC entered into an agreement to settle all claims made by the States of Washington and Alaska for $11.2 million. The State of Washington claim was paid in the second quarter of 2023. U.S. Federal Matters On February 9, 2022, the Company lea rned that the DOJ opened a civil investigation into human resources antitrust matters, and on October 6, 2022, the Company learned that the DOJ opened a civil investigation into grower contracts and

BUSINESS INTERRUPTION INSURANCE

BUSINESS INTERRUPTION INSURANCE	6 Months Ended
	Jun. 25, 2023
Unusual or Infrequent Items, or Both [Abstract]
BUSINESS INTERRUPTION INSURANCE	BUSINESS INTERRUPTION INSURANCE The Company experienced business interruptions from the COVID-19 pandemic and a tornado on December 10, 2021 in Mayfield, Kentucky that significantly damaged two hatcheries and a feed mill. The Company maintains certain insurance coverage, including business interruption insurance, intended to cover such circumstances. In the three and six months ended June 25, 2023, the Company received $52.5 million and $53.7 million in proceeds from business interruption insurance, respectively. In the six months ended June 25, 2023 , the Company recognized $35.9 million in income from business interruption insurance in Cost of sales on the Condensed Consolidated Statement of Income, with $25.3 million in the U.S. reportable segment and $10.6 million in the U.K. and Europe reportable segment.

BUSINESS AND SUMMARY OF SIGNI_2

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the six months ended June 25, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 25, 2022. The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2023) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The six months ended June 25, 2023 represents the period from December 26, 2022 through June 25, 2023. The six months ended June 26, 2022 represents the period from December 27, 2021 through June 26, 2022. The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation. The Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for credit losses, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions, certain litigation reserves and valuations of acquired businesses.
Foreign Currency Transactions and Translations	The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect as of the balance sheet date. Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction losses
Restricted Cash and Restricted Cash Equivalents	Restricted Cash and Restricted Cash Equivalents The Company is required to maintain cash balances with a broker as collateral for exchange-traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in 2023 In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which requires disclosure of the existence of supplier financing programs. The guidance requires disclosure about the nature of the supplier financing agreements, including key terms and payment timing and determination of amounts, the accounting treatment for the transactions and the effect of the transactions on the financial statements, as well as any assets pledged or guarantees provided to the providers of the financing programs. The provisions of the new guidance were effective for years beginning after December 15, 2022 with the requirement to add rollforward disclosures for years beginning after December 15, 2023. The Company adopted this guidance effective December 26, 2022. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. Additional information regarding supplier finance programs is included in “Note 10. Supplier Finance Programs.” In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions to the application of current GAAP to existing contracts, hedging relationships and other transactions affected by reference rate reform. The new guidance will ease the transition to new reference rates by allowing entities to update contracts and hedging relationships without applying many of the contract modification requirements specific to those contracts. The provisions of the new guidance are effective beginning March 12, 2020, extending through December 31, 2022 with the option to apply the guidance at any point during that time period. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) , which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. Once an entity elects an expedient or exception it must be applied to all eligible contracts or transactions. The Company adopted this guidance effective December 26, 2022. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.
Revenue	The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company 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. The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone selling price. 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 at the Company’s facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order. The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration. Contract Costs The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred. Taxes The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price. Contract Balances The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Accounts Receivable	Accounts Receivable

BUSINESS AND SUMMARY OF SIGNI_3

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table reconciles cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: June 25, 2023 December 25, 2022 (In thousands) Cash and cash equivalents $ 730,980 $ 400,988 Restricted cash and restricted cash equivalents 46,030 33,771 Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows $ 777,010 $ 434,759
Schedule of Restricted Cash and Cash Equivalents	The following table reconciles cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: June 25, 2023 December 25, 2022 (In thousands) Cash and cash equivalents $ 730,980 $ 400,988 Restricted cash and restricted cash equivalents 46,030 33,771 Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows $ 777,010 $ 434,759

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 25, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended June 25, 2023 (In thousands) Fresh Prepared Export Other Total U.S. $ 1,992,208 $ 221,655 $ 139,498 $ 92,847 $ 2,446,208 U.K. and Europe 280,707 878,720 117,103 34,220 1,310,750 Mexico 473,742 49,848 — 27,543 551,133 Total net sales $ 2,746,657 $ 1,150,223 $ 256,601 $ 154,610 $ 4,308,091 Three Months Ended June 26, 2022 (In thousands) Fresh Prepared Export Other Total U.S. $ 2,312,418 $ 303,963 $ 141,015 $ 142,483 $ 2,899,879 U.K. and Europe 232,045 791,189 184,862 36,956 1,245,052 Mexico 425,849 39,338 — 21,530 486,717 Total net sales $ 2,970,312 $ 1,134,490 $ 325,877 $ 200,969 $ 4,631,648 Six Months Ended June 25, 2023 (In thousands) Fresh Prepared Export Other Total U.S. $ 3,935,994 $ 466,456 $ 267,773 $ 208,553 $ 4,878,776 U.K. and Europe 545,370 1,710,449 234,724 59,471 2,550,014 Mexico 885,661 96,204 — 63,064 1,044,929 Total net sales $ 5,367,025 $ 2,273,109 $ 502,497 $ 331,088 $ 8,473,719 Six Months Ended June 26, 2022 (In thousands) Fresh Prepared Export Other Total U.S. $ 4,400,039 $ 559,050 $ 274,812 $ 247,186 $ 5,481,087 U.K. and Europe 469,354 1,537,825 358,273 71,582 2,437,034 Mexico 836,269 75,479 — 42,174 953,922 Total net sales $ 5,705,662 $ 2,172,354 $ 633,085 $ 360,942 $ 8,872,043
Changes in Revenue Contract Liability	Changes in the revenue contract liabilities balance are as follows (in thousands): Balance as of December 25, 2022 $ 34,486 Revenue recognized (21,699) Cash received, excluding amounts recognized as revenue during the period 48,446 Balance as of June 25, 2023 $ 61,233

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 25, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivative Instruments and Cash Collateral	Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table: June 25, 2023 December 25, 2022 (In thousands) Fair values: Commodity derivative assets $ 10,706 $ 17,922 Commodity derivative liabilities (34,882) (9,042) Foreign currency derivative assets 1,312 555 Foreign currency derivative liabilities (4,484) (6,170) Sales contract derivative liabilities (1,178) (3,705) Cash collateral posted with brokers (a) 46,030 33,771 Derivatives coverage (b) : Corn 11.8 % 14.4 % Soybean meal 18.2 % 10.1 % Period through which stated percent of needs are covered: Corn March 2024 December 2023 Soybean meal March 2024 December 2023 (a) Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents. (b) Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Schedule of Derivative Gain (Loss)	The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments: Three Months Ended Six Months Ended Gains (Losses) by Type of Contract (a) June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Affected Line Item in the Condensed Consolidated Statements of Income (In thousands) Foreign currency derivatives $ (28,551) $ (5,260) $ (47,654) $ (18,560) Foreign currency transaction losses Commodity derivatives 188 (12,517) (16,347) 19,023 Cost of sales Sales contract derivative liabilities (1,637) 16,849 2,528 8,182 Net sales Total $ (30,000) $ (928) $ (61,473) $ 8,645 (a) Amounts represent income (expenses) related to results of operations.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges: Gains (Losses) Recognized in Other Comprehensive Income Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Foreign currency derivatives $ 16 $ (866) $ (1,648) $ (343)
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income	Gains (Losses) Reclassified from AOCI into Income Three Months Ended June 25, 2023 Three Months Ended June 26, 2022 Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) (In thousands) Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 4,308,091 $ 4,029,666 $ 47,152 $ 4,631,648 $ 3,954,877 $ 38,112 Impact from cash flow hedging instruments: Foreign currency derivatives 120 56 — (966) 196 — (a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense. Gains (Losses) Reclassified from AOCI into Income Six Months Ended June 25, 2023 Six Months Ended June 26, 2022 Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) Net sales (a) Cost of sales (b) Interest expense, net of capitalized interest (b) (In thousands) Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 8,473,719 $ 8,022,247 $ 89,814 $ 8,872,043 $ 7,653,292 $ 74,408 Impact from cash flow hedging instruments: Foreign currency derivatives 335 (14) — (933) 288 — Interest rates swap derivatives — — — — — 98 (a) Amounts represent income (expenses) related to net sales. (b) Amounts represent expenses (income) related to cost of sales and interest expense.

