Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Feb. 19, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' |
Entity Registrant Name | 'PILGRIMS PRIDE CORP | ' | ' |
Entity Central Index Key | '0000802481 | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 259,029,033 | ' |
Entity Public Float | ' | ' | $905,871,034 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Cash and cash equivalents | $508,206 | $68,180 |
Investment in available-for-sale securities | 96,902 | ' |
Trade accounts and other receivables, less allowance for doubtful accounts | 376,678 | 384,930 |
Account receivable from JBS USA, LLC | 2,388 | 1,514 |
Inventories | 808,832 | 950,296 |
Income taxes receivable | 64,868 | 54,719 |
Current deferred tax assets | 2,227 | ' |
Prepaid expenses and other current assets | 61,848 | 56,047 |
Assets held for sale | 7,033 | 27,042 |
Total current assets | 1,928,982 | 1,542,728 |
Deferred tax assets | 18,921 | 97,431 |
Other long-lived assets | 40,163 | 45,523 |
Identified intangible assets, net | 32,525 | 38,266 |
Property, plant and equipment, net | 1,151,811 | 1,189,921 |
Total assets | 3,172,402 | 2,913,869 |
Current maturities of long-term debt | 410,234 | 15,886 |
Accounts payable | 370,360 | 312,365 |
Account payable to JBS USA, LLC | 3,934 | 13,436 |
Accrued expenses | 283,355 | 283,540 |
Income taxes payable | ' | 468 |
Current deferred tax liabilities | 15,515 | 104,482 |
Total current liabilities | 1,083,398 | 730,177 |
Long-term debt, less current maturities | 501,999 | 1,148,870 |
Deferred tax liabilities | 13,944 | ' |
Other long-term liabilities | 80,459 | 125,825 |
Total liabilities | 1,679,800 | 2,004,872 |
Commitments and contingencies | ' | ' |
Preferred stock, $.01 par value, 50,000,000 shares authorized; no shares issued | ' | ' |
Common stock, $.01 par value, 800,000,000 shares authorized; 259,029,033 and 258,999,033 shares issued and outstanding at year-end 2013 and 2012, respectively | 2,590 | 2,590 |
Additional paid-in capital | 1,653,119 | 1,642,003 |
Accumulated deficit | -120,156 | -669,711 |
Accumulated other comprehensive loss | -45,735 | -68,511 |
Total Pilgrims Pride Corporation stockholders' equity | 1,489,818 | 906,371 |
Noncontrolling interest | 2,784 | 2,626 |
Total stockholders' equity | 1,492,602 | 908,997 |
Total liabilities and stockholders' equity | $3,172,402 | $2,913,869 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 259,029,033 | 258,999,033 |
Common stock, shares outstanding | 259,029,033 | 258,999,033 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' |
Net sales | $8,411,148 | $8,121,382 | $7,535,698 |
Cost of sales | 7,565,709 | 7,685,550 | 7,675,277 |
Operational restructuring charges | ' | ' | 1,958 |
Gross profit (loss) | 845,439 | 435,832 | -141,537 |
Selling, general and administrative expense | 180,915 | 177,041 | 205,143 |
Administrative restructuring charges | 5,661 | 8,449 | 26,911 |
Operating income (loss) | 658,863 | 250,342 | -373,591 |
Interest expense, net of capitalized interest | 87,006 | 104,926 | 111,532 |
Interest income | -2,125 | -1,397 | -1,465 |
Foreign currency transaction losses (gains) | 4,415 | -4,810 | 12,601 |
Miscellaneous, net | -4,373 | -1,439 | -9,133 |
Total | 573,940 | 153,062 | -487,126 |
Income tax expense (benefit) | 24,227 | -20,980 | 8,564 |
Net income (loss) | 549,713 | 174,042 | -495,690 |
Less: Net income (loss) attributable to noncontrolling interest | 158 | -192 | 1,082 |
Net income (loss) attributable to Pilgrim's Pride Corporation | $549,555 | $174,234 | ($496,772) |
Weighted average shares of common stock outstanding: | ' | ' | ' |
Basic | 258,826 | 250,101 | 224,996 |
Effect of dilutive common stock equivalents | 415 | 115 | ' |
Diluted | 259,241 | 250,216 | 224,996 |
Net income per share of common stock outstanding: | ' | ' | ' |
Basic | $2.12 | $0.70 | ($2.21) |
Diluted | $2.12 | $0.70 | ($2.21) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ' | ' |
Net income (loss) | $549,713 | $174,042 | ($495,690) |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized holding gains (losses) on available-for-sale securities, net of tax of $0 in each of the three periods | 62 | -12 | -1,160 |
Gains (losses) associated with pension and other postretirement benefits, net of tax of $13,774, $0 and $0, respectively | 22,714 | -22,429 | -21,273 |
Total other comprehensive income (loss) | 22,776 | -22,441 | -22,433 |
Comprehensive income (loss) | 572,489 | 151,601 | -518,123 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 158 | -192 | 1,082 |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | $572,331 | $151,793 | ($519,205) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ' | ' |
Unrealized holding gains (losses) on available-for-sale securities, tax | ' | ' | ' |
Gains (losses) associated with pension and other postretirement benefits, tax | $13,774 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 26, 2010 | $1,078,596 | $2,143 | $1,442,810 | ($348,653) | ($23,637) | $5,933 |
Balance, shares at Dec. 26, 2010 | ' | 214,282 | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Net income (loss) | -495,690 | ' | ' | -496,772 | ' | 1,082 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | -1,160 | ' | ' | ' | -1,160 | ' |
Gains (losses) associated with pension and other postretirement benefits, net of tax | -21,273 | ' | ' | ' | -21,273 | ' |
Total other comprehensive income (loss) | -22,433 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | -518,123 | ' | ' | ' | ' | ' |
Other activity | -2,610 | ' | 107 | 1,480 | ' | -4,197 |
Share-based compensation plans: | ' | ' | ' | ' | ' | ' |
Requisite service period recognition | 567 | ' | 567 | ' | ' | ' |
Tax benefit related to share-based compensation | ' | ' | ' | ' | ' | ' |
Balance at Dec. 25, 2011 | 558,430 | 2,143 | 1,443,484 | -843,945 | -46,070 | 2,818 |
Balance, shares at Dec. 25, 2011 | ' | 214,282 | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Net income (loss) | 174,042 | ' | ' | 174,234 | ' | -192 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | -12 | ' | ' | ' | -12 | ' |
Gains (losses) associated with pension and other postretirement benefits, net of tax | -22,429 | ' | ' | ' | -22,429 | ' |
Total other comprehensive income (loss) | -22,441 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 151,601 | ' | ' | ' | ' | ' |
Issuance of common stock | 198,281 | 444 | 197,837 | ' | ' | ' |
Issuance of common stock (in shares) | ' | 44,444 | ' | ' | ' | ' |
Share-based compensation plans: | ' | ' | ' | ' | ' | ' |
Common stock issued under compensation plans | 3 | 3 | ' | ' | ' | ' |
Common stock issued under compensation plans (in shares) | ' | 273 | ' | ' | ' | ' |
Requisite service period recognition | 682 | ' | 682 | ' | ' | ' |
Tax benefit related to share-based compensation | ' | ' | ' | ' | ' | ' |
Balance at Dec. 30, 2012 | 908,997 | 2,590 | 1,642,003 | -669,711 | -68,511 | 2,626 |
Balance, shares at Dec. 30, 2012 | ' | 258,999 | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Net income (loss) | 549,713 | ' | ' | 549,555 | ' | 158 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | 62 | ' | ' | ' | 62 | ' |
Gains (losses) associated with pension and other postretirement benefits, net of tax | 22,714 | ' | ' | ' | 22,714 | ' |
Total other comprehensive income (loss) | 22,776 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 572,489 | ' | ' | ' | ' | ' |
Share-based compensation plans: | ' | ' | ' | ' | ' | ' |
Common stock issued under compensation plans | ' | ' | ' | ' | ' | ' |
Common stock issued under compensation plans (in shares) | ' | 30 | ' | ' | ' | ' |
Requisite service period recognition | 3,345 | ' | 3,345 | ' | ' | ' |
Tax benefit related to share-based compensation | 7,770 | ' | 7,771 | ' | ' | ' |
Balance at Dec. 29, 2013 | $1,492,602 | $2,590 | $1,653,119 | ($120,156) | ($45,735) | $2,784 |
Balance, shares at Dec. 29, 2013 | ' | 259,029 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' |
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax | ' | ' | ' |
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | $13,774 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $549,713 | $174,042 | ($495,690) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 150,523 | 147,414 | 209,061 |
Asset impairment | 4,004 | 2,770 | 22,895 |
Foreign currency transaction losses (gains) | 3,382 | -5,261 | 9,980 |
Accretion of bond discount | 456 | 456 | 453 |
Loss (gain) on property disposals | 2,395 | 5,306 | -4,271 |
Share-based compensation | 3,345 | 684 | 567 |
Deferred income tax benefit | -4,999 | -1,098 | -7,097 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash and cash equivalents | ' | 12,680 | 53,273 |
Trade accounts and other receivables | 7,235 | -14,137 | -63,987 |
Inventories | 142,675 | -65,870 | 122,827 |
Prepaid expenses and other current assets | -6,070 | -2,600 | 27,068 |
Accounts payable and accrued expenses | 49,625 | -16,520 | -7,274 |
Income taxes | -21,546 | -33,714 | 4,683 |
Deposits | 1,877 | 1,783 | 2,174 |
Long-term pension and other postretirement obligations | -6,837 | -2,700 | ' |
Other | 2,755 | -3,611 | -3,653 |
Cash provided by (used in) operating activities | 878,533 | 199,624 | -128,991 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, plant and equipment | -116,223 | -90,327 | -135,968 |
Purchases of investment securities | -96,902 | -162 | -4,596 |
Proceeds from sale or maturity of investment securities | ' | 688 | 15,852 |
Proceeds from business disposals | ' | ' | 37,479 |
Proceeds from property disposals | 31,337 | 29,400 | 29,044 |
Cash used in investing activities | -181,788 | -60,401 | -58,189 |
Cash flows from financing activities: | ' | ' | ' |
Payments on notes payable to JBS USA | ' | -50,000 | ' |
Proceeds from notes payable to JBS USA | ' | ' | 50,000 |
Proceeds from long-term debt | 505,600 | 851,400 | 965,689 |
Payments on long-term debt | -758,578 | -1,110,711 | -881,833 |
Proceeds from sale of common stock | ' | 198,282 | ' |
Tax benefit related to share-based compensation | 7,770 | ' | ' |
Purchase of remaining interest in joint venture | ' | ' | -2,504 |
Payment of capitalized loan costs | -5,006 | ' | -4,395 |
Other financing activities | ' | ' | -107 |
Cash provided by (used in) financing activities | -250,214 | -111,029 | 126,850 |
Effect of exchange rate changes on cash and cash equivalents | -6,505 | -1,623 | -4,138 |
Increase (decrease) in cash and cash equivalents | 440,026 | 26,571 | -64,468 |
Cash and cash equivalents, beginning of period | 68,180 | 41,609 | 106,077 |
Cash and cash equivalents, end of period | 508,206 | 68,180 | 41,609 |
Supplemental Disclosure Information: | ' | ' | ' |
Interest paid (net of amount capitalized) | 80,320 | 96,657 | 104,430 |
Income taxes paid | $30,057 | $10,931 | $3,957 |
BUSINESS_AND_SUMMARY_OF_SIGNIF
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 29, 2013 | |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
1. 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 companies in the United States ("U.S."), Mexico and Puerto Rico. Our fresh chicken retail line is sold in the southeastern, central, southwestern and western regions of the U.S., throughout Puerto Rico, and in the northern and central regions of Mexico. Our prepared-foods products meet the needs of some of the largest customers in the food service industry across the U.S. Additionally, the Company exports commodity chicken products to approximately 100 countries. As a vertically integrated company, we control every phase of the production of our products. We operate feed mills, hatcheries, processing plants and distribution centers in 12 U.S. states, Puerto Rico and Mexico. Our fresh chicken products consist of refrigerated (nonfrozen) whole or cut-up chicken, either pre-marinated or non-marinated, and prepackaged chicken in various combinations of freshly refrigerated, whole chickens and chicken parts. Our prepared chicken products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. These products are sold either refrigerated or frozen and may be fully cooked, partially cooked or raw. In addition, these products are breaded or non-breaded and either pre-marinated or non-marinated. | |
On December 1, 2008, Pilgrim's and six of its subsidiaries filed voluntary petitions in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (the "Bankruptcy Court"), seeking reorganization relief under the provisions of Chapter 11 of Title 11 of the United States Code. We emerged from Chapter 11 bankruptcy proceedings on December 28, 2009. In connection with our emergence from bankruptcy, our common stock outstanding immediately prior to the emergence was cancelled and converted into the right to receive newly-issued shares of common stock of the reorganized Company based on a one-for-one exchange ratio, which constituted 36.0% of the total number of shares of our newly-issued common stock on that date. The remaining shares of our newly-issued common stock, constituting 64.0% of our total issued and outstanding common stock on December 28, 2009, were purchased for $800.0 million by JBS USA Holdings, Inc. ("JBS USA"), a wholly-owned indirect subsidiary of JBS S.A., a Brazil-based meat producer. As the result of subsequent purchases, JBS USA owned 75.5% of our total issued and outstanding common stock on December 29, 2013. | |
Consolidated Financial Statements | |
The Company operates on the basis of a 52/53-week fiscal year that ends on the Sunday falling on or before December 31. The reader should assume any reference we make to a particular year (for example, 2013) in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year. | |
The consolidated financial statements include the accounts of Pilgrim's Pride Corporation and its majority owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation. | |
The Company measures the financial statements of its Mexico subsidiaries as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than non-monetary assets, of the Mexico subsidiaries at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset's acquisition. We remeasure income and expenses at average exchange rates in effect during the period, except for certain accounts which are remeasured at a historical rate. Currency exchange gains or losses are included in the line item Foreign currency transaction losses (gains) in the Consolidated Statements of Operations. | |
Reclassifications | |
We have made certain reclassifications to the 2012 Consolidated Financial Statements with no impact to reported net income (loss) in order to conform to the 2013 presentation. | |
Revenue Recognition | |
We recognize revenue when all of the following circumstances are satisfied: (i) persuasive evidence of an arrangement exits, (ii) price is fixed or determinable, (iii) collectability is reasonably assured and (iv) delivery has occurred. Delivery occurs in the period in which the customer takes title and assumes the risks and rewards of ownership of the products specified in the customer's purchase order or sales agreement. Revenue is recorded net of estimated incentive offerings including special pricing agreements, promotions and other volume-based incentives. Revisions to these estimates are charged back to net sales in the period in which the facts that give rise to the revision become known. Taxes collected from customers and remitted to governmental authorities are excluded from revenues. | |
Shipping and Handling Costs | |
Costs associated with the products shipped to customers are recognized in cost of sales. | |
Advertising Costs | |
The Company expenses advertising costs as incurred. Advertising costs are included in selling, general and administrative expenses and totaled $4.9 million, $6.5 million and $9.6 million for 2013, 2012 and 2011, respectively. | |
Research and Development Costs | |
Research and development costs are expensed as incurred. Research and development costs totaled $3.9 million, $3.8 million and $5.0 million for 2013, 2012 and 2011, respectively. | |
Cash and Cash Equivalents | |
The Company considers highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The majority of the Company's disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows. | |
Current and Long-Term Investments | |
The Company's current and long-term investments consist primarily of fixed income securities, municipal debt securities, bond and equity mutual funds and fund-of-funds. These investments are classified as available-for-sale. These securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a separate component of accumulated other comprehensive income. Debt securities with remaining maturities of less than one year and those identified by management at the time of purchase for funding operations in less than one year are classified as current. Debt securities with remaining maturities greater than one year that management has not identified at the time of purchase for funding operations in less than one year are classified as long-term. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. Management reviews several factors to determine whether a loss is other than temporary, such as the length of time a security is in an unrealized loss position, the extent to which fair value is less than amortized cost, the impact of changing interest rates in the short and long term, and the Company's intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company determines the cost of each security sold and each amount reclassified out of accumulated other comprehensive income into earnings using the specific identification method. Purchases and sales are recorded on a trade date basis. | |
Investments in entities in which the Company has an ownership interest greater than 50% and exercises control over the entity are consolidated in the Consolidated Financial Statements. Investments in entities in which the Company has an ownership interest between 20% and 50% and exercises significant influence are accounted for using the equity method. The Company invests from time to time in ventures in which its ownership interest is less than 20% and over which it does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures' forecasted financial performance and management's evaluation of the ventures' viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge. Thus, the carrying value of the Company's investments approximates fair value. | |
Accounts Receivable | |
The Company records accounts receivable when revenue is recognized. We record an allowance for doubtful accounts, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable, and periodic credit evaluations of our customers' financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable. | |
Inventories | |
Live chicken inventories are stated at the lower of cost or market and breeder hens at the lower of cost, less accumulated amortization, or market. The costs associated with breeder hens are accumulated up to the production stage and amortized over their productive lives using the unit-of-production method. Finished poultry products, feed, eggs and other inventories are stated at the lower of cost (average) or market. | |
We record valuation adjustments for our inventory and for estimated obsolescence at or equal to the difference between the cost of inventory and the estimated market value based upon known conditions affecting inventory, including significantly aged products, discontinued product lines, or damaged or obsolete products. We allocate meat costs between our various finished chicken products based on a by-product costing technique that reduces the cost of the whole bird by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes leg quarters, wings, tenders and offal, which are carried in inventory at the estimated recovery amounts, with the remaining amount being reflected as our breast meat cost. | |
Generally, the Company performs an evaluation of whether any lower of cost or market adjustments are required at the country level based on a number of factors, including: (i) pools of related inventory, (ii) product continuation or discontinuation, (iii) estimated market selling prices and (iv) expected distribution channels. If actual market conditions or other factors are less favorable than those projected by management, additional inventory adjustments may be required. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, and repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of these assets. Estimated useful lives for building, machinery and equipment are five to 33 years and for automobiles and trucks are three to ten years. The charge to income resulting from amortization of assets recorded under capital leases is included with depreciation expense. | |
The Company records impairment charges on long-lived assets held for use when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When the above is true, the impairment charge is determined based upon the amount the net book value of the assets exceeds their fair market value. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) future cash flows estimated to be generated by these assets, which are based on additional assumptions such as asset utilization, remaining length of service and estimated salvage values, (ii) estimated fair market value of the assets and (iii) determinations with respect to the lowest level of cash flows relevant to the respective impairment test, generally groupings of related operational facilities. | |
Given the interdependency of the Company's individual facilities during the production process, which operate as a vertically integrated network, and the fact that the Company does not price the transfers of inventory between its vertically integrated facilities at market prices, it evaluates impairment of assets held for use at the country level (i.e., the U.S. and Mexico). Management believes this is the lowest level of identifiable cash flows for its assets that are held for use in production activities. At the present time, the Company's forecasts indicate that it can recover the carrying value of its assets held for use based on the projected undiscounted cash flows of the operations. A key assumption in management's forecast is that the Company's sales volumes will return to historical margins as supply and demand between commodities and chicken and other animal-based proteins become more balanced. However, the exact timing of the return to historical margins is not certain, and if the return to historical margins is delayed, impairment charges could become necessary in the future. | |
The Company records impairment charges on long-lived assets held for sale when the carrying amount of those assets exceeds their fair value less appropriate selling costs. Fair value is based on amounts documented in sales contracts or letters of intent accepted by the Company, amounts included in counteroffers initiated by the Company, or, in the absence of current contract negotiations, amounts determined using a sales comparison approach for real property and amounts determined using a cost approach for personal property. Under the sales comparison approach, sales and asking prices of reasonably comparable properties are considered to develop a range of unit prices within which the current real estate market is operating. Under the cost approach, a current cost to replace the asset new is calculated and then the estimated replacement cost is reduced to reflect the applicable decline in value resulting from physical deterioration, functional obsolescence and economic obsolescence. Appropriate selling costs includes reasonable broker's commissions, costs to produce title documents, filing fees, legal expenses and the like. We estimate appropriate closing costs as 4% to 6% of asset fair value. This range of rates is considered reasonable for our assets held for sale based on historical experience. | |
Identified Intangible Assets | |
Our identified intangible assets consist of assets subject to amortization such as trade names, customer relationships and non-compete agreements. We calculate amortization of those assets that are subject to amortization on a straight-line basis over the estimated useful lives of the related assets. The useful lives range from three to 15 years for trade names and non-compete agreements and 13 years for customer relationships. | |
We review intangible assets subject to amortization for impairment whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. | |
Litigation and Contingent Liabilities | |
The Company is subject to lawsuits, investigations and other claims related to employment, environmental, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses, to these matters. The Company estimates the amount of reserves required for these contingencies when losses are determined to be probable and after considerable analysis of each individual issue. The Company expenses legal costs related to such loss contingencies as they are incurred. The accrual for environmental remediation liabilities is measured on an undiscounted basis. These reserves may change in the future due to changes in the Company's assumptions, the effectiveness of strategies, or other factors beyond the Company's control. | |
Accrued Self Insurance | |
Insurance expense for casualty claims and employee-related health care benefits are estimated using historical and current experience and actuarial estimates. Stop-loss coverage is maintained with third-party insurers to limit the Company's total exposure. Certain categories of claim liabilities are actuarially determined. The assumptions used to arrive at periodic expenses are reviewed regularly by management. However, actual expenses could differ from these estimates and could result in adjustments to be recognized. | |
Income Taxes | |
The Company follows the provisions of ASC 740-10-30-27 in the Expenses -Income Taxes topic with regards to members of a group that file a consolidated tax return but issue separate financial statements. The Company files its own U.S. federal tax return, but is included in certain state consolidated returns with JBS USA. The income tax expense of the Company is computed using the separate return method. The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effect of temporary differences between the book and tax bases of recorded assets and liabilities, net operating losses and tax credit carry forwards. The amount of deferred tax on these temporary differences is determined using the tax rates expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on the tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | |
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, potential for carry back of tax losses, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances have been established primarily for net operating loss carry forwards of certain foreign subsidiaries. See "Note 11. Income Taxes" to the Consolidated Financial Statements. | |
The Company deems its earnings from Mexico as of December 29, 2013 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided. For activity after 2008, the Company did not permanently reinvest its earnings in Puerto Rico. Therefore, net earnings generated in Puerto Rico have U.S. taxes provided as if the earnings were distributed. | |
The Company follows the provisions under ASC 740-10-25 that provides a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date. See "Note 11. Income Taxes" to the Consolidated Financial Statements. | |
Pension and Other Postemployment Benefits | |
Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, long-term return on plan assets and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. | |
The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management's expectation of the future economic environment. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over either (i) the estimated average future service period of active plan participants if the plan is active or (ii) the estimated average future life expectancy of all plan participants if the plan is frozen. | |
Operating Leases | |
Rent expense for operating leases is recorded on a straight-line basis over the lease term unless the lease contains an escalation clause which is not fixed or determinable. The lease term begins when we have the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. If a lease has a fixed or determinable escalation clause, the difference between rent expense and rent paid is recorded as deferred rent and is included in the Consolidated Balance Sheets. Rent for operating leases that do not have an escalation clause or where escalation is based on an inflation index is expensed over the lease term as it is payable. | |
Risk Management | |
The Company attempts to mitigate commodity purchase exposures through a program of risk management that includes the use of forward purchase contractual obligations and derivative financial instruments. The Company will also occasionally purchase derivative financial instruments in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico operations that are denominated in Mexican pesos. The Company's Mexico subsidiaries also attempt to mitigate the foreign currency exposure on certain U.S. dollar-denominated transactions through the use of derivative financial instruments. We recognize all derivative financial instruments in the Consolidated Balance Sheets at fair value. We elected not to designate derivative financial instruments executed to mitigate commodity purchase exposures and foreign currency exposures as hedges of forecasted transactions. Therefore, we recognize 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 Consolidated Statements of Operations. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Selling, general and administrative expenses in the Consolidated Statements of Operations. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We make significant estimates in regard to receivables collectability; inventory valuation; realization of deferred tax assets; valuation of long-lived assets; valuation of contingent liabilities, liabilities subject to compromise and self insurance liabilities; valuation of pension and other postretirement benefits obligations; and valuation of acquired businesses. | |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
2. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
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 in active markets for identical assets or liabilities; | |||||||||||||||||||
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 December 29, 2013 and December 30, 2012, the Company held certain items that were required to be measured at fair value on a recurring basis. These included derivative assets and liabilities and deferred compensation plan assets. Derivative assets and liabilities consist of long and short positions on exchange-traded commodity and foreign currency derivative instruments. The Company maintains nonqualified deferred compensation plans for executives and other highly compensated employees. Investments are maintained within a trust and include money market funds, mutual funds and life insurance policies. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The following items were measured at fair value on a recurring basis: | ||||||||||||||||||||
29-Dec-13 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Short-term investments in available-for-sale securities | $ | - | $ | 96,902 | $ | - | $ | 96,902 | ||||||||||||
Derivative assets - commodity futures instruments | $ | 1,494 | $ | - | $ | - | $ | 1,494 | ||||||||||||
Derivative assets - commodity options instruments | - | 1,395 | - | 1,395 | ||||||||||||||||
Derivative assets - foreign currency futures instruments | 1,214 | - | - | 1,214 | ||||||||||||||||
Deferred compensation plan assets | 7,208 | - | - | 7,208 | ||||||||||||||||
Derivative liabilities - commodity futures instruments | (1,728 | ) | - | - | (1,728 | ) | ||||||||||||||
Long-term debt and other borrowing arrangements: | ||||||||||||||||||||
Senior unsecured notes | 552,592 | - | - | 552,592 | ||||||||||||||||
Term notes | - | - | 424,650 | 424,650 | ||||||||||||||||
Capitalized lease obligations | - | - | 704 | 704 | ||||||||||||||||
30-Dec-12 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Derivative assets - commodity futures instruments | $ | 1,821 | $ | - | $ | - | $ | 1,821 | ||||||||||||
Deferred compensation plan assets | 7,591 | - | - | 7,591 | ||||||||||||||||
Derivative liabilities - commodity futures instruments | (1,530 | ) | - | - | (1,530 | ) | ||||||||||||||
Long-term debt and other borrowing arrangements: | ||||||||||||||||||||
Senior unsecured notes | 521,415 | - | - | 521,415 | ||||||||||||||||
Term notes and revolver | - | - | 686,435 | 686,435 | ||||||||||||||||
Capitalized lease obligations | - | - | 880 | 880 | ||||||||||||||||
Term Notes and Revolver | Capitalized Lease Obligations | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Change in Value of Level 3 Liabilities: | (In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 686,435 | $ | 945,927 | $ | 880 | $ | 1,005 | ||||||||||||
Borrowings | 509,500 | 1,332,300 | - | - | ||||||||||||||||
Payments | (762,091 | ) | (1,591,498 | ) | (124 | ) | (114 | ) | ||||||||||||
Change in fair value inputs | (9,194 | ) | (294 | ) | (52 | ) | (11 | ) | ||||||||||||
Balance, end of period | $ | 424,650 | $ | 686,435 | $ | 704 | $ | 880 | ||||||||||||
The valuation of financial assets and liabilities classified in Level 1 is determined using a market approach, taking into account current interest rates, creditworthiness, and liquidity risks in relation to current market conditions, and is based upon unadjusted quoted prices for identical assets 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. | ||||||||||||||||||||
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 financial assets and liabilities recorded in the Consolidated Balance Sheets consisted of the following: | ||||||||||||||||||||
29-Dec-13 | 30-Dec-12 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | Note | ||||||||||||||||
Amount | Value | Amount | Value | Reference | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Short-term investments in available-for-sale securities | $ | 96,902 | $ | 96,902 | $ | - | $ | - | 5 | |||||||||||
Derivative assets - commodity futures instruments | 1,494 | 1,494 | 1,821 | 1,821 | 6 | |||||||||||||||
Derivative assets - commodity options instruments | 1,395 | 1,395 | - | - | 6 | |||||||||||||||
Derivative assets - foreign currency futures instruments | 1,214 | 1,214 | - | - | 6 | |||||||||||||||
Deferred compensation plan assets | 7,208 | 7,208 | 7,591 | 7,591 | ||||||||||||||||
Derivative liabilities - commodity futures instruments | (1,728 | ) | (1,728 | ) | (1,530 | ) | (1,530 | ) | 6 | |||||||||||
Long-term debt and other borrowing arrangements | (912,233 | ) | (977,946 | ) | (1,164,756 | ) | (1,208,730 | ) | 10 | |||||||||||
The carrying amounts of our cash and cash equivalents, derivative trading accounts' margin cash, restricted cash and 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 Consolidated Balance Sheet. Deferred compensation plan assets were recorded at fair value based on quoted market prices and are included in the line item Other assets in the 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 Consolidated Balance Sheet. The fair values of the Company's long-term debt and other borrowing arrangements were estimated by calculating the net present value of future payments for each debt obligation or borrowing by: (i) using a risk-free rate applicable for an instrument with a life similar to the remaining life of each debt obligation or borrowing plus the current estimated credit risk spread for the Company or (ii) using the quoted market price at December 29, 2013 or December 30, 2012, 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. Certain long-lived assets held for sale with a carrying amount of $27.5 million were written down to their fair value of $23.9 million, resulting in a loss of $3.6 million recorded in earnings during 2013. These assets are classified as Level 2 assets because their fair value can be corroborated based on observable market data. | ||||||||||||||||||||
TRADE_ACCOUNTS_AND_OTHER_RECEI
TRADE ACCOUNTS AND OTHER RECEIVABLES | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
TRADE ACCOUNTS AND OTHER RECEIVABLES [Abstract] | ' | |||||||
TRADE ACCOUNTS AND OTHER RECEIVABLES | ' | |||||||
3. TRADE ACCOUNTS AND OTHER RECEIVABLES | ||||||||
Trade accounts and other receivables, less allowance for doubtful accounts, consisted of the following: | ||||||||
29-Dec-13 | 30-Dec-12 | |||||||
(In thousands) | ||||||||
Trade accounts receivable | $ | 369,715 | $ | 381,747 | ||||
Receivables from officers and employees | 14 | 48 | ||||||
Other receivables | 11,005 | 6,892 | ||||||
Receivables, gross | 380,734 | 388,687 | ||||||
Allowance for doubtful accounts | (4,056 | ) | (3,757 | ) | ||||
Receivables, net | $ | 376,678 | $ | 384,930 | ||||
Accounts receivable from JBS USA, LLC | $ | 2,388 | $ | 1,514 |
INVENTORIES
INVENTORIES | 12 Months Ended | |||||
Dec. 29, 2013 | ||||||
INVENTORIES [Abstract] | ' | |||||
INVENTORIES | ' | |||||
4. INVENTORIES | ||||||
Inventories consisted of the following: | ||||||
29-Dec-13 | 30-Dec-12 | |||||
(In thousands) | ||||||
Live chicken and hens | $ | 368,582 | $ | 405,335 | ||
Feed, eggs and other | 216,045 | 307,500 | ||||
Finished chicken products | 223,932 | 237,159 | ||||
Total chicken inventories | 808,559 | 949,994 | ||||
Commercial feed, table eggs and other | 273 | 302 | ||||
Total inventories | $ | 808,832 | $ | 950,296 |
INVESTMENTS_IN_SECURITIES
INVESTMENTS IN SECURITIES | 12 Months Ended | ||||||||||||||
Dec. 29, 2013 | |||||||||||||||
INVESTMENTS IN SECURITIES [Abstract] | ' | ||||||||||||||
INVESTMENTS IN SECURITIES | ' | ||||||||||||||
5. INVESTMENTS IN SECURITIES | |||||||||||||||
We recognize investments in available-for-sale securities as cash equivalents, current investments or long-term investments depending upon each security's length to maturity. Additionally, those securities identified by management at the time of purchase for funding operations in less than one year are classified as current. | |||||||||||||||
The following table summarizes our investments in available-for-sale securities: | |||||||||||||||
29-Dec-13 | 30-Dec-12 | ||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||
Cost | Value | Cost | Value | ||||||||||||