TRADE ACCOUNTS AND OTHER RECE_2

TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables)	6 Months Ended
	Jun. 25, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Trade Accounts and Other Receivables, and Allowance for Doubtful Accounts	Trade accounts and other receivables, less allowance for credit losses, consisted of the following: June 25, 2023 December 25, 2022 (In thousands) Trade accounts receivable $ 1,051,942 $ 984,332 Notes receivable from third parties 48,586 33,477 Other receivables 72,544 88,962 Receivables, gross 1,173,072 1,106,771 Allowance for credit losses (9,647) (9,559) Receivables, net $ 1,163,425 $ 1,097,212 Accounts receivable from related parties (a) $ 1,697 $ 2,512 (a) Additional information regarding accounts receivable from related parties is included in “Note 17. Related Party Transactions.” Activity in the allowance for credit losses was as follows: Six Months Ended June 25, 2023 (In thousands) Balance, beginning of period $ (9,559) Provision charged to operating results (576) Account write-offs and recoveries 1,166 Effect of exchange rate (678) Balance, end of period $ (9,647)

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 25, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: June 25, 2023 December 25, 2022 (In thousands) Raw materials and work-in-process $ 1,219,819 $ 1,204,092 Finished products 651,061 596,375 Operating supplies 73,679 95,367 Maintenance materials and parts 103,258 94,350 Total inventories $ 2,047,817 $ 1,990,184

INVESTMENTS IN SECURITIES (Tabl

INVESTMENTS IN SECURITIES (Tables)	6 Months Ended
	Jun. 25, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-For-Sale Securities	The following table summarizes our investments in available-for-sale securities: June 25, 2023 December 25, 2022 Cost Fair Value Cost Fair Value (In thousands) Cash equivalents: Fixed income securities $ 308,549 $ 308,722 $ 167,366 $ 167,430

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Segment	The activity in goodwill by segment for the six months ended June 25, 2023 was as follows: December 25, 2022 Currency Translation June 25, 2023 (In thousands) U.S. $ 41,936 $ — $ 41,936 U.K. and Europe 1,058,204 55,002 1,113,206 Mexico 127,804 — 127,804 Total $ 1,227,944 $ 55,002 $ 1,282,946
Schedule of Indefinite and Finite-Lived Intangible Assets	Intangible assets consisted of the following: December 25, 2022 Amortization Currency Translation June 25, 2023 (In thousands) Cost: Trade names not subject to amortization $ 549,024 $ — $ 29,591 $ 578,615 Trade names subject to amortization 112,057 — 874 112,931 Customer relationships 427,662 — 13,217 440,879 Accumulated amortization: Trade names (53,708) (1,898) (139) (55,745) Customer relationships (189,015) (14,821) (4,749) (208,585) Intangible assets, net $ 846,020 $ (16,719) $ 38,794 $ 868,095
Schedule of Intangible Assets Amortization and Estimated Useful Lives	Intangible assets are amortized over the estimated useful lives of the assets as follows: Customer relationships 3-18 years Trade names subject to amortization 15-20 years

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 25, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment (“PP&E”), net consisted of the following: June 25, 2023 December 25, 2022 (In thousands) Land $ 270,474 $ 263,494 Buildings 2,113,264 2,065,042 Machinery and equipment 3,746,044 3,651,464 Autos and trucks 86,388 77,865 Finance lease assets 5,710 5,710 Construction-in-progress 474,532 358,819 PP&E, gross 6,696,412 6,422,394 Accumulated depreciation (3,610,873) (3,481,548) PP&E, net $ 3,085,539 $ 2,940,846

CURRENT LIABILITIES (Tables)

CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 25, 2023
Payables and Accruals [Abstract]
Schedule of Current Liabilities	Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components: June 25, 2023 December 25, 2022 (In thousands) Accounts payable: Trade accounts payable $ 1,408,842 $ 1,476,552 Book overdrafts 94,567 93,800 Other payables 12,131 17,587 Total accounts payable 1,515,540 1,587,939 Accounts payable to related parties (a) 14,718 12,155 Revenue contract liabilities (b) 61,233 34,486 Accrued expenses and other current liabilities: Compensation and benefits 239,399 258,098 Litigation settlements (c) 93,130 99,230 Accrued sales rebates 91,195 55,002 Current maturities of operating lease liabilities 73,593 79,222 Insurance and self-insured claims 67,417 72,453 Interest and debt-related fees 43,084 32,433 Derivative liabilities (d) 40,543 18,917 Taxes 38,752 33,550 Other accrued expenses 247,283 201,994 Total accrued expenses and other current liabilities 934,396 850,899 Total $ 2,525,887 $ 2,485,479 (a) Additional information regarding accounts payable to related parties is included in “Note 17. Related Party Transactions.” (b) Additional information regarding revenue contract liabilities is included in “Note 2. Revenue Recognition.” (c) Additional information regarding litigation settlements is included in “Note 19. Commitments and Contingencies.” (d) Additional information regarding derivative liabilities is included in “Note 3. Derivative Financial Instruments.”

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 25, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components: Maturity June 25, 2023 December 25, 2022 (In thousands) Senior notes payable, net of discount, at 6.25% 2033 $ 993,239 $ — Senior notes payable at 3.50% 2032 900,000 900,000 Senior notes payable, net of discount, at 4.25% 2031 992,195 991,692 Senior notes payable, net of discount, at 5.875% 2027 846,941 846,582 U.S. Credit Facility (defined below): Term note payable at 6.40% - 8.50% 2026 — 480,078 Revolving note payable 2026 — — U.K. and Europe Revolving Facility (defined below) with notes payable at SONIA plus 1.25% 2027 — — Mexico Credit Facility (defined below) with notes payable at TIIE plus 1.50% 2023 — — Finance lease obligations Various 3,149 3,624 Long-term debt 3,735,524 3,221,976 Less: Current maturities of long-term debt (985) (26,279) Long-term debt, less current maturities 3,734,539 3,195,697 Less: Capitalized financing costs (34,932) (29,265) Long-term debt, less current maturities, net of capitalized financing costs $ 3,699,607 $ 3,166,432

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 25, 2023
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following tables provide information regarding the changes in accumulated other comprehensive loss: Six Months Ended June 25, 2023 Losses Related to Foreign Currency Translation Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of period $ (269,825) $ (1,162) $ (65,447) $ (14) $ (336,448) Other comprehensive income (loss) before reclassifications 143,925 (1,648) 7,207 (41) 149,443 Amounts reclassified from accumulated other comprehensive loss (gain) to net income — (349) 342 22 15 Currency translation — (11) (341) — (352) Net current period other comprehensive income (loss) 143,925 (2,008) 7,208 (19) 149,106 Balance, end of period $ (125,900) $ (3,170) $ (58,239) $ (33) $ (187,342) Six Months Ended June 26, 2022 Gains (Losses) Related to Foreign Currency Translation Losses on Derivative Financial Instruments Classified as Cash Flow Hedges Losses Related to Pension and Other Postretirement Benefits Losses on Available-for-Sale Securities Total (In thousands) Balance, beginning of period $ 27,241 $ (2,365) $ (72,873) $ — $ (47,997) Other comprehensive income (loss) before reclassifications (257,530) (343) 12,144 — (245,729) Amounts reclassified from accumulated other comprehensive loss to net income — 1,295 436 — 1,731 Currency translation — 20 — — 20 Net current period other comprehensive income (loss) (257,530) 972 12,580 — (243,978) Balance, end of period $ (230,289) $ (1,393) $ (60,293) $ — $ (291,975)
Schedule of Reclassification from Accumulated Other Comprehensive Loss	Amount Reclassified from Accumulated Other Comprehensive Loss (a) Details about Accumulated Other Comprehensive Loss Components Six Months Ended June 25, 2023 Six Months Ended June 26, 2022 Affected Line Item in the Condensed Consolidated Statements of Income (In thousands) Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges $ 335 $ (933) Net sales Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges 14 (288) Cost of sales Realized losses on sale of securities (29) — Interest income Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges — (98) Interest expense, net of capitalized interest Amortization of pension and other postretirement plan actuarial losses (b) (448) (577) Miscellaneous, net Total before tax (128) (1,896) Tax benefit 113 165 Total reclassification for the period $ (15) $ (1,731) (a) Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the results of operations. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 14. Pension and Other Postretirement Benefits.”

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 25, 2023
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plan Obligations and Assets	The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows: Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Change in projected benefit obligation: Projected benefit obligation, beginning of period $ 236,147 $ 1,169 $ 373,062 $ 1,346 Interest cost 5,097 22 3,224 10 Actuarial gain (11,029) (8) (62,285) (116) Benefits paid (7,437) (73) (6,344) (66) Curtailments and settlements — — (3,762) — Currency translation loss (gain) 3,018 — (11,305) — Projected benefit obligation, end of period $ 225,796 $ 1,110 $ 292,590 $ 1,174 Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Change in plan assets: Fair value of plan assets, beginning of period $ 210,133 $ — $ 326,409 $ — Actual return on plan assets 3,972 — (42,499) — Contributions by employer 3,249 73 5,494 66 Benefits paid (7,437) (73) (6,344) (66) Curtailments and settlements — — (3,762) — Expenses paid from assets (146) — (188) — Currency translation gain (loss) 2,700 — (10,747) — Fair value of plan assets, end of period $ 212,471 $ — $ 268,363 $ — June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Funded status: Unfunded benefit obligation, end of period $ (13,325) $ (1,110) $ (26,014) $ (1,169) June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Amounts recognized in the Condensed Consolidated Balance Sheets at end of period: Current liability $ (794) $ (148) $ (841) $ (177) Long-term liability (12,531) (962) (25,173) (992) Recognized liability $ (13,325) $ (1,110) $ (26,014) $ (1,169) June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Amounts recognized in accumulated other comprehensive loss at end of period: Net actuarial loss (gain) $ 37,731 $ (74) $ 48,121 $ (66)
Schedule of Net Defined Benefit Pension and Other Postretirement Costs	Net defined benefit pension and other postretirement costs included the following components: Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) (In thousands) Interest cost $ 2,783 $ 13 $ 1,716 $ 6 $ 5,097 $ 22 $ 3,224 $ 10 Estimated return on plan assets (2,531) — (2,611) — (4,753) — (5,014) — Settlement loss — — 1,167 — — — 1,167 — Expenses paid from assets 52 — 73 — 146 — 188 — Amortization of net loss 261 — 341 — 440 — 568 — Amortization of past service cost 4 — 4 — 8 — 9 — Net costs (a) $ 569 $ 13 $ 690 $ 6 $ 938 $ 22 $ 142 $ 10 (a) Net costs are included in the line item Miscellaneous, net
Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation	The weighted average assumptions used in determining pension and other postretirement plan information were as follows: June 25, 2023 December 25, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits Assumptions used to measure benefit obligation at end of period: Discount rate 5.46 % 5.33 % 5.04 % 5.16 % Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits Assumptions used to measure net pension and other postretirement cost: Discount rate 5.05 % 5.16 % 2.29 % 2.38 % Expected return on plan assets 4.98 % NA 3.32 % NA
Schedule of Unrecognized Benefit Amounts	The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows: Six Months Ended June 25, 2023 June 26, 2022 Pension Benefits Other Benefits Pension Benefits Other Benefits (In thousands) Net actuarial loss (gain), beginning of period $ 48,121 $ (66) $ 58,143 $ 118 Amortization (448) — (577) — Settlement adjustments — — (1,167) — Actuarial gain (11,029) (8) (62,285) (115) Asset loss 781 — 47,513 — Currency translation loss (gain) 306 — (207) — Net actuarial loss (gain), end of period $ 37,731 $ (74) $ 41,420 $ 3

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Jun. 25, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured on a Recurring Basis	The following items were measured at fair value on a recurring basis: June 25, 2023 December 25, 2022 Level 1 Level 2 Total Level 1 Level 2 Total (In thousands) Assets: Commodity derivative assets $ 10,706 $ — $ 10,706 $ 17,922 $ — $ 17,922 Foreign currency derivative assets 1,312 — 1,312 555 — 555 Liabilities: Commodity derivative liabilities (34,882) — (34,882) (9,042) — (9,042) Foreign currency derivative liabilities (4,484) — (4,484) (6,170) — (6,170) Sales contract derivative liabilities — (1,178) (1,178) — (3,705) (3,705)
Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation	The carrying amounts and estimated fair values of our debt obligations recorded in the Condensed Consolidated Balance Sheets consisted of the following: June 25, 2023 December 25, 2022 Carrying Amount Fair Carrying Amount Fair (In thousands) Fixed-rate senior notes payable at 3.50%, at Level 2 inputs $ (900,000) $ (713,439) $ (900,000) $ (726,498) Fixed-rate senior notes payable at 4.25%, at Level 2 inputs (992,195) (849,990) (991,691) (734,349) Fixed-rate senior notes payable at 5.875%, at Level 2 inputs (846,940) (834,122) (846,582) (846,175) Fixed-rate senior notes payable at 6.25%, at Level 2 inputs (993,238) (975,490) — — Variable-rate term note payable at 5.00%, at Level 3 inputs — — (480,078) (489,857)

RESTRUCTURING-RELATED ACTIVIT_2

RESTRUCTURING-RELATED ACTIVITIES (Tables)	6 Months Ended
	Jun. 25, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table provides a summary of our estimates of costs associated with these restructuring initiatives by major type of cost: Moy Park Pilgrim’s Pride Ltd. Pilgrim’s Food Masters Total (In thousands) Earliest implementation date October 2022 November 2022 December 2022 Expected completion date June 2023 July 2023 July 2023 Costs incurred and expected to be incurred: Employee-related costs $ 10,972 $ 18,546 $ 13,120 $ 42,638 Asset impairment costs 3,236 — 4,216 7,452 Contract termination costs 248 708 371 1,327 Other exit and disposal costs (a) 7,414 6,425 5,968 19,807 Total exit and disposal costs $ 21,870 $ 25,679 $ 23,675 $ 71,224 Cost incurred since earliest implementation date: Employee-related costs $ 10,972 $ 18,546 $ 12,450 $ 41,968 Asset impairment costs 3,236 — 4,141 7,377 Contract termination costs 248 — — 248 Other exit and disposal costs (a) 6,224 6,425 5,968 18,617 Total exit and disposal costs $ 20,680 $ 24,971 $ 22,559 $ 68,210 (a) Comprised of other costs directly related to the restructuring initiatives including Moy Park flock depletion, the write-off of Pilgrim’s Pride Ltd. prepaid maintenance costs and Pilgrim’s Food Masters consulting fees. During the six months ended June 25, 2023, the Company recognized the following expenses and paid the following cash related to each restructuring initiative: Expenses Cash Outlays (In thousands) Moy Park $ 1,355 $ 6,174 Pilgrim’s Pride Ltd. 14,831 6,507 Pilgrim’s Food Masters 21,558 17,643 $ 37,744 $ 30,324
Schedule of Restructuring Reserve	The following table reconciles liabilities and reserves associated with each restructuring initiative from its respective inception to June 25, 2023 . Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets. The ending reserve balance for inventory adjustments is reported in the line item Inventories in our Condensed Consolidated Balance Sheets. The ending reserve balance for asset impairments is reported in the line item Property, plant and equipment, net in our Condensed Consolidated Balance Sheets. Moy Park Liability or reserve as of December 25, 2022 Restructuring charges incurred Cash payments and disposals Currency translation Liability or reserve as of June 25, 2023 (In thousands) Asset impairment $ 2,391 $ (323) $ (2,514) $ 446 $ — Inventory adjustments 1 47 (48) — — Other charges 6,025 141 (2,152) (211) 3,803 Other employee costs — 1,364 (1,364) — — Contract termination 122 126 (96) 6 158 Total $ 8,539 $ 1,355 $ (6,174) $ 241 $ 3,961 Pilgrim’s Pride Ltd. Liability or reserve as of December 25, 2022 Restructuring charges incurred Cash payments and disposals Currency translation Liability or reserve as of June 25, 2023 (In thousands) Employee retention benefits $ — $ 1,642 $ (1,276) $ 10 $ 376 Severance 5,503 8,698 (4,509) 231 9,923 Inventory adjustments 615 604 (722) 27 524 Lease termination 800 (67) — 44 777 Other charges 501 3,954 — 72 4,527 Total $ 7,419 $ 14,831 $ (6,507) $ 384 $ 16,127 Pilgrim’s Food Masters Liability or reserve as of December 25, 2022 Restructuring charges incurred Cash payments and disposals Currency translation Liability or reserve as of June 25, 2023 (In thousands) Severance $ 639 $ 11,488 $ (10,851) $ 52 $ 1,328 Asset impairment — 4,141 (4,143) 2 — Inventory adjustments — 728 (728) — — Lease termination — 1,219 — 68 1,287 Other charges — 3,982 (1,921) 41 2,102 Total $ 639 $ 21,558 $ (17,643) $ 163 $ 4,717

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 25, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Pilgrim’s has been and, in some cases, continues to be a party to certain transactions with affiliated companies. Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Sales to related parties: JBS USA Food Company (a) $ 9,012 $ 4,986 $ 16,524 $ 9,597 JBS Australia Pty. Ltd 1,044 865 1,690 1,396 JBS Chile Ltd. 182 125 1,128 179 Other related parties 311 172 543 856 Total sales to related parties $ 10,549 $ 6,148 $ 19,885 $ 12,028 Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Cost of goods purchased from related parties: JBS USA Food Company (a) $ 78,509 $ 51,251 $ 128,414 $ 113,154 Seara Meat B.V. 4,638 11,663 9,638 13,131 Penasul UK LTD 4,103 2,883 8,290 6,423 JBS Asia Co Limited 729 1,797 1,639 3,921 Other related parties 991 400 1,888 463 Total cost of goods purchased from related parties $ 88,970 $ 67,994 $ 149,869 $ 137,092 Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Expenditures paid by related parties: JBS USA Food Company (b) $ 46,104 $ 29,762 $ 60,127 $ 53,939 Other related parties 15 55 15 55 Total expenditures paid by related parties $ 46,119 $ 29,817 $ 60,142 $ 53,994 Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Expenditures paid on behalf of related parties: JBS USA Food Company (b) $ 9,540 $ 6,817 $ 12,919 $ 39,342 Other related parties — — 5 — Total expenditures paid on behalf of related parties $ 9,540 $ 6,817 $ 12,924 $ 39,342 June 25, 2023 December 25, 2022 (In thousands) Accounts receivable from related parties: JBS USA Food Company (a) $ 1,446 $ 2,062 Other related parties 251 450 Total accounts receivable from related parties $ 1,697 $ 2,512 June 25, 2023 December 25, 2022 (In thousands) Accounts payable to related parties: JBS USA Food Company (a) $ 8,447 $ 7,434 Penasul UK LTD 2,661 940 JBS Asia Co Limited 1,644 2,099 Other related parties 1,966 1,682 Total accounts payable to related parties $ 14,718 $ 12,155 (a) The Company routinely executes transactions to both purchase products from JBS USA Food Company (“JBS USA”) and sell products to them. As of June 25, 2023 goods purchased and in transit from JBS USA were immaterial and not reflected on our Condensed Consolidated Balance Sheet.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	6 Months Ended
	Jun. 25, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Additional information regarding reportable segments is as follows: Three Months Ended Six Months Ended June 25, 2023 (a) June 26, 2022 (b) June 25, 2023 (c) June 26, 2022 (d) (In thousands) Net sales U.S. $ 2,446,208 $ 2,899,879 $ 4,878,776 $ 5,481,087 U.K. and Europe 1,310,750 1,245,052 2,550,014 2,437,034 Mexico 551,133 486,717 1,044,929 953,922 Total $ 4,308,091 $ 4,631,648 $ 8,473,719 $ 8,872,043 (a) For the three months ended June 25, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $64.9 million. These sales consisted of fresh products, prepared products and grain. (b) For the three months ended June 26, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $26.3 million. These sales consisted of fresh products, prepared products, grain and egg sales. (c) For the six months ended June 25, 2023, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $95.9 million. These sales consisted of fresh products, prepared products and grain. (d) For the six months ended June 26, 2022, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $69.7 million. These sales consisted of fresh products, prepared products, grain and egg sales. Three Months Ended Six Months Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 (In thousands) Reportable segment profit: U.S. $ 37,265 $ 453,198 $ 9,159 $ 808,273 U.K. and Europe 2,513 7,848 27,774 (13,792) Mexico 60,719 51,844 94,894 120,408 Eliminations (226) 14 (213) 28 Total operating income 100,271 512,904 131,614 914,917 Interest expense, net of capitalized interest 47,152 38,112 89,814 74,408 Interest income (7,628) (1,010) (11,228) (2,284) Foreign currency transaction losses 16,395 2,758 34,538 14,294 Miscellaneous, net (1,331) (1,688) (23,984) (2,012) Income before income taxes 45,683 474,732 42,474 830,511 Income tax expense (benefit) (15,225) 112,711 (24,065) 187,930 Net income $ 60,908 $ 362,021 $ 66,539 $ 642,581 June 25, 2023 December 25, 2022 (In thousands) Total assets by reportable segment: U.S. $ 7,215,483 $ 6,847,209 U.K. and Europe 4,297,959 4,033,990 Mexico 1,429,248 1,292,056 Eliminations (3,020,179) (2,917,486) Total assets $ 9,922,511 $ 9,255,769 June 25, 2023 December 25, 2022 (In thousands) Long-lived assets by reportable segment (a) : U.S. $ 2,011,492 $ 1,943,967 U.K. and Europe 1,059,268 1,011,283 Mexico 299,826 295,069 Eliminations (3,888) (3,675) Total long-lived assets $ 3,366,698 $ 3,246,644 (a) For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting . Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.