(In thousands) | |||||||||||||||
Current investments: | |||||||||||||||
Fixed income securities | $ | 96,902 | $ | 96,902 | $ | - | $ | - | |||||||
The Company and certain retirement plans that it sponsors invest in a variety of financial instruments. Certain postretirement funds in which the Company participates hold significant amounts of mortgage-backed securities. However, none of the mortgages collateralizing these securities are considered subprime. | |||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||
6. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
The Company utilizes various raw materials in its operations, including corn, soybean meal, soybean oil, sorghum, 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 12 months. The Company may purchase longer-term derivative financial instruments on particular commodities if deemed appropriate. The Company will sometimes take a short position on a derivative instrument to minimize the impact of a commodity's price volatility on its operating results. The Company will also occasionally purchase derivative financial instruments in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico operations that are denominated in Mexican pesos. The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the 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. Our counterparties require that we post cash collateral for changes in the net fair value of the derivative contracts. | |||||||||
We have not designated the derivative financial instruments that we have purchased to mitigate commodity purchase or foreign currency transaction exposures as cash flow hedges. Therefore, we recognize changes in the fair value of these derivative financial instruments immediately in earnings. Gains or losses related to these derivative financial instruments are included in either the line item Cost of sales or the line item Selling, general and administrative expenses in the Consolidated Statements of Operations based upon the business purpose of the associated exposure. The Company recognized $25.1 million, $8.3 million and $63.8 million in net gains related to changes in the fair value of its derivative financial instruments during 2013, 2012 and 2011, respectively. | |||||||||
Information regarding the Company's outstanding derivative instruments and cash collateral posted with (owed to) brokers is included in the following table: | |||||||||
29-Dec-13 | 30-Dec-12 | ||||||||
(Fair values in thousands) | |||||||||
Fair values: | |||||||||
Commodity derivative assets | $ | 2,889 | $ | 1,821 | |||||
Commodity derivative liabilities | (1,728 | ) | (1,530 | ) | |||||
Cash collateral posted with (owed to) brokers | 4,142 | (166 | ) | ||||||
Foreign currency derivative assets, gross | 1,214 | - | |||||||
Derivatives Coverage(a): | |||||||||
Corn | 1.1 | % | - | % | |||||
Soybean meal | (3.6 | )% | - | % | |||||
Period through which stated percent of needs are covered: | |||||||||
Corn | Sep-15 | Dec-13 | |||||||
Soybean meal | Jul-14 | Dec-13 | |||||||
(a) | Derivatives coverage is the percent of anticipated corn and soybean meal needs covered by outstanding derivative instruments through a specified date. |
IDENTIFIED_INTANGIBLE_ASSETS
IDENTIFIED INTANGIBLE ASSETS | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
IDENTIFIED INTANGIBLE ASSETS [Abstract] | ' | |||||||||||
IDENTIFIED INTANGIBLE ASSETS | ' | |||||||||||
7. IDENTIFIED INTANGIBLE ASSETS | ||||||||||||
Identified intangible assets consisted of the following: | ||||||||||||
Useful Life | Accumulated | Carrying | ||||||||||
(Years) | Original Cost | Amortization | Amount | |||||||||
(In thousands) | ||||||||||||
December 30, 2012: | ||||||||||||
Trade names | 15-Mar | $ | 40,143 | $ | (29,263 | ) | $ | 10,880 | ||||
Customer relationships | 13 | 51,000 | (23,614 | ) | 27,386 | |||||||
Non-compete agreements | 3 | 300 | (300 | ) | - | |||||||
Total intangible assets | 91,443 | (53,177 | ) | 38,266 | ||||||||
December 29, 2013: | ||||||||||||
Trade names | 15-Mar | 40,143 | (31,081 | ) | 9,062 | |||||||
Customer relationships | 13 | 51,000 | (27,537 | ) | 23,463 | |||||||
Non-compete agreements | 3 | 300 | (300 | ) | - | |||||||
Total intangible assets | $ | 91,443 | $ | (58,918 | ) | $ | 32,525 | |||||
We recognized amortization expense related to identified intangible assets of $5.7 million in 2013, $5.8 million in 2012 and $5.7 million in 2011. | ||||||||||||
We expect to recognize amortization expense associated with identified intangible assets of $5.7 million in each year from 2014 through 2016, $5.8 million in 2017 and $5.6 million in 2018. | ||||||||||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
8. PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment ("PP&E"), net consisted of the following: | ||||||||
29-Dec-13 | 30-Dec-12 | |||||||
(In thousands) | ||||||||
Land | $ | 66,071 | $ | 63,788 | ||||
Buildings | 1,077,859 | 1,081,059 | ||||||
Machinery and equipment | 1,502,968 | 1,498,280 | ||||||
Autos and trucks | 55,779 | 58,526 | ||||||
Construction-in-progress | 66,926 | 47,927 | ||||||
Property, plant and equipment, gross | 2,769,603 | 2,749,580 | ||||||
Accumulated depreciation | (1,617,792 | ) | (1,559,659 | ) | ||||
Property, plant and equipment, net | $ | 1,151,811 | $ | 1,189,921 | ||||
The Company recognized depreciation expense of $135.5 million, $131.5 million and $192.6 million during 2013, 2012 and 2011, respectively. | ||||||||
During 2013, the Company sold certain PP&E for cash of $31.3 million and recognized a loss of $2.4 million. PP&E sold in 2013 included vehicle maintenance centers in Texas, Arkansas, and Georgia, excess land in Texas, a hatchery in North Carolina, a complex in Arkansas, an office building in Georgia, and miscellaneous equipment. During 2012, the Company sold certain PP&E for cash of $29.4 million and recognized a loss of $5.3 million. PP&E sold in 2012 included a commercial egg operation in Texas, a vacant office building in Texas, an idled processing plant and broiler farm in Georgia, an idled feed mill in Arkansas, idled hatcheries in Alabama, Arkansas and Georgia, an idled distribution center in Louisiana, various broiler and breeder farms in Texas, both developed and undeveloped land in Texas and miscellaneous processing equipment. | ||||||||
The Company scrapped certain unused or obsolete PP&E recognizing a net loss of $4.6 million and $4.0 million during 2013 and 2012, respectively. | ||||||||
As part of the exit or disposal activities discussed in "Note 15. Exit or Disposal Activities," the Company closed or idled (i) processing facilities in Alabama, Georgia, Arkansas and Texas, (ii) feed mills in North Carolina and Arkansas, (iii) hatcheries in Alabama, Texas, Arkansas and North Carolina, (iv) various broiler farms in Texas and Alabama (v) a vehicle maintenance center in Arkansas and (vi) other miscellaneous assets. Neither the Board of Directors nor JBS USA has 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. At December 29, 2013, the carrying amount of these idled assets was $53.8 million based on depreciable value of $134.6 million and accumulated depreciation of $80.8 million. | ||||||||
Management has committed to the sale of certain properties and related assets, including, but not limited to (i) processing plants in Louisiana and Pennsylvania, (ii) a warehouse in Texas, (iii) vehicle maintenance centers in Texas and Georgia, (iv) a fertilizer building in Texas, (v) a hatchery in North Carolina, and (iv) other miscellaneous assets, as such assets no longer fit into the operating plans of the Company. The Company is actively marketing these properties and related assets for immediate sale and believes a sale of each property can be consummated within the next 12 months. At December 29, 2013, the Company reported assets held for sale totaling $7.0 million in Assets held for sale on its Consolidated Balance Sheets. In 2013, the Company recognized administrative restructuring charges totaling $3.6 million to impair the carrying amounts of certain assets held for sale to fair value. | ||||||||
The Company tested the recoverability of its long-lived assets held for use during the thirteen weeks ended December 29, 2013 by comparing the book value of its invested capital, exclusive of assets held for sale, with the undiscounted cash flows expected to result from the use and eventual disposition of its long-lived assets held for use. The Company determined that the carrying amount of its long-lived assets held for use is recoverable over the remaining life of the primary asset in the group, and the long-lived assets for use pass the Step 1 recoverability test of ASC 360-10-35, Impairment or Disposal of Long-Lived Assets. | ||||||||
CURRENT_LIABILITIES
CURRENT LIABILITIES | 12 Months Ended | |||||
Dec. 29, 2013 | ||||||
CURRENT LIABILITIES [Abstract] | ' | |||||
CURRENT LIABILITIES | ' | |||||
9. CURRENT LIABILITIES | ||||||
Current liabilities, other than income taxes and current maturities of long-term debt, consisted of the following components: | ||||||
29-Dec-13 | 30-Dec-12 | |||||
(In thousands) | ||||||
Accounts payable: | ||||||
Trade accounts | $ | 313,266 | $ | 252,644 | ||
Book overdrafts | 55,378 | 58,066 | ||||
Other payables | 1,716 | 1,655 | ||||
Total accounts payable | 370,360 | 312,365 | ||||
Accounts payable to JBS USA, LLC | 3,934 | 13,436 | ||||
Accrued expenses: | ||||||
Compensation and benefits | 100,965 | 77,376 | ||||
Interest and debt-related fees | 7,558 | 10,740 | ||||
Insurance and self-insured claims | 99,244 | 108,806 | ||||
Commodity derivative liabilities: | ||||||
Futures | 1,729 | 1,530 | ||||
Other accrued expenses | 73,859 | 85,088 | ||||
Total accrued expenses | 283,355 | 283,540 | ||||
$ | 657,649 | $ | 609,341 |
LONGTERM_DEBT_AND_OTHER_BORROW
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS | 12 Months Ended | ||||||||||
Dec. 29, 2013 | |||||||||||
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS [Abstract] | ' | ||||||||||
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS | ' | ||||||||||
10.LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS | |||||||||||
Long-term debt consisted of the following components: | |||||||||||
Maturity | 29-Dec-13 | 30-Dec-12 | |||||||||
(In thousands) | |||||||||||
Senior notes, at 7 7/8%, net of unaccreted discount | 2018 | $ | 497,757 | $ | 497,301 | ||||||
The U.S. Credit Facility Term B-1 note payable at | |||||||||||
2.4375% | 2014 | 204,880 | 275,443 | ||||||||
The U.S. Credit Facility Term B-2 note payable at | |||||||||||
9.00% | 2014 | 205,219 | 283,647 | ||||||||
Revolving note payable on which the Company had funds | |||||||||||
borrowed at 4.25% and 6.25% | 2018 | - | 103,600 | ||||||||
Mexico Credit Facility (defined below) with notes payable at TIIE Rate | |||||||||||
plus 2.25% or Equilibrium Interbank Interest Rate plus 4.50% | 2014 | - | - | ||||||||
Other | Various | 4,377 | 4,765 | ||||||||
Long-term debt | 912,233 | 1,164,756 | |||||||||
Less: Current maturities of long-term debt | (410,234 | ) | (15,886 | ) | |||||||
Long-term debt, less current maturities | $ | 501,999 | $ | 1,148,870 | |||||||
Senior and Subordinated Notes | |||||||||||
At December 29, 2013, the Company had an aggregate principal balance of $500.0 million of 7 ⅞% senior notes due 2018 (the "2018 Notes") outstanding that are registered under the Securities Act of 1933. The 2018 Notes are unsecured obligations of the Company and are guaranteed by one of the Company's subsidiaries. Interest is payable on December 15 and June 15 of each year, commencing on June 15, 2011. The indenture governing the 2018 Notes contains various covenants that may adversely affect our ability, among other things, to incur additional indebtedness, incur liens, pay dividends or make certain restricted payments, consummate certain asset sales, enter into certain transactions with JBS USA and our other affiliates, merge, consolidate and/or sell or dispose of all or substantially all of our assets. Additionally, we have an aggregate principal balance of $3.6 million of 7 ⅝% senior unsecured notes and 8 ⅜% senior subordinated unsecured notes outstanding at December 29, 2013. | |||||||||||
JBS Subordinated Loan Agreement | |||||||||||
On June 23, 2011, the Company entered into a Subordinated Loan Agreement with JBS USA (the "Subordinated Loan Agreement"). Pursuant to the terms of the Subordinated Loan Agreement, the Company agreed to reimburse JBS USA up to $56.5 million for draws upon any letters of credit issued for JBS USA's account that support certain obligations of the Company or its subsidiaries. JBS USA agreed to arrange for letters of credit to be issued on its account in the amount of $56.5 million to an insurance company serving the Company in order to allow that insurance company to return cash it held as collateral against potential workers compensation, auto and general liability claims. In return for providing this letter of credit, the Company has agreed to reimburse JBS USA for the letter of credit cost the Company would otherwise incur under its U.S. Credit Facility (as defined below). The total amount paid by the Company for 2013, 2012 and 2011 costs, to reimburse JBS USA, was $2.2 million, $2.2 million and $0.4 million, respectively. As of December 29, 2013, the Company has accrued an obligation of $0.1 million to reimburse JBS USA for letter of credit costs incurred on its behalf. There remains no other commitment to make advances by JBS USA under the Subordinated Loan Agreement. | |||||||||||
U.S. Credit Facility | |||||||||||
Pilgrim's and certain of its subsidiaries entered into a credit agreement (the "U.S. Credit Facility") with CoBank, ACB, as administrative agent and collateral agent, and other lenders party thereto, which was amended and restated on August 7, 2013. The U.S. Credit Facility currently provides for a $700.0 million revolving credit facility, a Term B facility of approximately $410.1 million and a delayed draw term loan commitment of up to $400 million (the "Delayed Draw Term Loans"). The Company can draw upon the Delayed Draw Term Loan commitment, in one or more advances, between May 1, 2014 and December 28, 2014. The U.S. Credit Facility also includes an accordion feature that allows us, at any time, to increase the aggregate revolving loan commitment by up to an additional $250.0 million and to increase the aggregate Delayed Draw Term Loan commitment by up to an additional $500.0 million, in each case subject to the satisfaction of certain conditions, including obtaining the lenders' agreement to participate in the increase and an aggregate limit on all commitments under the U.S. Credit Facility of $1.85 billion. The U.S. Credit Facility also provides for a $100 million sub-limit for swingline loans and a $200 million sub-limit for letters of credit. The Term B Loans mature on December 28, 2014 with all principal and unpaid interest due at maturity. The revolving loan commitment under the U.S. Credit Facility matures on August 7, 2018. Any Delayed Draw Term Loans would be payable in quarterly installments beginning in fiscal year 2015 equal to 1.875% of the principal outstanding as of December 28, 2014, with all remaining principal and interest due at maturity on August 7, 2018. | |||||||||||
On December 28, 2009, the Company paid loan costs totaling $50.0 million related to the U.S. Credit Facility that it recognized as an asset on its balance sheet. On August 7, 2013, the Company paid loan costs totaling $5.0 million related to the amendment and restatement to the U.S. Credit Facility that is recognized as an asset on its balance sheet. The Company amortizes these capitalized costs to interest expense over the life of the U.S. Credit Facility. | |||||||||||
Subsequent to the end of each fiscal year, a portion of our cash flow must be used to repay outstanding principal amounts under the Term B loans. With respect to 2013, the Company paid $204.9 million of its cash flow toward the outstanding principal under the Term B-1 loans on December 30, 2013, and expects to pay approximately $205.2 million of its cash flow toward the outstanding principal under the Term B-2 loans on April 28, 2014. Following the April 28, 2014 payment, the Company will have no outstanding principal under the Term B loans. The U.S. Credit Facility also requires us to use the proceeds we receive from certain asset sales and specified debt or equity issuances and upon the occurrence of other events to repay outstanding borrowings under the U.S. Credit Facility. On December 29, 2013, a principal amount of $410.1 million under the Term B loans commitment was outstanding. | |||||||||||
Actual borrowings by the Company under the revolving credit commitment component of the U.S. Credit Facility are subject to a borrowing base, which is a formula based on certain eligible inventory, eligible receivables and restricted cash under the control of CoBank, ACB. As of December 29, 2013, the applicable borrowing base was $695.4 million, the amount available for borrowing under the revolving loan commitment was $665.8 million. The Company had letters of credit of $29.6 million and no outstanding borrowings under the revolving loan commitment as of December 29, 2013. | |||||||||||
The U.S. Credit Facility contains financial covenants and various other covenants that may adversely affect our ability to, among other things, incur additional indebtedness, incur liens, pay dividends or make certain restricted payments, consummate certain assets sales, enter into certain transactions with JBS USA and our other affiliates, merge, consolidate and/or sell or dispose of all or substantially all of our assets. The U.S. Credit Facility requires the Company to comply with a minimum level of tangible net worth covenant. The Company is currently in compliance with this financial covenant. All other financial covenants were eliminated in connection with the August 7, 2013 amendment and restatement to the U.S. Credit Facility. The U.S. Credit Facility also provides that the Company may not incur capital expenditures in excess of $350.0 million in any fiscal year. | |||||||||||
All obligations under the U.S. Credit Facility are unconditionally guaranteed by certain of the Company's subsidiaries and are secured by a first priority lien on (i) the accounts receivable and inventories of the Company and its non-Mexico subsidiaries, (ii) 65% of the equity interests in the Company's direct foreign subsidiaries and 100% of the equity interests in the Company's other subsidiaries, (iii) substantially all of the personal property and intangibles of the borrowers and guarantors under the U.S. Credit Facility and (iv) substantially all of the real estate and fixed assets of the Company and the guarantor subsidiaries under the U.S. Credit Facility. | |||||||||||
Mexico Credit Facility | |||||||||||
On October 19, 2011, Avícola Pilgrim's Pride de México, S.A. de C.V. ("Avicola"), Pilgrim's Pride S. de R.L. de C.V. and certain other Mexican subsidiaries entered into an amended and restated credit agreement (the "Mexico Credit Facility") with ING Bank (México), S.A. Institución de Banca Múltiple, ING Grupo Financiero, as lender and ING Capital LLC, as administrative agent. The Mexico Credit Facility has a final maturity date of September 25, 2014. The Mexico Credit Facility is secured by substantially all of the assets of the Company's Mexico subsidiaries. As of December 29, 2013, the U.S. dollar-equivalent of the loan commitment under the Mexico Credit Facility was $42.7 million. There were no outstanding borrowings under the Mexico Credit Facility at December 29, 2013. | |||||||||||
Under the Mexico Credit Facility, if (i) any default or event of default has occurred and is continuing or (ii) the quotient of the borrowing base divided by the outstanding loans and letters of credit (the "Collateral Coverage Ratio") under the Mexico Credit Facility is less than 1.25 to 1.00, the loans and letters of credit under the Mexico Credit Facility will be subject to, and cannot exceed, a borrowing base. The borrowing base is a formula based on accounts receivable, inventory, prepaid assets, net cash under the control of the administrative agent and up to 150.0 million Mexican pesos of fixed assets of our Mexico subsidiaries party to the Mexico Credit Facility. The borrowing base formula will be reduced by trade payables of those Mexico subsidiaries. If the Collateral Coverage Ratio falls below 1.25 to 1.00, the borrowing base requirement would terminate upon the earlier of (i) the Collateral Coverage Ratio exceeding 1.25 to 1.00 as of the latest measurement period for 60 consecutive days or (ii) the borrowing availability under the Mexico Credit Facility being equal to or greater than the greater of 20% of the revolving commitments under the Mexico Credit Facility and 100.0 million Mexican pesos for a period of 60 consecutive days. | |||||||||||
Avicola may pay dividends or make other restricted payments to the Company in an amount not to exceed in the aggregate 250.0 million Mexican pesos during the term of the Mexico Credit Facility if certain conditions are satisfied, including a condition that availability is at least 100% of the revolving loan commitment under the Mexico Credit Facility, less any letter of credit liability under the Mexico Credit Facility. However, the Company deems its earnings from Mexico as of December 29, 2013 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided. | |||||||||||
Other Disclosures | |||||||||||
Substantially all of our domestic inventories and domestic fixed assets are pledged as collateral to secure the obligations under the U.S. Credit Facility. The Mexico Credit Facility is secured by substantially all of the assets of the Company's Mexico subsidiaries. | |||||||||||
Annual maturities of long-term debt for the five years subsequent to December 29, 2013 are as follows (in thousands): | |||||||||||
2014 | $ | 410,234 | |||||||||
2015 | 263 | ||||||||||
2016 | 86 | ||||||||||
2017 | 3,611 | ||||||||||
2018 | 500,102 | ||||||||||
Thereafter | 180 | ||||||||||
Total maturities | 914,476 | ||||||||||
Less: Amount representing original issue discount, net of accretion | (2,243 | ) | |||||||||
Total long-term debt | $ | 912,233 | |||||||||
Total interest expense was $87.0 million, $104.9 million and $111.5 million in 2013, 2012 and 2011, respectively. Interest related to new construction capitalized in 2013, 2012 and 2011 was $2.2 million, $1.7 million and $3.4 million, respectively. | |||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
11. INCOME TAXES | |||||||||||||
Income (loss) from continuing operations before income taxes by jurisdiction is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
U.S. | $ | 469,395 | $ | 62,332 | $ | (481,048 | ) | ||||||
Foreign | 104,545 | 90,730 | (6,078 | ) | |||||||||
Total | $ | 573,940 | $ | 153,062 | $ | (487,126 | ) | ||||||
The components of income tax expense (benefit) are set forth below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (427 | ) | $ | (28,883 | ) | $ | 741 | |||||
Foreign | 26,206 | 9,279 | 13,132 | ||||||||||
State and other | 3,512 | (211 | ) | 1,914 | |||||||||
Total current | 29,291 | (19,815 | ) | 15,787 | |||||||||
Deferred: | |||||||||||||
Federal | 22,923 | (293 | ) | (9,128 | ) | ||||||||
Foreign | (3,648 | ) | (835 | ) | 1,033 | ||||||||
State and other | (24,339 | ) | (37 | ) | 872 | ||||||||
Total deferred | (5,064 | ) | (1,165 | ) | (7,223 | ) | |||||||
$ | 24,227 | $ | (20,980 | ) | $ | 8,564 | |||||||
The effective tax rate for continuing operations for 2013 was 4.2% compared to (13.7)% for 2012. The effective tax rate for 2013 differed from 2012 primarily as a result of smaller decreases in the valuation allowance and reserves for unrecognized tax benefits during 2013 compared to decreases in the valuation allowance and reserves for unrecognized tax benefits during 2012. | |||||||||||||
The effective tax rate for continuing operations for 2011 was (1.8)%. The effective tax rate for 2012 differed from 2011 primarily as a result of decreases in the valuation allowance and reserves for unrecognized tax benefits during 2012 and increases in the valuation allowance and reserves for unrecognized tax benefits during 2011. | |||||||||||||
The following table reconciles the statutory U.S. federal income tax rate to the Company's effective income tax rate: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax rate, net | 2.3 | 2.5 | 2.6 | ||||||||||
Permanent items | 1.4 | 1.5 | (0.8 | ) | |||||||||
Permanent items - reorganization costs | - | - | 0.1 | ||||||||||
Domestic production activity | (1.2 | ) | - | (0.8 | ) | ||||||||
Difference in U.S. statutory tax rate and foreign | (1.0 | ) | (3.3 | ) | - | ||||||||
country effective tax rate | |||||||||||||
Tax credits | (3.0 | ) | (2.3 | ) | 1.8 | ||||||||
Change in reserve for unrecognized tax | - | (10.4 | ) | (2.5 | ) | ||||||||
benefits | |||||||||||||
Change in valuation allowance | (31.0 | ) | (34.4 | ) | (35.3 | ) | |||||||
Change in tax legislation | - | - | 0.9 | ||||||||||
Other | 1.7 | (2.3 | ) | (2.8 | ) | ||||||||
Total | 4.2 | % | (13.7 | )% | (1.8 | )% | |||||||
Significant components of the Company's deferred tax liabilities and assets are as follows: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
PP&E and identified intangible assets | $ | 125,197 | $ | 124,921 | |||||||||
Inventories | 74,287 | 107,420 | |||||||||||
Insurance claims and losses | 33,625 | 28,701 | |||||||||||
All other current | 9,453 | 24,857 | |||||||||||
All other noncurrent | 9,031 | 9,957 | |||||||||||
Total deferred tax liabilities | 251,593 | 295,856 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | 20,907 | 244,151 | |||||||||||
Foreign net operating losses | 15,437 | 19,113 | |||||||||||
Credit carry forwards | 79,555 | 60,129 | |||||||||||
Allowance for doubtful accounts | 4,510 | 5,583 | |||||||||||
Accrued liabilities | 47,384 | 41,808 | |||||||||||
All other current | 12,282 | 581 | |||||||||||
All other noncurrent | 10,292 | 3,627 | |||||||||||
Workers compensation | 42,951 | 45,320 | |||||||||||
Pension and other postretirement benefits | 20,364 | 56,847 | |||||||||||
Total deferred tax assets | 253,682 | 477,159 | |||||||||||
Valuation allowance | (10,400 | ) | (188,354 | ) | |||||||||
Net deferred tax assets | 243,282 | 288,805 | |||||||||||
Net deferred tax liabilities | $ | 8,311 | $ | 7,051 | |||||||||
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 December 29, 2013, the Company believes it has sufficient positive evidence to conclude that realization of its federal and state net deferred tax assets is more likely than not to be realized. The decrease in valuation allowance of $178.0 million during 2013 was primarily due to a decrease in federal, state and foreign net operating losses. As of December 29, 2013, the Company's valuation allowance is $10.4 million, of which $1.9 million relates to capital loss carry forwards and $8.5 million relates to its Mexico operations. | |||||||||||||
As of December 29, 2013, the Company had state net operating loss carry forwards of approximately $459.6 million that will begin to expire in 2014. The Company also had Mexico net operating loss carry forwards at December 29, 2013 of approximately $51.5 million that begin to expire in 2014. | |||||||||||||
As of December 29, 2013, the Company had approximately $63.2 million of federal tax credit carry forwards that will begin to expire in 2024 and $2.7 million of state tax credit carry forwards that begin to expire in 2014. | |||||||||||||
On November 6, 2009, H.R. 3548 was signed into law and included a provision that allowed most business taxpayers an increased carry back period for net operating losses incurred in 2008 or 2009. As a result, during 2009 the Company utilized $547.7 million of its U.S. federal net operating losses under the expanded carry back provisions of H.R. 3548 and filed a claim for refund of $169.7 million. The Company received $122.6 million in refunds from the Internal Revenue Service ("IRS") from the carry back claims during 2010. The Company anticipates receipt of the remainder of its claim pending resolution of its litigation with the IRS. See "Note 17. Commitments and Contingencies" for additional information. | |||||||||||||
Section 382 of the Internal Revenue Code of 1986, as amended (the "IRC"), imposes an annual limit on the ability of a corporation that undergoes an "ownership change" to use its U.S. net operating losses and tax credits to reduce its tax liability. The Company experienced an ownership change in December 2009, but believes that utilization of the U.S. net operating losses and tax credits will not be hindered by the Section 382 limitation. | |||||||||||||
The Company has not provided any deferred income taxes on the undistributed earnings of its Mexico subsidiaries as of December 29, 2013 based upon the determination that such earnings will be indefinitely reinvested. It is not practicable to determine the amount of incremental taxes that might arise if these earnings were to be remitted. For activity after 2008, the Company is not permanently reinvesting its earnings in Puerto Rico. Therefore, the earnings generated in Puerto Rico have U.S. taxes provided on the earnings as if the earnings were distributed. | |||||||||||||
During 2011, the Company completed its deconsolidation of its Mexico operations from a tax perspective to help minimize the impact of the Mexico tax reform that became effective January 1, 2010. As a result, all of the Mexico subsidiaries started filing separate returns in 2011. The deconsolidation reduced the accrued taxes that had been previously recognized under the consolidated filing status as it eliminated recapturing certain taxes required under the new consolidation laws. As a result of the deconsolidation, the Company recognized a benefit of $4.3 million and $29.5 million during 2011 and 2010, respectively, which reduced the additional taxes that had been previously accrued as of December 27, 2009, resulting in a total net benefit of $18.4 million. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits, beginning of year | $ | 16,643 | $ | 64,808 | |||||||||
Increase as a result of tax positions taken during the current year | 978 | 926 | |||||||||||
Increase as a result of tax positions taken during prior years | 232 | 119 | |||||||||||
Decrease as a result of tax positions taken during prior years | - | (27,619 | ) | ||||||||||
Decrease for lapse in statute of limitations | (736 | ) | (13,670 | ) | |||||||||
Decrease relating to settlements with taxing authorities | - | (7,921 | ) | ||||||||||
Unrecognized tax benefits, end of year | $ | 17,117 | $ | 16,643 | |||||||||
Included in unrecognized tax benefits of $17.1 million at December 29, 2013, was $10.9 million of tax benefits that, if recognized, would reduce the Company's effective tax rate. It is not practicable at this time to estimate the amount of unrecognized tax benefits that will change in the next twelve months. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. As of December 29, 2013, the Company had recorded a liability of $9.9 million for interest and penalties. During 2013, accrued interest and penalty amounts related to uncertain tax positions remained unchanged from 2012. | |||||||||||||
The Company operates in the U.S. (including multiple state jurisdictions), Puerto Rico and Mexico. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations for years prior to 2008 and is no longer subject to Mexico income tax examinations by taxing authorities for years prior to 2008. | |||||||||||||
The Company is currently working with the IRS through the normal processes and procedures that are available to all taxpayers outside of bankruptcy to resolve the IRS' proof of claim. In connection, the Company has filed various petitions in the United States Tax Court ("Tax Court") in response to the Notices of Deficiency that were issued to the Company. On December 12, 2012, the Company entered into two Stipulation of Settled Issues ("Stipulation" or "Stipulations") with the IRS that resolved a portion of the IRS' proof of claim. The Company is pursuing the IRS' amended proof of claim relating to the tax year ended June 20, 2004 for Gold Kist Inc. ("Gold Kist"). See "Note 17. Commitments and Contingencies" for additional information. | |||||||||||||
On September 13, 2013, the IRS issued the final, revised Tangible Property Repair Regulations for IRC Sections 162(a) and 263(a) which modify and supersede the Temporary Regulations that were issued on December 23, 2011. In addition, the IRS also released new proposed regulations for dispositions of tangible property under IRC Section 168. These final and proposed regulations are effective for tax years beginning January 1, 2014. The Company assessed the applicability of the regulations and concluded there was no significant impact to the Company's tax fixed assets. | |||||||||||||
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS [Abstract] | ' | ||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | ' | ||||||||||||||||||||||||
12.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, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan, and defined contribution retirement savings plans. Under all of our retirement plans, the Company's expenses were $7.5 million, $8.7 million and $7.9 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The Company used a year-end measurement date of December 29, 2013 for its pension and postretirement benefits plans. Certain disclosures are listed below. Other disclosures are not material to the financial statements. | |||||||||||||||||||||||||
Qualified Defined Benefit Pension Plans | |||||||||||||||||||||||||
The Company sponsors two qualified defined benefit pension plans named the Pilgrim's Pride Retirement Plan for Union Employees (the "Union Plan") and the Pilgrim's Pride Pension Plan for Legacy Gold Kist Employees (the "GK Pension Plan"). The Union Plan covers certain locations or work groups within PPC. The GK Pension Plan covers certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007. Participation in the GK Pension Plan was frozen as of February 8, 2007 for all participants with the exception of terminated vested participants who are or may become permanently and totally disabled. The plan was frozen for that group as of March 31, 2007. | |||||||||||||||||||||||||
Nonqualified Defined Benefit Pension Plans | |||||||||||||||||||||||||
The Company sponsors two nonqualified defined benefit retirement plans named the Former Gold Kist Inc. Supplemental Executive Retirement Plan (the "SERP Plan") and the Former Gold Kist Inc. Directors' Emeriti Retirement Plan (the "Directors' Emeriti Plan"). Pilgrim's Pride assumed sponsorship of the SERP Plan and Directors' Emeriti Plan through its acquisition of Gold Kist in 2007. The SERP Plan provides benefits on compensation in excess of certain IRC limitations to certain former executives with whom Gold Kist negotiated individual agreements. Benefits under the SERP Plan were frozen as of February 8, 2007. The Directors' Emeriti Plan provides benefits to former Gold Kist directors. | |||||||||||||||||||||||||
Defined Benefit Postretirement Life Insurance Plan | |||||||||||||||||||||||||
The Company sponsors one defined benefit postretirement life insurance plan named the Gold Kist Inc. Retiree Life Insurance Plan (the "Retiree Life Plan"). Pilgrim's Pride also assumed defined benefit postretirement medical and life insurance obligations, including the Retiree Life Plan, through its acquisition of Gold Kist in 2007. In January 2001, Gold Kist began to substantially curtail its programs for active employees. On July 1, 2003, Gold Kist terminated medical coverage for retirees age 65 or older, and only retired employees in the closed group between ages 55 and 65 could continue their coverage at rates above the average cost of the medical insurance plan for active employees. These retired employees all reached the age of 65 in 2012 and liabilities of the postretirement medical plan then ended. | |||||||||||||||||||||||||
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 Consolidated Balance Sheets for these plans were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation: | (In thousands) | ||||||||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 194,434 | $ | 167,931 | $ | 1,933 | $ | 1,961 | |||||||||||||||||
Service cost | - | 51 | - | - | |||||||||||||||||||||
Interest cost | 7,954 | 8,272 | 78 | 96 | |||||||||||||||||||||
Actuarial losses (gains) | (24,315 | ) | 24,872 | (92 | ) | 159 | |||||||||||||||||||
Benefits paid | (8,043 | ) | (6,692 | ) | - | - | |||||||||||||||||||
Curtailments and settlements | - | - | (214 | ) | (283 | ) | |||||||||||||||||||
Projected benefit obligation, end of year | $ | 170,030 | $ | 194,434 | $ | 1,705 | $ | 1,933 | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in plan assets: | (In thousands) | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 92,283 | $ | 81,193 | $ | - | $ | - | |||||||||||||||||
Actual return on plan assets | 16,489 | 8,013 | - | - | |||||||||||||||||||||
Contributions by employer | 7,767 | 9,769 | 214 | 283 | |||||||||||||||||||||
Benefits paid | (8,043 | ) | (6,692 | ) | - | - | |||||||||||||||||||
Curtailments and settlements | - | - | (214 | ) | (283 | ) | |||||||||||||||||||
Fair value of plan assets, end of year | $ | 108,496 | $ | 92,283 | $ | - | $ | - | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Funded status: | (In thousands) | ||||||||||||||||||||||||
Unfunded benefit obligation, end of year | $ | (61,534 | ) | $ | (102,151 | ) | $ | (1,705 | ) | $ | (1,933 | ) | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at end of | |||||||||||||||||||||||||
year: | (In thousands) | ||||||||||||||||||||||||
Current liability | $ | (9,146 | ) | $ | (6,656 | ) | $ | (148 | ) | $ | (158 | ) | |||||||||||||
Long-term liability | (52,388 | ) | (95,495 | ) | (1,557 | ) | (1,775 | ) | |||||||||||||||||
Recognized liability | $ | (61,534 | ) | $ | (102,151 | ) | $ | (1,705 | ) | $ | (1,933 | ) | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in accumulated other | |||||||||||||||||||||||||
comprehensive loss at end of year: | (In thousands) | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 16,957 | $ | 53,368 | $ | (126 | ) | $ | (49 | ) | |||||||||||||||