BUSINESS AND SUMMARY OF SIGNI_4

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) bird in Millions		6 Months Ended
	Jul. 27, 2020	Jun. 25, 2023 employee country pig grower bird
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of countries in which entity exports products | country		110
Number of employees (over) | employee		61,900
Pilgrims Pride Corporation | JBS SA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of beneficial ownership by holding company	80%	82.60%
Chicken
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in animals per week) | bird		42.1
Number of contract growers		4,655
Pork
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Maximum processing capacity of employees per week (in animals per week) | pig		33,500
Number of contract growers		226

BUSINESS AND SUMMARY OF SIGNI_5

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022	Jun. 26, 2022	Dec. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 730,980	$ 400,988
Restricted cash and restricted cash equivalents	46,030	33,771
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows	$ 777,010	$ 434,759	$ 722,624	$ 450,121

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 4,308,091	$ 4,631,648	$ 8,473,719	$ 8,872,043
Fresh
Disaggregation of Revenue [Line Items]
Net sales	2,746,657	2,970,312	5,367,025	5,705,662
Prepared
Disaggregation of Revenue [Line Items]
Net sales	1,150,223	1,134,490	2,273,109	2,172,354
Export
Disaggregation of Revenue [Line Items]
Net sales	256,601	325,877	502,497	633,085
Other
Disaggregation of Revenue [Line Items]
Net sales	154,610	200,969	331,088	360,942
U.S.
Disaggregation of Revenue [Line Items]
Net sales	2,446,208	2,899,879	4,878,776	5,481,087
U.S. | Fresh
Disaggregation of Revenue [Line Items]
Net sales	1,992,208	2,312,418	3,935,994	4,400,039
U.S. | Prepared
Disaggregation of Revenue [Line Items]
Net sales	221,655	303,963	466,456	559,050
U.S. | Export
Disaggregation of Revenue [Line Items]
Net sales	139,498	141,015	267,773	274,812
U.S. | Other
Disaggregation of Revenue [Line Items]
Net sales	92,847	142,483	208,553	247,186
U.K. and Europe
Disaggregation of Revenue [Line Items]
Net sales	1,310,750	1,245,052	2,550,014	2,437,034
U.K. and Europe | Fresh
Disaggregation of Revenue [Line Items]
Net sales	280,707	232,045	545,370	469,354
U.K. and Europe | Prepared
Disaggregation of Revenue [Line Items]
Net sales	878,720	791,189	1,710,449	1,537,825
U.K. and Europe | Export
Disaggregation of Revenue [Line Items]
Net sales	117,103	184,862	234,724	358,273
U.K. and Europe | Other
Disaggregation of Revenue [Line Items]
Net sales	34,220	36,956	59,471	71,582
Mexico
Disaggregation of Revenue [Line Items]
Net sales	551,133	486,717	1,044,929	953,922
Mexico | Fresh
Disaggregation of Revenue [Line Items]
Net sales	473,742	425,849	885,661	836,269
Mexico | Prepared
Disaggregation of Revenue [Line Items]
Net sales	49,848	39,338	96,204	75,479
Mexico | Export
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Mexico | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 27,543	$ 21,530	$ 63,064	$ 42,174

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Balances (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2023 USD ($)
Movement in Contract with Customer, Liability [Roll Forward]
Balance as of beginning of period	$ 34,486
Revenue recognized	(21,699)
Cash received, excluding amounts recognized as revenue during the period	48,446
Balance as of end of period	$ 61,233

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Instruments and Cash Collateral (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 25, 2023	Dec. 25, 2022
Fair values:
Cash collateral posted with brokers	$ 46,030	$ 33,771
Corn
Derivatives Coverage:
Derivatives coverage (as a percentage)	11.80%	14.40%
Soybean meal
Derivatives Coverage:
Derivatives coverage (as a percentage)	18.20%	10.10%
Commodity derivative
Fair values:
Derivative assets	$ 10,706	$ 17,922
Derivative liabilities	(34,882)	(9,042)
Foreign currency derivative
Fair values:
Derivative assets	1,312	555
Derivative liabilities	(4,484)	(6,170)
Sales contract derivative
Fair values:
Derivative liabilities	$ (1,178)	$ (3,705)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Gains (Losses) and Location of Income Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Derivative [Line Items]
Gains (Losses) by type of contract	$ (30,000)	$ (928)	$ (61,473)	$ 8,645
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net sales	Net sales	Net sales	Net sales
Foreign currency derivatives
Derivative [Line Items]
Gains (Losses) by type of contract	$ (28,551)	$ (5,260)	$ (47,654)	$ (18,560)
Commodity derivatives
Derivative [Line Items]
Gains (Losses) by type of contract	188	(12,517)	(16,347)	19,023
Sales contract derivative liabilities
Derivative [Line Items]
Gains (Losses) by type of contract	$ (1,637)	$ 16,849	$ 2,528	$ 8,182

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ (1,677)	$ (851)	$ (1,659)	$ (323)
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency derivatives
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income on derivative	$ 16	$ (866)	$ (1,648)	$ (343)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Income and Expense Line item in the Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Derivative [Line Items]
Net sales	$ 4,308,091	$ 4,631,648	$ 8,473,719	$ 8,872,043
Cost of sales	4,029,666	3,954,877	8,022,247	7,653,292
Interest expense, net of capitalized interest	47,152	38,112	89,814	74,408
Impact from cash flow hedging relationship	285	(1,162)	349	(1,319)
Sales contract derivative liabilities | Net sales
Derivative [Line Items]
Net sales	4,308,091	4,631,648	8,473,719
Sales contract derivative liabilities | Interest expense, net of capitalized interest
Derivative [Line Items]
Net sales	47,152		89,814
Commodity derivative | Cost of sales
Derivative [Line Items]
Cost of sales	4,029,666	3,954,877	8,022,247	7,653,292
Foreign currency derivative | Interest expense, net of capitalized interest
Derivative [Line Items]
Interest expense, net of capitalized interest		38,112		74,408
Foreign currency derivatives | Net sales
Derivative [Line Items]
Impact from cash flow hedging relationship	120	(966)	335	(933)
Foreign currency derivatives | Cost of sales
Derivative [Line Items]
Impact from cash flow hedging relationship	56	$ 196	(14)	288
Foreign currency derivatives | Interest expense, net of capitalized interest
Derivative [Line Items]
Impact from cash flow hedging relationship	$ 0		0
Interest rate swaps | Interest expense, net of capitalized interest
Derivative [Line Items]
Impact from cash flow hedging relationship			$ 0	$ 98

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 25, 2023 USD ($)
Foreign currency derivative
Derivative [Line Items]
Cash flow hedge loss to be reclassified within twelve months	$ 1.8

TRADE ACCOUNTS AND OTHER RECE_3

TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2023	Dec. 25, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Trade accounts receivable	$ 1,051,942	$ 984,332
Notes receivable from third parties	48,586	33,477
Other receivables	72,544	88,962
Receivables, gross	1,173,072	1,106,771
Allowance for credit losses	(9,647)	(9,559)
Receivables, net	1,163,425	1,097,212
Receivables, Net [Roll Forward]
Balance, beginning of period	(9,559)
Provision charged to operating results	(576)
Account write-offs and recoveries	1,166
Effect of exchange rate	(678)
Balance, end of period	(9,647)
Related Party
Financing Receivable, Allowance for Credit Loss [Line Items]
Account receivable from related parties	$ 1,697	$ 2,512

TRADE ACCOUNTS AND OTHER RECE_4

TRADE ACCOUNTS AND OTHER RECEIVABLES - Narrative (Details) $ in Millions	Jun. 25, 2023 USD ($)
JBS USA Food Company
Financing Receivable, Allowance for Credit Loss [Line Items]
Uncommitted facility with a maximum capacity	$ 265

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 1,219,819	$ 1,204,092
Finished products	651,061	596,375
Operating supplies	73,679	95,367
Maintenance materials and parts	103,258	94,350
Total inventories	$ 2,047,817	$ 1,990,184

INVESTMENTS IN SECURITIES (Deta

INVESTMENTS IN SECURITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022	Dec. 25, 2022
Debt Securities, Available-for-sale [Line Items]
Gross realized gains recognized on available-for-sale securities	$ 4,400,000	$ 0	$ 6,300,000	$ 0
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Cost	308,549,000		308,549,000		$ 167,366,000
Fair Value	$ 308,722,000		$ 308,722,000		$ 167,430,000

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill by Segment (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,227,944
Currency Translation	55,002
Goodwill, ending balance	1,282,946
U.S.
Goodwill [Roll Forward]
Goodwill, beginning balance	41,936
Currency Translation	0
Goodwill, ending balance	41,936
U.K. and Europe
Goodwill [Roll Forward]
Goodwill, beginning balance	1,058,204
Currency Translation	55,002
Goodwill, ending balance	1,113,206
Mexico
Goodwill [Roll Forward]
Goodwill, beginning balance	127,804
Currency Translation	0
Goodwill, ending balance	$ 127,804

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2023 USD ($)
Accumulated Amortization Rollforward [Roll Forward]
Amortization	$ (16,719)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Beginning balance	846,020
Amortization	16,719
Currency Translation	38,794
Ending balance	868,095
Trade names
Indefinite-lived Intangible Assets [Rollforward]
Beginning balance	549,024
Currency Translation	29,591
Ending balance	578,615
Trade names
Finite-lived Intangible Assets [Rollforward]
Beginning balance	112,057
Currency Translation	874
Ending balance	112,931
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(53,708)
Amortization	(1,898)
Currency Translation	(139)
Ending balance	(55,745)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Amortization	1,898
Customer relationships
Finite-lived Intangible Assets [Rollforward]
Beginning balance	427,662
Currency Translation	13,217
Ending balance	440,879
Accumulated Amortization Rollforward [Roll Forward]
Beginning balance	(189,015)
Amortization	(14,821)
Currency Translation	(4,749)
Ending balance	(208,585)
Intangible Assets (Excluding Goodwill) Rollforward [Rollforward]
Amortization	$ 14,821

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Useful Life of Assets (Details)	Jun. 25, 2023
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	3 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	18 years
Trade names subject to amortization | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	15 years
Trade names subject to amortization | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life (in years)	20 years

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 5,710	$ 5,710
PP&E, gross	6,696,412	6,422,394
Accumulated depreciation	(3,610,873)	(3,481,548)
PP&E, net	$ 3,085,539	$ 2,940,846
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 270,474	$ 263,494
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,113,264	2,065,042
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3,746,044	3,651,464
Autos and trucks
Property, Plant and Equipment [Line Items]
Property, plant and equipment	86,388	77,865
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 474,532	$ 358,819

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 96,400,000	$ 91,100,000	$ 186,400,000	$ 184,500,000
Expenditures on capital projects			286,630,000	196,205,000
Completed projects transferred from construction-in-progress to depreciable assets			174,500,000	135,500,000
Proceeds from property disposals	2,400,000	1,600,000	15,008,000	2,362,000
Gain (loss) on property disposals	0	$ (800,000)	9,316,000	$ (2,718,000)
Idled assets property, plant and equipment, net	39,300,000		39,300,000
Idled asset property, plant and equipment gross	156,400,000		156,400,000
Idled assets, accumulated depreciation	$ 117,100,000		117,100,000
Additional impairment loss on PP&E			$ 4,000,000

CURRENT LIABILITIES (Details)

CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Accounts payable:
Revenue contract liabilities	$ 61,233	$ 34,486
Accrued expenses and other current liabilities:
Compensation and benefits	239,399	258,098
Accrued sales rebates	91,195	55,002
Current maturities of operating lease liabilities	73,593	79,222
Insurance and self-insured claims	67,417	72,453
Interest and debt-related fees	43,084	32,433
Derivative liabilities	40,543	18,917
Taxes	38,752	33,550
Other accrued expenses	247,283	201,994
Total accrued expenses and other current liabilities	934,396	850,899
Total	$ 2,525,887	$ 2,485,479
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Related Party
Accounts payable:
Total accounts payable	$ 14,718	$ 12,155
Nonrelated Party
Accounts payable:
Trade accounts payable	1,408,842	1,476,552
Book overdrafts	94,567	93,800
Other payables	12,131	17,587
Total accounts payable	1,515,540	1,587,939
Other Litigation Cases
Accrued expenses and other current liabilities:
Litigation settlements	$ 93,130	$ 99,230

SUPPLIER FINANCE PROGRAMS (Deta

SUPPLIER FINANCE PROGRAMS (Details) - USD ($) $ in Millions	Jun. 25, 2023	Dec. 25, 2022
Supplier Finance Program
Supplier Finance Program [Line Items]
Outstanding balance of confirmed invoices	$ 112.5	$ 239.6
Minimum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing period	65 days
Maximum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing period	180 days

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 27, 2020	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Income Tax Disclosure [Abstract]
Income tax expense		$ (15,225)	$ 112,711	$ (24,065)	$ 187,930
Effective tax rate				(56.70%)	22.60%
Other comprehensive income, tax effect				$ (3,200)	$ (4,200)
Pilgrims Pride Corporation | JBS SA
Related Party Transaction [Line Items]
Percentage of beneficial ownership by holding company	80%			82.60%
Pilgrims Pride Corporation | JBS SA | Minimum
Related Party Transaction [Line Items]
Percentage of beneficial ownership by holding company	80%

DEBT - Schedule of Long-term De

DEBT - Schedule of Long-term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands		6 Months Ended
	Dec. 14, 2018	Jun. 25, 2023	Apr. 19, 2023	Dec. 25, 2022	Sep. 02, 2021
Debt Instrument [Line Items]
Finance lease obligations		$ 3,149		$ 3,624
Long-term debt		3,735,524		3,221,976
Less: Current maturities of long-term debt		(985)		(26,279)
Long-term debt, less current maturities		3,734,539		3,195,697
Less: Capitalized financing costs		(34,932)		(29,265)
Long-term debt, less current maturities, net of capitalized financing costs		$ 3,699,607		3,166,432
Term note payable at 6.40% - 8.50% | Credit facility
Debt Instrument [Line Items]
Stated interest rate		6.40%
Long-term debt		$ 0		480,078
Revolving note payable | Credit facility
Debt Instrument [Line Items]
Long-term debt		0		0
U.K. and Europe Revolving Facility (defined below) with notes payable at SONIA plus 1.25% | Credit facility | EURIBOR Rate
Debt Instrument [Line Items]
Long-term debt		0		0
Mexico Credit Facility | Credit facility
Debt Instrument [Line Items]
Long-term debt		$ 0		0
Senior notes | Senior notes payable, net of discount, at 6.25%
Debt Instrument [Line Items]
Stated interest rate		6.25%	6.25%
Long-term debt		$ 993,239		0
Senior notes | Senior notes payable at 3.50%
Debt Instrument [Line Items]
Stated interest rate		3.50%			3.50%
Long-term debt		$ 900,000		900,000
Senior notes | Senior notes payable, net of discount, at 4.25%
Debt Instrument [Line Items]
Stated interest rate		4.25%
Long-term debt		$ 992,195		991,692
Senior notes | Senior notes payable, net of discount, at 5.875%
Debt Instrument [Line Items]
Stated interest rate		5.875%
Long-term debt		$ 846,941		$ 846,582
Credit facility | U.K. and Europe Revolving Facility (defined below) with notes payable at SONIA plus 1.25% | Credit facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.25%
Credit facility | Mexico Credit Facility | Credit facility | TIIE Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%	1.50%

DEBT - Narrative (Details)

DEBT - Narrative (Details)

6 Months Ended

Jun. 21, 2023

Apr. 19, 2023 USD ($)

Aug. 09, 2021 USD ($)

Apr. 08, 2021 USD ($)

Dec. 14, 2018 MXN ($)

Jun. 02, 2018

Mar. 07, 2018 USD ($)

Jun. 25, 2023 USD ($)

Dec. 25, 2022 USD ($)

Jun. 24, 2022 GBP (£)

Sep. 02, 2021 USD ($)

Sep. 29, 2017 USD ($)

Debt Instrument [Line Items]