The accumulated benefit obligation for our defined benefit pension plans was $170.0 million and $194.4 million at December 29, 2013 and December 30, 2012, respectively. Each of our defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at December 29, 2013 and December 30, 2012, respectively. | |||||||||||||||||||||||||
Net Periodic Benefit Cost (Income) | |||||||||||||||||||||||||
Net pension and other postretirement costs included the following components: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Service cost | $ | - | $ | 51 | $ | 173 | $ | - | $ | - | $ | - | |||||||||||||
Interest cost | 7,954 | 8,272 | 8,213 | 78 | 96 | 112 | |||||||||||||||||||
Estimated return on plan assets | (5,393 | ) | (5,867 | ) | (6,177 | ) | - | - | - | ||||||||||||||||
Curtailment loss | - | - | 16 | - | - | - | |||||||||||||||||||
Settlement loss (gain) | - | - | - | (15 | ) | (7 | ) | - | |||||||||||||||||
Amortization of prior service cost | - | - | 3 | - | - | - | |||||||||||||||||||
Amortization of net loss (gain) | 1,001 | 465 | 96 | - | (2 | ) | - | ||||||||||||||||||
Net cost | $ | 3,562 | $ | 2,921 | $ | 2,324 | $ | 63 | $ | 87 | $ | 112 | |||||||||||||
Economic Assumptions | |||||||||||||||||||||||||
The weighted average assumptions used in determining pension and other postretirement plan information were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Benefit obligation: | |||||||||||||||||||||||||
Discount rate | 4.95% | 4.22% | 5.09% | 4.95% | 4.22% | 5.09% | |||||||||||||||||||
Rate of compensation increase | NA | NA | 3.00% | NA | NA | NA | |||||||||||||||||||
Net pension and other postretirement cost: | |||||||||||||||||||||||||
Discount rate | 4.22% | 5.09% | 5.50% | 4.22% | 5.09% | 5.50% | |||||||||||||||||||
Rate of compensation increase | NA | 3.00% | 3.00% | NA | NA | NA | |||||||||||||||||||
Expected return on plan assets | 6.00% | 7.50% | 7.75% | NA | NA | NA | |||||||||||||||||||
The expected rate of return on plan assets was determined based on the current interest rate environment and historical market premiums relative to the fixed income rates of equities and other asset classes. We also take into consideration anticipated asset allocations, investment strategies and the views of various investment professionals when developing this rate. | |||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
The following table reflects the pension plans' actual asset allocations: | |||||||||||||||||||||||||
2013 | 2012(a) | ||||||||||||||||||||||||
Cash and cash equivalents | -% | -% | |||||||||||||||||||||||
Pooled separate accounts(b): | |||||||||||||||||||||||||
Equity securities | 8% | 8% | |||||||||||||||||||||||
Fixed income securities | 3% | 3% | |||||||||||||||||||||||
Common collective trust funds(b): | |||||||||||||||||||||||||
Equity securities | 60% | 63% | |||||||||||||||||||||||
Fixed income securities | 29% | 26% | |||||||||||||||||||||||
Total assets | 100% | 100% | |||||||||||||||||||||||
(a) | We have made certain reclassifications to the December 30, 2012 asset allocation with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. | ||||||||||||||||||||||||
(b) | Pooled separate accounts ("PSAs") and common collective trust funds ("CCTs") are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the Securities and Exchange Commission. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments. | ||||||||||||||||||||||||
Absent regulatory or statutory limitations, the target asset allocation for the investment of the assets for our ongoing pension plans is 30% in fixed income securities and 70% in equity securities. The plans only invest in fixed income and equity instruments for which there is a ready public market. We develop our expected long-term rate of return assumptions based on the historical rates of returns for equity and fixed income securities of the type in which our plans invest. | |||||||||||||||||||||||||
The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 29, 2013 and December 30, 2012: | |||||||||||||||||||||||||
2013 | 2012(a) | ||||||||||||||||||||||||
Level 1(b) | Level 2(c) | Level 3(d) | Total | Level 1(b) | Level 2(c) | Level 3(d) | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 275 | $ | - | $ | - | $ | 275 | $ | 72 | $ | - | $ | - | $ | 72 | |||||||||
Pooled separate accounts: | |||||||||||||||||||||||||
Large U.S. equity funds(e) | - | 4,828 | - | 4,828 | - | 4,181 | - | 4,181 | |||||||||||||||||
Small/Mid U.S. equity funds(f) | - | 1,192 | - | 1,192 | - | 1,060 | - | 1,060 | |||||||||||||||||
International equity funds(g) | - | 2,019 | - | 2,019 | - | 1,908 | - | 1,908 | |||||||||||||||||
Fixed income funds(h) | - | 3,442 | - | 3,442 | - | 2,693 | - | 2,693 | |||||||||||||||||
Common collective trusts funds: | |||||||||||||||||||||||||
Large U.S. equity funds(e) | - | 28,784 | - | 28,784 | - | 32,434 | - | 32,434 | |||||||||||||||||
Small U.S. equity funds(f) | - | 16,937 | - | 16,937 | - | 12,659 | - | 12,659 | |||||||||||||||||
International equity funds(g) | - | 19,420 | - | 19,420 | - | 12,831 | - | 12,831 | |||||||||||||||||
Fixed income funds(h) | - | 31,599 | - | 31,599 | - | 24,445 | - | 24,445 | |||||||||||||||||
Total assets | $ | 275 | $ | 108,221 | $ | - | $ | 108,496 | $ | 72 | $ | 92,211 | $ | - | $ | 92,283 | |||||||||
(a) | We have made certain reclassifications to the December 30, 2012 fair value hierarchy with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. | ||||||||||||||||||||||||
(b) | Unadjusted quoted prices in active markets for identical assets are used to determine fair value. | ||||||||||||||||||||||||
(c) | Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value. | ||||||||||||||||||||||||
(d) | Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value. | ||||||||||||||||||||||||
(e) | This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods. | ||||||||||||||||||||||||
(f) | This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns. | ||||||||||||||||||||||||
(g) | This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S. | ||||||||||||||||||||||||
(h) | This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities. | ||||||||||||||||||||||||
The valuation of plan assets 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. Level 2 securities primarily include equity and fixed income securities funds. | |||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||
The following table reflects the benefits as of December 29, 2013 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. | |||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||
Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2014 | $ | 12,803 | $ | 148 | |||||||||||||||||||||
2015 | 12,231 | 151 | |||||||||||||||||||||||
2016 | 11,847 | 153 | |||||||||||||||||||||||
2017 | 11,487 | 154 | |||||||||||||||||||||||
2018 | 10,940 | 153 | |||||||||||||||||||||||
2019-2023 | 50,866 | 723 | |||||||||||||||||||||||
Total | $ | 110,174 | $ | 1,482 | |||||||||||||||||||||
We anticipate contributing $9.1 million and $0.1 million, as required by funding regulations or laws, to our pension and other postretirement plans, respectively, during 2014. | |||||||||||||||||||||||||
Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss (Income) | |||||||||||||||||||||||||
The amounts in accumulated other comprehensive income (loss) that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Net actuarial loss (gain), beginning of year | $ | 53,368 | $ | 31,108 | $ | 9,708 | $ | (49 | ) | $ | (217 | ) | $ | (47 | ) | ||||||||||
Amortization | (1,001 | ) | (465 | ) | (96 | ) | - | 2 | - | ||||||||||||||||
Curtailment and settlement adjustments | - | - | - | 15 | 7 | - | |||||||||||||||||||
Actuarial loss (gain) | (24,315 | ) | 24,872 | 12,072 | (92 | ) | 159 | (170 | ) | ||||||||||||||||
Asset loss (gain) | (11,095 | ) | (2,147 | ) | 9,424 | - | - | - | |||||||||||||||||
Net actuarial loss (gain), end of year | $ | 16,957 | $ | 53,368 | $ | 31,108 | $ | (126 | ) | $ | (49 | ) | $ | (217 | ) | ||||||||||
Net prior service cost, beginning of year | $ | - | $ | - | $ | 19 | $ | - | $ | - | $ | - | |||||||||||||
Amortization | - | - | (19 | ) | - | - | - | ||||||||||||||||||
Net prior service cost, end of year | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
The Company expects to recognize in net pension cost throughout 2014 an actuarial loss of $0.1 million that was recorded in accumulated other comprehensive income at December 29, 2013. | |||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||
The Company sponsors two defined contribution retirement savings plans named the Pilgrim's Pride Retirement Savings Plan (the "RS Plan") and the To-Ricos Employee Savings and Retirement Plan (the "To-Ricos Plan"). The RS Plan is an IRC Section 401(k) salary deferral plan maintained for certain eligible US employees. Under the RS Plan, eligible U.S. employees may voluntarily contribute a percentage of their compensation. The Company matches up to 30.0% of the first 2.14% to 6.00% of salary based on the salary deferral and compensation levels up to $245,000. The To-Ricos Plan is an IRC Section 1165(e) salary deferral plan maintained for certain eligible Puerto Rican employees. Under the To-Ricos Plan, eligible employees may voluntarily contribute a percentage of their compensation and there are various company matching provisions. The Company also maintains three postretirement plans for eligible Mexico employees as required by Mexico law that primarily cover termination benefits. | |||||||||||||||||||||||||
The Company's expenses related to its defined contribution plans totaled $3.9 million, $5.7 million and $5.5 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Certain retirement plans that the Company sponsors invest in a variety of financial instruments. Certain postretirement funds in which the Company participates hold significant amounts of mortgage-backed securities. However, none of the mortgages collateralizing these securities are considered subprime. | |||||||||||||||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | |||||||||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||||||||
13. STOCKHOLDERS' EQUITY | ||||||||||||||||
Rights Offering | ||||||||||||||||
In January 2012, Pilgrim's commenced the Rights Offering for stockholders of record as of January 17, 2012 (the "Record Date"). The basic subscription privilege gave stockholders the option to purchase 0.2072 shares of Pilgrim's common stock, rounded up to the next largest whole number, at a subscription price of $4.50 per share for each share of Pilgrim's common stock they owned as of the Record Date. The multiplier was determined by dividing the 44,444,444 shares being offered in the Rights Offering by the total number of shares owned by all stockholders on the Record Date. Those stockholders that exercised their basic subscription privilege in full also received an over-subscription privilege that afforded them the opportunity to purchase additional shares at the subscription price of $4.50 per share from a pool of the shares left over had all stockholders not elected to exercise their basic subscription privileges in full. JBS USA committed to participate in the Rights Offering and exercise its basic and over-subscription privileges in full. The last day a stockholder could exercise either their basic subscription rights or their over-subscription rights was February 29, 2012. On March 7, 2012, the Company issued 44,444,444 shares of common stock to stockholders that exercised their basic subscription privileges and over-subscription privileges under the Rights Offering. Gross proceeds received under the Rights Offering totaled $200.0 million. The Company incurred costs directly attributable to the Rights Offering of $1.7 million that it deferred and charged against the proceeds of the Rights Offering in Additional Paid-in Capital on the Consolidated Balance Sheet. The Company used the net proceeds of $198.3 million for additional working capital to improve its capital position and for general corporate purposes. Pilgrim's also used a portion of the net proceeds to repay the outstanding principal amount of $50.0 million, plus accrued interest, of its subordinated debt owed to JBS USA and to repay indebtedness under the U.S. Credit Facility. | ||||||||||||||||
The Rights Offering contained a subscription price that was less than the fair value of the Company's common stock on the last day the rights could be exercised. This price discount is considered a bonus element similar to a stock dividend. Because of this bonus element, the Company adjusted both the weighted average basic and diluted shares outstanding as reported in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on April 29, 2011 by multiplying those weighted average shares by an adjustment factor that represented the $6.40 fair value of a share of the Company's common stock immediately prior to the exercise of the basic and over-subscription privileges under the Rights Offering divided by the $6.07 theoretical ex-rights fair value of a share of the Company's common stock immediately prior to the exercise of the basic and over-subscription privileges under the Rights Offering. Weighted average basic and diluted shares outstanding and net loss per weighted average basic and diluted share for 2011 as originally reported and as adjusted for this bonus element were as follows: | ||||||||||||||||
As Originally Reported | As Adjusted | Effect of Change | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Weighted average basic shares outstanding | 214,282 | 224,996 | 10,714 | |||||||||||||
Weighted average diluted shares outstanding | 214,282 | 224,996 | 10,714 | |||||||||||||
Net loss per weighted average basic share | $ | (2.32 | ) | $ | (2.21 | ) | $ | 0.11 | ||||||||
Net loss per weighted average diluted share | $ | (2.32 | ) | $ | (2.21 | ) | $ | 0.11 | ||||||||
Restrictions on Retained Earnings | ||||||||||||||||
Both The U.S. Credit Facility and the indenture governing the 2018 Notes restrict, but do not prohibit, the Company from declaring dividends. | ||||||||||||||||
Antidilutive Common Stock Equivalents | ||||||||||||||||
Due to the net loss incurred during 2011, the Company did not include 12,094 common stock equivalents in the calculation of the denominator used for net loss per weighted average diluted common share outstanding as these common stock equivalents would have been antidilutive. | ||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
The following tables provide information regarding the changes accumulated other comprehensive loss during 2013 and 2012: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Losses Related to | Losses Related to | |||||||||||||||
Pension and Other | Unrealized Holding | Pension and Other | ||||||||||||||
Postretirement | Gains on Available- | Postretirement | ||||||||||||||
Benefits | for-Sale Securities | Total | Benefits | |||||||||||||
(In thousands) | ||||||||||||||||
Balance, beginning of year | $ | (68,511 | ) | $ | - | $ | (68,511 | ) | $ | (46,070 | ) | |||||
Other comprehensive income (loss) | ||||||||||||||||
before reclassifications | 21,713 | 62 | 21,775 | (22,886 | ) | |||||||||||
Amounts reclassified from accumulated | ||||||||||||||||
other comprehensive loss to net income | 1,001 | - | 1,001 | 445 | ||||||||||||
Net current year other comprehensive | ||||||||||||||||
income (loss) | 22,714 | 62 | 22,776 | (22,441 | ) | |||||||||||
Balance, end of year | $ | (45,797 | ) | $ | 62 | (45,735 | ) | $ | (68,511 | ) | ||||||
(a) | All amounts are net of tax. Amounts in parentheses indicate debits. | |||||||||||||||
Amount Reclassified from Accumulated | ||||||||||||||||
Other Comprehensive Loss(a) | ||||||||||||||||
Details about Accumulated Other Comprehensive | Affected Line Item in the Consolidated | |||||||||||||||
Loss Components | 2013 | 2012 | Statements of Operations | |||||||||||||
(In thousands) | ||||||||||||||||
Realized gain on sale of securities | $ | - | $ | 18 | Selling, general and administrative expense | |||||||||||
Amortization of pension and other | ||||||||||||||||
postretirement plan actuarial losses: | ||||||||||||||||
Union employees pension plan(b) | (36 | ) | $ | (64 | ) | (d) | Cost of goods sold | |||||||||
Legacy Gold Kist plans(c) | (965 | ) | (399 | ) | (d) | Selling, general and administrative expense | ||||||||||
Total before tax | (1,001 | ) | (445 | ) | ||||||||||||
Tax benefit (expense) | - | - | ||||||||||||||
Total reclassification for the period | $ | (1,001 | ) | $ | (445 | ) | ||||||||||
(a) | Amounts in parentheses represent debits to results of operations. | |||||||||||||||
(b) | The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements. | |||||||||||||||
(c) | The Company sponsors the GK Pension Plan, a qualified defined benefit pension plan covering certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007, the SERP Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Directors' Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors and the Retiree Life Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees (collectively, the "Legacy Gold Kist Plans"). | |||||||||||||||
(d) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See "Note 12. Pension and Other Postretirement Benefits" to the Consolidated Financial Statements. |
INCENTIVE_COMPENSATION
INCENTIVE COMPENSATION | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
INCENTIVE COMPENSATION [Abstract] | ' | ||||||||||||||||
INCENTIVE COMPENSATION | ' | ||||||||||||||||
14.INCENTIVE COMPENSATION | |||||||||||||||||
The Company sponsors a short-term incentive plan that provides the grant of either cash or share-based bonus awards payable upon achievement of specified performance goals (the "STIP"). Full-time, salaried exempt employees of the Company and its affiliates who are selected by the administering committee are eligible to participate in the STIP. The Company has accrued $25.8 million in costs related to the STIP at December 29, 2013 related to cash bonus awards that could potentially be awarded during 2014. | |||||||||||||||||
The Company also sponsors a performance-based, omnibus long-term incentive plan that provides for the grant of a broad range of long-term equity-based and cash-based awards to the Company's officers and other employees, members of the Board and any consultants (the "LTIP"). The equity-based awards that may be granted under the LTIP include "incentive stock options," within the meaning of the IRC, nonqualified stock options, stock appreciation rights, restricted stock awards ("RSAs") and restricted stock units ("RSUs"). At December 29, 2013, we have reserved approximately 6.6 million shares of common stock for future issuance under the LTIP. | |||||||||||||||||
The following awards existed during 2013: | |||||||||||||||||
Estimated | |||||||||||||||||
Award | Award | Vesting | Forfeiture | Settlement | |||||||||||||
Type | Benefit Plan | Quantity | Grant Date | Condition | Vesting Date | Rate | Method | ||||||||||
RSA | Employment Agreement | 100,000 | 14-Jan-11 | Service | 3-Jan-13 | - | % | Stock | |||||||||
RSA | Employment Agreement | 100,000 | 14-Jan-11 | Service | 3-Jan-14 | - | % | Stock | |||||||||
RSA | LTIP | 72,675 | 27-Aug-12 | Service | 27-Apr-14 | - | % | Stock | |||||||||
RSU | LTIP | 608,561 | 4-Feb-13 | Service | December 31, 2014 | 9.6559 | % | Stock | |||||||||
RSA | LTIP | 15,000 | February 25, 2013 | Service | 24-Feb-15 | - | % | Stock | |||||||||
RSA | LTIP | 15,000 | 25-Feb-13 | Service | 24-Feb-16 | - | % | Stock | |||||||||
RSU | LTIP | 206,933 | 26-Feb-13 | Service | 31-Dec-14 | - | % | Stock | |||||||||
The fair value of each RSA and RSU granted represents the closing price of the Company's common stock on the respective grant date. | |||||||||||||||||
Compensation costs and the income tax benefit recognized for our share-based compensation arrangements are included below: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Share-based compensation cost: | |||||||||||||||||
Cost of goods sold | $ | 361 | $ | - | $ | - | |||||||||||
Selling, general and administrative expenses | 2,984 | 684 | 568 | ||||||||||||||
Total | $ | 3,345 | $ | 684 | $ | 568 | |||||||||||
Income tax benefit | $ | 471 | $ | 28 | $ | - | |||||||||||
The Company's RSA and RSU activity is included below: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Average Grant | Average Grant | Average Grant | |||||||||||||||
Number | Date Fair Value | Number | Date Fair Value | Number | Date Fair Value | ||||||||||||
(In thousands, except weighted average fair values) | |||||||||||||||||
RSAs: | |||||||||||||||||
Outstanding at beginning of year | 273 | $ | 6.54 | 200 | $ | 7.1 | - | $ | - | ||||||||
Granted | 30 | 8.72 | 73 | 5 | 200 | 7.1 | |||||||||||
Vested | (100 | ) | 7.1 | - | - | - | - | ||||||||||
Outstanding at end of year | 203 | $ | 6.59 | 273 | $ | 6.54 | 200 | $ | 7.1 | ||||||||
RSUs: | |||||||||||||||||
Outstanding at beginning of year | - | $ | - | - | $ | - | - | $ | - | ||||||||
Granted | 815 | 8.82 | - | - | - | - | |||||||||||
Vested | - | - | - | - | - | - | |||||||||||
Forfeited | (86 | ) | 8.89 | - | - | - | - | ||||||||||
Outstanding at end of year | 729 | $ | 8.81 | - | $ | - | - | $ | - | ||||||||
The total fair value of shares vested in 2013 was $710 thousand. No shares vested in 2012 or 2011. | |||||||||||||||||
At December 29, 2013, the total unrecognized compensation cost related to all nonvested awards was $4.5 million. That cost is expected to be recognized over a weighted average period of 1.03 years. | |||||||||||||||||
Historically, we have issued new shares to satisfy award conversions. | |||||||||||||||||
EXIT_OR_DISPOSAL_ACTIVITIES
EXIT OR DISPOSAL ACTIVITIES | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||
EXIT OR DISPOSAL ACTIVITIES [Abstract] | ' | ||||||||||||||||||||||||||||
EXIT OR DISPOSAL ACTIVITIES | ' | ||||||||||||||||||||||||||||
15.EXIT OR DISPOSAL ACTIVITIES | |||||||||||||||||||||||||||||
From time to time, the Company will incur costs to implement exit or disposal efforts for specific operations. These exit or disposal plans, each of which is approved by the Company's Board of Directors, focus on various aspects of operations, including closing and consolidating certain processing facilities, rationalizing headcount and aligning operations in the most strategic and cost-efficient structure. Specific exit or disposal efforts that were ongoing during 2013, 2012 and 2011 included the following: | |||||||||||||||||||||||||||||
JBS USA | |||||||||||||||||||||||||||||
Facility Closures(a) | Integration (b) | Total | |||||||||||||||||||||||||||
(In thousands, except positions eliminated) | |||||||||||||||||||||||||||||
Earliest implementation date | Oct-08 | Jan-10 | |||||||||||||||||||||||||||
Latest expected completion date | Sep-14 | Sep-12 | |||||||||||||||||||||||||||
Positions eliminated | 2,410 | 480 | 2,890 | ||||||||||||||||||||||||||
Costs incurred and expected to be incurred: | |||||||||||||||||||||||||||||
Employee-related costs | $ | 2,492 | $ | 32,311 | $ | 34,803 | |||||||||||||||||||||||
Asset impairment costs | 25,018 | 38,514 | 63,532 | ||||||||||||||||||||||||||
Inventory valuation costs | 344 | - | 344 | ||||||||||||||||||||||||||
Other exit or disposal costs | 15,207 | 11,336 | 26,543 | ||||||||||||||||||||||||||
Total exit or disposal costs | $ | 43,061 | $ | 82,161 | $ | 125,222 | |||||||||||||||||||||||
Costs incurred since earliest implementation date: | |||||||||||||||||||||||||||||
Employee-related costs | $ | 2,492 | $ | 32,311 | $ | 34,803 | |||||||||||||||||||||||
Asset impairment costs | 25,018 | 38,514 | 63,532 | ||||||||||||||||||||||||||
Inventory valuation costs | 344 | - | 344 | ||||||||||||||||||||||||||
Other exit or disposal costs | 14,241 | 11,336 | 25,577 | ||||||||||||||||||||||||||
Total exit or disposal costs | $ | 42,095 | $ | 82,161 | $ | 124,256 | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Facility | JBS USA | Facility | JBS USA | Facility | JBS USA | ||||||||||||||||||||||||
Closures(a) | Integration(b) | Total | Closures(a) | Integration(b) | Total | Closures(a) | Integration(b) | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Employee-related | |||||||||||||||||||||||||||||
costs | $ | - | $ | - | $ | - | $ | 65 | $ | - | $ | 65 | $ | 647 | $ | 405 | $ | 1,052 | |||||||||||
Asset impairment | |||||||||||||||||||||||||||||
costs | 3,177 | 466 | 3,643 | 3,868 | (1,098 | ) | 2,770 | 9,203 | 13,693 | 22,896 | |||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||
valuation costs | - | - | - | 151 | - | 151 | - | - | - | ||||||||||||||||||||
Other exit or | |||||||||||||||||||||||||||||
disposal costs | 2,018 | - | 2,018 | 3,685 | 1,994 | 5,679 | 5,249 | - | 5,249 | ||||||||||||||||||||
Total exit or | |||||||||||||||||||||||||||||
disposal costs | $ | 5,195 | $ | 466 | $ | 5,661 | $ | 7,769 | $ | 896 | $ | 8,665 | $ | 15,099 | $ | 14,098 | $ | 29,197 | |||||||||||
(a) | Significant facilities closed included one processing plant in 2008, two processing plants in 2009, two processing plants in the transition period and one processing plant in 2011. The transition period began September 27, 2009 and ended December 27, 2009 and resulted from the Company's change in its fiscal year end from the Saturday nearest September 30 each year to the last Sunday in December of each year. | ||||||||||||||||||||||||||||
(b) | Company management implemented certain activities to integrate the administrative functions of the Company into those of JBS USA. These included the closures of administrative offices in Georgia and Texas. | ||||||||||||||||||||||||||||
Accrued severance costs are included in Accrued expenses and other current liabilities and accrued inventory charges are included in Inventories on the accompanying Consolidated Balance Sheets. The following table sets forth activity that was recorded through the Company's accrued exit or disposal cost accounts during 2013 and 2012: | |||||||||||||||||||||||||||||
Accrued | Inventory | ||||||||||||||||||||||||||||
Severance | Reserves | Total | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
25-Dec-11 | $ | 90 | $ | 793 | $ | 883 | |||||||||||||||||||||||
Accruals | 65 | 151 | 216 | ||||||||||||||||||||||||||
Payment/Disposal | (155 | ) | (136 | ) | (291 | ) | |||||||||||||||||||||||
30-Dec-12 | - | 808 | 808 | ||||||||||||||||||||||||||
Accruals | - | - | - | ||||||||||||||||||||||||||
Payment/Disposal | - | (808 | ) | (808 | ) | ||||||||||||||||||||||||
29-Dec-13 | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Exit or disposal costs were included on the following lines in the accompanying Consolidated Statements of Operations: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Cost of sales | $ | - | $ | 216 | $ | - | |||||||||||||||||||||||
Operational restructuring charges | - | - | 1,958 | ||||||||||||||||||||||||||
Selling, general and administrative expense | - | - | 328 | ||||||||||||||||||||||||||
Administrative restructuring charges | 5,661 | 8,449 | 26,911 | ||||||||||||||||||||||||||
Total exit or disposal costs | $ | 5,661 | $ | 8,665 | $ | 29,197 | |||||||||||||||||||||||
Certain exit and disposal costs were classified as either Operational restructuring charges, net or Administrative restructuring charges, net on the accompanying Consolidated Statements of Operations because management believed these costs were not directly related to the Company's ongoing operations. Components of operational restructuring charges and administrative restructuring charges are summarized below: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Operational restructuring charges: | |||||||||||||||||||||||||||||
Relocation charges expensed as incurred | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Asset impairments (See "Note 8. Property, Plant and Equipment") | - | - | 1,958 | ||||||||||||||||||||||||||
Loss on egg sales and flock depletion expensed as incurred | - | - | - | ||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 1,958 | |||||||||||||||||||||||
Administrative restructuring charges: | |||||||||||||||||||||||||||||
Severance charges | $ | - | $ | - | $ | 724 | |||||||||||||||||||||||
Relocation charges expensed as incurred | - | - | - | ||||||||||||||||||||||||||
Asset impairments (See "Note 8. Property, Plant and Equipment") | 3,643 | 2,770 | 20,938 | ||||||||||||||||||||||||||
Loss on scrapped inventory expensed as incurred | - | - | - | ||||||||||||||||||||||||||
Loss on egg sales and flock depletion expensed as incurred | - | 509 | 2,390 | ||||||||||||||||||||||||||
Other restructuring costs | 2,018 | 5,170 | 2,859 | ||||||||||||||||||||||||||
Total | $ | 5,661 | $ | 8,449 | $ | 26,911 | |||||||||||||||||||||||
We continue to review and evaluate various restructuring and other alternatives to streamline our operations, improve efficiencies and reduce costs. Such initiatives may include selling assets, consolidating operations and functions and voluntary and involuntary employee separation programs. Any such actions may require us to obtain the pre-approval of our lenders under our credit facilities. In addition, such actions will subject the Company to additional short-term costs, which may include asset impairment charges, lease commitment costs, employee retention and severance costs and other costs. Certain of these activities may have a disproportionate impact on our income relative to the cost savings in a particular period. | |||||||||||||||||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | ' | |||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||
16.RELATED PARTY TRANSACTIONS | ||||||||||
Pilgrim's has been and, in some cases, continues to be a party to certain transactions with affiliated persons and our current and former directors and executive officers. Company management has analyzed the terms of all contracts executed with related parties and believes that they are substantially similar to, and contain terms no less favorable to us than, those obtainable from unaffiliated parties. | ||||||||||
On December 28, 2009, JBS USA became the holder of the majority of the common stock of the Company. Until March 26, 2012, Lonnie A. "Bo" Pilgrim (the "Founder Director") and certain entities related to the Founder Director collectively owned the second-largest block of our common stock. On March 12, 2012, the Founder Director resigned as a director of Pilgrim's. On March 26, 2012, the Founder Director and certain entities related to the Founder Director sold 18,924,438 shares of our common stock to JBS USA. | ||||||||||
Transactions with JBS USA, JBS USA, LLC (a JBS USA subsidiary) and the former Founder Director recognized in the Consolidated Statements of Operations are summarized below: | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
JBS USA, LLC: | ||||||||||
Purchases from JBS USA, LLC | $ | 80,809 | $ | 69,048 | $ | 173,081 | ||||
Expenditures paid by JBS USA, LLC on behalf of Pilgrim's(a) | 55,730 | 61,353 | 26,331 | |||||||
Sales to JBS USA, LLC | 61,942 | 206,720 | 117,909 | |||||||
Expenditures paid by Pilgrim's on behalf of JBS USA, LLC(a) | 1,733 | 4,134 | 1,312 | |||||||
Sale of PFS Distribution business assets to JBS USA, LLC(c) | - | - | 24,479 | |||||||
Sale of pork business assets to JBS USA, LLC(d) | - | - | 13,000 | |||||||
Founder Director: | ||||||||||
Contract grower pay paid to Founder Director | - | 297 | 1,132 | |||||||
Consulting fee paid to Founder Director(b) | - | 374 | 1,497 | |||||||
Board fees paid to Founder Director(b) | - | 45 | 154 | |||||||
Sales to Founder Director | - | 1 | 22 | |||||||
(a) | On January 19, 2010, the Company entered into an agreement with JBS USA, LLC in order to allocate costs associated with JBS USA, LLC's procurement of SAP licenses and maintenance services for its combined companies. Under this agreement, the fees associated with procuring SAP licenses and maintenance services are allocated between the Company and JBS USA, LLC in proportion to the percentage of licenses used by each company. The agreement expires on the date of expiration, or earlier termination, of the underlying SAP license agreement. On May 5, 2010, the Company also entered into an agreement with JBS USA, LLC in order to allocate the costs of supporting the business operations by one consolidated corporate team, which have historically been supported by their respective corporate teams. Expenditures paid by JBS USA, LLC on behalf of the Company will be reimbursed by the Company and expenditures paid by the Company on behalf of JBS USA, LLC will be reimbursed by JBS USA, LLC. This agreement expires on May 5, 2015. | |||||||||
(b) | In connection with the Company's plan of reorganization, the Company and the Founder Director entered into a consulting agreement, which became effective on December 28, 2009. The terms of the consulting agreement included, among other things, that the Founder Director (i) provide services to the Company that are comparable in the aggregate with the services provided by him to the Company prior to December 28, 2009, (ii) be appointed to the Board of Directors of the Company and during the term of the consulting agreement will be nominated for subsequent terms on the board, (iii) be compensated for services rendered to the Company at a rate of $1.5 million per year for a term of five years, (iv) be subject to customary non-solicitation and non-competition provisions and (v) be, along with his spouse, provided with medical benefits (or will be compensated for medical coverage) that are comparable in the aggregate to the medical benefits afforded to employees of the Company. | |||||||||
(c) | On October 7, 2011, the Company and certain of its wholly owned subsidiaries entered into an agreement with JBS USA, LLC and JBS Trading International, Inc. to sell certain real property, tractor trailers, inventory, equipment, accounts receivable and other assets related to our distribution and transportation businesses. See below for additional information regarding this sale. | |||||||||
(d) | On October 26, 2011, the Company entered into an agreement with Swift Pork Company, a wholly owned subsidiary of JBS USA, LLC, to sell certain real property, tractor trailers, inventory, livestock, equipment, accounts receivable and other assets related to our pork business. | |||||||||
As of December 29, 2013 and December 30, 2012, the outstanding payable to JBS USA was $3.9 million and $13.4 million, respectively. As of December 29, 2013 and December 30, 2012, the outstanding receivable from JBS USA, LLC was $2.4 million and $1.5 million, respectively. As of December 29, 2013, approximately $2.1 million of goods from JBS USA, LLC were in transit and not reflected on our Consolidated Balance Sheet. | ||||||||||
On March 2, 2011, the Company agreed to purchase the home of William W. Lovette in Arkansas on reasonable and customary commercial terms and at a purchase price not to exceed approximately $2.1 million. Consequently, Mr. Lovette transferred all of the rights and the Company assumed all obligations relative to the property for a purchase price of $2.1 million. His home was sold on July 23, 2012. | ||||||||||
On October 7, 2011, the Company and certain of its wholly owned subsidiaries entered into an agreement with JBS USA, LLC and JBS Trading International, Inc. to sell certain real property, tractor trailers, inventory, equipment, accounts receivable and other assets related to our distribution and transportation businesses. The purchase price for these assets was $24.5 million, paid in cash, and the transaction closed on November 18, 2011. Company management analyzed the terms of the contract and believe that they were substantially similar to and contain terms no less favorable to us than those obtainable from unaffiliated parties. Additionally, the Audit Committee of the Company's Board of Directors reviewed and approved the agreement. | ||||||||||
On October 26, 2011, the Company entered into an agreement with Swift Pork Company, a wholly owned subsidiary of JBS USA, LLC to sell certain real property, tractor trailers, inventory, livestock, equipment, accounts receivable and other assets related to our pork business. The purchase price for these assets was $13.0 million, payable in cash, subject to adjustment based on the final accounting of the assets. The closing occurred on December 2, 2011. Company management analyzed the terms of the contract and believe that they were substantially similar to and contain terms no less favorable to us than those obtainable from unaffiliated parties. Additionally, the Audit Committee of the Company's Board of Directors reviewed and approved the agreement. | ||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||
Dec. 29, 2013 | |||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||
COMMITMENTS AND CONTINGENCIES | ' | ||
17.COMMITMENTS AND CONTINGENCIES | |||
General | |||
We are a party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks. Among other considerations, we have not recorded a liability for any of these indemnities as based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on our financial condition, results of operations and cash flows. | |||
Purchase Obligations | |||
The Company will sometimes enter into noncancelable contracts to purchase capital equipment and certain commodities such as corn, soybean meal, electricity and natural gas. At December 29, 2013, the Company was party to outstanding purchase contracts totaling $150.6 million, $4.8 million, $4.7 million and $0.8 million payable in 2014, 2015, 2016 and 2017, respectively. | |||
Operating Leases | |||
The Consolidated Statements of Operations include rental expense for operating leases of approximately $9.6 million, $14.3 million and $26.2 million in 2013, 2012 and 2011, respectively. The Company's future minimum lease commitments under noncancelable operating leases are as follows (in thousands): | |||
2014 | $ | 7,621 | |
2015 | 6,599 | ||
2016 | 3,931 | ||
2017 | 2,154 | ||
2018 | 816 | ||
Thereafter | 18 | ||
Total | $ | 21,139 | |
Certain of the Company's operating leases include rent escalations. The Company includes the rent escalation in its minimum lease payments obligations and recognizes them as a component of rental expense on a straight-line basis over the minimum lease term. | |||
The Company also maintains operating leases for various types of equipment, some of which contain residual value guarantees for the market value of assets at the end of the term of the lease. The terms of the lease maturities range from one to ten years. The maximum potential amount of the residual value guarantees is estimated to be approximately $2.6 million; however, the actual amount would be offset by any recoverable amount based on the fair market value of the underlying leased assets. No liability has been recorded related to this contingency as the likelihood of payments under these guarantees is not considered to be probable and the fair value of such guarantees is immaterial. The Company historically has not experienced significant payments under similar residual guarantees. | |||
Financial Instruments | |||
Pursuant to the terms of the Subordinated Loan Agreement, we have agreed to reimburse JBS USA up to $56.5 million for draws upon any letters of credit issued for JBS USA's account that support certain obligations of the Company and its subsidiaries. | |||
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 (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) 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 | |||
We are a party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks. Among other considerations, we have not recorded a liability for any of these indemnities as based upon the likelihood of payment, the fair value of such indemnities would not have a material impact on our financial condition, results of operations and cash flows. | |||
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. For a discussion of the material legal proceedings and claims, see Part II, Item 1. "Legal Proceedings." Below is a summary of some of these material proceedings and claims. The Company believes it has substantial defenses to the claims made and intends to vigorously defend these cases. | |||
On December 1, 2008, Pilgrim's and six of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Northern District of Texas, Fort Worth Division ("Bankruptcy Court"). The cases were jointly administered under Case No. 08-45664. The Company emerged from Chapter 11 on December 28, 2009. The Company is the named defendant in several pre-petition lawsuits that, as of December 29, 2013, have not been resolved. Among the claims presently pending are claims brought against certain current and former directors, executive officers and employees of the Company, the Pilgrim's Pride Administrative Committee and the Pilgrim's Pride Pension Committee seeking unspecified damages under section 502 of the Employee Retirement Income Security Act of 1974 ("ERISA"), 29 U.S.C. § 1132. These claims were brought by individual participants in the Pilgrim's Pride Retirement Savings Plan, individually and on behalf of a putative class, alleging that the defendants breached fiduciary duties to plan participants and beneficiaries or otherwise violated ERISA. Although the Company is not a named defendant in these claims, our bylaws require us to indemnify our current and former directors and officers from any liabilities and expenses incurred by them in connection with actions they took in good faith while serving as an officer or director. In these actions the plaintiffs assert claims in excess of $35.0 million. The likelihood of an unfavorable outcome or the amount or range of any possible loss to the Company cannot be determined at this time. | |||
Other claims presently pending against the Company are claims seeking unspecified damages brought by current or former contract chicken growers who allege, along with other assertions, that the Company breached grower contracts and made false representations to induce the plaintiffs into building chicken farms and entering into chicken growing agreements with the Company. In the case styled Shelia Adams, et al. v. Pilgrim's Pride Corporation, on September 30, 2011, the trial court issued its findings of fact and conclusions of law stating that the Company violated section 192(e) of the Packers and Stockyards Act of 1921 by purportedly attempting to manipulate the price of chicken by idling the El Dorado, Arkansas complex and rejecting the El Dorado growers' contracts. The trial court awarded damages in the amount of $25.8 million. Afterward, the Company filed post-judgment motions attacking the trial court's findings of fact and conclusions of law, which, on December 28, 2011, were granted in part and resulted in a reduction of the damages award from $25.8 million to $25.6 million. On January 19, 2012, the Company appealed the findings of fact and conclusions of law and decision concerning the post-judgment motions to the United States Fifth Circuit Court of Appeals. Oral argument occurred December 3, 2012. On August 27, 2013, the Fifth Circuit reversed the judgment, and entered a judgment in favor of the Company. Plaintiffs thereafter filed a petition for rehearing en banc. Plaintiffs' petition for rehearing was denied on October 15, 2013. On January 13, 2014, Plaintiffs filed a Petition for a Writ of Certiorari requesting the Supreme Court of the United States to accept their case for review. The Company is awaiting a ruling from the Supreme Court on whether it will accept the case for review. If such petition is granted, the Company intends to vigorously pursue its appellate rights and defend against reinstatement of the underlying judgment of the trial court. The Fifth Circuit's decision and prior favorable trial court rulings regarding the El Dorado grower' claims suggest that the likelihood of any recovery by growers remaining in the case is too remote to maintain the previously-recorded loss accrual. Therefore, the Company reversed the accrual on September 1, 2013. The remaining growers' claims were scheduled for trial during the summer and fall of 2012. Although the trial associated with the growers' claims from the Farmerville, Louisiana complex was completed without a ruling, the trial associated with the growers' claims from the Nacogdoches, Texas complex have not been completed and the trial court has not scheduled a date for resuming the trial, and the trials associated with the growers' claims from the De Queen and Batesville, Arkansas complexes have been indefinitely postponed by court order. The Company intends to vigorously defend against these claims. Although the likelihood of financial loss related to the remaining growers' claims is reasonably possible, an estimate of potential loss cannot be determined at this time because of now conflicting legal authority, the factual nature of the various growers' individual claims and a new judge who will preside over the remaining bench trials. There can be no assurances that other similar claims may not be brought against the Company. | |||
The United States Department of Treasury, IRS filed an amended proof of claim in the Bankruptcy Court pursuant to which the IRS asserted claims that total $74.7 million. We filed in the Bankruptcy Court (i) an objection to the IRS' amended proof of claim, and (ii) a motion requesting the Bankruptcy Court to determine our U.S. federal tax liability pursuant to Sections 105 and 505 of the Bankruptcy Code. The objection and motion asserted that the Company had no liability for the additional U.S. federal taxes that have been asserted for pre-petition periods by the IRS. The IRS responded in opposition to our objection and motion. On July 8, 2010, the Bankruptcy Court granted our unopposed motion requesting that the Bankruptcy Court abstain from determining our federal tax liability. As a result we have worked with the IRS through the normal processes and procedures that are available to all taxpayers outside of bankruptcy (including the Tax Court proceedings discussed below) to resolve the IRS' amended proof of claim. On December 13, 2012, we entered into two Stipulations with the IRS. The first Stipulation relates to the Company's 2003, 2005, and 2007 tax years and resolves all of the material issues in the case. The second Stipulation relates to the Company as the successor in interest to Gold Kist for the tax years ended June 30, 2005 and September 30, 2005, and resolves all substantive issues in the case. These Stipulations account for approximately $29.3 million of the amended proof of claim and should result in no additional tax due. | |||
In connection with the amended proof of claim, on May 26, 2010, we filed a petition in Tax Court in response to a Notice of Deficiency that was issued to the Company as the successor in interest to Gold Kist. The Notice of Deficiency and the Tax Court proceeding relate to a loss that Gold Kist claimed for its tax year ended June 30, 2004. On December 11, 2013, the Tax Court issued its opinion in the Tax Court Case holding the loss that Gold Kist claimed for its tax year ended June 30, 2004 is capital in nature. On January 10, 2014, PPC filed both a Motion for Reconsideration and a Motion for Full Tax Court review of both its Motion for Reconsideration and any order issued in response to such motion. On January 15, 2014, the Tax Court issued an order requesting the IRS to respond to PPC's Motion for Reconsideration on or before February 18, 2014. The Company intends to vigorously pursue its appellate rights. This proceeding accounts for approximately $45.4 million of the amended proof of claim. | |||
Upon the initial filing of the Gold Kist tax return for the year ended June 30, 2004, the Company assessed the likelihood that the position related to the proceeding would be sustained upon examination and determined that it met the recognition threshold and the full amount of benefit was recognized. We continue to believe the position is more likely than not of being sustained. If adversely determined, the outcome could have a material effect on the Company's operating results and financial position. | |||
U.S. Immigration and Customs Enforcement ("ICE") investigated allegations of identity theft within our workforce. With our cooperation, ICE arrested approximately 350 of our employees in 2008 believed to have engaged in identity theft at five of our facilities. On December 30, 2009, PPC, the U.S. Attorney's Office for the Eastern District of Texas, and the Dallas Office of ICE entered into a non-prosecution agreement and civil resolution of the government's investigation. Under this agreement: (i) the government agreed not to proceed either criminally or civilly against PPC, and to end its investigation of the immigration-related matters, relating to both the company and its current and former officers, employees and directors; (ii) PPC agreed to an immigration compliance program that would remain in effect for at least the 5-year term of the agreement; and (iii) PPC will pay an aggregate of $4.5 million, which approximates the amount the Company had previously accrued for this matter, to the government in four annual installments. We paid the first three installments of $1.1 million in 2010, 2011 and 2012. We also paid the final installment in 2013. The parties acknowledged that PPC was admitting to no civil liability or criminal culpability as a result of the settlement. However, no assurances can be given that further enforcement efforts by governmental authorities against our employees or the Company (i) will not disrupt a portion of our workforce or our operations at one or more of our facilities, thereby negatively impacting our business or (ii) result in the assessment of fines against us that could have a material adverse effect on our financial position, results of operations or cash flows. | |||
MARKET_RISKS_AND_CONCENTRATION
MARKET RISKS AND CONCENTRATIONS | 12 Months Ended |
Dec. 29, 2013 | |
MARKET RISKS AND CONCENTRATIONS [Abstract] | ' |
MARKET RISKS AND CONCENTRATIONS | ' |
18.MARKET RISKS AND CONCENTRATIONS | |
The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, investment securities and trade accounts receivable. The Company's cash equivalents and investment securities are high-quality debt and equity securities placed with major banks and financial institutions. The Company's trade accounts receivable are generally unsecured. Credit evaluations are performed on all significant customers and updated as circumstances dictate. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas. With the exception of one customer that accounts for approximately 13.0% of trade accounts and other receivables at December 29, 2013, and approximately 9.7% of net sales for 2013, the Company does not believe it has significant concentrations of credit risk in its trade accounts receivable. | |
At December 29, 2013, approximately 35.3% of the Company's employees were covered under collective bargaining agreements. Substantially all employees covered under collective bargaining agreements are covered under agreements that expire in 2015 or 2016 with the exception of one live operations location where the collective bargaining agreement expired in 2013 and negotiations are ongoing. We have not experienced any labor-related work stoppage at any location in over nine years. We believe our relationship with our employees and union leadership is satisfactory. The Company is currently in negotiations at one location, and there is no assurance that agreement will be reached. In the absence of an agreement, we may become subject to labor disruption at this location, which could have an adverse effect on our financial results. | |
The aggregate carrying amount of net assets belonging to our Mexico operations was $359.0 million and $277.0 million at December 29, 2013 and December 30, 2012, respectively. | |
BUSINESS_SEGMENT_AND_GEOGRAPHI
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING [Abstract] | ' | |||||||||
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING | ' | |||||||||
19.BUSINESS SEGMENT AND GEOGRAPHIC REPORTING | ||||||||||
We operate in one reportable business segment, as a producer and seller of chicken products we either produce or purchase for resale in the U.S., Puerto Rico and Mexico. We conduct separate operations in the U.S., Puerto Rico and Mexico; however, for geographic reporting purposes, we include Puerto Rico with our U.S. operations. Corporate expenses are allocated to Mexico based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. | ||||||||||
During 2011, we announced organizational changes that resulted in the merger of our former Other Products segment into our Chicken segment. Data related to our former Other Products segment, which included primarily non-chicken products sold through our distribution centers, table eggs, animal feed and offal, is no longer reported directly to the chief operating decision maker. This information is now reported through chicken operations management. We reclassified prior year segment disclosures to conform to the new segment presentation. | ||||||||||
Net sales to customers by customer location and long-lived assets are as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
Net sales to customers by customer location: | ||||||||||
United States | $ | 6,816,246 | $ | 6,600,206 | $ | 6,108,797 | ||||
Mexico | 1,108,308 | 988,712 | 827,186 | |||||||
Asia | 301,545 | 262,455 | 353,368 | |||||||
Europe | 73,349 | 79,101 | 82,261 | |||||||
North America | 51,275 | 111,305 | 88,900 | |||||||
Africa | 38,809 | 62,642 | 56,741 | |||||||
South America | 19,224 | 13,775 | 14,224 | |||||||
Pacific | 2,392 | 3,186 | 4,221 | |||||||
Total | $ | 8,411,148 | $ | 8,121,382 | $ | 7,535,698 | ||||
29-Dec-13 | 30-Dec-12 | |||||||||
(In thousands) | ||||||||||
Long-lived assets(a): | ||||||||||
United States | $ | 1,066,963 | $ | 1,106,482 | ||||||
Mexico | 84,848 | 83,439 | ||||||||
Total | $ | 1,151,811 | $ | 1,189,921 | ||||||
(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. | |||||||||
The following table sets forth, for the periods beginning with 2011, net sales attributable to each of our primary product lines and markets served with those products. We based the table on our internal sales reports and their classification of product types. | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
U.S. chicken: | ||||||||||
Prepared chicken | $ | 2,046,747 | $ | 2,239,289 | $ | 2,135,337 | ||||
Fresh chicken | 4,123,087 | 3,583,854 | 3,160,429 | |||||||
Export and other chicken by-products | 715,970 | 817,723 | 808,038 | |||||||
Total U.S. chicken | 6,885,804 | 6,640,866 | 6,103,804 | |||||||
Mexico chicken | 864,454 | 758,023 | 720,333 | |||||||
Total chicken | 7,750,258 | 7,398,889 | 6,824,137 | |||||||
Other products: | ||||||||||
U.S. | 614,409 | 608,619 | 674,923 | |||||||
Mexico | 46,481 | 113,874 | 36,638 | |||||||
Total other products | 660,890 | 722,493 | 711,561 | |||||||
Total net sales | $ | 8,411,148 | $ | 8,121,382 | $ | 7,535,698 |
SUPPLEMENTAL_GUARANTOR_FINANCI
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | ' | ||||||||||||||||||||
20.SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||||
On December 15, 2010, the Company closed on the sale of the 2018 Notes. The 2018 Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by Pilgrim's Pride Corporation of West Virginia, Inc., a 100% owned subsidiary of the Company (the "Guarantor"). In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, the following condensed consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as "Parent" for the purpose of this note only) on a Parent-only basis, the Guarantor on a Guarantor-only basis, the combined non-Guarantor subsidiaries and elimination entries necessary to arrive at the information for the Parent, the Guarantor and non-Guarantor subsidiaries on a consolidated basis. Investments in subsidiaries are accounted for by the Company using the equity method for this presentation. | |||||||||||||||||||||
The tables below present the condensed consolidating balance sheets as of December 29, 2013 and December 30, 2012 as well as the condensed consolidating statements of operations, condensed consolidating statements of comprehensive income (loss) and condensed consolidated statements of cash flows for the years ended 2013, 2012 and 2011 based on the guarantor structure. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
29-Dec-13 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 413,092 | $ | - | $ | 95,114 | $ | - | $ | 508,206 | |||||||||||
Restricted cash and cash equivalents | - | - | - | - | - | ||||||||||||||||
Investment in available-for-sale securities | 96,902 | - | - | - | 96,902 | ||||||||||||||||
Trade accounts and other receivables, less | |||||||||||||||||||||
allowance for doubtful accounts | 327,367 | 1,380 | 47,931 | - | 376,678 | ||||||||||||||||
Account receivable from JBS USA, LLC | 2,388 | - | - | - | 2,388 | ||||||||||||||||
Inventories | 696,604 | 20,215 | 92,013 | - | 808,832 | ||||||||||||||||
Income taxes receivable | 52,662 | - | 12,793 | (587 | ) | 64,868 | |||||||||||||||
Current deferred tax assets | 3,213 | 5,698 | 506 | (7,190 | ) | 2,227 | |||||||||||||||
Prepaid expenses and other current assets | 34,881 | 270 | 26,697 | - | 61,848 | ||||||||||||||||
Assets held for sale | 6,798 | - | 235 | - | 7,033 | ||||||||||||||||
Total current assets | 1,633,907 | 27,563 | 275,289 | (7,777 | ) | 1,928,982 | |||||||||||||||
Intercompany receivable | (64,772 | ) | 114,707 | - | (49,935 | ) | - | ||||||||||||||
Investment in subsidiaries | 472,431 | - | - | (472,431 | ) | - | |||||||||||||||
Deferred tax assets | 5,995 | - | 18,924 | (5,998 | ) | 18,921 | |||||||||||||||
Other long-lived assets | 37,282 | - | 182,881 | (180,000 | ) | 40,163 | |||||||||||||||
Identified intangible assets, net | 23,463 | - | 9,062 | - | 32,525 | ||||||||||||||||
Property, plant and equipment, net | 1,009,711 | 44,643 | 102,221 | (4,764 | ) | 1,151,811 | |||||||||||||||
Total assets | $ | 3,118,017 | $ | 186,913 | $ | 588,377 | $ | (720,905 | ) | $ | 3,172,402 | ||||||||||
Current maturities of long-term debt | $ | 410,234 | $ | - | $ | - | $ | - | $ | 410,234 | |||||||||||
Accounts payable | 308,154 | 12,711 | 49,495 | - | 370,360 | ||||||||||||||||
Account payable to JBS USA, LLC | 3,934 | - | - | - | 3,934 | ||||||||||||||||
Accrued expenses and other current liabilities | 269,062 | 33,821 | (19,528 | ) | - | 283,355 | |||||||||||||||
Income taxes payable | - | - | 587 | (587 | ) | - | |||||||||||||||
Current deferred tax liabilities | 7,190 | - | 15,515 | (7,190 | ) | 15,515 | |||||||||||||||
Total current liabilities | 998,574 | 46,532 | 46,069 | (7,777 | ) | 1,083,398 | |||||||||||||||
Long-term debt, less current maturities | 526,999 | - | - | (25,000 | ) | 501,999 | |||||||||||||||
Intercompany payable | - | - | 49,935 | (49,935 | ) | - | |||||||||||||||
Deferred tax liabilities | 13,944 | 5,698 | 297 | (5,995 | ) | 13,944 | |||||||||||||||
Other long-term liabilities | 77,228 | - | 3,231 | - | 80,459 | ||||||||||||||||
Total liabilities | 1,616,745 | 52,230 | 99,532 | (88,707 | ) | 1,679,800 | |||||||||||||||
Total Pilgrim's Pride Corporation stockholders' | |||||||||||||||||||||
equity | 1,501,272 | 134,683 | 486,061 | (632,198 | ) | 1,489,818 | |||||||||||||||
Noncontrolling interest | - | - | 2,784 | - | 2,784 | ||||||||||||||||
Total stockholders' equity | 1,501,272 | 134,683 | 488,845 | (632,198 | ) | 1,492,602 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,118,017 | $ | 186,913 | $ | 588,377 | $ | (720,905 | ) | $ | 3,172,402 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
30-Dec-12 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 27,657 | $ | - | $ | 40,523 | $ | - | $ | 68,180 | |||||||||||
Restricted cash and cash equivalents | - | - | - | - | - | ||||||||||||||||
Investment in available-for-sale securities | - | - | - | - | - | ||||||||||||||||
Trade accounts and other receivables, less | |||||||||||||||||||||
allowance for doubtful accounts | 326,031 | 1,843 | 57,056 | - | 384,930 | ||||||||||||||||
Account receivable from JBS USA, LLC | 1,514 | - | - | - | 1,514 | ||||||||||||||||
Inventories | 802,282 | 22,813 | 125,201 | - | 950,296 | ||||||||||||||||
Income taxes receivable | 55,306 | - | - | (587 | ) | 54,719 | |||||||||||||||
Current deferred tax assets | - | 3,794 | 506 | (4,300 | ) | - | |||||||||||||||
Prepaid expenses and other current assets | 29,603 | - | 26,444 | - | 56,047 | ||||||||||||||||
Assets held for sale | 9,808 | - | 17,234 | - | 27,042 | ||||||||||||||||
Total current assets | 1,252,201 | 28,450 | 266,964 | (4,887 | ) | 1,542,728 | |||||||||||||||
Investment in available-for-sale securities | - | - | - | - | - | ||||||||||||||||
Intercompany receivable | 19,860 | 53,706 | - | (73,566 | ) | - | |||||||||||||||
Investment in subsidiaries | 376,226 | - | - | (376,226 | ) | - | |||||||||||||||
Deferred tax assets | 101,100 | - | 422 | (4,091 | ) | 97,431 | |||||||||||||||
Other long-lived assets | 44,936 | - | 180,587 | (180,000 | ) | 45,523 | |||||||||||||||
Identified intangible assets, net | 27,386 | - | 10,880 | - | 38,266 | ||||||||||||||||
Property, plant and equipment, net | 1,043,696 | 45,746 | 104,368 | (3,889 | ) | 1,189,921 | |||||||||||||||
Total assets | $ | 2,865,405 | $ | 127,902 | $ | 563,221 | $ | (642,659 | ) | $ | 2,913,869 | ||||||||||
Current maturities of long-term debt | $ | 15,886 | $ | - | $ | - | $ | - | $ | 15,886 | |||||||||||
Accounts payable | 255,517 | 4,270 | 52,578 | - | 312,365 | ||||||||||||||||
Account payable to JBS USA, LLC | 13,436 | - | - | - | 13,436 | ||||||||||||||||
Accrued expenses and other current liabilities | 230,278 | 24,265 | 28,997 | - | 283,540 | ||||||||||||||||
Income taxes payable | - | - | 1,055 | (587 | ) | 468 | |||||||||||||||
Current deferred tax liabilities | 108,201 | - | 581 | (4,300 | ) | 104,482 | |||||||||||||||
Total current liabilities | 623,318 | 28,535 | 83,211 | (4,887 | ) | 730,177 | |||||||||||||||
Long-term debt, less current maturities | 1,173,870 | - | - | (25,000 | ) | 1,148,870 | |||||||||||||||
Note payable to JBS USA Holdings, Inc. | - | - | - | - | - | ||||||||||||||||
Intercompany payable | - | - | 73,566 | (73,566 | ) | - | |||||||||||||||
Deferred tax liabilities | - | 3,794 | 297 | (4,091 | ) | - | |||||||||||||||
Other long-term liabilities | 122,580 | - | 3,245 | - | 125,825 | ||||||||||||||||
Total liabilities | 1,919,768 | 32,329 | 160,319 | (107,544 | ) | 2,004,872 | |||||||||||||||
Total Pilgrim's Pride Corporation stockholders' | |||||||||||||||||||||
equity | 945,637 | 95,573 | 400,276 | (535,115 | ) | 906,371 | |||||||||||||||
Noncontrolling interest | - | - | 2,626 | - | 2,626 | ||||||||||||||||
Total stockholders' equity | 945,637 | 95,573 | 402,902 | (535,115 | ) | 908,997 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 2,865,405 | $ | 127,902 | $ | 563,221 | $ | (642,659 | ) | $ | 2,913,869 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 29, 2013 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 7,333,150 | $ | 521,973 | $ | 1,047,102 | $ | (491,077 | ) | $ | 8,411,148 | ||||||||||
Cost of sales | 6,678,655 | 468,809 | 908,442 | (490,197 | ) | 7,565,709 | |||||||||||||||
Gross profit | 654,495 | 53,164 | 138,660 | (880 | ) | 845,439 | |||||||||||||||
Selling, general and administrative expense | 152,816 | 4,215 | 23,884 | - | 180,915 | ||||||||||||||||
Administrative restructuring charges, net | 5,129 | - | 532 | - | 5,661 | ||||||||||||||||
Operating income | 496,550 | 48,949 | 114,244 | (880 | ) | 658,863 | |||||||||||||||
Interest expense | 86,368 | - | 638 | - | 87,006 | ||||||||||||||||
Interest income | (64 | ) | - | (2,061 | ) | - | (2,125 | ) | |||||||||||||
Foreign currency transaction losses (gains) | (2 | ) | - | 4,417 | - | 4,415 | |||||||||||||||
Miscellaneous, net | (11,633 | ) | 5,351 | 1,542 | 367 | (4,373 | ) | ||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||
before income taxes | 421,881 | 43,598 | 109,708 | (1,247 | ) | 573,940 | |||||||||||||||
Income tax expense (benefit) | (5,461 | ) | 5,764 | 23,924 | - | 24,227 | |||||||||||||||
Income (loss) before equity in earnings of | |||||||||||||||||||||
consolidated subsidiaries | 427,342 | 37,834 | 85,784 | (1,247 | ) | 549,713 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 122,213 | - | - | (122,213 | ) | - | |||||||||||||||
Net income (loss) | 549,555 | 37,834 | 85,784 | (123,460 | ) | 549,713 | |||||||||||||||
Less: Net loss attributable to noncontrolling | |||||||||||||||||||||
interest | - | - | 158 | - | 158 | ||||||||||||||||
Net income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride | $ | 549,555 | $ | 37,834 | $ | 85,626 | $ | (123,460 | ) | $ | 549,555 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Fifty-Three Weeks Ended December 30, 2012 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 6,836,012 | $ | 537,198 | $ | 992,501 | $ | (244,329 | ) | $ | 8,121,382 | ||||||||||
Cost of sales | 6,530,925 | 511,800 | 887,154 | (244,329 | ) | 7,685,550 | |||||||||||||||
Gross profit | 305,087 | 25,398 | 105,347 | - | 435,832 | ||||||||||||||||
Selling, general and administrative expense | 156,535 | - | 20,506 | - | 177,041 | ||||||||||||||||
Administrative restructuring charges, net | 9,743 | - | (1,294 | ) | - | 8,449 | |||||||||||||||
Operating income | 138,809 | 25,398 | 86,135 | - | 250,342 | ||||||||||||||||
Interest expense | 104,652 | - | 274 | - | 104,926 | ||||||||||||||||
Interest income | (295 | ) | - | (1,102 | ) | - | (1,397 | ) | |||||||||||||
Foreign currency transaction losses (gains) | 95 | - | (4,905 | ) | - | (4,810 | ) | ||||||||||||||
Miscellaneous, net | (2,131 | ) | (14 | ) | 22 | 684 | (1,439 | ) | |||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||
before income taxes | 36,488 | 25,412 | 91,846 | (684 | ) | 153,062 | |||||||||||||||
Income tax expense (benefit) | (38,852 | ) | 9,593 | 8,279 | - | (20,980 | ) | ||||||||||||||
Income (loss) before equity in earnings of | |||||||||||||||||||||
consolidated subsidiaries | 75,340 | 15,819 | 83,567 | (684 | ) | 174,042 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 98,894 | - | - | (98,894 | ) | - | |||||||||||||||
Net income (loss) | 174,234 | 15,819 | 83,567 | (99,578 | ) | 174,042 | |||||||||||||||
Less: Net loss attributable to noncontrolling | |||||||||||||||||||||
interest | - | - | (192 | ) | - | (192 | ) | ||||||||||||||
Net income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride | $ | 174,234 | $ | 15,819 | $ | 83,759 | $ | (99,578 | ) | $ | 174,234 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 25, 2011 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 6,135,319 | $ | 458,932 | $ | 1,225,128 | $ | (283,681 | ) | $ | 7,535,698 | ||||||||||
Cost of sales | 6,237,535 | 430,343 | 1,291,080 | (283,681 | ) | 7,675,277 | |||||||||||||||
Operational restructuring charges, net | 1,958 | - | - | - | 1,958 | ||||||||||||||||
Gross profit (loss) | (104,174 | ) | 28,589 | (65,952 | ) | - | (141,537 | ) | |||||||||||||
Selling, general and administrative expense | 174,694 | - | 30,449 | - | 205,143 | ||||||||||||||||
Administrative restructuring charges, net | 19,824 | - | 7,087 | - | 26,911 | ||||||||||||||||
Operating income (loss) | (298,692 | ) | 28,589 | (103,488 | ) | - | (373,591 | ) | |||||||||||||
Interest expense | 110,940 | - | 592 | - | 111,532 | ||||||||||||||||
Interest income | (363 | ) | - | (1,102 | ) | - | (1,465 | ) | |||||||||||||
Foreign currency transaction losses (gains) | (31 | ) | - | 12,632 | - | 12,601 | |||||||||||||||
Miscellaneous, net | 59,661 | 3,818 | (98,360 | ) | 25,748 | (9,133 | ) | ||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||
before income taxes | (468,899 | ) | 24,771 | (17,250 | ) | (25,748 | ) | (487,126 | ) | ||||||||||||
Income tax expense (benefit) | (14,139 | ) | 9,351 | 13,352 | - | 8,564 | |||||||||||||||
Income (loss) before equity in earnings of | |||||||||||||||||||||
consolidated subsidiaries | (454,760 | ) | 15,420 | (30,602 | ) | (25,748 | ) | (495,690 | ) | ||||||||||||
Equity in earnings of consolidated subsidiaries | (9,334 | ) | - | - | 9,334 | - | |||||||||||||||
Net income (loss) | (464,094 | ) | 15,420 | (30,602 | ) | (16,414 | ) | (495,690 | ) | ||||||||||||
Less: Net income attributable to noncontrolling | |||||||||||||||||||||
interest | - | - | 1,082 | - | 1,082 | ||||||||||||||||
Net income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride | $ | (464,094 | ) | $ | 15,420 | $ | (31,684 | ) | $ | (16,414 | ) | $ | (496,772 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Fifty-Two Weeks Ended December 29, 2013 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net income (loss) | $ | 549,555 | $ | 37,834 | $ | 85,784 | $ | (123,460 | ) | $ | 549,713 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized holding losses on available- | |||||||||||||||||||||
for-sale securities, net of tax | 62 | - | - | - | 62 | ||||||||||||||||
Losses associated with pension and | |||||||||||||||||||||
other postretirement benefits, net of tax | 22,714 | - | - | - | 22,714 | ||||||||||||||||
Total other comprehensive loss, net of tax | 22,776 | - | - | - | 22,776 | ||||||||||||||||
Comprehensive income (loss) | 572,331 | 37,834 | 85,784 | (123,460 | ) | 572,489 | |||||||||||||||
Less: Comprehensive income attributable to | |||||||||||||||||||||
noncontrolling interests | - | - | 158 | - | 158 | ||||||||||||||||
Comprehensive income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride Corporation | $ | 572,331 | $ | 37,834 | $ | 85,626 | $ | (123,460 | ) | $ | 572,331 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Fifty-Three Weeks Ended December 30, 2012 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net income (loss) | $ | 174,234 | $ | 15,819 | $ | 83,567 | $ | (99,578 | ) | $ | 174,042 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized holding gains on available- | |||||||||||||||||||||
for-sale securities, net of tax | - | - | (12 | ) | - | (12 | ) | ||||||||||||||
Losses associated with pension and | |||||||||||||||||||||
other postretirement benefits, net of tax | (22,429 | ) | - | - | - | (22,429 | ) | ||||||||||||||
Total other comprehensive income (loss), | |||||||||||||||||||||
net of tax | (22,429 | ) | - | (12 | ) | - | (22,441 | ) | |||||||||||||
Comprehensive income (loss) | 151,805 | 15,819 | 83,555 | (99,578 | ) | 151,601 | |||||||||||||||
Less: Comprehensive income attributable to | |||||||||||||||||||||
noncontrolling interests | - | - | (192 | ) | - | (192 | ) | ||||||||||||||
Comprehensive income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride Corporation | $ | 151,805 | $ | 15,819 | $ | 83,747 | $ | (99,578 | ) | $ | 151,793 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Fifty-Two Weeks Ended December 25, 2011 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net income (loss) | $ | (464,094 | ) | $ | 15,420 | $ | (30,602 | ) | $ | (16,414 | ) | $ | (495,690 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized holding losses on available- | |||||||||||||||||||||
for-sale securities, net of tax | - | - | (1,160 | ) | - | (1,160 | ) | ||||||||||||||
Loss associated with pension and | |||||||||||||||||||||
other postretirement benefits, net of tax | (21,273 | ) | - | - | - | (21,273 | ) | ||||||||||||||
Total other comprehensive income (loss), | |||||||||||||||||||||
net of tax | (21,273 | ) | - | (1,160 | ) | - | (22,433 | ) | |||||||||||||
Comprehensive income (loss) | (485,367 | ) | 15,420 | (31,762 | ) | (16,414 | ) | (518,123 | ) | ||||||||||||
Less: Comprehensive income attributable to | |||||||||||||||||||||
noncontrolling interests | - | - | 1,082 | - | 1,082 | ||||||||||||||||
Comprehensive income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride Corporation | $ | (485,367 | ) | $ | 15,420 | $ | (32,844 | ) | $ | (16,414 | ) | $ | (519,205 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 29, 2013 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 819,071 | $ | 4,852 | $ | 54,977 | $ | (367 | ) | $ | 878,533 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of property, plant and equipment | (99,562 | ) | (4,857 | ) | (11,804 | ) | - | (116,223 | ) | ||||||||||||
Purchases of investment securities | (96,902 | ) | - | - | - | (96,902 | ) | ||||||||||||||
Proceeds from property sales and disposals | 13,042 | 5 | 18,290 | - | 31,337 | ||||||||||||||||
Cash used in investing activities | (183,422 | ) | (4,852 | ) | 6,486 | - | (181,788 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from long-term debt | 505,600 | - | - | - | 505,600 | ||||||||||||||||
Payments on long-term debt | (758,578 | ) | - | - | - | (758,578 | ) | ||||||||||||||
Payment of capitalized loan costs | (5,006 | ) | - | - | - | (5,006 | ) | ||||||||||||||
Tax benefit related to share-based | |||||||||||||||||||||
compensation | 7,770 | - | - | - | 7,770 | ||||||||||||||||
Other financing activities | - | - | (367 | ) | 367 | - | |||||||||||||||
Cash provided by (used in) financing | |||||||||||||||||||||
activities | (250,214 | ) | - | (367 | ) | 367 | (250,214 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash | |||||||||||||||||||||
equivalents | - | - | (6,505 | ) | (6,505 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 385,435 | - | 54,591 | - | 440,026 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 27,657 | - | 40,523 | - | 68,180 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 413,092 | $ | - | $ | 95,114 | $ | - | $ | 508,206 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Fifty-Three Weeks Ended December 30, 2012 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 174,046 | $ | 2,178 | $ | 23,653 | $ | (253 | ) | $ | 199,624 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of property, plant and equipment | (75,985 | ) | (2,208 | ) | (12,134 | ) | - | (90,327 | ) | ||||||||||||
Purchases of investment securities | (73 | ) | - | (89 | ) | - | (162 | ) | |||||||||||||
Proceeds from sale or maturity of investment | |||||||||||||||||||||
securities | 57 | - | 631 | - | 688 | ||||||||||||||||
Proceeds from property sales and disposals | 26,911 | - | 2,489 | - | 29,400 | ||||||||||||||||
Cash used in investing activities | (49,090 | ) | (2,208 | ) | (9,103 | ) | - | (60,401 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from note payable to JBS USA | (50,000 | ) | - | - | - | (50,000 | ) | ||||||||||||||
Proceeds from long-term debt | 851,400 | - | - | - | 851,400 | ||||||||||||||||
Payments on long-term debt | (1,110,711 | ) | - | - | - | (1,110,711 | ) | ||||||||||||||
Proceeds from sale of common stock | 198,282 | - | - | - | 198,282 | ||||||||||||||||
Other financing activities | - | - | (253 | ) | 253 | - | |||||||||||||||
Cash provided by (used in) financing | |||||||||||||||||||||
activities | (111,029 | ) | - | (253 | ) | 253 | (111,029 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash | |||||||||||||||||||||
equivalents | - | - | (1,623 | ) | - | (1,623 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 13,927 | (30 | ) | 12,674 | - | 26,571 | |||||||||||||||
Cash and cash equivalents, beginning of period | 13,733 | 30 | 27,846 | - | 41,609 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 27,660 | $ | - | $ | 40,520 | $ | - | $ | 68,180 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 25, 2011 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (91,621 | ) | $ | 8,973 | $ | (19,385 | ) | $ | (26,958 | ) | $ | (128,991 | ) | |||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of property, plant and equipment | (115,791 | ) | (9,108 | ) | (11,069 | ) | - | (135,968 | ) | ||||||||||||
Purchases of investment securities | - | - | (4,596 | ) | - | (4,596 | ) | ||||||||||||||
Proceeds from sale or maturity of investment | |||||||||||||||||||||
securities | - | - | 15,852 | - | 15,852 | ||||||||||||||||
Proceeds from business dispositions to Swift | |||||||||||||||||||||
Pork Company | - | - | 13,000 | - | 13,000 | ||||||||||||||||
Proceeds from business dispositions to JBS | |||||||||||||||||||||
Trading International, Inc. | - | - | 24,479 | - | 24,479 | ||||||||||||||||
Proceeds from property sales and disposals | 26,503 | 165 | 2,376 | - | 29,044 | ||||||||||||||||
Cash provided by (used in) investing | |||||||||||||||||||||
activities | (89,288 | ) | (8,943 | ) | 40,042 | - | (58,189 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from note payable to JBS USA | 50,000 | - | - | - | 50,000 | ||||||||||||||||
Proceeds from long-term debt | 965,689 | - | - | - | 965,689 | ||||||||||||||||
Payments on long-term debt | (881,833 | ) | - | - | - | (881,833 | ) | ||||||||||||||
Purchase of remaining interest in subsidiary | (2,504 | ) | - | - | - | (2,504 | ) | ||||||||||||||
Payment of capitalized loan costs | (4,395 | ) | - | - | - | (4,395 | ) | ||||||||||||||