Maximum secured leverage ratio on a pro-forma basis (not to exceed)

3

US Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate

Debt Instrument [Line Items]

Basis spread on variable interest rate

0.10%

Mexico Credit Facility | Credit facility

Debt Instrument [Line Items]

Long-term debt

$ 0

$ 0

Senior notes | Senior notes payable, net of discount, at 5.875%

Debt Instrument [Line Items]

Principal amount

$ 250,000,000

$ 600,000,000

Stated interest rate

5.875%

Add-on issuance percentage of face value

97.25%

Gross amount

$ 243,100,000

Debt discount

$ 6,900,000

Long-term debt

$ 846,941,000

846,582,000

Senior notes | Senior notes payable, net of discount, at 4.25%

Debt Instrument [Line Items]

Principal amount

$ 1,000,000,000

Stated interest rate

4.25%

Add-on issuance percentage of face value

98.994%

Gross amount

$ 989,900,000

Debt discount

$ 10,100,000

Stated interest rate if emissions target is met

4.50%

Notification period if emissions threshold is met

30 days

Emissions threshold

17.679%

Long-term debt

$ 992,195,000

991,692,000

Senior notes | Senior notes payable at 3.50%

Debt Instrument [Line Items]

Principal amount

$ 900,000,000

Stated interest rate

3.50%

3.50%

Long-term debt

$ 900,000,000

900,000,000

Senior notes | Senior notes payable, net of discount, at 6.25%

Debt Instrument [Line Items]

Principal amount

$ 1,000,000,000

Stated interest rate

6.25%

6.25%

Add-on issuance percentage of face value

99.312%

Gross amount

$ 993,100,000

Debt discount

$ 6,900,000

Long-term debt

$ 993,239,000

$ 0

Credit facility | US Credit Facility | Credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 800,000,000

Feature to increase revolving loan commitment

500,000,000

Letters of credit issued

25,300,000

Current borrowing capacity

774,700,000

Credit facility | US Credit Facility | Swingline loans

Debt Instrument [Line Items]

Maximum borrowing capacity

80,000,000

Credit facility | US Credit Facility | Letter of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

125,000,000

Credit facility | US Credit Facility Term Loans | Credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 700,000,000

Credit facility | Moy Park Bank Of Ireland Revolving Facility | Credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity | £

£ 150,000,000

Credit facility | Bank Of Ireland Revolving Facility, Due 2023 | Credit facility

Debt Instrument [Line Items]

Current borrowing capacity

190,700,000

Credit facility | Bank Of Ireland Revolving Facility, Due 2023 | Credit facility | LIBOR Rate

Debt Instrument [Line Items]

Basis spread on variable interest rate

1.25%

Credit facility | Bank Of Ireland Revolving Facility, Due 2023 | Credit facility | EURIBOR Rate

Debt Instrument [Line Items]

Basis spread on variable interest rate

2%

Credit facility | Mexico Credit Facility | Credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,500,000,000

Current borrowing capacity

$ 87,300,000

Credit facility | Mexico Credit Facility | Credit facility | TIIE Rate

Debt Instrument [Line Items]

Basis spread on variable interest rate

1.50%

1.50%

Credit facility | U.K. and Europe Revolving Facility | Credit facility

Debt Instrument [Line Items]

Outstanding borrowings

$ 0

Credit facility | Mexico Credit Facility Due 2027 | Credit facility

Debt Instrument [Line Items]

Long-term debt

$ 0

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	$ 2,906,520	$ 2,793,606	$ 2,853,276	$ 2,588,934
Other comprehensive income (loss) before reclassifications			149,443	(245,729)
Losses arising during the period	(1,677)	(851)	(1,659)	(323)
Amounts reclassified from accumulated other comprehensive loss (gain) to net income			15	1,731
Currency translation			(352)	20
Total other comprehensive income (loss), net of tax	102,700	(193,073)	149,106	(243,978)
Balance, end of period	3,072,588	2,872,084	3,072,588	2,872,084
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	(290,042)	(98,902)	(336,448)	(47,997)
Total other comprehensive income (loss), net of tax	102,700	(193,073)	149,106	(243,978)
Balance, end of period	(187,342)	(291,975)	(187,342)	(291,975)
Losses Related to Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(269,825)	27,241
Other comprehensive income (loss) before reclassifications			143,925	(257,530)
Amounts reclassified from accumulated other comprehensive loss (gain) to net income			0	0
Currency translation			0	0
Total other comprehensive income (loss), net of tax			143,925	(257,530)
Balance, end of period	(125,900)	(230,289)	(125,900)	(230,289)
Losses on Derivative Financial Instruments Classified as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(1,162)	(2,365)
Other comprehensive income (loss) before reclassifications				(343)
Losses arising during the period			(1,648)
Amounts reclassified from accumulated other comprehensive loss (gain) to net income			(349)	1,295
Currency translation			(11)	20
Total other comprehensive income (loss), net of tax			(2,008)	972
Balance, end of period	(3,170)	(1,393)	(3,170)	(1,393)
Losses Related to Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(65,447)	(72,873)
Other comprehensive income (loss) before reclassifications			7,207	12,144
Amounts reclassified from accumulated other comprehensive loss (gain) to net income			342	436
Currency translation			(341)	0
Total other comprehensive income (loss), net of tax			7,208	12,580
Balance, end of period	(58,239)	(60,293)	(58,239)	(60,293)
Losses on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period			(14)	0
Other comprehensive income (loss) before reclassifications			(41)	0
Amounts reclassified from accumulated other comprehensive loss (gain) to net income			22	0
Currency translation			0	0
Total other comprehensive income (loss), net of tax			(19)	0
Balance, end of period	$ (33)	$ 0	$ (33)	$ 0

STOCKHOLDERS' EQUITY - Schedu_2

STOCKHOLDERS' EQUITY - Schedule of Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales	$ 4,308,091	$ 4,631,648	$ 8,473,719	$ 8,872,043
Cost of sales	(4,029,666)	(3,954,877)	(8,022,247)	(7,653,292)
Interest income	7,628	1,010	11,228	2,284
Interest expense, net of capitalized interest	(47,152)	(38,112)	(89,814)	(74,408)
Miscellaneous, net	1,331	1,688	23,984	2,012
Tax benefit	15,225	(112,711)	24,065	(187,930)
Net income	$ 60,908	$ 362,021	66,539	642,581
Amount Reclassified from Accumulated Other Comprehensive Loss
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Total before tax			(128)	(1,896)
Tax benefit			113	165
Net income			(15)	(1,731)
Amount Reclassified from Accumulated Other Comprehensive Loss | Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Net sales			335	(933)
Cost of sales			14	(288)
Interest expense, net of capitalized interest			0	(98)
Amount Reclassified from Accumulated Other Comprehensive Loss | Realized losses on sale of securities
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Interest income			(29)	0
Amount Reclassified from Accumulated Other Comprehensive Loss | Amortization of defined benefit pension and other postretirement plan actuarial losses
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Miscellaneous, net			$ (448)	$ (577)

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details)	Jun. 25, 2023 $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized (in shares)	50,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.01
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2023 USD ($)	Jun. 26, 2022 USD ($)	Jun. 25, 2023 USD ($) plan	Jun. 26, 2022 USD ($)	Dec. 25, 2022 USD ($)
Change in projected benefit obligation:
Retirement plan expenses | $	$ 7.8	$ 10.4	$ 15.4	$ 16.8
Expenses related to defined contribution plans | $	6.9		13.7
Pension Benefits
Change in projected benefit obligation:
Accumulated benefit obligation, defined benefit pension plans | $	$ 225.8		$ 225.8		$ 236.1
U.S.
Change in projected benefit obligation:
Number of defined contribution plans | plan			2
Mexico
Change in projected benefit obligation:
Number of defined contribution plans | plan			3
U.K. and Europe
Change in projected benefit obligation:
Number of defined contribution plans | plan			7

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Defined Benefit Plan Obligations and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022	Dec. 25, 2022	Dec. 26, 2021
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$ (74)	$ 41,420	$ (74)	$ 41,420		$ 58,143
Pension Benefits
Change in projected benefit obligation:
Projected, benefit obligation, beginning of period			236,147	373,062
Interest cost	2,783	1,716	5,097	3,224
Actuarial gain			(11,029)	(62,285)
Benefits paid			(7,437)	(6,344)
Curtailments and settlements			0	(3,762)
Currency translation loss (gain)			3,018	(11,305)
Projected benefit obligation, end of period	225,796	292,590	225,796	292,590
Change in plan assets:
Fair value of plan assets, beginning balance			210,133	326,409
Actual return on plan assets			3,972	(42,499)
Contributions by employer			3,249	5,494
Benefits paid			(7,437)	(6,344)
Curtailments and settlements			0	(3,762)
Expenses paid from assets			(146)	(188)
Currency translation gain (loss)			2,700	(10,747)
Fair value of plan assets, end of period	212,471	268,363	212,471	268,363
Funded status:
Unfunded benefit obligation, end of period	(13,325)		(13,325)		$ (26,014)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(794)		(794)		(841)
Long-term liability	(12,531)		(12,531)		(25,173)
Recognized liability	(13,325)		(13,325)		(26,014)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	37,731	3	37,731	3	48,121	$ 118
Other Benefits
Change in projected benefit obligation:
Projected, benefit obligation, beginning of period			1,169	1,346
Interest cost	13	6	22	10
Actuarial gain			(8)	(116)
Benefits paid			(73)	(66)
Curtailments and settlements			0	0
Currency translation loss (gain)			0	0
Projected benefit obligation, end of period	1,110	1,174	1,110	1,174
Change in plan assets:
Fair value of plan assets, beginning balance			0	0
Actual return on plan assets			0	0
Contributions by employer			73	66
Benefits paid			(73)	(66)
Curtailments and settlements			0	0
Expenses paid from assets			0	0
Currency translation gain (loss)			0	0
Fair value of plan assets, end of period	0	$ 0	0	$ 0
Funded status:
Unfunded benefit obligation, end of period	(1,110)		(1,110)		(1,169)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability	(148)		(148)		(177)
Long-term liability	(962)		(962)		(992)
Recognized liability	(1,110)		(1,110)		(1,169)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)	$ (74)		$ (74)		$ (66)