Cash dividends paid | - | - | (25,000 | ) | 25,000 | - | |||||||||||||||
Other financing activities | - | - | (2,065 | ) | 1,958 | (107 | ) | ||||||||||||||
Cash provided by (used in) financing | |||||||||||||||||||||
activities | 126,957 | - | (27,065 | ) | 26,958 | 126,850 | |||||||||||||||
Effect of exchange rate changes on cash and cash | |||||||||||||||||||||
equivalents | - | - | (4,138 | ) | - | (4,138 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (53,952 | ) | 30 | (10,546 | ) | - | (64,468 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 67,685 | - | 38,392 | - | 106,077 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 13,733 | $ | 30 | $ | 27,846 | $ | - | $ | 41,609 |
QUARTERLY_RESULTS
QUARTERLY RESULTS | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
QUARTERLY RESULTS [Abstract] | ' | |||||||||||||||
QUARTERLY RESULTS | ' | |||||||||||||||
21.QUARTERLY RESULTS (UNAUDITED-SEE ACCOMPANYING ACCOUNTANTS' REPORT) | ||||||||||||||||
2013 | First | Second | Third | Fourth(a) | Year | |||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 2,036,929 | $ | 2,184,118 | $ | 2,142,816 | $ | 2,047,285 | $ | 8,411,148 | ||||||
Gross profit | 118,434 | 282,507 | 236,573 | 207,925 | 845,439 | |||||||||||
Net income attributable to PPC | ||||||||||||||||
common stockholders | 54,582 | 190,704 | 160,917 | 143,352 | 549,555 | |||||||||||
Net income per share amounts - | ||||||||||||||||
basic and diluted | 0.21 | 0.74 | 0.62 | 0.55 | 2.12 | |||||||||||
Number of days in quarter | 91 | 91 | 91 | 91 | 364 | |||||||||||
(a) | In the fourth quarter of 2013, the Company recognized expenses related to the shutdown of our Dallas plant of $.5 million and asset impairment charges of $.5 million. | |||||||||||||||
2012 | First | Second | Third | Fourth(a) | Year | |||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 1,888,773 | $ | 1,974,469 | $ | 2,068,478 | $ | 2,189,662 | $ | 8,121,382 | ||||||
Gross profit (loss) | 110,065 | 144,089 | 106,135 | 75,543 | 435,832 | |||||||||||
Net loss attributable to PPC | ||||||||||||||||
common stockholders | 39,173 | 69,357 | 42,931 | 22,773 | 174,234 | |||||||||||
Net loss per share amounts - | ||||||||||||||||
basic and diluted | 0.18 | 0.27 | 0.17 | 0.09 | 0.7 | |||||||||||
Number of days in quarter | 91 | 91 | 91 | 98 | 371 | |||||||||||
(a) | In the fourth quarter of 2012, the Company recognized expenses related to the shutdown of our Dallas plant of $1.1 million and asset impairment charges of $1.4 million. | |||||||||||||||
2011 | First | Second | Third | Fourth(a) | Year | |||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | 1,892,476 | 1,922,690 | 1,891,224 | 1,829,308 | 7,535,698 | |||||||||||
Gross profit | (53,110 | ) | (46,228 | ) | (62,387 | ) | 20,188 | (141,537 | ) | |||||||
Net income (loss) attributable to PPC | ||||||||||||||||
common stockholders | (120,760 | ) | (128,141 | ) | (162,516 | ) | (85,355 | ) | (496,772 | ) | ||||||
Net income (loss) per share amounts - | ||||||||||||||||
basic and diluted | (0.54 | ) | (0.57 | ) | (0.72 | ) | (0.38 | ) | (2.21 | ) | ||||||
Number of days in quarter | 91 | 91 | 91 | 91 | 364 | |||||||||||
(a) | In the fourth quarter of 2011, the Company recognized restructuring charges of $14.6 million, asset impairment charges of $11.3 million and net gains on derivative financial instruments of $3.1 million. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | |||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||
PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
Additions | ||||||||||||||||||||
Beginning | Charged to | Charged to | Ending | |||||||||||||||||
Balance | Operating Results | Other Accounts | Deductions | Balance | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Trade Accounts and Other Receivables- | ||||||||||||||||||||
Allowance for Doubtful Accounts: | ||||||||||||||||||||
2013 | $ | 3,757 | $ | 1,668 | $ | - | $ | 1,369 | (a) | $ | 4,056 | |||||||||
2012 | 5,163 | (1,629 | ) | - | (223 | ) | (a) | 3,757 | ||||||||||||
2011 | 6,063 | (1,095 | ) | - | (195 | ) | (a) | 5,163 | ||||||||||||
Trade Accounts and Other Receivables- | ||||||||||||||||||||
Allowance for Sales Adjustments: | ||||||||||||||||||||
2013 | $ | 10,152 | $ | 159,417 | $ | - | $ | 162,480 | (b) | $ | 7,089 | |||||||||
2012 | 8,030 | 147,126 | - | 145,004 | (b) | 10,152 | ||||||||||||||
2011 | 22,929 | 154,842 | - | 169,741 | (b) | 8,030 | ||||||||||||||
Deferred Tax Assets- | ||||||||||||||||||||
Valuation Allowance: | ||||||||||||||||||||
2013 | $ | 188,354 | $ | (164,180 | ) | $ | (13,774 | ) | $ | - | (c) | $ | 10,400 | |||||||
2012 | 230,336 | (50,455 | ) | 8,473 | - | (c) | 188,354 | |||||||||||||
2011 | 53,938 | 168,368 | 8,030 | - | (c) | 230,336 | ||||||||||||||
(a) | Uncollectible accounts written off, net of recoveries. | |||||||||||||||||||
(b) | Deductions either written off, rebilled or reclassified as liabilities for market development fund rebates. | |||||||||||||||||||
(c) | Reductions in the valuation allowance. |
BUSINESS_AND_SUMMARY_OF_SIGNIF1
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 29, 2013 | |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Consolidated Financial Statements | ' |
Consolidated Financial Statements | |
The Company operates on the basis of a 52/53-week fiscal year that ends on the Sunday falling on or before December 31. The reader should assume any reference we make to a particular year (for example, 2013) in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year. | |
The consolidated financial statements include the accounts of Pilgrim's Pride Corporation and its majority owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation. | |
The Company measures the financial statements of its Mexico subsidiaries as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than non-monetary assets, of the Mexico subsidiaries at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset's acquisition. We remeasure income and expenses at average exchange rates in effect during the period, except for certain accounts which are remeasured at a historical rate. Currency exchange gains or losses are included in the line item Foreign currency transaction losses (gains) in the Consolidated Statements of Operations. | |
Reclassifications | ' |
Reclassifications | |
We have made certain reclassifications to the 2012 Consolidated Financial Statements with no impact to reported net income (loss) in order to conform to the 2013 presentation. | |
Revenue Recognition | ' |
Revenue Recognition | |
We recognize revenue when all of the following circumstances are satisfied: (i) persuasive evidence of an arrangement exits, (ii) price is fixed or determinable, (iii) collectability is reasonably assured and (iv) delivery has occurred. Delivery occurs in the period in which the customer takes title and assumes the risks and rewards of ownership of the products specified in the customer's purchase order or sales agreement. Revenue is recorded net of estimated incentive offerings including special pricing agreements, promotions and other volume-based incentives. Revisions to these estimates are charged back to net sales in the period in which the facts that give rise to the revision become known. Taxes collected from customers and remitted to governmental authorities are excluded from revenues. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs | |
Costs associated with the products shipped to customers are recognized in cost of sales. | |
Advertising Costs | ' |
Advertising Costs | |
The Company expenses advertising costs as incurred. Advertising costs are included in selling, general and administrative expenses and totaled $4.9 million, $6.5 million and $9.6 million for 2013, 2012 and 2011, respectively. | |
Research and Development Costs | ' |
Research and Development Costs | |
Research and development costs are expensed as incurred. Research and development costs totaled $3.9 million, $3.8 million and $5.0 million for 2013, 2012 and 2011, respectively. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The majority of the Company's disbursement bank accounts are zero balance accounts where cash needs are funded as checks are presented for payment by the holder. Checks issued pending clearance that result in overdraft balances for accounting purposes are classified as accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statements of Cash Flows. | |
Current and Long-Term Investments | ' |
Current and Long-Term Investments | |
The Company's current and long-term investments consist primarily of fixed income securities, municipal debt securities, bond and equity mutual funds and fund-of-funds. These investments are classified as available-for-sale. These securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a separate component of accumulated other comprehensive income. Debt securities with remaining maturities of less than one year and those identified by management at the time of purchase for funding operations in less than one year are classified as current. Debt securities with remaining maturities greater than one year that management has not identified at the time of purchase for funding operations in less than one year are classified as long-term. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. Management reviews several factors to determine whether a loss is other than temporary, such as the length of time a security is in an unrealized loss position, the extent to which fair value is less than amortized cost, the impact of changing interest rates in the short and long term, and the Company's intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company determines the cost of each security sold and each amount reclassified out of accumulated other comprehensive income into earnings using the specific identification method. Purchases and sales are recorded on a trade date basis. | |
Investments in entities in which the Company has an ownership interest greater than 50% and exercises control over the entity are consolidated in the Consolidated Financial Statements. Investments in entities in which the Company has an ownership interest between 20% and 50% and exercises significant influence are accounted for using the equity method. The Company invests from time to time in ventures in which its ownership interest is less than 20% and over which it does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures' forecasted financial performance and management's evaluation of the ventures' viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge. Thus, the carrying value of the Company's investments approximates fair value. | |
Accounts Receivable | ' |
Accounts Receivable | |
The Company records accounts receivable when revenue is recognized. We record an allowance for doubtful accounts, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable, and periodic credit evaluations of our customers' financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable. | |
Inventories | ' |
Inventories | |
Live chicken inventories are stated at the lower of cost or market and breeder hens at the lower of cost, less accumulated amortization, or market. The costs associated with breeder hens are accumulated up to the production stage and amortized over their productive lives using the unit-of-production method. Finished poultry products, feed, eggs and other inventories are stated at the lower of cost (average) or market. | |
We record valuation adjustments for our inventory and for estimated obsolescence at or equal to the difference between the cost of inventory and the estimated market value based upon known conditions affecting inventory, including significantly aged products, discontinued product lines, or damaged or obsolete products. We allocate meat costs between our various finished chicken products based on a by-product costing technique that reduces the cost of the whole bird by estimated yields and amounts to be recovered for certain by-product parts. This primarily includes leg quarters, wings, tenders and offal, which are carried in inventory at the estimated recovery amounts, with the remaining amount being reflected as our breast meat cost. | |
Generally, the Company performs an evaluation of whether any lower of cost or market adjustments are required at the country level based on a number of factors, including: (i) pools of related inventory, (ii) product continuation or discontinuation, (iii) estimated market selling prices and (iv) expected distribution channels. If actual market conditions or other factors are less favorable than those projected by management, additional inventory adjustments may be required. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, and repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of these assets. Estimated useful lives for building, machinery and equipment are five to 33 years and for automobiles and trucks are three to ten years. The charge to income resulting from amortization of assets recorded under capital leases is included with depreciation expense. | |
The Company records impairment charges on long-lived assets held for use when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When the above is true, the impairment charge is determined based upon the amount the net book value of the assets exceeds their fair market value. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) future cash flows estimated to be generated by these assets, which are based on additional assumptions such as asset utilization, remaining length of service and estimated salvage values, (ii) estimated fair market value of the assets and (iii) determinations with respect to the lowest level of cash flows relevant to the respective impairment test, generally groupings of related operational facilities. | |
Given the interdependency of the Company's individual facilities during the production process, which operate as a vertically integrated network, and the fact that the Company does not price the transfers of inventory between its vertically integrated facilities at market prices, it evaluates impairment of assets held for use at the country level (i.e., the U.S. and Mexico). Management believes this is the lowest level of identifiable cash flows for its assets that are held for use in production activities. At the present time, the Company's forecasts indicate that it can recover the carrying value of its assets held for use based on the projected undiscounted cash flows of the operations. A key assumption in management's forecast is that the Company's sales volumes will return to historical margins as supply and demand between commodities and chicken and other animal-based proteins become more balanced. However, the exact timing of the return to historical margins is not certain, and if the return to historical margins is delayed, impairment charges could become necessary in the future. | |
The Company records impairment charges on long-lived assets held for sale when the carrying amount of those assets exceeds their fair value less appropriate selling costs. Fair value is based on amounts documented in sales contracts or letters of intent accepted by the Company, amounts included in counteroffers initiated by the Company, or, in the absence of current contract negotiations, amounts determined using a sales comparison approach for real property and amounts determined using a cost approach for personal property. Under the sales comparison approach, sales and asking prices of reasonably comparable properties are considered to develop a range of unit prices within which the current real estate market is operating. Under the cost approach, a current cost to replace the asset new is calculated and then the estimated replacement cost is reduced to reflect the applicable decline in value resulting from physical deterioration, functional obsolescence and economic obsolescence. Appropriate selling costs includes reasonable broker's commissions, costs to produce title documents, filing fees, legal expenses and the like. We estimate appropriate closing costs as 4% to 6% of asset fair value. This range of rates is considered reasonable for our assets held for sale based on historical experience. | |
Identified Intangible Assets | ' |
Identified Intangible Assets | |
Our identified intangible assets consist of assets subject to amortization such as trade names, customer relationships and non-compete agreements. We calculate amortization of those assets that are subject to amortization on a straight-line basis over the estimated useful lives of the related assets. The useful lives range from three to 15 years for trade names and non-compete agreements and 13 years for customer relationships. | |
We review intangible assets subject to amortization for impairment whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. | |
Litigation and Contingent Liabilities | ' |
Litigation and Contingent Liabilities | |
The Company is subject to lawsuits, investigations and other claims related to employment, environmental, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses, to these matters. The Company estimates the amount of reserves required for these contingencies when losses are determined to be probable and after considerable analysis of each individual issue. The Company expenses legal costs related to such loss contingencies as they are incurred. The accrual for environmental remediation liabilities is measured on an undiscounted basis. These reserves may change in the future due to changes in the Company's assumptions, the effectiveness of strategies, or other factors beyond the Company's control. | |
Accrued Self Insurance | ' |
Accrued Self Insurance | |
Insurance expense for casualty claims and employee-related health care benefits are estimated using historical and current experience and actuarial estimates. Stop-loss coverage is maintained with third-party insurers to limit the Company's total exposure. Certain categories of claim liabilities are actuarially determined. The assumptions used to arrive at periodic expenses are reviewed regularly by management. However, actual expenses could differ from these estimates and could result in adjustments to be recognized. | |
Income Taxes | ' |
Income Taxes | |
The Company follows the provisions of ASC 740-10-30-27 in the Expenses -Income Taxes topic with regards to members of a group that file a consolidated tax return but issue separate financial statements. The Company files its own U.S. federal tax return, but is included in certain state consolidated returns with JBS USA. The income tax expense of the Company is computed using the separate return method. The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effect of temporary differences between the book and tax bases of recorded assets and liabilities, net operating losses and tax credit carry forwards. The amount of deferred tax on these temporary differences is determined using the tax rates expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on the tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | |
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, potential for carry back of tax losses, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some or all of the deferred tax assets will not be realized. Valuation allowances have been established primarily for net operating loss carry forwards of certain foreign subsidiaries. See "Note 11. Income Taxes" to the Consolidated Financial Statements. | |
The Company deems its earnings from Mexico as of December 29, 2013 to be permanently reinvested. As such, U.S. deferred income taxes have not been provided on these earnings. If such earnings were not considered indefinitely reinvested, certain deferred foreign and U.S. income taxes would be provided. For activity after 2008, the Company did not permanently reinvest its earnings in Puerto Rico. Therefore, net earnings generated in Puerto Rico have U.S. taxes provided as if the earnings were distributed. | |
The Company follows the provisions under ASC 740-10-25 that provides a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more-likely-than-not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more-likely-than-not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date. See "Note 11. Income Taxes" to the Consolidated Financial Statements. | |
Pension and Other Postemployment Benefits | ' |
Pension and Other Postemployment Benefits | |
Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, long-term return on plan assets and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. | |
The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management's expectation of the future economic environment. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over either (i) the estimated average future service period of active plan participants if the plan is active or (ii) the estimated average future life expectancy of all plan participants if the plan is frozen. | |
Operating Leases | ' |
Operating Leases | |
Rent expense for operating leases is recorded on a straight-line basis over the lease term unless the lease contains an escalation clause which is not fixed or determinable. The lease term begins when we have the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. If a lease has a fixed or determinable escalation clause, the difference between rent expense and rent paid is recorded as deferred rent and is included in the Consolidated Balance Sheets. Rent for operating leases that do not have an escalation clause or where escalation is based on an inflation index is expensed over the lease term as it is payable. | |
Risk Management | ' |
Risk Management | |
The Company attempts to mitigate commodity purchase exposures through a program of risk management that includes the use of forward purchase contractual obligations and derivative financial instruments. The Company will also occasionally purchase derivative financial instruments in an attempt to mitigate currency exchange rate exposure related to the net assets of its Mexico operations that are denominated in Mexican pesos. The Company's Mexico subsidiaries also attempt to mitigate the foreign currency exposure on certain U.S. dollar-denominated transactions through the use of derivative financial instruments. We recognize all derivative financial instruments in the Consolidated Balance Sheets at fair value. We elected not to designate derivative financial instruments executed to mitigate commodity purchase exposures and foreign currency exposures as hedges of forecasted transactions. Therefore, we recognize 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 Consolidated Statements of Operations. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Selling, general and administrative expenses in the Consolidated Statements of Operations. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We make significant estimates in regard to receivables collectability; inventory valuation; realization of deferred tax assets; valuation of long-lived assets; valuation of contingent liabilities, liabilities subject to compromise and self insurance liabilities; valuation of pension and other postretirement benefits obligations; and valuation of acquired businesses. | |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | |||||||||||||||||||
Schedule of Assets and Liabilities Measured on a Recurring Basis | ' | |||||||||||||||||||
29-Dec-13 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Short-term investments in available-for-sale securities | $ | - | $ | 96,902 | $ | - | $ | 96,902 | ||||||||||||
Derivative assets - commodity futures instruments | $ | 1,494 | $ | - | $ | - | $ | 1,494 | ||||||||||||
Derivative assets - commodity options instruments | - | 1,395 | - | 1,395 | ||||||||||||||||
Derivative assets - foreign currency futures instruments | 1,214 | - | - | 1,214 | ||||||||||||||||
Deferred compensation plan assets | 7,208 | - | - | 7,208 | ||||||||||||||||
Derivative liabilities - commodity futures instruments | (1,728 | ) | - | - | (1,728 | ) | ||||||||||||||
Long-term debt and other borrowing arrangements: | ||||||||||||||||||||
Senior unsecured notes | 552,592 | - | - | 552,592 | ||||||||||||||||
Term notes | - | - | 424,650 | 424,650 | ||||||||||||||||
Capitalized lease obligations | - | - | 704 | 704 | ||||||||||||||||
30-Dec-12 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Derivative assets - commodity futures instruments | $ | 1,821 | $ | - | $ | - | $ | 1,821 | ||||||||||||
Deferred compensation plan assets | 7,591 | - | - | 7,591 | ||||||||||||||||
Derivative liabilities - commodity futures instruments | (1,530 | ) | - | - | (1,530 | ) | ||||||||||||||
Long-term debt and other borrowing arrangements: | ||||||||||||||||||||
Senior unsecured notes | 521,415 | - | - | 521,415 | ||||||||||||||||
Term notes and revolver | - | - | 686,435 | 686,435 | ||||||||||||||||
Capitalized lease obligations | - | - | 880 | 880 | ||||||||||||||||
Term Notes and Revolver | Capitalized Lease Obligations | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Change in Value of Level 3 Liabilities: | (In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 686,435 | $ | 945,927 | $ | 880 | $ | 1,005 | ||||||||||||
Borrowings | 509,500 | 1,332,300 | - | - | ||||||||||||||||
Payments | (762,091 | ) | (1,591,498 | ) | (124 | ) | (114 | ) | ||||||||||||
Change in fair value inputs | (9,194 | ) | (294 | ) | (52 | ) | (11 | ) | ||||||||||||
Balance, end of period | $ | 424,650 | $ | 686,435 | $ | 704 | $ | 880 | ||||||||||||
Schedule of Carrying Amounts and Estimated Fair Values of Financial Assets and Liabilities | ' | |||||||||||||||||||
29-Dec-13 | 30-Dec-12 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | Note | ||||||||||||||||
Amount | Value | Amount | Value | Reference | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Short-term investments in available-for-sale securities | $ | 96,902 | $ | 96,902 | $ | - | $ | - | 5 | |||||||||||
Derivative assets - commodity futures instruments | 1,494 | 1,494 | 1,821 | 1,821 | 6 | |||||||||||||||
Derivative assets - commodity options instruments | 1,395 | 1,395 | - | - | 6 | |||||||||||||||
Derivative assets - foreign currency futures instruments | 1,214 | 1,214 | - | - | 6 | |||||||||||||||
Deferred compensation plan assets | 7,208 | 7,208 | 7,591 | 7,591 | ||||||||||||||||
Derivative liabilities - commodity futures instruments | (1,728 | ) | (1,728 | ) | (1,530 | ) | (1,530 | ) | 6 | |||||||||||
Long-term debt and other borrowing arrangements | (912,233 | ) | (977,946 | ) | (1,164,756 | ) | (1,208,730 | ) | 10 | |||||||||||
TRADE_ACCOUNTS_AND_OTHER_RECEI1
TRADE ACCOUNTS AND OTHER RECEIVABLES (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
TRADE ACCOUNTS AND OTHER RECEIVABLES [Abstract] | ' | |||||||
Schedule of Trade Accounts and Other Receivables | ' | |||||||
29-Dec-13 | 30-Dec-12 | |||||||
(In thousands) | ||||||||
Trade accounts receivable | $ | 369,715 | $ | 381,747 | ||||
Receivables from officers and employees | 14 | 48 | ||||||
Other receivables | 11,005 | 6,892 | ||||||
Receivables, gross | 380,734 | 388,687 | ||||||
Allowance for doubtful accounts | (4,056 | ) | (3,757 | ) | ||||
Receivables, net | $ | 376,678 | $ | 384,930 | ||||
Accounts receivable from JBS USA, LLC | $ | 2,388 | $ | 1,514 |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||
Dec. 29, 2013 | ||||||
INVENTORIES [Abstract] | ' | |||||
Schedule of Inventories | ' | |||||
29-Dec-13 | 30-Dec-12 | |||||
(In thousands) | ||||||
Live chicken and hens | $ | 368,582 | $ | 405,335 | ||
Feed, eggs and other | 216,045 | 307,500 | ||||
Finished chicken products | 223,932 | 237,159 | ||||
Total chicken inventories | 808,559 | 949,994 | ||||
Commercial feed, table eggs and other | 273 | 302 | ||||
Total inventories | $ | 808,832 | $ | 950,296 |
INVESTMENTS_IN_SECURITIES_Tabl
INVESTMENTS IN SECURITIES (Tables) | 12 Months Ended | ||||||||||||||
Dec. 29, 2013 | |||||||||||||||
INVESTMENTS IN SECURITIES [Abstract] | ' | ||||||||||||||
Schedule of Available-For-Sale Securities | ' | ||||||||||||||
29-Dec-13 | 30-Dec-12 | ||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||
Cost | Value | Cost | Value | ||||||||||||
(In thousands) | |||||||||||||||
Current investments: | |||||||||||||||
Fixed income securities | $ | 96,902 | $ | 96,902 | $ | - | $ | - | |||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||
Schedule of Outstanding Derivative Instruments and Cash Collateral | ' | ||||||||
29-Dec-13 | 30-Dec-12 | ||||||||
(Fair values in thousands) | |||||||||
Fair values: | |||||||||
Commodity derivative assets | $ | 2,889 | $ | 1,821 | |||||
Commodity derivative liabilities | (1,728 | ) | (1,530 | ) | |||||
Cash collateral posted with (owed to) brokers | 4,142 | (166 | ) | ||||||
Foreign currency derivative assets, gross | 1,214 | - | |||||||
Derivatives Coverage(a): | |||||||||
Corn | 1.1 | % | - | % | |||||
Soybean meal | (3.6 | )% | - | % | |||||
Period through which stated percent of needs are covered: | |||||||||
Corn | Sep-15 | Dec-13 | |||||||
Soybean meal | Jul-14 | Dec-13 | |||||||
(a) | Derivatives coverage is the percent of anticipated corn and soybean meal needs covered by outstanding derivative instruments through a specified date. |
IDENTIFIED_INTANGIBLE_ASSETS_T
IDENTIFIED INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
IDENTIFIED INTANGIBLE ASSETS [Abstract] | ' | |||||||||||
Schedule of Intangible Assets | ' | |||||||||||
Useful Life | Accumulated | Carrying | ||||||||||
(Years) | Original Cost | Amortization | Amount | |||||||||
(In thousands) | ||||||||||||
December 30, 2012: | ||||||||||||
Trade names | 15-Mar | $ | 40,143 | $ | (29,263 | ) | $ | 10,880 | ||||
Customer relationships | 13 | 51,000 | (23,614 | ) | 27,386 | |||||||
Non-compete agreements | 3 | 300 | (300 | ) | - | |||||||
Total intangible assets | 91,443 | (53,177 | ) | 38,266 | ||||||||
December 29, 2013: | ||||||||||||
Trade names | 15-Mar | 40,143 | (31,081 | ) | 9,062 | |||||||
Customer relationships | 13 | 51,000 | (27,537 | ) | 23,463 | |||||||
Non-compete agreements | 3 | 300 | (300 | ) | - | |||||||
Total intangible assets | $ | 91,443 | $ | (58,918 | ) | $ | 32,525 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
29-Dec-13 | 30-Dec-12 | |||||||
(In thousands) | ||||||||
Land | $ | 66,071 | $ | 63,788 | ||||
Buildings | 1,077,859 | 1,081,059 | ||||||
Machinery and equipment | 1,502,968 | 1,498,280 | ||||||
Autos and trucks | 55,779 | 58,526 | ||||||
Construction-in-progress | 66,926 | 47,927 | ||||||
Property, plant and equipment, gross | 2,769,603 | 2,749,580 | ||||||
Accumulated depreciation | (1,617,792 | ) | (1,559,659 | ) | ||||
Property, plant and equipment, net | $ | 1,151,811 | $ | 1,189,921 | ||||
CURRENT_LIABILITIES_Tables
CURRENT LIABILITIES (Tables) | 12 Months Ended | |||||
Dec. 29, 2013 | ||||||
CURRENT LIABILITIES [Abstract] | ' | |||||
Schedule of Current Liabilities | ' | |||||
29-Dec-13 | 30-Dec-12 | |||||
(In thousands) | ||||||
Accounts payable: | ||||||
Trade accounts | $ | 313,266 | $ | 252,644 | ||
Book overdrafts | 55,378 | 58,066 | ||||
Other payables | 1,716 | 1,655 | ||||
Total accounts payable | 370,360 | 312,365 | ||||
Accounts payable to JBS USA, LLC | 3,934 | 13,436 | ||||
Accrued expenses: | ||||||
Compensation and benefits | 100,965 | 77,376 | ||||
Interest and debt-related fees | 7,558 | 10,740 | ||||
Insurance and self-insured claims | 99,244 | 108,806 | ||||
Commodity derivative liabilities: | ||||||
Futures | 1,729 | 1,530 | ||||
Other accrued expenses | 73,859 | 85,088 | ||||
Total accrued expenses | 283,355 | 283,540 | ||||
$ | 657,649 | $ | 609,341 |
LONGTERM_DEBT_AND_OTHER_BORROW1
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 29, 2013 | |||||||||||
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS [Abstract] | ' | ||||||||||
Schedule of Long-term Debt and Other Borrowing Arrangments | ' | ||||||||||
Maturity | 29-Dec-13 | 30-Dec-12 | |||||||||
(In thousands) | |||||||||||
Senior notes, at 7 7/8%, net of unaccreted discount | 2018 | $ | 497,757 | $ | 497,301 | ||||||
The U.S. Credit Facility Term B-1 note payable at | |||||||||||
2.4375% | 2014 | 204,880 | 275,443 | ||||||||
The U.S. Credit Facility Term B-2 note payable at | |||||||||||
9.00% | 2014 | 205,219 | 283,647 | ||||||||
Revolving note payable on which the Company had funds | |||||||||||
borrowed at 4.25% and 6.25% | 2018 | - | 103,600 | ||||||||
Mexico Credit Facility (defined below) with notes payable at TIIE Rate | |||||||||||
plus 2.25% or Equilibrium Interbank Interest Rate plus 4.50% | 2014 | - | - | ||||||||
Other | Various | 4,377 | 4,765 | ||||||||
Long-term debt | 912,233 | 1,164,756 | |||||||||
Less: Current maturities of long-term debt | (410,234 | ) | (15,886 | ) | |||||||
Long-term debt, less current maturities | $ | 501,999 | $ | 1,148,870 | |||||||
Schedule of Annual Maturities | ' | ||||||||||
2014 | $ | 410,234 | |||||||||
2015 | 263 | ||||||||||
2016 | 86 | ||||||||||
2017 | 3,611 | ||||||||||
2018 | 500,102 | ||||||||||
Thereafter | 180 | ||||||||||
Total maturities | 914,476 | ||||||||||
Less: Amount representing original issue discount, net of accretion | (2,243 | ) | |||||||||
Total long-term debt | $ | 912,233 | |||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
Schedule of Income (Loss) from Continuing Operations Before Income Taxes | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
U.S. | $ | 469,395 | $ | 62,332 | $ | (481,048 | ) | ||||||
Foreign | 104,545 | 90,730 | (6,078 | ) | |||||||||
Total | $ | 573,940 | $ | 153,062 | $ | (487,126 | ) | ||||||
Schedule of Income Tax Expense (Benefit) | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (427 | ) | $ | (28,883 | ) | $ | 741 | |||||
Foreign | 26,206 | 9,279 | 13,132 | ||||||||||
State and other | 3,512 | (211 | ) | 1,914 | |||||||||
Total current | 29,291 | (19,815 | ) | 15,787 | |||||||||
Deferred: | |||||||||||||
Federal | 22,923 | (293 | ) | (9,128 | ) | ||||||||
Foreign | (3,648 | ) | (835 | ) | 1,033 | ||||||||
State and other | (24,339 | ) | (37 | ) | 872 | ||||||||
Total deferred | (5,064 | ) | (1,165 | ) | (7,223 | ) | |||||||
$ | 24,227 | $ | (20,980 | ) | $ | 8,564 | |||||||
Schedule of Income Tax Reconciliation | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax rate, net | 2.3 | 2.5 | 2.6 | ||||||||||
Permanent items | 1.4 | 1.5 | (0.8 | ) | |||||||||
Permanent items - reorganization costs | - | - | 0.1 | ||||||||||
Domestic production activity | (1.2 | ) | - | (0.8 | ) | ||||||||
Difference in U.S. statutory tax rate and foreign | (1.0 | ) | (3.3 | ) | - | ||||||||
country effective tax rate | |||||||||||||
Tax credits | (3.0 | ) | (2.3 | ) | 1.8 | ||||||||
Change in reserve for unrecognized tax | - | (10.4 | ) | (2.5 | ) | ||||||||
benefits | |||||||||||||
Change in valuation allowance | (31.0 | ) | (34.4 | ) | (35.3 | ) | |||||||
Change in tax legislation | - | - | 0.9 | ||||||||||
Other | 1.7 | (2.3 | ) | (2.8 | ) | ||||||||
Total | 4.2 | % | (13.7 | )% | (1.8 | )% | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
PP&E and identified intangible assets | $ | 125,197 | $ | 124,921 | |||||||||
Inventories | 74,287 | 107,420 | |||||||||||
Insurance claims and losses | 33,625 | 28,701 | |||||||||||
All other current | 9,453 | 24,857 | |||||||||||
All other noncurrent | 9,031 | 9,957 | |||||||||||
Total deferred tax liabilities | 251,593 | 295,856 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | 20,907 | 244,151 | |||||||||||
Foreign net operating losses | 15,437 | 19,113 | |||||||||||
Credit carry forwards | 79,555 | 60,129 | |||||||||||
Allowance for doubtful accounts | 4,510 | 5,583 | |||||||||||
Accrued liabilities | 47,384 | 41,808 | |||||||||||
All other current | 12,282 | 581 | |||||||||||
All other noncurrent | 10,292 | 3,627 | |||||||||||
Workers compensation | 42,951 | 45,320 | |||||||||||
Pension and other postretirement benefits | 20,364 | 56,847 | |||||||||||
Total deferred tax assets | 253,682 | 477,159 | |||||||||||
Valuation allowance | (10,400 | ) | (188,354 | ) | |||||||||
Net deferred tax assets | 243,282 | 288,805 | |||||||||||
Net deferred tax liabilities | $ | 8,311 | $ | 7,051 | |||||||||
Schedule of Unrecognized Tax Benefits | ' | ||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits, beginning of year | $ | 16,643 | $ | 64,808 | |||||||||
Increase as a result of tax positions taken during the current year | 978 | 926 | |||||||||||
Increase as a result of tax positions taken during prior years | 232 | 119 | |||||||||||
Decrease as a result of tax positions taken during prior years | - | (27,619 | ) | ||||||||||
Decrease for lapse in statute of limitations | (736 | ) | (13,670 | ) | |||||||||
Decrease relating to settlements with taxing authorities | - | (7,921 | ) | ||||||||||
Unrecognized tax benefits, end of year | $ | 17,117 | $ | 16,643 | |||||||||
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Defined Benefit Plan Obligations and Assets | ' | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation: | (In thousands) | ||||||||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 194,434 | $ | 167,931 | $ | 1,933 | $ | 1,961 | |||||||||||||||||
Service cost | - | 51 | - | - | |||||||||||||||||||||
Interest cost | 7,954 | 8,272 | 78 | 96 | |||||||||||||||||||||
Actuarial losses (gains) | (24,315 | ) | 24,872 | (92 | ) | 159 | |||||||||||||||||||
Benefits paid | (8,043 | ) | (6,692 | ) | - | - | |||||||||||||||||||
Curtailments and settlements | - | - | (214 | ) | (283 | ) | |||||||||||||||||||
Projected benefit obligation, end of year | $ | 170,030 | $ | 194,434 | $ | 1,705 | $ | 1,933 | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in plan assets: | (In thousands) | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 92,283 | $ | 81,193 | $ | - | $ | - | |||||||||||||||||
Actual return on plan assets | 16,489 | 8,013 | - | - | |||||||||||||||||||||
Contributions by employer | 7,767 | 9,769 | 214 | 283 | |||||||||||||||||||||
Benefits paid | (8,043 | ) | (6,692 | ) | - | - | |||||||||||||||||||
Curtailments and settlements | - | - | (214 | ) | (283 | ) | |||||||||||||||||||
Fair value of plan assets, end of year | $ | 108,496 | $ | 92,283 | $ | - | $ | - | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Funded status: | (In thousands) | ||||||||||||||||||||||||
Unfunded benefit obligation, end of year | $ | (61,534 | ) | $ | (102,151 | ) | $ | (1,705 | ) | $ | (1,933 | ) | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at end of | |||||||||||||||||||||||||
year: | (In thousands) | ||||||||||||||||||||||||
Current liability | $ | (9,146 | ) | $ | (6,656 | ) | $ | (148 | ) | $ | (158 | ) | |||||||||||||
Long-term liability | (52,388 | ) | (95,495 | ) | (1,557 | ) | (1,775 | ) | |||||||||||||||||
Recognized liability | $ | (61,534 | ) | $ | (102,151 | ) | $ | (1,705 | ) | $ | (1,933 | ) | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in accumulated other | |||||||||||||||||||||||||
comprehensive loss at end of year: | (In thousands) | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 16,957 | $ | 53,368 | $ | (126 | ) | $ | (49 | ) | |||||||||||||||
Schedule of Net Periodic Benefit Cost (Income) | ' | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Service cost | $ | - | $ | 51 | $ | 173 | $ | - | $ | - | $ | - | |||||||||||||
Interest cost | 7,954 | 8,272 | 8,213 | 78 | 96 | 112 | |||||||||||||||||||
Estimated return on plan assets | (5,393 | ) | (5,867 | ) | (6,177 | ) | - | - | - | ||||||||||||||||
Curtailment loss | - | - | 16 | - | - | - | |||||||||||||||||||
Settlement loss (gain) | - | - | - | (15 | ) | (7 | ) | - | |||||||||||||||||
Amortization of prior service cost | - | - | 3 | - | - | - | |||||||||||||||||||
Amortization of net loss (gain) | 1,001 | 465 | 96 | - | (2 | ) | - | ||||||||||||||||||
Net cost | $ | 3,562 | $ | 2,921 | $ | 2,324 | $ | 63 | $ | 87 | $ | 112 | |||||||||||||
Schedule of Economic Assumptions | ' | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Benefit obligation: | |||||||||||||||||||||||||
Discount rate | 4.95% | 4.22% | 5.09% | 4.95% | 4.22% | 5.09% | |||||||||||||||||||
Rate of compensation increase | NA | NA | 3.00% | NA | NA | NA | |||||||||||||||||||
Net pension and other postretirement cost: | |||||||||||||||||||||||||
Discount rate | 4.22% | 5.09% | 5.50% | 4.22% | 5.09% | 5.50% | |||||||||||||||||||
Rate of compensation increase | NA | 3.00% | 3.00% | NA | NA | NA | |||||||||||||||||||
Expected return on plan assets | 6.00% | 7.50% | 7.75% | NA | NA | NA | |||||||||||||||||||
Schedule of Plan Asset Allocations | ' | ||||||||||||||||||||||||
2013 | 2012(a) | ||||||||||||||||||||||||
Cash and cash equivalents | -% | -% | |||||||||||||||||||||||
Pooled separate accounts(b): | |||||||||||||||||||||||||
Equity securities | 8% | 8% | |||||||||||||||||||||||
Fixed income securities | 3% | 3% | |||||||||||||||||||||||
Common collective trust funds(b): | |||||||||||||||||||||||||
Equity securities | 60% | 63% | |||||||||||||||||||||||
Fixed income securities | 29% | 26% | |||||||||||||||||||||||
Total assets | 100% | 100% | |||||||||||||||||||||||
(a) | We have made certain reclassifications to the December 30, 2012 asset allocation with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. | ||||||||||||||||||||||||
(b) | Pooled separate accounts ("PSAs") and common collective trust funds ("CCTs") are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the Securities and Exchange Commission. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments. | ||||||||||||||||||||||||
Schedule of Fair Value Assumptions of Plan Assets | ' | ||||||||||||||||||||||||
2013 | 2012(a) | ||||||||||||||||||||||||
Level 1(b) | Level 2(c) | Level 3(d) | Total | Level 1(b) | Level 2(c) | Level 3(d) | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 275 | $ | - | $ | - | $ | 275 | $ | 72 | $ | - | $ | - | $ | 72 | |||||||||
Pooled separate accounts: | |||||||||||||||||||||||||
Large U.S. equity funds(e) | - | 4,828 | - | 4,828 | - | 4,181 | - | 4,181 | |||||||||||||||||
Small/Mid U.S. equity funds(f) | - | 1,192 | - | 1,192 | - | 1,060 | - | 1,060 | |||||||||||||||||
International equity funds(g) | - | 2,019 | - | 2,019 | - | 1,908 | - | 1,908 | |||||||||||||||||
Fixed income funds(h) | - | 3,442 | - | 3,442 | - | 2,693 | - | 2,693 | |||||||||||||||||
Common collective trusts funds: | |||||||||||||||||||||||||
Large U.S. equity funds(e) | - | 28,784 | - | 28,784 | - | 32,434 | - | 32,434 | |||||||||||||||||
Small U.S. equity funds(f) | - | 16,937 | - | 16,937 | - | 12,659 | - | 12,659 | |||||||||||||||||
International equity funds(g) | - | 19,420 | - | 19,420 | - | 12,831 | - | 12,831 | |||||||||||||||||
Fixed income funds(h) | - | 31,599 | - | 31,599 | - | 24,445 | - | 24,445 | |||||||||||||||||
Total assets | $ | 275 | $ | 108,221 | $ | - | $ | 108,496 | $ | 72 | $ | 92,211 | $ | - | $ | 92,283 | |||||||||
(a) | We have made certain reclassifications to the December 30, 2012 fair value hierarchy with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. | ||||||||||||||||||||||||
(b) | Unadjusted quoted prices in active markets for identical assets are used to determine fair value. | ||||||||||||||||||||||||
(c) | Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value. | ||||||||||||||||||||||||
(d) | Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value. | ||||||||||||||||||||||||
(e) | This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods. | ||||||||||||||||||||||||
(f) | This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns. | ||||||||||||||||||||||||
(g) | This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S. | ||||||||||||||||||||||||
(h) | This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities. | ||||||||||||||||||||||||
Schedule of Benefit Payments | ' | ||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||
Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2014 | $ | 12,803 | $ | 148 | |||||||||||||||||||||
2015 | 12,231 | 151 | |||||||||||||||||||||||
2016 | 11,847 | 153 | |||||||||||||||||||||||
2017 | 11,487 | 154 | |||||||||||||||||||||||
2018 | 10,940 | 153 | |||||||||||||||||||||||
2019-2023 | 50,866 | 723 | |||||||||||||||||||||||
Total | $ | 110,174 | $ | 1,482 | |||||||||||||||||||||
Schedule of Unrecognized Benefit Amounts | ' | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Net actuarial loss (gain), beginning of year | $ | 53,368 | $ | 31,108 | $ | 9,708 | $ | (49 | ) | $ | (217 | ) | $ | (47 | ) | ||||||||||
Amortization | (1,001 | ) | (465 | ) | (96 | ) | - | 2 | - | ||||||||||||||||
Curtailment and settlement adjustments | - | - | - | 15 | 7 | - | |||||||||||||||||||
Actuarial loss (gain) | (24,315 | ) | 24,872 | 12,072 | (92 | ) | 159 | (170 | ) | ||||||||||||||||
Asset loss (gain) | (11,095 | ) | (2,147 | ) | 9,424 | - | - | - | |||||||||||||||||
Net actuarial loss (gain), end of year | $ | 16,957 | $ | 53,368 | $ | 31,108 | $ | (126 | ) | $ | (49 | ) | $ | (217 | ) | ||||||||||
Net prior service cost, beginning of year | $ | - | $ | - | $ | 19 | $ | - | $ | - | $ | - | |||||||||||||
Amortization | - | - | (19 | ) | - | - | - | ||||||||||||||||||
Net prior service cost, end of year | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | |||||||||||||||
Schedule of Weighted Average Shares | ' | |||||||||||||||
As Originally Reported | As Adjusted | Effect of Change | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Weighted average basic shares outstanding | 214,282 | 224,996 | 10,714 | |||||||||||||
Weighted average diluted shares outstanding | 214,282 | 224,996 | 10,714 | |||||||||||||
Net loss per weighted average basic share | $ | (2.32 | ) | $ | (2.21 | ) | $ | 0.11 | ||||||||
Net loss per weighted average diluted share | $ | (2.32 | ) | $ | (2.21 | ) | $ | 0.11 | ||||||||
Schedule of Changes in Unrealized Actuarial Losses | ' | |||||||||||||||
2013 | 2012 | |||||||||||||||
Losses Related to | Losses Related to | |||||||||||||||
Pension and Other | Unrealized Holding | Pension and Other | ||||||||||||||
Postretirement | Gains on Available- | Postretirement | ||||||||||||||
Benefits | for-Sale Securities | Total | Benefits | |||||||||||||
(In thousands) | ||||||||||||||||
Balance, beginning of year | $ | (68,511 | ) | $ | - | $ | (68,511 | ) | $ | (46,070 | ) | |||||
Other comprehensive income (loss) | ||||||||||||||||
before reclassifications | 21,713 | 62 | 21,775 | (22,886 | ) | |||||||||||
Amounts reclassified from accumulated | ||||||||||||||||
other comprehensive loss to net income | 1,001 | - | 1,001 | 445 | ||||||||||||
Net current year other comprehensive | ||||||||||||||||
income (loss) | 22,714 | 62 | 22,776 | (22,441 | ) | |||||||||||
Balance, end of year | $ | (45,797 | ) | $ | 62 | (45,735 | ) | $ | (68,511 | ) | ||||||
(a) | All amounts are net of tax. Amounts in parentheses indicate debits. | |||||||||||||||
Schedule of Reclassification from Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Amount Reclassified from Accumulated | ||||||||||||||||
Other Comprehensive Loss(a) | ||||||||||||||||
Details about Accumulated Other Comprehensive | Affected Line Item in the Consolidated | |||||||||||||||
Loss Components | 2013 | 2012 | Statements of Operations | |||||||||||||
(In thousands) | ||||||||||||||||
Realized gain on sale of securities | $ | - | $ | 18 | Selling, general and administrative expense | |||||||||||
Amortization of pension and other | ||||||||||||||||
postretirement plan actuarial losses: | ||||||||||||||||
Union employees pension plan(b) | (36 | ) | $ | (64 | ) | (d) | Cost of goods sold | |||||||||
Legacy Gold Kist plans(c) | (965 | ) | (399 | ) | (d) | Selling, general and administrative expense | ||||||||||
Total before tax | (1,001 | ) | (445 | ) | ||||||||||||
Tax benefit (expense) | - | - | ||||||||||||||
Total reclassification for the period | $ | (1,001 | ) | $ | (445 | ) | ||||||||||
(a) | Amounts in parentheses represent debits to results of operations. | |||||||||||||||
(b) | The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements. | |||||||||||||||
(c) | The Company sponsors the GK Pension Plan, a qualified defined benefit pension plan covering certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007, the SERP Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Directors' Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors and the Retiree Life Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees (collectively, the "Legacy Gold Kist Plans"). | |||||||||||||||
(d) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See "Note 12. Pension and Other Postretirement Benefits" to the Consolidated Financial Statements. |
INCENTIVE_COMPENSATION_Tables
INCENTIVE COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
INCENTIVE COMPENSATION [Abstract] | ' | ||||||||||||||||
Schedule of Awards | ' | ||||||||||||||||
Estimated | |||||||||||||||||
Award | Award | Vesting | Forfeiture | Settlement | |||||||||||||
Type | Benefit Plan | Quantity | Grant Date | Condition | Vesting Date | Rate | Method | ||||||||||
RSA | Employment Agreement | 100,000 | 14-Jan-11 | Service | 3-Jan-13 | - | % | Stock | |||||||||
RSA | Employment Agreement | 100,000 | 14-Jan-11 | Service | 3-Jan-14 | - | % | Stock | |||||||||
RSA | LTIP | 72,675 | 27-Aug-12 | Service | 27-Apr-14 | - | % | Stock | |||||||||
RSU | LTIP | 608,561 | 4-Feb-13 | Service | December 31, 2014 | 9.6559 | % | Stock | |||||||||
RSA | LTIP | 15,000 | February 25, 2013 | Service | 24-Feb-15 | - | % | Stock | |||||||||
RSA | LTIP | 15,000 | 25-Feb-13 | Service | 24-Feb-16 | - | % | Stock | |||||||||
RSU | LTIP | 206,933 | 26-Feb-13 | Service | 31-Dec-14 | - | % | Stock | |||||||||
Schedule of Compensation Cost and Income Tax Benefit | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Share-based compensation cost: | |||||||||||||||||
Cost of goods sold | $ | 361 | $ | - | $ | - | |||||||||||
Selling, general and administrative expenses | 2,984 | 684 | 568 | ||||||||||||||
Total | $ | 3,345 | $ | 684 | $ | 568 | |||||||||||
Income tax benefit | $ | 471 | $ | 28 | $ | - | |||||||||||
Schedule of Restricted Share and Restricted Stock Unit Activity | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Average Grant | Average Grant | Average Grant | |||||||||||||||
Number | Date Fair Value | Number | Date Fair Value | Number | Date Fair Value | ||||||||||||
(In thousands, except weighted average fair values) | |||||||||||||||||
RSAs: | |||||||||||||||||
Outstanding at beginning of year | 273 | $ | 6.54 | 200 | $ | 7.1 | - | $ | - | ||||||||
Granted | 30 | 8.72 | 73 | 5 | 200 | 7.1 | |||||||||||
Vested | (100 | ) | 7.1 | - | - | - | - | ||||||||||
Outstanding at end of year | 203 | $ | 6.59 | 273 | $ | 6.54 | 200 | $ | 7.1 | ||||||||
RSUs: | |||||||||||||||||
Outstanding at beginning of year | - | $ | - | - | $ | - | - | $ | - | ||||||||
Granted | 815 | 8.82 | - | - | - | - | |||||||||||
Vested | - | - | - | - | - | - | |||||||||||
Forfeited | (86 | ) | 8.89 | - | - | - | - | ||||||||||
Outstanding at end of year | 729 | $ | 8.81 | - | $ | - | - | $ | - | ||||||||
EXIT_OR_DISPOSAL_ACTIVITIES_Ta
EXIT OR DISPOSAL ACTIVITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||
EXIT OR DISPOSAL ACTIVITIES [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Exit or Disposal Efforts | ' | ||||||||||||||||||||||||||||
JBS USA | |||||||||||||||||||||||||||||
Facility Closures(a) | Integration (b) | Total | |||||||||||||||||||||||||||
(In thousands, except positions eliminated) | |||||||||||||||||||||||||||||
Earliest implementation date | Oct-08 | Jan-10 | |||||||||||||||||||||||||||
Latest expected completion date | Sep-14 | Sep-12 | |||||||||||||||||||||||||||
Positions eliminated | 2,410 | 480 | 2,890 | ||||||||||||||||||||||||||
Costs incurred and expected to be incurred: | |||||||||||||||||||||||||||||
Employee-related costs | $ | 2,492 | $ | 32,311 | $ | 34,803 | |||||||||||||||||||||||
Asset impairment costs | 25,018 | 38,514 | 63,532 | ||||||||||||||||||||||||||
Inventory valuation costs | 344 | - | 344 | ||||||||||||||||||||||||||
Other exit or disposal costs | 15,207 | 11,336 | 26,543 | ||||||||||||||||||||||||||
Total exit or disposal costs | $ | 43,061 | $ | 82,161 | $ | 125,222 | |||||||||||||||||||||||
Costs incurred since earliest implementation date: | |||||||||||||||||||||||||||||
Employee-related costs | $ | 2,492 | $ | 32,311 | $ | 34,803 | |||||||||||||||||||||||
Asset impairment costs | 25,018 | 38,514 | 63,532 | ||||||||||||||||||||||||||
Inventory valuation costs | 344 | - | 344 | ||||||||||||||||||||||||||
Other exit or disposal costs | 14,241 | 11,336 | 25,577 | ||||||||||||||||||||||||||
Total exit or disposal costs | $ | 42,095 | $ | 82,161 | $ | 124,256 | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Facility | JBS USA | Facility | JBS USA | Facility | JBS USA | ||||||||||||||||||||||||
Closures(a) | Integration(b) | Total | Closures(a) | Integration(b) | Total | Closures(a) | Integration(b) | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Employee-related | |||||||||||||||||||||||||||||
costs | $ | - | $ | - | $ | - | $ | 65 | $ | - | $ | 65 | $ | 647 | $ | 405 | $ | 1,052 | |||||||||||
Asset impairment | |||||||||||||||||||||||||||||
costs | 3,177 | 466 | 3,643 | 3,868 | (1,098 | ) | 2,770 | 9,203 | 13,693 | 22,896 | |||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||
valuation costs | - | - | - | 151 | - | 151 | - | - | - | ||||||||||||||||||||
Other exit or | |||||||||||||||||||||||||||||
disposal costs | 2,018 | - | 2,018 | 3,685 | 1,994 | 5,679 | 5,249 | - | 5,249 | ||||||||||||||||||||
Total exit or | |||||||||||||||||||||||||||||
disposal costs | $ | 5,195 | $ | 466 | $ | 5,661 | $ | 7,769 | $ | 896 | $ | 8,665 | $ | 15,099 | $ | 14,098 | $ | 29,197 | |||||||||||
(a) | Significant facilities closed included one processing plant in 2008, two processing plants in 2009, two processing plants in the transition period and one processing plant in 2011. The transition period began September 27, 2009 and ended December 27, 2009 and resulted from the Company's change in its fiscal year end from the Saturday nearest September 30 each year to the last Sunday in December of each year. | ||||||||||||||||||||||||||||
(b) | Company management implemented certain activities to integrate the administrative functions of the Company into those of JBS USA. These included the closures of administrative offices in Georgia and Texas. | ||||||||||||||||||||||||||||
Schedule of Accrued Exit or Disposal Cost Accounts Activity | ' | ||||||||||||||||||||||||||||
Accrued | Inventory | ||||||||||||||||||||||||||||
Severance | Reserves | Total | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
25-Dec-11 | $ | 90 | $ | 793 | $ | 883 | |||||||||||||||||||||||
Accruals | 65 | 151 | 216 | ||||||||||||||||||||||||||
Payment/Disposal | (155 | ) | (136 | ) | (291 | ) | |||||||||||||||||||||||
30-Dec-12 | - | 808 | 808 | ||||||||||||||||||||||||||
Accruals | - | - | - | ||||||||||||||||||||||||||
Payment/Disposal | - | (808 | ) | (808 | ) | ||||||||||||||||||||||||
29-Dec-13 | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Schedule of Exit or Disposal Costs | ' | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Cost of sales | $ | - | $ | 216 | $ | - | |||||||||||||||||||||||
Operational restructuring charges | - | - | 1,958 | ||||||||||||||||||||||||||
Selling, general and administrative expense | - | - | 328 | ||||||||||||||||||||||||||
Administrative restructuring charges | 5,661 | 8,449 | 26,911 | ||||||||||||||||||||||||||
Total exit or disposal costs | $ | 5,661 | $ | 8,665 | $ | 29,197 | |||||||||||||||||||||||
Schedule of Components of Administrative Restructuring Charges | ' | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Operational restructuring charges: | |||||||||||||||||||||||||||||
Relocation charges expensed as incurred | $ | - | $ | - | $ | - | |||||||||||||||||||||||
Asset impairments (See "Note 8. Property, Plant and Equipment") | - | - | 1,958 | ||||||||||||||||||||||||||
Loss on egg sales and flock depletion expensed as incurred | - | - | - | ||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 1,958 | |||||||||||||||||||||||
Administrative restructuring charges: | |||||||||||||||||||||||||||||
Severance charges | $ | - | $ | - | $ | 724 | |||||||||||||||||||||||
Relocation charges expensed as incurred | - | - | - | ||||||||||||||||||||||||||
Asset impairments (See "Note 8. Property, Plant and Equipment") | 3,643 | 2,770 | 20,938 | ||||||||||||||||||||||||||
Loss on scrapped inventory expensed as incurred | - | - | - | ||||||||||||||||||||||||||
Loss on egg sales and flock depletion expensed as incurred | - | 509 | 2,390 | ||||||||||||||||||||||||||
Other restructuring costs | 2,018 | 5,170 | 2,859 | ||||||||||||||||||||||||||
Total | $ | 5,661 | $ | 8,449 | $ | 26,911 | |||||||||||||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | ' | |||||||||
Schedule of Related Party Transactions | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
JBS USA, LLC: | ||||||||||
Purchases from JBS USA, LLC | $ | 80,809 | $ | 69,048 | $ | 173,081 | ||||
Expenditures paid by JBS USA, LLC on behalf of Pilgrim's(a) | 55,730 | 61,353 | 26,331 | |||||||
Sales to JBS USA, LLC | 61,942 | 206,720 | 117,909 | |||||||
Expenditures paid by Pilgrim's on behalf of JBS USA, LLC(a) | 1,733 | 4,134 | 1,312 | |||||||
Sale of PFS Distribution business assets to JBS USA, LLC(c) | - | - | 24,479 | |||||||
Sale of pork business assets to JBS USA, LLC(d) | - | - | 13,000 | |||||||
Founder Director: | ||||||||||
Contract grower pay paid to Founder Director | - | 297 | 1,132 | |||||||
Consulting fee paid to Founder Director(b) | - | 374 | 1,497 | |||||||
Board fees paid to Founder Director(b) | - | 45 | 154 | |||||||
Sales to Founder Director | - | 1 | 22 | |||||||
(a) | On January 19, 2010, the Company entered into an agreement with JBS USA, LLC in order to allocate costs associated with JBS USA, LLC's procurement of SAP licenses and maintenance services for its combined companies. Under this agreement, the fees associated with procuring SAP licenses and maintenance services are allocated between the Company and JBS USA, LLC in proportion to the percentage of licenses used by each company. The agreement expires on the date of expiration, or earlier termination, of the underlying SAP license agreement. On May 5, 2010, the Company also entered into an agreement with JBS USA, LLC in order to allocate the costs of supporting the business operations by one consolidated corporate team, which have historically been supported by their respective corporate teams. Expenditures paid by JBS USA, LLC on behalf of the Company will be reimbursed by the Company and expenditures paid by the Company on behalf of JBS USA, LLC will be reimbursed by JBS USA, LLC. This agreement expires on May 5, 2015. | |||||||||
(b) | In connection with the Company's plan of reorganization, the Company and the Founder Director entered into a consulting agreement, which became effective on December 28, 2009. The terms of the consulting agreement included, among other things, that the Founder Director (i) provide services to the Company that are comparable in the aggregate with the services provided by him to the Company prior to December 28, 2009, (ii) be appointed to the Board of Directors of the Company and during the term of the consulting agreement will be nominated for subsequent terms on the board, (iii) be compensated for services rendered to the Company at a rate of $1.5 million per year for a term of five years, (iv) be subject to customary non-solicitation and non-competition provisions and (v) be, along with his spouse, provided with medical benefits (or will be compensated for medical coverage) that are comparable in the aggregate to the medical benefits afforded to employees of the Company. | |||||||||
(c) | On October 7, 2011, the Company and certain of its wholly owned subsidiaries entered into an agreement with JBS USA, LLC and JBS Trading International, Inc. to sell certain real property, tractor trailers, inventory, equipment, accounts receivable and other assets related to our distribution and transportation businesses. See below for additional information regarding this sale. | |||||||||
(d) | On October 26, 2011, the Company entered into an agreement with Swift Pork Company, a wholly owned subsidiary of JBS USA, LLC, to sell certain real property, tractor trailers, inventory, livestock, equipment, accounts receivable and other assets related to our pork business. | |||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||
Dec. 29, 2013 | |||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||
Schedule of Future Minimum Payments | ' | ||
2014 | $ | 7,621 | |
2015 | 6,599 | ||
2016 | 3,931 | ||
2017 | 2,154 | ||
2018 | 816 | ||
Thereafter | 18 | ||
Total | $ | 21,139 | |
BUSINESS_SEGMENT_AND_GEOGRAPHI1
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING (Tables) | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING [Abstract] | ' | |||||||||
Schedule of Net Sales and Long-lived Assets | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
Net sales to customers by customer location: | ||||||||||
United States | $ | 6,816,246 | $ | 6,600,206 | $ | 6,108,797 | ||||
Mexico | 1,108,308 | 988,712 | 827,186 | |||||||
Asia | 301,545 | 262,455 | 353,368 | |||||||
Europe | 73,349 | 79,101 | 82,261 | |||||||
North America | 51,275 | 111,305 | 88,900 | |||||||
Africa | 38,809 | 62,642 | 56,741 | |||||||
South America | 19,224 | 13,775 | 14,224 | |||||||
Pacific | 2,392 | 3,186 | 4,221 | |||||||
Total | $ | 8,411,148 | $ | 8,121,382 | $ | 7,535,698 | ||||
29-Dec-13 | 30-Dec-12 | |||||||||
(In thousands) | ||||||||||
Long-lived assets(a): | ||||||||||
United States | $ | 1,066,963 | $ | 1,106,482 | ||||||
Mexico | 84,848 | 83,439 | ||||||||
Total | $ | 1,151,811 | $ | 1,189,921 | ||||||
(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. | |||||||||
Schedule of Sales by Product Lines | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
U.S. chicken: | ||||||||||
Prepared chicken | $ | 2,046,747 | $ | 2,239,289 | $ | 2,135,337 | ||||
Fresh chicken | 4,123,087 | 3,583,854 | 3,160,429 | |||||||
Export and other chicken by-products | 715,970 | 817,723 | 808,038 | |||||||
Total U.S. chicken | 6,885,804 | 6,640,866 | 6,103,804 | |||||||
Mexico chicken | 864,454 | 758,023 | 720,333 | |||||||
Total chicken | 7,750,258 | 7,398,889 | 6,824,137 | |||||||
Other products: | ||||||||||
U.S. | 614,409 | 608,619 | 674,923 | |||||||
Mexico | 46,481 | 113,874 | 36,638 | |||||||
Total other products | 660,890 | 722,493 | 711,561 | |||||||
Total net sales | $ | 8,411,148 | $ | 8,121,382 | $ | 7,535,698 |
SUPPLEMENTAL_GUARANTOR_FINANCI1
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
29-Dec-13 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 413,092 | $ | - | $ | 95,114 | $ | - | $ | 508,206 | |||||||||||
Restricted cash and cash equivalents | - | - | - | - | - | ||||||||||||||||
Investment in available-for-sale securities | 96,902 | - | - | - | 96,902 | ||||||||||||||||
Trade accounts and other receivables, less | |||||||||||||||||||||
allowance for doubtful accounts | 327,367 | 1,380 | 47,931 | - | 376,678 | ||||||||||||||||
Account receivable from JBS USA, LLC | 2,388 | - | - | - | 2,388 | ||||||||||||||||
Inventories | 696,604 | 20,215 | 92,013 | - | 808,832 | ||||||||||||||||
Income taxes receivable | 52,662 | - | 12,793 | (587 | ) | 64,868 | |||||||||||||||
Current deferred tax assets | 3,213 | 5,698 | 506 | (7,190 | ) | 2,227 | |||||||||||||||
Prepaid expenses and other current assets | 34,881 | 270 | 26,697 | - | 61,848 | ||||||||||||||||
Assets held for sale | 6,798 | - | 235 | - | 7,033 | ||||||||||||||||
Total current assets | 1,633,907 | 27,563 | 275,289 | (7,777 | ) | 1,928,982 | |||||||||||||||
Intercompany receivable | (64,772 | ) | 114,707 | - | (49,935 | ) | - | ||||||||||||||
Investment in subsidiaries | 472,431 | - | - | (472,431 | ) | - | |||||||||||||||
Deferred tax assets | 5,995 | - | 18,924 | (5,998 | ) | 18,921 | |||||||||||||||
Other long-lived assets | 37,282 | - | 182,881 | (180,000 | ) | 40,163 | |||||||||||||||
Identified intangible assets, net | 23,463 | - | 9,062 | - | 32,525 | ||||||||||||||||
Property, plant and equipment, net | 1,009,711 | 44,643 | 102,221 | (4,764 | ) | 1,151,811 | |||||||||||||||
Total assets | $ | 3,118,017 | $ | 186,913 | $ | 588,377 | $ | (720,905 | ) | $ | 3,172,402 | ||||||||||
Current maturities of long-term debt | $ | 410,234 | $ | - | $ | - | $ | - | $ | 410,234 | |||||||||||
Accounts payable | 308,154 | 12,711 | 49,495 | - | 370,360 | ||||||||||||||||
Account payable to JBS USA, LLC | 3,934 | - | - | - | 3,934 | ||||||||||||||||
Accrued expenses and other current liabilities | 269,062 | 33,821 | (19,528 | ) | - | 283,355 | |||||||||||||||
Income taxes payable | - | - | 587 | (587 | ) | - | |||||||||||||||
Current deferred tax liabilities | 7,190 | - | 15,515 | (7,190 | ) | 15,515 | |||||||||||||||
Total current liabilities | 998,574 | 46,532 | 46,069 | (7,777 | ) | 1,083,398 | |||||||||||||||
Long-term debt, less current maturities | 526,999 | - | - | (25,000 | ) | 501,999 | |||||||||||||||
Intercompany payable | - | - | 49,935 | (49,935 | ) | - | |||||||||||||||
Deferred tax liabilities | 13,944 | 5,698 | 297 | (5,995 | ) | 13,944 | |||||||||||||||
Other long-term liabilities | 77,228 | - | 3,231 | - | 80,459 | ||||||||||||||||
Total liabilities | 1,616,745 | 52,230 | 99,532 | (88,707 | ) | 1,679,800 | |||||||||||||||
Total Pilgrim's Pride Corporation stockholders' | |||||||||||||||||||||
equity | 1,501,272 | 134,683 | 486,061 | (632,198 | ) | 1,489,818 | |||||||||||||||
Noncontrolling interest | - | - | 2,784 | - | 2,784 | ||||||||||||||||
Total stockholders' equity | 1,501,272 | 134,683 | 488,845 | (632,198 | ) | 1,492,602 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,118,017 | $ | 186,913 | $ | 588,377 | $ | (720,905 | ) | $ | 3,172,402 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
30-Dec-12 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 27,657 | $ | - | $ | 40,523 | $ | - | $ | 68,180 | |||||||||||
Restricted cash and cash equivalents | - | - | - | - | - | ||||||||||||||||
Investment in available-for-sale securities | - | - | - | - | - | ||||||||||||||||
Trade accounts and other receivables, less | |||||||||||||||||||||
allowance for doubtful accounts | 326,031 | 1,843 | 57,056 | - | 384,930 | ||||||||||||||||
Account receivable from JBS USA, LLC | 1,514 | - | - | - | 1,514 | ||||||||||||||||
Inventories | 802,282 | 22,813 | 125,201 | - | 950,296 | ||||||||||||||||
Income taxes receivable | 55,306 | - | - | (587 | ) | 54,719 | |||||||||||||||
Current deferred tax assets | - | 3,794 | 506 | (4,300 | ) | - | |||||||||||||||
Prepaid expenses and other current assets | 29,603 | - | 26,444 | - | 56,047 | ||||||||||||||||
Assets held for sale | 9,808 | - | 17,234 | - | 27,042 | ||||||||||||||||
Total current assets | 1,252,201 | 28,450 | 266,964 | (4,887 | ) | 1,542,728 | |||||||||||||||
Investment in available-for-sale securities | - | - | - | - | - | ||||||||||||||||
Intercompany receivable | 19,860 | 53,706 | - | (73,566 | ) | - | |||||||||||||||
Investment in subsidiaries | 376,226 | - | - | (376,226 | ) | - | |||||||||||||||
Deferred tax assets | 101,100 | - | 422 | (4,091 | ) | 97,431 | |||||||||||||||
Other long-lived assets | 44,936 | - | 180,587 | (180,000 | ) | 45,523 | |||||||||||||||
Identified intangible assets, net | 27,386 | - | 10,880 | - | 38,266 | ||||||||||||||||
Property, plant and equipment, net | 1,043,696 | 45,746 | 104,368 | (3,889 | ) | 1,189,921 | |||||||||||||||
Total assets | $ | 2,865,405 | $ | 127,902 | $ | 563,221 | $ | (642,659 | ) | $ | 2,913,869 | ||||||||||
Current maturities of long-term debt | $ | 15,886 | $ | - | $ | - | $ | - | $ | 15,886 | |||||||||||
Accounts payable | 255,517 | 4,270 | 52,578 | - | 312,365 | ||||||||||||||||
Account payable to JBS USA, LLC | 13,436 | - | - | - | 13,436 | ||||||||||||||||
Accrued expenses and other current liabilities | 230,278 | 24,265 | 28,997 | - | 283,540 | ||||||||||||||||
Income taxes payable | - | - | 1,055 | (587 | ) | 468 | |||||||||||||||
Current deferred tax liabilities | 108,201 | - | 581 | (4,300 | ) | 104,482 | |||||||||||||||
Total current liabilities | 623,318 | 28,535 | 83,211 | (4,887 | ) | 730,177 | |||||||||||||||
Long-term debt, less current maturities | 1,173,870 | - | - | (25,000 | ) | 1,148,870 | |||||||||||||||
Note payable to JBS USA Holdings, Inc. | - | - | - | - | - | ||||||||||||||||
Intercompany payable | - | - | 73,566 | (73,566 | ) | - | |||||||||||||||
Deferred tax liabilities | - | 3,794 | 297 | (4,091 | ) | - | |||||||||||||||
Other long-term liabilities | 122,580 | - | 3,245 | - | 125,825 | ||||||||||||||||
Total liabilities | 1,919,768 | 32,329 | 160,319 | (107,544 | ) | 2,004,872 | |||||||||||||||
Total Pilgrim's Pride Corporation stockholders' | |||||||||||||||||||||
equity | 945,637 | 95,573 | 400,276 | (535,115 | ) | 906,371 | |||||||||||||||
Noncontrolling interest | - | - | 2,626 | - | 2,626 | ||||||||||||||||
Total stockholders' equity | 945,637 | 95,573 | 402,902 | (535,115 | ) | 908,997 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 2,865,405 | $ | 127,902 | $ | 563,221 | $ | (642,659 | ) | $ | 2,913,869 | ||||||||||
Schedule of Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 29, 2013 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 7,333,150 | $ | 521,973 | $ | 1,047,102 | $ | (491,077 | ) | $ | 8,411,148 | ||||||||||
Cost of sales | 6,678,655 | 468,809 | 908,442 | (490,197 | ) | 7,565,709 | |||||||||||||||
Gross profit | 654,495 | 53,164 | 138,660 | (880 | ) | 845,439 | |||||||||||||||
Selling, general and administrative expense | 152,816 | 4,215 | 23,884 | - | 180,915 | ||||||||||||||||
Administrative restructuring charges, net | 5,129 | - | 532 | - | 5,661 | ||||||||||||||||
Operating income | 496,550 | 48,949 | 114,244 | (880 | ) | 658,863 | |||||||||||||||
Interest expense | 86,368 | - | 638 | - | 87,006 | ||||||||||||||||
Interest income | (64 | ) | - | (2,061 | ) | - | (2,125 | ) | |||||||||||||
Foreign currency transaction losses (gains) | (2 | ) | - | 4,417 | - | 4,415 | |||||||||||||||
Miscellaneous, net | (11,633 | ) | 5,351 | 1,542 | 367 | (4,373 | ) | ||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||
before income taxes | 421,881 | 43,598 | 109,708 | (1,247 | ) | 573,940 | |||||||||||||||
Income tax expense (benefit) | (5,461 | ) | 5,764 | 23,924 | - | 24,227 | |||||||||||||||
Income (loss) before equity in earnings of | |||||||||||||||||||||
consolidated subsidiaries | 427,342 | 37,834 | 85,784 | (1,247 | ) | 549,713 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 122,213 | - | - | (122,213 | ) | - | |||||||||||||||
Net income (loss) | 549,555 | 37,834 | 85,784 | (123,460 | ) | 549,713 | |||||||||||||||
Less: Net loss attributable to noncontrolling | |||||||||||||||||||||
interest | - | - | 158 | - | 158 | ||||||||||||||||
Net income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride | $ | 549,555 | $ | 37,834 | $ | 85,626 | $ | (123,460 | ) | $ | 549,555 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Fifty-Three Weeks Ended December 30, 2012 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 6,836,012 | $ | 537,198 | $ | 992,501 | $ | (244,329 | ) | $ | 8,121,382 | ||||||||||
Cost of sales | 6,530,925 | 511,800 | 887,154 | (244,329 | ) | 7,685,550 | |||||||||||||||
Gross profit | 305,087 | 25,398 | 105,347 | - | 435,832 | ||||||||||||||||
Selling, general and administrative expense | 156,535 | - | 20,506 | - | 177,041 | ||||||||||||||||
Administrative restructuring charges, net | 9,743 | - | (1,294 | ) | - | 8,449 | |||||||||||||||
Operating income | 138,809 | 25,398 | 86,135 | - | 250,342 | ||||||||||||||||
Interest expense | 104,652 | - | 274 | - | 104,926 | ||||||||||||||||
Interest income | (295 | ) | - | (1,102 | ) | - | (1,397 | ) | |||||||||||||
Foreign currency transaction losses (gains) | 95 | - | (4,905 | ) | - | (4,810 | ) | ||||||||||||||
Miscellaneous, net | (2,131 | ) | (14 | ) | 22 | 684 | (1,439 | ) | |||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||
before income taxes | 36,488 | 25,412 | 91,846 | (684 | ) | 153,062 | |||||||||||||||
Income tax expense (benefit) | (38,852 | ) | 9,593 | 8,279 | - | (20,980 | ) | ||||||||||||||
Income (loss) before equity in earnings of | |||||||||||||||||||||
consolidated subsidiaries | 75,340 | 15,819 | 83,567 | (684 | ) | 174,042 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | 98,894 | - | - | (98,894 | ) | - | |||||||||||||||
Net income (loss) | 174,234 | 15,819 | 83,567 | (99,578 | ) | 174,042 | |||||||||||||||
Less: Net loss attributable to noncontrolling | |||||||||||||||||||||
interest | - | - | (192 | ) | - | (192 | ) | ||||||||||||||
Net income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride | $ | 174,234 | $ | 15,819 | $ | 83,759 | $ | (99,578 | ) | $ | 174,234 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 25, 2011 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 6,135,319 | $ | 458,932 | $ | 1,225,128 | $ | (283,681 | ) | $ | 7,535,698 | ||||||||||
Cost of sales | 6,237,535 | 430,343 | 1,291,080 | (283,681 | ) | 7,675,277 | |||||||||||||||
Operational restructuring charges, net | 1,958 | - | - | - | 1,958 | ||||||||||||||||
Gross profit (loss) | (104,174 | ) | 28,589 | (65,952 | ) | - | (141,537 | ) | |||||||||||||
Selling, general and administrative expense | 174,694 | - | 30,449 | - | 205,143 | ||||||||||||||||
Administrative restructuring charges, net | 19,824 | - | 7,087 | - | 26,911 | ||||||||||||||||
Operating income (loss) | (298,692 | ) | 28,589 | (103,488 | ) | - | (373,591 | ) | |||||||||||||
Interest expense | 110,940 | - | 592 | - | 111,532 | ||||||||||||||||
Interest income | (363 | ) | - | (1,102 | ) | - | (1,465 | ) | |||||||||||||
Foreign currency transaction losses (gains) | (31 | ) | - | 12,632 | - | 12,601 | |||||||||||||||
Miscellaneous, net | 59,661 | 3,818 | (98,360 | ) | 25,748 | (9,133 | ) | ||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||
before income taxes | (468,899 | ) | 24,771 | (17,250 | ) | (25,748 | ) | (487,126 | ) | ||||||||||||
Income tax expense (benefit) | (14,139 | ) | 9,351 | 13,352 | - | 8,564 | |||||||||||||||
Income (loss) before equity in earnings of | |||||||||||||||||||||
consolidated subsidiaries | (454,760 | ) | 15,420 | (30,602 | ) | (25,748 | ) | (495,690 | ) | ||||||||||||
Equity in earnings of consolidated subsidiaries | (9,334 | ) | - | - | 9,334 | - | |||||||||||||||
Net income (loss) | (464,094 | ) | 15,420 | (30,602 | ) | (16,414 | ) | (495,690 | ) | ||||||||||||
Less: Net income attributable to noncontrolling | |||||||||||||||||||||
interest | - | - | 1,082 | - | 1,082 | ||||||||||||||||
Net income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride | $ | (464,094 | ) | $ | 15,420 | $ | (31,684 | ) | $ | (16,414 | ) | $ | (496,772 | ) | |||||||
Schedule of Condensed Consolidating Statements of Comprehensive Income | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Fifty-Two Weeks Ended December 29, 2013 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net income (loss) | $ | 549,555 | $ | 37,834 | $ | 85,784 | $ | (123,460 | ) | $ | 549,713 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized holding losses on available- | |||||||||||||||||||||
for-sale securities, net of tax | 62 | - | - | - | 62 | ||||||||||||||||
Losses associated with pension and | |||||||||||||||||||||
other postretirement benefits, net of tax | 22,714 | - | - | - | 22,714 | ||||||||||||||||
Total other comprehensive loss, net of tax | 22,776 | - | - | - | 22,776 | ||||||||||||||||
Comprehensive income (loss) | 572,331 | 37,834 | 85,784 | (123,460 | ) | 572,489 | |||||||||||||||
Less: Comprehensive income attributable to | |||||||||||||||||||||
noncontrolling interests | - | - | 158 | - | 158 | ||||||||||||||||
Comprehensive income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride Corporation | $ | 572,331 | $ | 37,834 | $ | 85,626 | $ | (123,460 | ) | $ | 572,331 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Fifty-Three Weeks Ended December 30, 2012 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net income (loss) | $ | 174,234 | $ | 15,819 | $ | 83,567 | $ | (99,578 | ) | $ | 174,042 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized holding gains on available- | |||||||||||||||||||||
for-sale securities, net of tax | - | - | (12 | ) | - | (12 | ) | ||||||||||||||
Losses associated with pension and | |||||||||||||||||||||
other postretirement benefits, net of tax | (22,429 | ) | - | - | - | (22,429 | ) | ||||||||||||||
Total other comprehensive income (loss), | |||||||||||||||||||||
net of tax | (22,429 | ) | - | (12 | ) | - | (22,441 | ) | |||||||||||||
Comprehensive income (loss) | 151,805 | 15,819 | 83,555 | (99,578 | ) | 151,601 | |||||||||||||||
Less: Comprehensive income attributable to | |||||||||||||||||||||
noncontrolling interests | - | - | (192 | ) | - | (192 | ) | ||||||||||||||