PENSION AND OTHER POSTRETIREM_5

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Net Defined Benefit Pension and Other Postretirement Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Pension Benefits
Change in projected benefit obligation:
Interest cost	$ 2,783	$ 1,716	$ 5,097	$ 3,224
Estimated return on plan assets	(2,531)	(2,611)	(4,753)	(5,014)
Settlement loss	0	1,167	0	1,167
Expenses paid from assets	52	73	146	188
Amortization of net loss	261	341	440	568
Amortization of past service cost	4	4	8	9
Net costs	569	690	938	142
Other Benefits
Change in projected benefit obligation:
Interest cost	13	6	22	10
Estimated return on plan assets	0	0	0	0
Settlement loss	0	0	0	0
Expenses paid from assets	0	0	0	0
Amortization of net loss	0	0	0	0
Amortization of past service cost	0	0	0	0
Net costs	$ 13	$ 6	$ 22	$ 10

PENSION AND OTHER POSTRETIREM_6

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation (Details)	6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Dec. 25, 2022
Pension Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	5.46%		5.04%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	5.05%	2.29%
Expected return on plan assets	4.98%	3.32%
Other Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate	5.33%		5.16%
Assumptions used to measure net pension and other postretirement cost:
Discount rate	5.16%	2.38%

PENSION AND OTHER POSTRETIREM_7

PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Unrecognized Benefit Amounts (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 27, 2022	Jun. 25, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	$ 58,143
Amortization	(577)	$ 0
Settlement adjustments	(1,167)	0
Actuarial gain	(62,285)
Asset loss	47,513	0
Currency translation loss (gain)	(207)
Net actuarial (gain) loss, end of period		(74)
Pension Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period	118	48,121
Amortization	0	(448)
Settlement adjustments	0	0
Actuarial gain	(115)	(11,029)
Asset loss	0	781
Currency translation loss (gain)	$ 0	306
Net actuarial (gain) loss, end of period		37,731
Other Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net actuarial loss (gain), beginning of period		(66)
Actuarial gain		(8)
Currency translation loss (gain)		0
Net actuarial (gain) loss, end of period		$ (74)

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 10,706	$ 17,922
Derivative liabilities	(34,882)	(9,042)
Commodity derivative | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	10,706	17,922
Derivative liabilities	(34,882)	(9,042)
Commodity derivative | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Foreign currency derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,312	555
Derivative liabilities	(4,484)	(6,170)
Foreign currency derivative | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,312	555
Derivative liabilities	(4,484)	(6,170)
Foreign currency derivative | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Sales contract derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(1,178)	(3,705)
Sales contract derivative | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Sales contract derivative | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (1,178)	$ (3,705)

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Estimated Fair Values of Fixed-Rate Debt Obligation (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022	Sep. 02, 2021
Senior notes | Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.50%		3.50%
Senior notes | Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.25%
Senior notes | Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.875%
Senior notes | Fixed-rate senior notes payable at 6.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.25%
Senior notes | Variable-rate term note payable at 5.00%, at Level 3 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5%
Senior notes | Level 2 | Carrying Amount | Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ (900,000)	$ (900,000)
Senior notes | Level 2 | Carrying Amount | Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(992,195)	(991,691)
Senior notes | Level 2 | Carrying Amount | Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(846,940)	(846,582)
Senior notes | Level 2 | Carrying Amount | Fixed-rate senior notes payable at 6.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(993,238)	0
Senior notes | Level 2 | Fair Value | Fixed-rate senior notes payable at 3.50%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(713,439)	(726,498)
Senior notes | Level 2 | Fair Value | Fixed-rate senior notes payable at 4.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(849,990)	(734,349)
Senior notes | Level 2 | Fair Value | Fixed-rate senior notes payable at 5.875%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(834,122)	(846,175)
Senior notes | Level 2 | Fair Value | Fixed-rate senior notes payable at 6.25%, at Level 2 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	(975,490)	0
Secured loans | Level 3 | Carrying Amount | Variable-rate term note payable at 5.00%, at Level 3 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	0	(480,078)
Secured loans | Level 3 | Fair Value | Variable-rate term note payable at 5.00%, at Level 3 inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-rate debt obligation	$ 0	$ (489,857)

RESTRUCTURING-RELATED ACTIVIT_3

RESTRUCTURING-RELATED ACTIVITIES - Narrative (Details) - GNP - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2020	Dec. 29, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		$ 71.2
Expected future payments for restructuring	$ 45.7

RESTRUCTURING-RELATED ACTIVIT_4

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Expected Future Restructuring Costs (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	$ 71,224
Cost incurred since earliest implementation date:	68,210
Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	42,638
Cost incurred since earliest implementation date:	41,968
Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	7,452
Cost incurred since earliest implementation date:	7,377
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	1,327
Cost incurred since earliest implementation date:	248
Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	19,807
Cost incurred since earliest implementation date:	18,617
Moy Park
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	21,870
Cost incurred since earliest implementation date:	20,680
Moy Park | Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	10,972
Cost incurred since earliest implementation date:	10,972
Moy Park | Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	3,236
Cost incurred since earliest implementation date:	3,236
Moy Park | Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	248
Cost incurred since earliest implementation date:	248
Moy Park | Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	7,414
Cost incurred since earliest implementation date:	6,224
Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	25,679
Cost incurred since earliest implementation date:	24,971
Pilgrim’s Pride Ltd. | Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	18,546
Cost incurred since earliest implementation date:	18,546
Pilgrim’s Pride Ltd. | Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	0
Cost incurred since earliest implementation date:	0
Pilgrim’s Pride Ltd. | Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	708
Cost incurred since earliest implementation date:	0
Pilgrim’s Pride Ltd. | Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	6,425
Cost incurred since earliest implementation date:	6,425
Pilgrim’s Food Masters
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	23,675
Cost incurred since earliest implementation date:	22,559
Pilgrim’s Food Masters | Employee-related costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	13,120
Cost incurred since earliest implementation date:	12,450
Pilgrim’s Food Masters | Asset impairment costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	4,216
Cost incurred since earliest implementation date:	4,141
Pilgrim’s Food Masters | Contract termination costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	371
Cost incurred since earliest implementation date:	0
Pilgrim’s Food Masters | Other exit and disposal costs
Restructuring Cost and Reserve [Line Items]
Costs incurred and expected to be incurred:	5,968
Cost incurred since earliest implementation date:	$ 5,968

RESTRUCTURING-RELATED ACTIVIT_5

RESTRUCTURING-RELATED ACTIVITIES - Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Restructuring Cost and Reserve [Line Items]
Expenses	$ 29,718	$ 0	$ 37,744	$ 0
Cash Outlays			30,324
Moy Park
Restructuring Cost and Reserve [Line Items]
Expenses			1,355
Cash Outlays			6,174
Pilgrim’s Pride Ltd.
Restructuring Cost and Reserve [Line Items]
Expenses			14,831
Cash Outlays			6,507
Pilgrim’s Food Masters
Restructuring Cost and Reserve [Line Items]
Expenses			21,558
Cash Outlays			$ 17,643