Comprehensive income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride Corporation | $ | 151,805 | $ | 15,819 | $ | 83,747 | $ | (99,578 | ) | $ | 151,793 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Fifty-Two Weeks Ended December 25, 2011 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net income (loss) | $ | (464,094 | ) | $ | 15,420 | $ | (30,602 | ) | $ | (16,414 | ) | $ | (495,690 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized holding losses on available- | |||||||||||||||||||||
for-sale securities, net of tax | - | - | (1,160 | ) | - | (1,160 | ) | ||||||||||||||
Loss associated with pension and | |||||||||||||||||||||
other postretirement benefits, net of tax | (21,273 | ) | - | - | - | (21,273 | ) | ||||||||||||||
Total other comprehensive income (loss), | |||||||||||||||||||||
net of tax | (21,273 | ) | - | (1,160 | ) | - | (22,433 | ) | |||||||||||||
Comprehensive income (loss) | (485,367 | ) | 15,420 | (31,762 | ) | (16,414 | ) | (518,123 | ) | ||||||||||||
Less: Comprehensive income attributable to | |||||||||||||||||||||
noncontrolling interests | - | - | 1,082 | - | 1,082 | ||||||||||||||||
Comprehensive income (loss) attributable to | |||||||||||||||||||||
Pilgrim's Pride Corporation | $ | (485,367 | ) | $ | 15,420 | $ | (32,844 | ) | $ | (16,414 | ) | $ | (519,205 | ) | |||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 29, 2013 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 819,071 | $ | 4,852 | $ | 54,977 | $ | (367 | ) | $ | 878,533 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of property, plant and equipment | (99,562 | ) | (4,857 | ) | (11,804 | ) | - | (116,223 | ) | ||||||||||||
Purchases of investment securities | (96,902 | ) | - | - | - | (96,902 | ) | ||||||||||||||
Proceeds from property sales and disposals | 13,042 | 5 | 18,290 | - | 31,337 | ||||||||||||||||
Cash used in investing activities | (183,422 | ) | (4,852 | ) | 6,486 | - | (181,788 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from long-term debt | 505,600 | - | - | - | 505,600 | ||||||||||||||||
Payments on long-term debt | (758,578 | ) | - | - | - | (758,578 | ) | ||||||||||||||
Payment of capitalized loan costs | (5,006 | ) | - | - | - | (5,006 | ) | ||||||||||||||
Tax benefit related to share-based | |||||||||||||||||||||
compensation | 7,770 | - | - | - | 7,770 | ||||||||||||||||
Other financing activities | - | - | (367 | ) | 367 | - | |||||||||||||||
Cash provided by (used in) financing | |||||||||||||||||||||
activities | (250,214 | ) | - | (367 | ) | 367 | (250,214 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash | |||||||||||||||||||||
equivalents | - | - | (6,505 | ) | (6,505 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 385,435 | - | 54,591 | - | 440,026 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 27,657 | - | 40,523 | - | 68,180 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 413,092 | $ | - | $ | 95,114 | $ | - | $ | 508,206 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Fifty-Three Weeks Ended December 30, 2012 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 174,046 | $ | 2,178 | $ | 23,653 | $ | (253 | ) | $ | 199,624 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of property, plant and equipment | (75,985 | ) | (2,208 | ) | (12,134 | ) | - | (90,327 | ) | ||||||||||||
Purchases of investment securities | (73 | ) | - | (89 | ) | - | (162 | ) | |||||||||||||
Proceeds from sale or maturity of investment | |||||||||||||||||||||
securities | 57 | - | 631 | - | 688 | ||||||||||||||||
Proceeds from property sales and disposals | 26,911 | - | 2,489 | - | 29,400 | ||||||||||||||||
Cash used in investing activities | (49,090 | ) | (2,208 | ) | (9,103 | ) | - | (60,401 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from note payable to JBS USA | (50,000 | ) | - | - | - | (50,000 | ) | ||||||||||||||
Proceeds from long-term debt | 851,400 | - | - | - | 851,400 | ||||||||||||||||
Payments on long-term debt | (1,110,711 | ) | - | - | - | (1,110,711 | ) | ||||||||||||||
Proceeds from sale of common stock | 198,282 | - | - | - | 198,282 | ||||||||||||||||
Other financing activities | - | - | (253 | ) | 253 | - | |||||||||||||||
Cash provided by (used in) financing | |||||||||||||||||||||
activities | (111,029 | ) | - | (253 | ) | 253 | (111,029 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash | |||||||||||||||||||||
equivalents | - | - | (1,623 | ) | - | (1,623 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 13,927 | (30 | ) | 12,674 | - | 26,571 | |||||||||||||||
Cash and cash equivalents, beginning of period | 13,733 | 30 | 27,846 | - | 41,609 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 27,660 | $ | - | $ | 40,520 | $ | - | $ | 68,180 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Fifty-Two Weeks Ended December 25, 2011 | |||||||||||||||||||||
Subsidiary | Subsidiary | Eliminations/ | |||||||||||||||||||
Parent | Guarantor | Non-Guarantors | Adjustments | Consolidation | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (91,621 | ) | $ | 8,973 | $ | (19,385 | ) | $ | (26,958 | ) | $ | (128,991 | ) | |||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of property, plant and equipment | (115,791 | ) | (9,108 | ) | (11,069 | ) | - | (135,968 | ) | ||||||||||||
Purchases of investment securities | - | - | (4,596 | ) | - | (4,596 | ) | ||||||||||||||
Proceeds from sale or maturity of investment | |||||||||||||||||||||
securities | - | - | 15,852 | - | 15,852 | ||||||||||||||||
Proceeds from business dispositions to Swift | |||||||||||||||||||||
Pork Company | - | - | 13,000 | - | 13,000 | ||||||||||||||||
Proceeds from business dispositions to JBS | |||||||||||||||||||||
Trading International, Inc. | - | - | 24,479 | - | 24,479 | ||||||||||||||||
Proceeds from property sales and disposals | 26,503 | 165 | 2,376 | - | 29,044 | ||||||||||||||||
Cash provided by (used in) investing | |||||||||||||||||||||
activities | (89,288 | ) | (8,943 | ) | 40,042 | - | (58,189 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from note payable to JBS USA | 50,000 | - | - | - | 50,000 | ||||||||||||||||
Proceeds from long-term debt | 965,689 | - | - | - | 965,689 | ||||||||||||||||
Payments on long-term debt | (881,833 | ) | - | - | - | (881,833 | ) | ||||||||||||||
Purchase of remaining interest in subsidiary | (2,504 | ) | - | - | - | (2,504 | ) | ||||||||||||||
Payment of capitalized loan costs | (4,395 | ) | - | - | - | (4,395 | ) | ||||||||||||||
Cash dividends paid | - | - | (25,000 | ) | 25,000 | - | |||||||||||||||
Other financing activities | - | - | (2,065 | ) | 1,958 | (107 | ) | ||||||||||||||
Cash provided by (used in) financing | |||||||||||||||||||||
activities | 126,957 | - | (27,065 | ) | 26,958 | 126,850 | |||||||||||||||
Effect of exchange rate changes on cash and cash | |||||||||||||||||||||
equivalents | - | - | (4,138 | ) | - | (4,138 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (53,952 | ) | 30 | (10,546 | ) | - | (64,468 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 67,685 | - | 38,392 | - | 106,077 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 13,733 | $ | 30 | $ | 27,846 | $ | - | $ | 41,609 |
QUARTERLY_RESULTS_Tables
QUARTERLY RESULTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
QUARTERLY RESULTS [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Results | ' | |||||||||||||||
2013 | First | Second | Third | Fourth(a) | Year | |||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 2,036,929 | $ | 2,184,118 | $ | 2,142,816 | $ | 2,047,285 | $ | 8,411,148 | ||||||
Gross profit | 118,434 | 282,507 | 236,573 | 207,925 | 845,439 | |||||||||||
Net income attributable to PPC | ||||||||||||||||
common stockholders | 54,582 | 190,704 | 160,917 | 143,352 | 549,555 | |||||||||||
Net income per share amounts - | ||||||||||||||||
basic and diluted | 0.21 | 0.74 | 0.62 | 0.55 | 2.12 | |||||||||||
Number of days in quarter | 91 | 91 | 91 | 91 | 364 | |||||||||||
(a) | In the fourth quarter of 2013, the Company recognized expenses related to the shutdown of our Dallas plant of $.5 million and asset impairment charges of $.5 million. | |||||||||||||||
2012 | First | Second | Third | Fourth(a) | Year | |||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 1,888,773 | $ | 1,974,469 | $ | 2,068,478 | $ | 2,189,662 | $ | 8,121,382 | ||||||
Gross profit (loss) | 110,065 | 144,089 | 106,135 | 75,543 | 435,832 | |||||||||||
Net loss attributable to PPC | ||||||||||||||||
common stockholders | 39,173 | 69,357 | 42,931 | 22,773 | 174,234 | |||||||||||
Net loss per share amounts - | ||||||||||||||||
basic and diluted | 0.18 | 0.27 | 0.17 | 0.09 | 0.7 | |||||||||||
Number of days in quarter | 91 | 91 | 91 | 98 | 371 | |||||||||||
(a) | In the fourth quarter of 2012, the Company recognized expenses related to the shutdown of our Dallas plant of $1.1 million and asset impairment charges of $1.4 million. | |||||||||||||||
2011 | First | Second | Third | Fourth(a) | Year | |||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | 1,892,476 | 1,922,690 | 1,891,224 | 1,829,308 | 7,535,698 | |||||||||||
Gross profit | (53,110 | ) | (46,228 | ) | (62,387 | ) | 20,188 | (141,537 | ) | |||||||
Net income (loss) attributable to PPC | ||||||||||||||||
common stockholders | (120,760 | ) | (128,141 | ) | (162,516 | ) | (85,355 | ) | (496,772 | ) | ||||||
Net income (loss) per share amounts - | ||||||||||||||||
basic and diluted | (0.54 | ) | (0.57 | ) | (0.72 | ) | (0.38 | ) | (2.21 | ) | ||||||
Number of days in quarter | 91 | 91 | 91 | 91 | 364 | |||||||||||
(a) | In the fourth quarter of 2011, the Company recognized restructuring charges of $14.6 million, asset impairment charges of $11.3 million and net gains on derivative financial instruments of $3.1 million. |
BUSINESS_AND_SUMMARY_OF_SIGNIF2
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 30, 2009 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2009 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' | ' |
Number of Countries in Which Entity Exports Products | ' | 100 | ' | ' | ' |
Number of States in which Entity Operates | ' | 12 | ' | ' | ' |
Percentage of stock prior to emergence | 36.00% | ' | ' | ' | ' |
Percentage of stock purchased | 64.00% | ' | ' | ' | ' |
Amount of stock purchase | ' | ' | ' | ' | $800,000 |
Ownership percentage | ' | ' | ' | ' | 75.50% |
Advertising expense | ' | 4,900 | 6,500 | 9,600 | ' |
Research and development expense | ' | $3,900 | $3,800 | $5,000 | ' |
Trade Names [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, estimated useful life | ' | '3 years | '3 years | ' | ' |
Trade Names [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, estimated useful life | ' | '15 years | '15 years | ' | ' |
Noncompete Agreements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, estimated useful life | ' | '3 years | '3 years | ' | ' |
Noncompete Agreements [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, estimated useful life | ' | '3 years | ' | ' | ' |
Noncompete Agreements [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, estimated useful life | ' | '15 years | ' | ' | ' |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, estimated useful life | ' | '13 years | '13 years | ' | ' |
Building [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, estimated useful life | ' | '5 years | ' | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, estimated useful life | ' | '33 years | ' | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, estimated useful life | ' | '5 years | ' | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, estimated useful life | ' | '33 years | ' | ' | ' |
Vehicles [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, estimated useful life | ' | '3 years | ' | ' | ' |
Vehicles [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, estimated useful life | ' | '10 years | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Schedu
FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured on a Recurring Basis) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | $2,889 | $1,821 | ' |
Investment in available-for-sale securities | 96,902 | ' | ' |
Derivative liabilities, gross | -1,728 | -1,530 | ' |
Change in Value of Level 3 Liabilities: | ' | ' | ' |
Borrowings | 505,600 | 851,400 | 965,689 |
Payments | -758,578 | -1,110,711 | -881,833 |
Level 3 [Member] | Term Notes and Revolver [Member] | ' | ' | ' |
Change in Value of Level 3 Liabilities: | ' | ' | ' |
Balance, beginning of period | 686,435 | 945,927 | ' |
Borrowings | 509,500 | 1,332,300 | ' |
Payments | -762,091 | -1,591,498 | ' |
Change in fair value inputs | -9,194 | -294 | ' |
Balance, end of period | 424,650 | 686,435 | ' |
Level 3 [Member] | Capitalized Lease Obligations [Member] | ' | ' | ' |
Change in Value of Level 3 Liabilities: | ' | ' | ' |
Balance, beginning of period | 880 | 1,005 | ' |
Borrowings | ' | ' | ' |
Payments | -124 | -114 | ' |
Change in fair value inputs | -52 | -11 | ' |
Balance, end of period | 704 | 880 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investment in available-for-sale securities | 96,902 | ' | ' |
Deferred compensation plan assets | 7,208 | 7,591 | ' |
Long-term debt and other borrowing arrangements: | ' | ' | ' |
Senior unsecured notes | 552,592 | 521,415 | ' |
Term notes and revolver | 424,650 | 686,435 | ' |
Capitalized lease obligations | 704 | 880 | ' |
Fair Value, Measurements, Recurring [Member] | Commodity Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 1,494 | 1,821 | ' |
Derivative liabilities, gross | -1,728 | -1,530 | ' |
Fair Value, Measurements, Recurring [Member] | Commodity Options Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 1,395 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Foreign Currency Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 1,214 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investment in available-for-sale securities | 96,902 | ' | ' |
Deferred compensation plan assets | 7,208 | 7,591 | ' |
Long-term debt and other borrowing arrangements: | ' | ' | ' |
Senior unsecured notes | 552,592 | 521,415 | ' |
Term notes and revolver | ' | ' | ' |
Capitalized lease obligations | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 1,494 | 1,821 | ' |
Derivative liabilities, gross | -1,728 | -1,530 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity Options Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign Currency Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 1,214 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investment in available-for-sale securities | ' | ' | ' |
Deferred compensation plan assets | ' | ' | ' |
Long-term debt and other borrowing arrangements: | ' | ' | ' |
Senior unsecured notes | ' | ' | ' |
Term notes and revolver | ' | ' | ' |
Capitalized lease obligations | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | ' | ' | ' |
Derivative liabilities, gross | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity Options Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 1,395 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Currency Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investment in available-for-sale securities | ' | ' | ' |
Deferred compensation plan assets | ' | ' | ' |
Long-term debt and other borrowing arrangements: | ' | ' | ' |
Senior unsecured notes | ' | ' | ' |
Term notes and revolver | 424,650 | 686,435 | ' |
Capitalized lease obligations | 704 | 880 | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | ' | ' | ' |
Derivative liabilities, gross | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity Options Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign Currency Futures Instruments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Schedu1
FAIR VALUE MEASUREMENTS (Schedule of Carrying Amounts and Estimated Fair Values of Financial Assets and Liabilities) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | $2,889 | $1,821 |
Derivative liabilities, gross | -1,728 | -1,530 |
Investment in available-for-sale securities | 96,902 | ' |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Deferred compensation plan assets | 7,208 | 7,591 |
Investment in available-for-sale securities | 96,902 | ' |
Long-term debt and other borrowing arrangements | -912,233 | -1,164,756 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Deferred compensation plan assets | 7,208 | 7,591 |
Investment in available-for-sale securities | 96,902 | ' |
Long-term debt and other borrowing arrangements | -977,946 | -1,208,730 |
Commodity Futures Instruments [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,494 | 1,821 |
Derivative liabilities, gross | -1,728 | -1,530 |
Commodity Futures Instruments [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,494 | 1,821 |
Derivative liabilities, gross | -1,728 | -1,530 |
Commodity Options Instruments [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,395 | ' |
Commodity Options Instruments [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,395 | ' |
Foreign Currency Futures Instruments [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | 1,214 | ' |
Foreign Currency Futures Instruments [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative assets | $1,214 | ' |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) (Fair Value, Measurements, Nonrecurring [Member], Fair Value, Inputs, Level 2 [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets held for sale, carrying amount | $27,500 |
Assets held for sale, fair value | 23,900 |
Gain (loss) on sale of assets | ($3,600) |
TRADE_ACCOUNTS_AND_OTHER_RECEI2
TRADE ACCOUNTS AND OTHER RECEIVABLES (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
TRADE ACCOUNTS AND OTHER RECEIVABLES [Abstract] | ' | ' |
Trade accounts receivable | $369,715 | $381,747 |
Receivables from officers and employees | 14 | 48 |
Other receivables | 11,005 | 6,892 |
Receivables, gross | 380,734 | 388,687 |
Allowance for doubtful accounts | -4,056 | -3,757 |
Receivables, net | 376,678 | 384,930 |
Account receivable from JBS USA, LLC | $2,388 | $1,514 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Total inventories | $808,832 | $950,296 |
Chicken Inventories Live Chicken and Hens [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Total inventories | 368,582 | 405,335 |
Chicken Inventories Feed Eggs and Other [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Total inventories | 216,045 | 307,500 |
Chicken Inventories Finished Chicken Products [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Total inventories | 223,932 | 237,159 |
Chicken Inventories [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Total inventories | 808,559 | 949,994 |
Commercial Feed Table Eggs and Other [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Total inventories | $273 | $302 |
INVESTMENTS_IN_SECURITIES_Deta
INVESTMENTS IN SECURITIES (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fixed income securities, Fair Value | $96,902 | ' |
Available For Sale Securities Current Investments [Member] | ' | ' |
Fixed income securities, Amortized Cost | 96,902 | ' |
Fixed income securities, Fair Value | $96,902 | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | ' | ' | ' | ' |
Net gains (losses) on derivative financial instruments | $3,100 | $25,100 | $8,300 | $63,800 |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Instruments and Cash Collateral) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | ||
Fair values: | ' | ' | ||
Commodity derivative assets, gross | 2,889 | 1,821 | ||
Derivative liabilities, gross | -1,728 | -1,530 | ||
Cash collateral posted with (owed to) brokers | 4,142 | -166 | ||
Foreign currency derivative assets, gross | 1,214 | ' | ||
Corn [Member] | ' | ' | ||
Derivatives Coverage: | ' | ' | ||
Derivatives Coverage | 1.10% | [1] | 0.00% | [1] |
Period through which stated percent of needs are covered: | ' | ' | ||
Derivative, Maturity Date | 30-Sep-15 | 31-Dec-13 | ||
Soybean Meal [Member] | ' | ' | ||
Derivatives Coverage: | ' | ' | ||
Derivatives Coverage | -3.60% | [1] | 0.00% | [1] |
Period through which stated percent of needs are covered: | ' | ' | ||
Derivative, Maturity Date | 31-Jul-14 | 31-Dec-13 | ||
[1] | Derivatives coverage is the percent of anticipated corn and soybean meal needs covered by outstanding derivative instruments through a specified date. |
IDENTIFIED_INTANGIBLE_ASSETS_S
IDENTIFIED INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Original Cost | 91,443 | 91,443 |
Total intangible assets, Accumulated Amortization | 53,177 | 53,177 |
Total intangible assets, Carrying Amount | 38,266 | 38,266 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Original Cost | 40,143 | 40,143 |
Total intangible assets, Accumulated Amortization | 31,083 | 29,263 |
Total intangible assets, Carrying Amount | 9,062 | 10,880 |
Trade Names [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Useful Life (Years) | '3 years | '3 years |
Trade Names [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Useful Life (Years) | '15 years | '15 years |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Useful Life (Years) | '13 years | '13 years |
Total intangible assets, Original Cost | 51,000 | 51,000 |
Total intangible assets, Accumulated Amortization | 27,537 | 23,614 |
Total intangible assets, Carrying Amount | 23,463 | 27,386 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Useful Life (Years) | '3 years | '3 years |
Total intangible assets, Original Cost | 300 | 300 |
Total intangible assets, Accumulated Amortization | 300 | 300 |
Total intangible assets, Carrying Amount | ' | ' |
Noncompete Agreements [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Useful Life (Years) | '3 years | ' |
Noncompete Agreements [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets, Useful Life (Years) | '15 years | ' |
IDENTIFIED_INTANGIBLE_ASSETS_N
IDENTIFIED INTANGIBLE ASSETS (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
IDENTIFIED INTANGIBLE ASSETS [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $5,700 | $5,800 | $5,700 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,700 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,700 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,700 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,800 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $5,600 | ' | ' |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | ' | ' |
Depreciation | $135,500 | $131,500 | $192,600 |
Proceeds from property disposals | 31,337 | 29,400 | 29,044 |
Gain on property disposals | -2,400 | -5,300 | ' |
Assets held for sale | 7,033 | 27,042 | ' |
Idled asset accumulated depreciation | 80,800 | ' | ' |
Idled asset property, plant and equipment gross | 134,600 | ' | ' |
Idled assets property, plant and equipment, net | 53,800 | ' | ' |
Loss on scrapped assets | -4,600 | -4,000 | ' |
Assets held for sale, impairment charges | $3,600 | ' | ' |
PROPERTY_PLANT_AND_EQUIPMENT_S
PROPERTY, PLANT AND EQUIPMENT (Schedule of Property, Plant and Equipment) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
PP&E, gross | $2,769,603 | $2,749,580 |
Accumulated depreciation | -1,617,792 | -1,559,659 |
PP&E, net | 1,151,811 | 1,189,921 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
PP&E, gross | 66,071 | 63,788 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
PP&E, gross | 1,077,859 | 1,081,059 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
PP&E, gross | 1,502,968 | 1,498,280 |
Autos and trucks [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
PP&E, gross | 55,779 | 58,526 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
PP&E, gross | $66,926 | $47,927 |
CURRENT_LIABILITIES_Details
CURRENT LIABILITIES (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accounts payable: | ' | ' |
Trade accounts | $313,266 | $252,644 |
Book overdrafts | 55,378 | 58,066 |
Other payables | 1,716 | 1,655 |
Total accounts payable | 370,360 | 312,365 |
Accounts payable to JBS USA, LLC | 3,934 | 13,436 |
Accrued expenses: | ' | ' |
Compensation and benefits | 100,965 | 77,376 |
Interest and debt-related fees | 7,558 | 10,740 |
Insurance and self-insured claims | 99,244 | 108,806 |
Commodity derivative liabilities: | ' | ' |
Other accrued expenses | 73,859 | 85,088 |
Total accrued expenses and other current liabilities | 283,355 | 283,540 |
Total accrued expenses | 657,649 | 609,341 |
Commodity Futures Instruments [Member] | ' | ' |
Commodity derivative liabilities: | ' | ' |
Commodity derivative liabilities | $1,729 | $1,530 |
LONGTERM_DEBT_AND_OTHER_BORROW2
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 23, 2011 | Dec. 29, 2013 | Aug. 07, 2013 | Dec. 29, 2009 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 |
USD ($) | USD ($) | USD ($) | Mexico Credit Agreement [Member] | US and Puerto Rico Subsidiaries [Member] | Foreign Subsidiaries [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated and Unsecured Notes [Member] | Senior Unsecured Notes One [Member] | Subordinated Loan [Member] | Revolving Credit Facility and Term B Facility [Member] | Us Credit Facility [Member] | Us Credit Facility [Member] | Us Credit Facility [Member] | Line Of Credit Sublimit Swingline Loans [Member] | Us Credit Facility Revolving Loan [Member] | Us Credit Facility Delayed Draw [Member] | Us Credit Facility Letters Of Credit [Member] | Letter Of Credit [Member] | Letter Of Credit [Member] | Letter Of Credit [Member] | Loan Commitment Under Mexico Credit Facility [Member] | Loan Commitment Under Mexico Credit Facility [Member] | Loan Commitment Under Mexico Credit Facility [Member] | Loan Commitment Under Mexico Credit Facility [Member] | Us Credit Facility Term Notes Payable B1 [Member] | Us Credit Facility Term Notes Payable B2 [Member] | Us Credit Facility Revolving Note Payable [Member] | Us Credit Facility Revolving Note Payable [Member] | Term B Loan [Member] | |
MXN | USD ($) | USD ($) | USD ($) | JBS USA [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JBS USA [Member] | JBS USA [Member] | JBS USA [Member] | MXN | USD ($) | TIIE Rate [Member] | Equilibrium Interbank Interest Rate [Member] | USD ($) | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $912,233 | $1,164,756 | ' | ' | ' | ' | $497,757 | $497,301 | $3,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,600 | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $410,100 |
Interest expense | 87,000 | 104,900 | 111,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, new construction capitalized | 2,200 | 1,700 | 3,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 7.88% | ' | 7.88% | 8.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.44% | 9.00% | 4.25% | 6.25% | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 4.50% | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,850,000 | ' | ' | 700,000 | 100,000 | 695,400 | ' | 200,000 | ' | ' | ' | ' | 42,700 | ' | ' | ' | ' | ' | ' | 410,100 |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,900 |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200 | 2,200 | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Feature To Increase Aggregate Revolving Loan Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced Minimum Allowable Consolidated Tangible Net Worth | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced Minimum Allowable Consolidated Tangible Net Worth, Base Value | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced Minimum Allowable Consolidated Tangible Net Worth, Percent of Cumulative Net Income | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Allowable Senior Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Equity Interest Guaranteed For Debt | ' | ' | ' | ' | 100.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of capitalized loan costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreed Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,200 |
Credit Facility Availed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delayed Draw Term Loan, Maximum Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delayed Draw Term Loan, Increase in Maximum Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delayed Draw Term Loan, Percentage of Principal Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Aug-18 | ' | ' | ' | ' | ' | 7-Aug-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Dec-14 |
LONGTERM_DEBT_AND_OTHER_BORROW3
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Schedule of Long-term Debt and Other Borrowing Arrangments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $912,233 | $1,164,756 |
Less: Current maturities of long-term debt | -410,234 | -15,886 |
Long-term debt, less current maturities | 501,999 | 1,148,870 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity | '2018 | ' |
Long-term debt | 497,757 | 497,301 |
Exit Credit Facility Term Note Payable B1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity | '2014 | ' |
Long-term debt | 204,880 | 275,443 |
Exit Credit Facility Term Note Payable B2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity | '2014 | ' |
Long-term debt | 205,219 | 283,647 |
Exit Credit Facility Term Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity | '2018 | ' |
Long-term debt | ' | 103,600 |
Mexico Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity | '2014 | ' |
Long-term debt | ' | ' |
Other Long Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity | 'Various | ' |
Long-term debt | $4,377 | $4,765 |
LONGTERM_DEBT_AND_OTHER_BORROW4
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Schedule of Annual Maturities) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
For the fiscal years ending December: | ' | ' |
2014 | $410,234 | ' |
2015 | 263 | ' |
2016 | 86 | ' |
2017 | 3,611 | ' |
2018 | 500,102 | ' |
Thereafter | 180 | ' |
Total maturities | 914,476 | ' |
Less: Amount representing original issue discount, net of accretion | -2,243 | ' |
Long-term debt | $912,233 | $1,164,756 |
INCOME_TAXES_Schedule_of_Incom
INCOME TAXES (Schedule of Income (Loss) from Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
INCOME TAXES [Abstract] | ' | ' | ' |
U.S. | $469,395 | $62,332 | ($481,048) |
Foreign | 104,545 | 90,730 | -6,078 |
Total | $573,940 | $153,062 | ($487,126) |
INCOME_TAXES_Schedule_of_Incom1
INCOME TAXES (Schedule of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Current: | ' | ' | ' |
Federal | ($427) | ($28,883) | $741 |
Foreign | 26,206 | 9,279 | 13,132 |
State and other | 3,512 | -211 | 1,914 |
Total current | 29,291 | -19,815 | 15,787 |
Deferred: | ' | ' | ' |
Federal | 22,923 | -293 | -9,128 |
Foreign | -3,648 | -835 | 1,033 |
State and other | -24,339 | -37 | 872 |
Total deferred | -5,064 | -1,165 | -7,223 |
Income Tax Expense (Benefit) | $24,227 | ($20,980) | $8,564 |
INCOME_TAXES_Schedule_of_Incom2
INCOME TAXES (Schedule of Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
INCOME TAXES [Abstract] | ' | ' | ' |
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax rate, net | 2.30% | 2.50% | 2.60% |
Permanent items | 1.40% | 1.50% | -0.80% |
Permanent items - reorganization costs | 0.00% | 0.00% | 0.10% |
Domestic production activity | -1.20% | 0.00% | -0.80% |
Difference in U.S. statutory tax rate and foreign country effective tax rate | -1.00% | -3.30% | 0.00% |
Tax credits | -3.00% | -2.30% | 1.80% |
Change in reserve for unrecognized tax benefits | 0.00% | -10.40% | -2.50% |
Change in valuation allowance | -31.00% | -34.40% | -35.30% |
Change in tax legislation | 0.00% | 0.00% | 0.90% |
Other | 1.70% | -2.30% | -2.80% |
Total | 4.20% | -13.70% | -1.80% |
INCOME_TAXES_Schedule_of_Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
PP&E and identified intangible assets | $125,197 | $124,921 |
Inventories | 74,287 | 107,420 |
Insurance claims and losses | 33,625 | 28,701 |
All other current | 9,453 | 24,857 |
All other noncurrent | 9,031 | 9,957 |
Total deferred tax liabilities | 251,593 | 295,856 |
Deferred tax assets: | ' | ' |
Net operating losses | 20,907 | 244,151 |
Foreign net operating losses | 15,437 | 19,113 |
Credit carry forwards | 79,555 | 60,129 |
Allowance for doubtful accounts | 4,510 | 5,583 |
Accrued liabilities | 47,384 | 41,808 |
All other current | 12,282 | 581 |
All other noncurrent | 10,292 | 3,627 |
Workers compensation | 42,951 | 45,320 |
Pension and other postretirement benefits | 20,364 | 56,847 |
Total deferred tax assets | 253,682 | 477,159 |
Valuation allowance | -10,400 | -188,354 |
Net deferred tax assets | 243,282 | 288,805 |
Net deferred tax liabilities | $8,311 | $7,051 |
INCOME_TAXES_Schedule_of_Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
INCOME TAXES [Abstract] | ' | ' |
Unrecognized tax benefits, beginning of year | $16,643 | $64,808 |
Increase as a result of tax positions taken during the current year | 978 | 926 |
Increase as a result of tax positions taken during prior years | 232 | 119 |
Decrease as a result of tax positions taken during prior years | ' | -27,619 |
Decrease for lapse in statute of limitations | -736 | -13,670 |
Decrease relating to settlements with taxing authorities | ' | -7,921 |
Unrecognized tax benefits, end of year | $17,117 | $16,643 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 27, 2009 |
Effective tax rate, continuing operations | 4.20% | -13.70% | -1.80% | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ($178,000) | ' | ' | ' | ' |
Valuation allowance | 10,400 | 188,354 | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | ' | ' | 547,700 |
Claim For Refund | ' | ' | ' | 169,700 | ' |
Refunds From Internal Revenue Service | ' | ' | ' | 122,600 | ' |
Deconsolidation, Gain (Loss), Amount | ' | ' | 4,300 | 29,500 | ' |
Unrecognized tax benefits | 17,117 | 16,643 | 64,808 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 10,900 | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 9,900 | ' | ' | ' | ' |
Deconsolidation Recognized Tax Benefit | ' | ' | 18,400 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | 459,600 | ' | ' | ' | ' |
Operating Loss Carryforwards, expiration | 1-Jan-14 | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | 2,700 | ' | ' | ' | ' |
Tax Credit Carryforward, expiration date | 1-Jan-14 | ' | ' | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' | ' |
Valuation allowance | 8,500 | ' | ' | ' | ' |
Operating Loss Carryforwards | 51,500 | ' | ' | ' | ' |
Operating Loss Carryforwards, expiration | ' | 1-Jan-14 | ' | ' | ' |
United States [Member] | ' | ' | ' | ' | ' |
Valuation allowance | 1,900 | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | $63,200 | ' | ' | ' | ' |
Tax Credit Carryforward, expiration date | 1-Jan-24 | ' | ' | ' | ' |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
PENSION AND OTHER POSTRETIREMENT BENEFITS [Abstract] | ' | ' | ' |
Pension and Other Postretirement Benefit Expense | $7,500 | $8,700 | $7,900 |
Defined Benefit Plan, Accumulated Benefit Obligation | 170,000 | 194,400 | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 100 | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 30.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 245 | ' | ' |
Defined Contribution Plan, Cost Recognized | 3,900 | 5,700 | 5,500 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Expected contributions in 2014 | 9,100 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Expected contributions in 2014 | $100 | ' | ' |
Minimum [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.14% | ' | ' |
Maximum [Member] | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ' | ' |
PENSION_AND_OTHER_POSTRETIREME3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Defined Benefit Plan Obligations and Assets) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |
Change in plan assets: | ' | ' | ' | ' | |
Fair value of plan assets, end of year | $108,496 | $92,283 | [1] | ' | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | |
Change in projected benefit obligation: | ' | ' | ' | ' | |
Projected benefit obligation, beginning of year | 194,434 | 167,931 | ' | ' | |
Service cost | ' | 51 | 173 | ' | |
Interest cost | 7,954 | 8,272 | 8,213 | ' | |
Actuarial losses (gains) | -24,315 | 24,872 | ' | ' | |
Benefits paid | -8,043 | -6,692 | ' | ' | |
Curtailments and settlements | ' | ' | ' | ' | |
Projected benefit obligation, end of year | 170,030 | 194,434 | 167,931 | ' | |
Change in plan assets: | ' | ' | ' | ' | |
Fair value of plan assets, beginning of year | 92,283 | 81,193 | ' | ' | |
Actual return on plan assets | 16,489 | 8,013 | ' | ' | |
Contributions by employer | 7,767 | 9,769 | ' | ' | |
Benefits paid | -8,043 | -6,692 | ' | ' | |
Curtailments and settlements | ' | ' | ' | ' | |
Fair value of plan assets, end of year | 108,496 | 92,283 | 81,193 | ' | |
Funded status: | ' | ' | ' | ' | |
Unfunded benefit obligation, end of year | -61,534 | -102,151 | ' | ' | |
Amounts recognized in the Consolidated Balance Sheets at end of year: | ' | ' | ' | ' | |
Current liability | -9,146 | -6,656 | ' | ' | |
Long-term liability | -52,388 | -95,495 | ' | ' | |
Recognized liability | -61,534 | -102,151 | ' | ' | |
Amounts recognized in accumulated other comprehensive loss at end of year: | ' | ' | ' | ' | |
Net actuarial loss (gain) | 16,957 | 53,368 | 31,108 | 9,708 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | |
Change in projected benefit obligation: | ' | ' | ' | ' | |
Projected benefit obligation, beginning of year | 1,933 | 1,961 | ' | ' | |
Service cost | ' | ' | ' | ' | |
Interest cost | 78 | 96 | ' | ' | |
Actuarial losses (gains) | -92 | 159 | ' | ' | |
Benefits paid | ' | ' | ' | ' | |
Curtailments and settlements | -214 | -283 | ' | ' | |
Projected benefit obligation, end of year | 1,705 | 1,933 | ' | ' | |
Change in plan assets: | ' | ' | ' | ' | |
Fair value of plan assets, beginning of year | ' | ' | ' | ' | |
Actual return on plan assets | ' | ' | ' | ' | |
Contributions by employer | 214 | 283 | ' | ' | |
Benefits paid | ' | ' | ' | ' | |
Curtailments and settlements | -214 | -283 | ' | ' | |
Fair value of plan assets, end of year | ' | ' | ' | ' | |
Funded status: | ' | ' | ' | ' | |
Unfunded benefit obligation, end of year | -1,705 | -1,933 | ' | ' | |
Amounts recognized in the Consolidated Balance Sheets at end of year: | ' | ' | ' | ' | |
Current liability | -148 | -158 | ' | ' | |
Long-term liability | -1,557 | -1,775 | ' | ' | |
Recognized liability | -1,705 | -1,933 | ' | ' | |
Amounts recognized in accumulated other comprehensive loss at end of year: | ' | ' | ' | ' | |
Net actuarial loss (gain) | ($126) | ($49) | ($217) | ($47) | |