RESTRUCTURING-RELATED ACTIVIT_6

RESTRUCTURING-RELATED ACTIVITIES - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 26, 2023	Jun. 25, 2023
Restructuring Reserve [Roll Forward]
Cash payments and disposals		$ (30,324)
Moy Park
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	$ 8,539	8,539
Restructuring charges incurred	1,355
Cash payments and disposals	(6,174)
Currency translation	241
Ending liability or reserve	3,961
Moy Park | Asset impairment costs
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	2,391	2,391
Restructuring charges incurred	(323)
Cash payments and disposals	(2,514)
Currency translation	446
Ending liability or reserve	0
Moy Park | Inventory adjustments
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	1	1
Restructuring charges incurred	47
Cash payments and disposals	(48)
Currency translation	0
Ending liability or reserve	0
Moy Park | Other charges
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	6,025	6,025
Restructuring charges incurred	141
Cash payments and disposals	(2,152)
Currency translation	(211)
Ending liability or reserve	3,803
Moy Park | Other employee costs
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	0
Restructuring charges incurred	1,364
Cash payments and disposals	(1,364)
Currency translation	0
Ending liability or reserve	0
Moy Park | Contract termination costs
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	122	122
Restructuring charges incurred	126
Cash payments and disposals	(96)
Currency translation	6
Ending liability or reserve	158
Pilgrim’s Pride Ltd.
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	7,419	7,419
Restructuring charges incurred	14,831
Cash payments and disposals	(6,507)
Currency translation	384
Ending liability or reserve	16,127
Pilgrim’s Pride Ltd. | Employee retention benefits
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	0
Restructuring charges incurred	1,642
Cash payments and disposals	(1,276)
Currency translation	10
Ending liability or reserve	376
Pilgrim’s Pride Ltd. | Inventory adjustments
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	615	615
Restructuring charges incurred	604
Cash payments and disposals	(722)
Currency translation	27
Ending liability or reserve	524
Pilgrim’s Pride Ltd. | Other charges
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	501	501
Restructuring charges incurred	3,954
Cash payments and disposals	0
Currency translation	72
Ending liability or reserve	4,527
Pilgrim’s Pride Ltd. | Severance
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	5,503	5,503
Restructuring charges incurred	8,698
Cash payments and disposals	(4,509)
Currency translation	231
Ending liability or reserve	9,923
Pilgrim’s Pride Ltd. | Lease termination
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	800	800
Restructuring charges incurred	(67)
Cash payments and disposals	0
Currency translation	44
Ending liability or reserve	777
Pilgrim’s Food Masters
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	639	639
Restructuring charges incurred	21,558
Cash payments and disposals	(17,643)
Currency translation	163
Ending liability or reserve	4,717
Pilgrim’s Food Masters | Asset impairment costs
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	0
Restructuring charges incurred	4,141
Cash payments and disposals	(4,143)
Currency translation	2
Ending liability or reserve	0
Pilgrim’s Food Masters | Inventory adjustments
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	0
Restructuring charges incurred	728
Cash payments and disposals	(728)
Currency translation	0
Ending liability or reserve	0
Pilgrim’s Food Masters | Other charges
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	0
Restructuring charges incurred	3,982
Cash payments and disposals	(1,921)
Currency translation	41
Ending liability or reserve	2,102
Pilgrim’s Food Masters | Severance
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	639	639
Restructuring charges incurred	11,488
Cash payments and disposals	(10,851)
Currency translation	52
Ending liability or reserve	1,328
Pilgrim’s Food Masters | Lease termination
Restructuring Reserve [Roll Forward]
Beginning liability or reserve	0	$ 0
Restructuring charges incurred	1,219
Cash payments and disposals	0
Currency translation	68
Ending liability or reserve	$ 1,287

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022	Dec. 25, 2022
Related Party Transaction [Line Items]
Expenditures paid by related parties:	$ 46,119	$ 29,817	$ 60,142	$ 53,994
Related Party
Related Party Transaction [Line Items]
Sales to related parties:	10,549	6,148	19,885	12,028
Cost of goods purchased from related parties:	88,970	67,994	149,869	137,092
Expenditures paid on behalf of related parties:	9,540	6,817	12,924	39,342
Accounts receivable from related parties	1,697		1,697		$ 2,512
Accounts payable to related parties:	14,718		14,718		12,155
JBS USA Food Company
Related Party Transaction [Line Items]
Sales to related parties:	9,012	4,986	16,524	9,597
Cost of goods purchased from related parties:	78,509	51,251	128,414	113,154
Expenditures paid by related parties:	46,104	29,762	60,127	53,939
Expenditures paid on behalf of related parties:	9,540	6,817	12,919	39,342
Accounts receivable from related parties	1,446		1,446		2,062
Accounts payable to related parties:	8,447		8,447		7,434
JBS Australia Pty. Ltd
Related Party Transaction [Line Items]
Sales to related parties:	1,044	865	1,690	1,396
JBS Chile Ltd.
Related Party Transaction [Line Items]
Sales to related parties:	182	125	1,128	179
JBS Asia Co Limited
Related Party Transaction [Line Items]
Cost of goods purchased from related parties:	729	1,797	1,639	3,921
Accounts payable to related parties:	1,644		1,644		2,099
Penasul UK LTD
Related Party Transaction [Line Items]
Cost of goods purchased from related parties:	4,103	2,883	8,290	6,423
Accounts payable to related parties:	2,661		2,661		940
Seara Meat B.V.
Related Party Transaction [Line Items]
Cost of goods purchased from related parties:	4,638	11,663	9,638	13,131
Other related parties
Related Party Transaction [Line Items]
Sales to related parties:	311	172	543	856
Cost of goods purchased from related parties:	991	400	1,888	463
Expenditures paid by related parties:	15	55	15	55
Expenditures paid on behalf of related parties:	0	$ 0	5	$ 0
Accounts receivable from related parties	251		251		450
Accounts payable to related parties:	$ 1,966		$ 1,966		$ 1,682

REPORTABLE SEGMENTS - Narrative

REPORTABLE SEGMENTS - Narrative (Details)	6 Months Ended
	Jun. 25, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

REPORTABLE SEGMENTS - Schedule

REPORTABLE SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Segment Reporting Information [Line Items]
Net sales	$ 4,308,091	$ 4,631,648	$ 8,473,719	$ 8,872,043
Reportable segment profit (loss)	100,271	512,904	131,614	914,917
Interest expense, net of capitalized interest	47,152	38,112	89,814	74,408
Interest income	(7,628)	(1,010)	(11,228)	(2,284)
Foreign currency transaction losses	16,395	2,758	34,538	14,294
Miscellaneous, net	(1,331)	(1,688)	(23,984)	(2,012)
Income before income taxes	45,683	474,732	42,474	830,511
Income tax expense (benefit)	(15,225)	112,711	(24,065)	187,930
Net income	60,908	362,021	66,539	642,581
Eliminations
Segment Reporting Information [Line Items]
Net sales	64,900	26,300	95,900	69,700
Reportable segment profit (loss)	(226)	14	(213)	28
U.S.
Segment Reporting Information [Line Items]
Net sales	2,446,208	2,899,879	4,878,776	5,481,087
U.S. | Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	37,265	453,198	9,159	808,273
U.K. and Europe
Segment Reporting Information [Line Items]
Net sales	1,310,750	1,245,052	2,550,014	2,437,034
U.K. and Europe | Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	2,513	7,848	27,774	(13,792)
Mexico
Segment Reporting Information [Line Items]
Net sales	551,133	486,717	1,044,929	953,922
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Reportable segment profit (loss)	$ 60,719	$ 51,844	$ 94,894	$ 120,408

REPORTABLE SEGMENTS - Schedul_2

REPORTABLE SEGMENTS - Schedule of Segment Reporting, Goodwill and Assets (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Segment Reporting Information [Line Items]
Total assets by reportable segment	$ 9,922,511	$ 9,255,769
Long-lived assets by reportable segment	3,366,698	3,246,644
Eliminations
Segment Reporting Information [Line Items]
Total assets by reportable segment	(3,020,179)	(2,917,486)
Long-lived assets by reportable segment	(3,888)	(3,675)
U.S. | Operating Segments
Segment Reporting Information [Line Items]
Total assets by reportable segment	7,215,483	6,847,209
Long-lived assets by reportable segment	2,011,492	1,943,967
U.K. and Europe | Operating Segments
Segment Reporting Information [Line Items]
Total assets by reportable segment	4,297,959	4,033,990
Long-lived assets by reportable segment	1,059,268	1,011,283
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Total assets by reportable segment	1,429,248	1,292,056
Long-lived assets by reportable segment	$ 299,826	$ 295,069

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)				1 Months Ended	6 Months Ended	45 Months Ended	82 Months Ended
	Mar. 09, 2023 USD ($)	May 27, 2022 USD ($)	Jun. 14, 2021 USD ($)	Oct. 13, 2016 claim	Jun. 25, 2023 USD ($)	Sep. 01, 2021 claim	Jun. 25, 2023 USD ($)
Loss Contingencies [Line Items]
Loss contingency, loss in period					$ 0
Foreign Tax Authority | Mexican Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss					287,500,000		$ 287,500,000
Avícola Litigation | Foreign Tax Authority | Mexican Tax Authority
Loss Contingencies [Line Items]
Income tax examination, amount under appeal					17,000,000		17,000,000
Avícola Litigation | Foreign Tax Authority | Mexican Tax Authority | Settled Litigation
Loss Contingencies [Line Items]
Tax settlement amount					25,900,000
Broiler Chicken Antitrust Litigation
Loss Contingencies [Line Items]
Number of complaints filed | claim				3		82
Broiler Chicken Antitrust Litigation | Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party		$ 195,500,000
Settlement expense					$ 13,000,000		$ 527,400,000
Jien v. Perdue Farms, Inc. and Earnest v. Perdue Farms, Inc. et al | Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party			$ 29,000,000
Washington v. Tyson Foods Inc | Settled Litigation | Damages from Product Defects
Loss Contingencies [Line Items]
Settlement expense	$ 11,200,000

BUSINESS INTERRUPTION INSURAN_2

BUSINESS INTERRUPTION INSURANCE (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 25, 2023 USD ($)	Jun. 25, 2023 USD ($)	Dec. 10, 2021 claim
Business Interruption Loss [Line Items]
Number of experienced business interruptions | claim			2
Proceeds from business interruption insurance recovery	$ 52,500	$ 53,700
Gain on business interruption insurance recovery		35,900
U.S.
Business Interruption Loss [Line Items]
Gain on business interruption insurance recovery		25,300
U.K. and Europe
Business Interruption Loss [Line Items]
Gain on business interruption insurance recovery		$ 10,600