[1] | We have made certain reclassifications to the December 30, 2012 fair value hierarchy with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. |
PENSION_AND_OTHER_POSTRETIREME4
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Net Periodic Benefit Cost (Income)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | ' | $51 | $173 |
Interest cost | 7,954 | 8,272 | 8,213 |
Estimated return on plan assets | -5,393 | -5,867 | -6,177 |
Curtailment loss | ' | ' | 16 |
Settlement loss (gain) | ' | ' | ' |
Amortization of prior service cost | ' | ' | 3 |
Amortization of net loss (gain) | 1,001 | 465 | 96 |
Net costs | 3,562 | 2,921 | 2,324 |
Other Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | ' | ' | ' |
Interest cost | 78 | 96 | 112 |
Estimated return on plan assets | ' | ' | ' |
Curtailment loss | ' | ' | ' |
Settlement loss (gain) | -15 | -7 | ' |
Amortization of prior service cost | ' | ' | ' |
Amortization of net loss (gain) | ' | -2 | ' |
Net costs | $63 | $87 | $112 |
PENSION_AND_OTHER_POSTRETIREME5
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Economic Assumptions) (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Benefit obligation: | ' | ' | ' |
Discount rate | 4.95% | 4.22% | 5.09% |
Rate of compensation increase | 0.00% | 0.00% | 3.00% |
Net pension and other postretirement cost: | ' | ' | ' |
Discount rate | 4.22% | 5.09% | 5.50% |
Rate of compensation increase | 0.00% | 3.00% | 3.00% |
Expected return on plan assets | 6.00% | 7.50% | 7.75% |
Other Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Benefit obligation: | ' | ' | ' |
Discount rate | 4.95% | 4.22% | 5.09% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Net pension and other postretirement cost: | ' | ' | ' |
Discount rate | 4.22% | 5.09% | 5.50% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
PENSION_AND_OTHER_POSTRETIREME6
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Plan Asset Allocations) (Details) | 12 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | |||
Total assets | 100.00% | 100.00% | ||
Cash and Cash Equivalents [Member] | ' | ' | ||
Total assets | 0.00% | 0.00% | [1] | |
Equity Securities [Member] | Pooled Separate Accounts [Member] | ' | ' | ||
Total assets | 8.00% | [2] | 8.00% | [1],[2] |
Equity Securities [Member] | Common Collective Trust Funds [Member] | ' | ' | ||
Total assets | 60.00% | [2] | 63.00% | [1],[2] |
Debt Securities [Member] | Pooled Separate Accounts [Member] | ' | ' | ||
Total assets | 3.00% | [2] | 3.00% | [1],[2] |
Debt Securities [Member] | Common Collective Trust Funds [Member] | ' | ' | ||
Total assets | 29.00% | [2] | 26.00% | [1],[2] |
[1] | We have made certain reclassifications to the December 30, 2012 asset allocation with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. | |||
[2] | Pooled separate accounts ("PSAs") and common collective trust funds ("CCTs") are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the Securities and Exchange Commission. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments. |
PENSION_AND_OTHER_POSTRETIREME7
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Fair Value Assumptions of Plan Assets) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair value of plan assets | $108,496 | $92,283 | [1] | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | 275 | [2] | 72 | [1],[2] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 108,221 | [3] | 92,211 | [1],[3] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4] | ' | [1],[4] |
Cash and Cash Equivalents [Member] | ' | ' | ||
Fair value of plan assets | 275 | 72 | [1] | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | 275 | [2] | 72 | [1],[2] |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | ' | [3] | ' | [1],[3] |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4] | ' | [1],[4] |
Large U.S. equity funds [Member] | Pooled Separate Accounts [Member] | ' | ' | ||
Fair value of plan assets | 4,828 | [5] | 4,181 | [1],[5] |
Large U.S. equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[5] | ' | [1],[2],[5] |
Large U.S. equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 4,828 | [3],[5] | 4,181 | [1],[3],[5] |
Large U.S. equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[5] | ' | [1],[4],[5] |
Large U.S. equity funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ||
Fair value of plan assets | 28,784 | [5] | 32,434 | [1],[5] |
Large U.S. equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[5] | ' | [1],[2],[5] |
Large U.S. equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 28,784 | [3],[5] | 32,434 | [1],[3],[5] |
Large U.S. equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[5] | ' | [1],[4] |
Small/Mid U.S. equity funds [Member] | Pooled Separate Accounts [Member] | ' | ' | ||
Fair value of plan assets | 1,192 | [6] | 1,060 | [1],[6] |
Small/Mid U.S. equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[6] | ' | [1],[2],[6] |
Small/Mid U.S. equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 1,192 | [3],[6] | 1,060 | [1],[3],[6] |
Small/Mid U.S. equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[6] | ' | [1],[4],[6] |
Small/Mid U.S. equity funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ||
Fair value of plan assets | 16,937 | [6] | 12,659 | [1],[6] |
Small/Mid U.S. equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[6] | ' | [1],[2],[6] |
Small/Mid U.S. equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 16,937 | [3],[6] | 12,659 | [1],[3],[6] |
Small/Mid U.S. equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[6] | ' | [1],[4],[6] |
International equity funds [Member] | Pooled Separate Accounts [Member] | ' | ' | ||
Fair value of plan assets | 2,019 | [7] | 1,908 | [1],[7] |
International equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[7] | ' | [1],[2],[7] |
International equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 2,019 | [3],[7] | 1,908 | [1],[3],[7] |
International equity funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[7] | ' | [1],[4],[7] |
International equity funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ||
Fair value of plan assets | 19,420 | [7] | 12,831 | [1],[7] |
International equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[7] | ' | [1],[2],[7] |
International equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 19,420 | [3],[7] | 12,831 | [1],[3],[7] |
International equity funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[7] | ' | [1],[4],[7] |
Fixed income funds [Member] | Pooled Separate Accounts [Member] | ' | ' | ||
Fair value of plan assets | 3,442 | [8] | 2,693 | [1],[8] |
Fixed income funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[8] | ' | [1],[2],[8] |
Fixed income funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 3,442 | [3],[8] | 2,693 | [1],[3],[8] |
Fixed income funds [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[8] | ' | [1],[4],[8] |
Fixed income funds [Member] | Common Collective Trust Funds [Member] | ' | ' | ||
Fair value of plan assets | 31,599 | [8] | 12,445 | [1],[8] |
Fixed income funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair value of plan assets | ' | [2],[8] | ' | [1],[2],[8] |
Fixed income funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair value of plan assets | 31,599 | [3],[8] | 24,445 | [1],[3],[8] |
Fixed income funds [Member] | Common Collective Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair value of plan assets | ' | [4],[8] | ' | [1],[4],[8] |
[1] | We have made certain reclassifications to the December 30, 2012 fair value hierarchy with no impact to total reported plan assets in order to conform to the December 29, 2013 presentation. | |||
[2] | Unadjusted quoted prices in active markets for identical assets are used to determine fair value. | |||
[3] | Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value. | |||
[4] | Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value. | |||
[5] | This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods. | |||
[6] | This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns. | |||
[7] | This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S. | |||
[8] | This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities. |
PENSION_AND_OTHER_POSTRETIREME8
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Benefit Payments) (Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | ' |
2014 | $12,803 |
2015 | 12,231 |
2016 | 11,847 |
2017 | 11,487 |
2018 | 10,940 |
2019-2023 | 50,866 |
Total | 110,174 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
2014 | 148 |
2015 | 151 |
2016 | 153 |
2017 | 154 |
2018 | 153 |
2019-2023 | 723 |
Total | $1,482 |
PENSION_AND_OTHER_POSTRETIREME9
PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Unrecognized Benefit Amounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Net actuarial loss (gain), beginning of year | $53,368 | $31,108 | $9,708 |
Amortization | -1,001 | -465 | -96 |
Curtailment and settlement adjustments | ' | ' | ' |
Actuarial loss (gain) | -24,315 | 24,872 | 12,072 |
Asset loss (gain) | -11,095 | -2,147 | 9,424 |
Net actuarial loss (gain), end of year | 16,957 | 53,368 | 31,108 |
Net prior service cost, beginning of year | ' | ' | 19 |
Amortization | ' | ' | -19 |
Net prior service cost, end of year | ' | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Net actuarial loss (gain), beginning of year | -49 | -217 | -47 |
Amortization | ' | 2 | ' |
Curtailment and settlement adjustments | 15 | 7 | ' |
Actuarial loss (gain) | -92 | 159 | -170 |
Asset loss (gain) | ' | ' | ' |
Net actuarial loss (gain), end of year | -126 | -49 | -217 |
Net prior service cost, beginning of year | ' | ' | ' |
Amortization | ' | ' | ' |
Net prior service cost, end of year | ' | ' | ' |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS' EQUITY (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2012 |
STOCKHOLDERS' EQUITY [Abstract] | ' |
Rights Offering, Subscription Price Per Share | $4.50 |
Rights Offering, Options to Purchase Number of Shares at Subscription Price for Each Share Owned, Shares | 0.2072 |
Rights Offering Shares Offered, Shares | 44,444,444 |
Adjustments to Additional Paid in Capital, Rights Issued, Issuance Costs | $1,700 |
Proceeds from Issuance of Common Stock Rights, Gross | 200,000 |
Proceeds from Issuance of Common Stock Rights, Net | 198,300 |
Line of Credit Facility, Annual Principal Payment | $50,000 |
Share price | $6.40 |
Antidilutive securities | 12,094 |
Rights offering, exercise price for over subscription | $6.07 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Weighted Average Shares) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Weighted average basic shares outstanding (in shares) | 258,826 | 250,101 | 224,996 |
Weighted average diluted shares outstanding (in shares) | 259,241 | 250,216 | 224,996 |
Basic | $2.12 | $0.70 | ($2.21) |
Diluted | $2.12 | $0.70 | ($2.21) |
Scenario, Previously Reported [Member] | ' | ' | ' |
Weighted average basic shares outstanding (in shares) | ' | ' | 214,282 |
Weighted average diluted shares outstanding (in shares) | ' | ' | 214,282 |
Basic | ' | ' | ($2.32) |
Diluted | ' | ' | ($2.32) |
As Adjusted [Member] | ' | ' | ' |
Weighted average basic shares outstanding (in shares) | ' | ' | 224,996 |
Weighted average diluted shares outstanding (in shares) | ' | ' | 224,996 |
Basic | ' | ' | ($2.21) |
Diluted | ' | ' | ($2.21) |
Restatement Adjustment [Member] | ' | ' | ' |
Weighted average basic shares outstanding (in shares) | ' | ' | 10,714 |
Weighted average diluted shares outstanding (in shares) | ' | ' | 10,714 |
Basic | ' | ' | $0.11 |
Diluted | ' | ' | $0.11 |
STOCKHOLDERS_EQUITY_Schedule_o1
STOCKHOLDERS' EQUITY (Schedule of Changes in Unrealized Actuarial Losses) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance, beginning of period | ($68,511) | ' |
Other comprehensive income (loss) before reclassifications | 21,775 | ' |
Amounts reclassified from accumulated other comprehensive loss to net income | 1,001 | ' |
Net current year other comprehensive income (loss) | 36,550 | -22,441 |
Balance, end of period | -45,735 | -68,511 |
Pension and Other Postretirement Plans Costs [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance, beginning of period | -68,511 | -46,070 |
Other comprehensive income (loss) before reclassifications | 21,713 | -22,886 |
Amounts reclassified from accumulated other comprehensive loss to net income | 1,001 | 445 |
Net current year other comprehensive income (loss) | 22,714 | -22,441 |
Balance, end of period | -45,797 | -68,511 |
Available-for-sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance, beginning of period | ' | ' |
Other comprehensive income (loss) before reclassifications | 62 | ' |
Amounts reclassified from accumulated other comprehensive loss to net income | ' | ' |
Net current year other comprehensive income (loss) | 62 | ' |
Balance, end of period | $62 | ' |
STOCKHOLDERS_EQUITY_Schedule_o2
STOCKHOLDERS' EQUITY (Schedule of Reclassification from Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Realized gain on sale of securities | ' | [1] | $18 | [1] |
Amortization of pension and other postretirement plan actuarial losses: | ' | ' | ||
Total before tax | -1,001 | [1] | -445 | [1] |
Tax benefit (expense) | ' | [1] | ' | [1] |
Total reclassification for the period | -1,001 | [1] | -445 | [1] |
Amount Reclassified from Accumulated Other Comprehensive Loss [Member] | Union Plan [Member] | ' | ' | ||
Amortization of pension and other postretirement plan actuarial losses: | ' | ' | ||
Total before tax | -36 | [1],[2] | -64 | [1],[2],[3] |
Amount Reclassified from Accumulated Other Comprehensive Loss [Member] | Legacy Gold Kist Plans [Member] | ' | ' | ||
Amortization of pension and other postretirement plan actuarial losses: | ' | ' | ||
Total before tax | ($965) | [1],[4] | ($399) | [1],[3],[4] |
[1] | Amounts in parentheses represent debits to results of operations. | |||
[2] | The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements. | |||
[3] | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See "Note 12. Pension and Other Postretirement Benefits" to the Consolidated Financial Statements. | |||
[4] | The Company sponsors the GK Pension Plan, a qualified defined benefit pension plan covering certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007, the SERP Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Directors' Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors and the Retiree Life Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees (collectively, the "Legacy Gold Kist Plans"). |
INCENTIVE_COMPENSATION_Narrati
INCENTIVE COMPENSATION (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 |
INCENTIVE COMPENSATION [Abstract] | ' |
Accrued in costs related to the STIP | $25,800 |
Reserved shares of common stock for future issuance under the LTIP | 6,600,000 |
Total fair value of the shares vested | 710 |
Total unrecognized compensation cost related to all nonvested awards | $4,500 |
Weighted average period unrecognized compensation cost is expected to be recognized | '1 year 11 days |
INCENTIVE_COMPENSATION_Schedul
INCENTIVE COMPENSATION (Schedule of Awards) (Details) | 12 Months Ended |
Dec. 29, 2013 | |
RSA 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 100,000 |
Grant Date | 14-Jan-11 |
Vesting Date | 3-Jan-13 |
Estimated Forfeiture Rate | 0.00% |
RSA 2 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 100,000 |
Grant Date | 14-Jan-11 |
Vesting Date | 3-Jan-14 |
Estimated Forfeiture Rate | 0.00% |
RSA 3 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 72,675 |
Grant Date | 27-Aug-12 |
Vesting Date | 27-Apr-14 |
Estimated Forfeiture Rate | 0.00% |
RSU 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 608,561 |
Grant Date | 4-Feb-13 |
Vesting Date | 31-Dec-14 |
Estimated Forfeiture Rate | 9.66% |
RSA 4 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 15,000 |
Grant Date | 25-Feb-13 |
Vesting Date | 24-Feb-15 |
Estimated Forfeiture Rate | 0.00% |
RSA 5 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 15,000 |
Grant Date | 25-Feb-13 |
Vesting Date | 24-Feb-16 |
Estimated Forfeiture Rate | 0.00% |
RSU 2 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Quantity | 206,933 |
Grant Date | 26-Feb-13 |
Vesting Date | 31-Dec-14 |
Estimated Forfeiture Rate | 0.00% |
INCENTIVE_COMPENSATION_Schedul1
INCENTIVE COMPENSATION (Schedule of Compensation Cost and Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation costs | $3,345 | $684 | $568 |
Income tax benefit | 471 | 28 | ' |
Cost of goods sold [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation costs | 361 | ' | ' |
Selling, general and administrative expenses [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation costs | $2,984 | $684 | $568 |
INCENTIVE_COMPENSATION_Schedul2
INCENTIVE COMPENSATION (Schedule of Restricted Share and Restricted Stock Unit Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Restricted Stock Awards (RSA) [Member] | ' | ' | ' |
Number | ' | ' | ' |
Outstanding at beginning of period | 273 | 200 | ' |
Granted | 30 | 73 | 200 |
Vested | -100 | ' | ' |
Outstanding at end of period | 203 | 273 | 200 |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding at beginning of period | $6.54 | $7.10 | $0 |
Granted | $8.72 | $5 | $7.10 |
Vested | $7.10 | $0 | $0 |
Outstanding at end of period | $6.59 | $6.54 | $7.10 |
Restricted Stock Units (RSU) [Member] | ' | ' | ' |
Number | ' | ' | ' |
Outstanding at beginning of period | ' | ' | ' |
Granted | 815 | ' | ' |
Vested | ' | ' | ' |
Forfeited | -86 | ' | ' |
Outstanding at end of period | 729 | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding at beginning of period | $0 | $0 | $0 |
Granted | $8.82 | $0 | $0 |
Vested | $0 | $0 | $0 |
Forfeited | $8.89 | $0 | $0 |
Outstanding at end of period | $8.81 | $0 | $0 |
EXIT_OR_DISPOSAL_ACTIVITIES_Sc
EXIT OR DISPOSAL ACTIVITIES (Schedule of Exit or Disposal Efforts) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Positions eliminated | 2,890 | ' | ' | |||
Costs incurred and expected to be incurred: | ' | ' | ' | |||
Employee-related costs | $34,803 | ' | ' | |||
Asset impairment costs | 63,532 | ' | ' | |||
Inventory valuation costs | 344 | ' | ' | |||
Other exit or disposal costs | 26,543 | ' | ' | |||
Total exit or disposal costs | 125,222 | ' | ' | |||
Costs incurred since earliest implementation date: | ' | ' | ' | |||
Employee-related costs | 34,803 | ' | ' | |||
Asset impairment costs | 63,532 | ' | ' | |||
Inventory valuation costs | 344 | ' | ' | |||
Other exit or disposal costs | 25,577 | ' | ' | |||
Total exit or disposal costs | 124,256 | 8,665 | 29,197 | |||
Additional Data One [Member] | ' | ' | ' | |||
Costs incurred and expected to be incurred: | ' | ' | ' | |||
Employee-related costs | ' | 65 | 1,052 | |||
Asset impairment costs | 3,643 | 2,770 | 22,896 | |||
Inventory valuation costs | ' | 151 | ' | |||
Other exit or disposal costs | 2,018 | 5,679 | 5,249 | |||
Total exit or disposal costs | 5,661 | 8,665 | 29,197 | |||
Facility Closures [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Earliest implementation date | 31-Oct-08 | [1] | ' | ' | ||
Latest expected completion date | 14-Sep-14 | [1] | ' | ' | ||
Positions eliminated | 2,410 | [1] | ' | ' | ||
Costs incurred and expected to be incurred: | ' | ' | ' | |||
Employee-related costs | 2,492 | [1] | ' | ' | ||
Asset impairment costs | 25,018 | [1] | ' | ' | ||
Inventory valuation costs | 344 | [1] | ' | ' | ||
Other exit or disposal costs | 15,207 | [1] | ' | ' | ||
Total exit or disposal costs | 43,061 | [1] | ' | ' | ||
Costs incurred since earliest implementation date: | ' | ' | ' | |||
Employee-related costs | 2,492 | [1] | ' | ' | ||
Asset impairment costs | 25,018 | [1] | ' | ' | ||
Inventory valuation costs | 344 | [1] | ' | ' | ||
Other exit or disposal costs | 14,241 | [1] | ' | ' | ||
Total exit or disposal costs | 42,095 | [1] | ' | ' | ||
Facility Closures [Member] | Additional Data One [Member] | ' | ' | ' | |||
Costs incurred and expected to be incurred: | ' | ' | ' | |||
Employee-related costs | ' | [1] | 65 | [1] | 647 | [1] |
Asset impairment costs | 3,177 | [1] | 3,868 | [1] | 9,203 | [1] |
Inventory valuation costs | ' | [1] | 151 | [1] | ' | [1] |
Other exit or disposal costs | 2,018 | [1] | 3,685 | [1] | 5,249 | [1] |
Total exit or disposal costs | 5,195 | [1] | 7,769 | [1] | 15,099 | [1] |
Administrative Integration [Member] | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |||
Earliest implementation date | 31-Jan-10 | [2] | ' | ' | ||
Latest expected completion date | 30-Sep-12 | [2] | ' | ' | ||
Positions eliminated | 480 | [2] | ' | ' | ||
Costs incurred and expected to be incurred: | ' | ' | ' | |||
Employee-related costs | 32,311 | [2] | ' | ' | ||
Asset impairment costs | 38,514 | [2] | ' | ' | ||
Inventory valuation costs | ' | [2] | ' | ' | ||
Other exit or disposal costs | 11,336 | [2] | ' | ' | ||
Total exit or disposal costs | 82,161 | [2] | ' | ' | ||
Costs incurred since earliest implementation date: | ' | ' | ' | |||
Employee-related costs | 32,311 | [2] | ' | ' | ||
Asset impairment costs | 38,514 | [2] | ' | ' | ||
Inventory valuation costs | ' | [2] | ' | ' | ||
Other exit or disposal costs | 11,336 | [2] | ' | ' | ||
Total exit or disposal costs | 82,161 | [2] | ' | ' | ||
Administrative Integration [Member] | Additional Data One [Member] | ' | ' | ' | |||
Costs incurred and expected to be incurred: | ' | ' | ' | |||
Employee-related costs | ' | [2] | ' | [2] | 405 | [2] |
Asset impairment costs | 466 | [2] | -1,098 | [2] | 13,693 | [2] |
Inventory valuation costs | ' | [2] | ' | [2] | ' | [2] |
Other exit or disposal costs | ' | [2] | 1,994 | [2] | ' | [2] |
Total exit or disposal costs | $466 | [2] | $896 | [2] | $14,098 | [2] |
[1] | Significant facilities closed included one processing plant in 2008, two processing plants in 2009, two processing plants in the transition period and one processing plant in 2011. The transition period began September 27, 2009 and ended December 27, 2009 and resulted from the Company's change in its fiscal year end from the Saturday nearest September 30 each year to the last Sunday in December of each year. | |||||
[2] | Company management implemented certain activities to integrate the administrative functions of the Company into those of JBS USA. These included the closures of administrative offices in Georgia and Texas. |
EXIT_OR_DISPOSAL_ACTIVITIES_Sc1
EXIT OR DISPOSAL ACTIVITIES (Schedule of Accrued Exit or Disposal Cost Accounts Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | $808 | $883 |
Accruals | ' | 216 |
Payment/Disposal | -808 | -291 |
Balance | ' | 808 |
Accrued Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | ' | 90 |
Accruals | ' | 65 |
Payment/Disposal | ' | -155 |
Balance | ' | ' |
Accrued Inventory [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 808 | 793 |
Accruals | ' | 151 |
Payment/Disposal | -808 | -136 |
Balance | ' | $808 |
EXIT_OR_DISPOSAL_ACTIVITIES_Sc2
EXIT OR DISPOSAL ACTIVITIES (Schedule of Exit or Disposal Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
EXIT OR DISPOSAL ACTIVITIES [Abstract] | ' | ' | ' |
Cost of sales | ' | $216 | ' |
Operational restructuring charges | ' | ' | 1,958 |
Selling, general and administrative expense | ' | ' | 328 |
Administrative restructuring charges | 5,661 | 8,449 | 26,911 |
Total exit or disposal costs | $124,256 | $8,665 | $29,197 |
EXIT_OR_DISPOSAL_ACTIVITIES_Sc3
EXIT OR DISPOSAL ACTIVITIES (Schedule of Components of Administrative Restructuring Charges) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Restructuring Charges: | ' | ' | ' | ' | ' | ' |
Asset impairments (See "Note 8. Property, Plant and Equipment") | $500 | $1,400 | $11,300 | $4,004 | $2,770 | $22,895 |
Loss on egg sales and flock depletion expensed as incurred | ' | ' | ' | ' | 509 | 2,390 |
Total | 500 | 1,100 | 14,600 | ' | ' | 1,958 |
Other restructuring costs | ' | ' | ' | ' | 5,170 | 2,859 |
Operational Restructuring Charges [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Charges: | ' | ' | ' | ' | ' | ' |
Relocation charges expensed as incurred | ' | ' | ' | ' | ' | ' |
Asset impairments (See "Note 8. Property, Plant and Equipment") | ' | ' | ' | ' | ' | 1,958 |
Loss on egg sales and flock depletion expensed as incurred | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | 1,958 |
Administrative Restructuring Charges [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Charges: | ' | ' | ' | ' | ' | ' |
Relocation charges expensed as incurred | ' | ' | ' | ' | ' | ' |
Asset impairments (See "Note 8. Property, Plant and Equipment") | ' | ' | ' | 3,643 | 2,770 | 20,938 |
Loss on egg sales and flock depletion expensed as incurred | ' | ' | ' | ' | 509 | 2,390 |
Total | ' | ' | ' | 5,661 | 8,449 | 26,911 |
Severance charges | ' | ' | ' | ' | ' | 724 |
Loss on scrapped inventory expensed as incurred | ' | ' | ' | ' | ' | ' |
Other restructuring costs | ' | ' | ' | $2,018 | $5,170 | $2,859 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 1 Months Ended | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jul. 23, 2012 | Mar. 27, 2012 | Dec. 02, 2011 | Nov. 18, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2009 |
Founder Director [Member] | |||||||
Directors Compensation Per Annum As Per Agreement [Member] | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold by the Founder Director and certain entities related to the Founder Director to JBS USA. | ' | 18,924,438 | ' | ' | ' | ' | ' |
Accounts payable to JBS USA, LLC | ' | ' | ' | ' | $3,934 | $13,436 | ' |
Accounts receivable from JBS USA, LLC | ' | ' | ' | ' | 2,388 | 1,514 | ' |
Other Inventory, in Transit, Gross | ' | ' | ' | ' | 2,100 | ' | ' |
Related Party Transaction, Amounts of Transaction | $2,100 | ' | $13,000 | $24,500 | ' | ' | $1,500 |
Number Of Years To Be Compensated As Per Agreement With Director | ' | ' | ' | ' | ' | ' | '5 years |
RELATED_PARTY_TRANSACTIONS_Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jul. 23, 2012 | Dec. 02, 2011 | Nov. 18, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||||||||||||
JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | JBS USA, LLC [Member] | Founder Director [Member] | Founder Director [Member] | Founder Director [Member] | ||||||||||||||||
Transaction One [Member] | Transaction One [Member] | Transaction One [Member] | Transaction Two [Member] | Transaction Two [Member] | Transaction Two [Member] | Transaction Three [Member] | Transaction Three [Member] | Transaction Three [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Purchases from related parties | ' | ' | ' | $80,809 | $69,048 | $173,081 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Sales to related party | ' | ' | ' | ' | ' | ' | 61,942 | 206,720 | 117,909 | ' | [1] | ' | [1] | 24,479 | [1] | ' | [2] | ' | [2] | 13,000 | [2] | ' | 1 | 22 | ||||||
Expenditures paid | 2,100 | 13,000 | 24,500 | ' | ' | ' | 55,730 | [3] | 61,353 | [3] | 26,331 | [3] | 1,733 | [3] | 4,134 | [3] | 1,312 | [3] | ' | ' | ' | ' | ' | ' | ||||||
Contract grower pay paid to Founder Director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297 | 1,132 | ||||||||||||
Consulting fee paid to Founder Director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | 374 | [4] | 1,497 | [4] | |||||||||
Board fees paid to Founder Director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | $45 | [4] | $154 | [4] | |||||||||
[1] | On October 7, 2011, the Company and certain of its wholly owned subsidiaries entered into an agreement with JBS USA, LLC and JBS Trading International, Inc. to sell certain real property, tractor trailers, inventory, equipment, accounts receivable and other assets related to our distribution and transportation businesses. See below for additional information regarding this sale. | |||||||||||||||||||||||||||||
[2] | On October 26, 2011, the Company entered into an agreement with Swift Pork Company, a wholly owned subsidiary of JBS USA, LLC, to sell certain real property, tractor trailers, inventory, livestock, equipment, accounts receivable and other assets related to our pork business. | |||||||||||||||||||||||||||||
[3] | On January 19, 2010, the Company entered into an agreement with JBS USA, LLC in order to allocate costs associated with JBS USA, LLC's procurement of SAP licenses and maintenance services for its combined companies. Under this agreement, the fees associated with procuring SAP licenses and maintenance services are allocated between the Company and JBS USA, LLC in proportion to the percentage of licenses used by each company. The agreement expires on the date of expiration, or earlier termination, of the underlying SAP license agreement. On May 5, 2010, the Company also entered into an agreement with JBS USA, LLC in order to allocate the costs of supporting the business operations by one consolidated corporate team, which have historically been supported by their respective corporate teams. Expenditures paid by JBS USA, LLC on behalf of the Company will be reimbursed by the Company and expenditures paid by the Company on behalf of JBS USA, LLC will be reimbursed by JBS USA, LLC. This agreement expires on May 5, 2015. | |||||||||||||||||||||||||||||
[4] | In connection with the Company's plan of reorganization, the Company and the Founder Director entered into a consulting agreement, which became effective on December 28, 2009. The terms of the consulting agreement included, among other things, that the Founder Director (i) provide services to the Company that are comparable in the aggregate with the services provided by him to the Company prior to December 28, 2009, (ii) be appointed to the Board of Directors of the Company and during the term of the consulting agreement will be nominated for subsequent terms on the board, (iii) be compensated for services rendered to the Company at a rate of $1.5 million per year for a term of five years, (iv) be subject to customary non-solicitation and non-competition provisions and (v) be, along with his spouse, provided with medical benefits (or will be compensated for medical coverage) that are comparable in the aggregate to the medical benefits afforded to employees of the Company. |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Payments) (Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
2014 | $7,621 |
2015 | 6,599 |
2016 | 3,931 |
2017 | 2,154 |
2018 | 816 |
Thereafter | 18 |
Total | $21,139 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Operating Leases, Rent Expense | $9,600 | $14,300 | $26,200 | ' |
Lease Purchase Option Maximum Value | 2,600 | ' | ' | ' |
Loss Contingency Accrued | 4,500 | ' | ' | ' |
Loss Contingency Paid | 1,200 | 1,100 | 1,100 | 1,100 |
Purchase Obligation Payable Current [Member] | ' | ' | ' | ' |
Purchase Obligation | 150,600 | ' | ' | ' |
Purchase Obligation Payable In Year Two [Member] | ' | ' | ' | ' |
Purchase Obligation | 4,800 | ' | ' | ' |
Purchase Obligation Payable In Year Three [Member] | ' | ' | ' | ' |
Purchase Obligation | 4,700 | ' | ' | ' |
Purchase Obligation Payable In Year Four [Member] | ' | ' | ' | ' |
Purchase Obligation | 800 | ' | ' | ' |
Holding Company Jbs Usa [Member] | ' | ' | ' | ' |
Reimbursement For Draws Upon Letter Of Credit Issued | 56,500 | ' | ' | ' |
IRS [Member] | Stipulations Account [Member] | ' | ' | ' | ' |
Amended Proof of Claim | 29,300 | ' | ' | ' |
IRS [Member] | Proceeding Accounts [Member] | ' | ' | ' | ' |
Amended Proof of Claim | 45,400 | ' | ' | ' |
ERISA Litigation [Member] | ' | ' | ' | ' |
Loss Contingency Damages Sought Minimum Value | 35,000 | ' | ' | ' |
Breached Grower Contracts [Member] | Loss Contingencies Awarded Original Value [Member] | ' | ' | ' | ' |
Loss Contingency, Damages Awarded, Value | 25,800 | ' | ' | ' |
Breached Grower Contracts [Member] | Loss Contingencies Awarded Revised Value [Member] | ' | ' | ' | ' |
Loss Contingency, Damages Awarded, Value | 25,600 | ' | ' | ' |
Due To Internal Revenue Service [Member] | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | $74,700 | ' | ' | ' |
MARKET_RISKS_AND_CONCENTRATION1
MARKET RISKS AND CONCENTRATIONS (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | Accounts Receivable [Member] | Sales Revenue, Goods, Net [Member] | Workforce Subject To Collective Bargaining Arrangements Expiring Within One Year [Member] | ||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 13.00% | 9.70% | 35.30% |
Assets, Net | $359,000 | $277,000 | ' | ' | ' |
BUSINESS_SEGMENT_AND_GEOGRAPHI2
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING (Schedule of Net Sales and Long-lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | $2,047,285 | [1] | $2,142,816 | $2,184,118 | $2,036,929 | $2,189,662 | [2] | $2,068,478 | $1,974,469 | $1,888,773 | $1,829,308 | [3] | $1,891,224 | $1,922,690 | $1,892,476 | $8,411,148 | $8,121,382 | $7,535,698 | ||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | 1,151,811 | ' | ' | ' | 1,189,921 | ' | ' | ' | ' | ' | ' | ' | 1,151,811 | 1,189,921 | ' | |||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,816,246 | 6,600,206 | 6,108,797 | |||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | 1,066,963 | [4] | ' | ' | ' | 1,106,482 | [4] | ' | ' | ' | ' | ' | ' | ' | 1,066,963 | [4] | 1,106,482 | [4] | ' | |
Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,108,308 | 988,712 | 827,186 | |||||
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | 84,848 | [4] | ' | ' | ' | 83,439 | [4] | ' | ' | ' | ' | ' | ' | ' | 84,848 | [4] | 83,439 | [4] | ' | |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 301,545 | 262,455 | 353,368 | |||||
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,275 | 111,305 | 88,900 | |||||
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,349 | 79,101 | 82,261 | |||||
Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,809 | 62,642 | 56,741 | |||||
South America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,224 | 13,775 | 14,224 | |||||
Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to customers by customer location: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,392 | $3,186 | $4,221 | |||||
[1] | In the fourth quarter of 2013, the Company recognized expenses related to the shutdown of our Dallas plant of $.5 million and asset impairment charges of $.5 million. | |||||||||||||||||||
[2] | In the fourth quarter of 2012, the Company recognized expenses related to the shutdown of our Dallas plant of $1.1 million and asset impairment charges of $1.4 million. | |||||||||||||||||||
[3] | In the fourth quarter of 2011, the Company recognized restructuring charges of $14.6 million, asset impairment charges of $11.3 million and net gains on derivative financial instruments of $3.1 million. | |||||||||||||||||||
[4] | 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_SEGMENT_AND_GEOGRAPHI3
BUSINESS SEGMENT AND GEOGRAPHIC REPORTING (Schedule of Sales by Product Lines) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
Total net sales | $2,047,285 | [1] | $2,142,816 | $2,184,118 | $2,036,929 | $2,189,662 | [2] | $2,068,478 | $1,974,469 | $1,888,773 | $1,829,308 | [3] | $1,891,224 | $1,922,690 | $1,892,476 | $8,411,148 | $8,121,382 | $7,535,698 |
U.S. Prepared Chicken [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,046,747 | 2,239,289 | 2,135,337 | |||
U.S. Fresh Chicken [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,123,087 | 3,583,854 | 3,160,429 | |||
U.S. Export and Other Chicken by Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,970 | 817,723 | 808,038 | |||
Total U.S. Chicken [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,885,804 | 6,640,866 | 6,103,804 | |||
Mexico Chicken [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 864,454 | 758,023 | 720,333 | |||
Total Chicken [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,750,258 | 7,398,889 | 6,824,137 | |||
U.S. Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 614,409 | 608,619 | 674,923 | |||
Mexico Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,481 | 113,874 | 36,638 | |||
Total Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $660,890 | $722,493 | $711,561 | |||
[1] | In the fourth quarter of 2013, the Company recognized expenses related to the shutdown of our Dallas plant of $.5 million and asset impairment charges of $.5 million. | |||||||||||||||||
[2] | In the fourth quarter of 2012, the Company recognized expenses related to the shutdown of our Dallas plant of $1.1 million and asset impairment charges of $1.4 million. | |||||||||||||||||
[3] | In the fourth quarter of 2011, the Company recognized restructuring charges of $14.6 million, asset impairment charges of $11.3 million and net gains on derivative financial instruments of $3.1 million. |
SUPPLEMENTAL_GUARANTOR_FINANCI2
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (CONDENSED CONSOLIDATING BALANCE SHEETS) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $508,206 | $68,180 | $41,609 | $106,077 |
Restricted cash and cash equivalents | ' | ' | ' | ' |
Investment in available-for-sale securities | 96,902 | ' | ' | ' |
Trade accounts and other receivables, less allowance for doubtful accounts | 376,678 | 384,930 | ' | ' |
Account receivable from JBS USA, LLC | 2,388 | 1,514 | ' | ' |
Inventories | 808,832 | 950,296 | ' | ' |
Income taxes receivable | 64,868 | 54,719 | ' | ' |
Current deferred tax assets | 2,227 | ' | ' | ' |
Prepaid expenses and other current assets | 61,848 | 56,047 | ' | ' |
Assets held for sale | 7,033 | 27,042 | ' | ' |
Total current assets | 1,928,982 | 1,542,728 | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Intercompany receivable | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Deferred tax assets | 18,921 | 97,431 | ' | ' |
Other long-lived assets | 40,163 | 45,523 | ' | ' |
Identified intangible assets, net | 32,525 | 38,266 | ' | ' |
Property, plant and equipment, net | 1,151,811 | 1,189,921 | ' | ' |
Total assets | 3,172,402 | 2,913,869 | ' | ' |
Current maturities of long-term debt | 410,234 | 15,886 | ' | ' |
Accounts payable | 370,360 | 312,365 | ' | ' |
Accounts payable to JBS USA, LLC | 3,934 | 13,436 | ' | ' |
Accrued expenses | 283,355 | 283,540 | ' | ' |
Income taxes payable | ' | 468 | ' | ' |
Current deferred tax liabilities | 15,515 | 104,482 | ' | ' |
Total current liabilities | 1,083,398 | 730,177 | ' | ' |
Long-term debt, less current maturities | 501,999 | 1,148,870 | ' | ' |
Note payable to JBS USA Holdings, Inc. | ' | ' | ' | ' |
Intercompany payable | ' | ' | ' | ' |
Deferred tax liabilities | 13,944 | ' | ' | ' |
Other long-term liabilities | 80,459 | 125,825 | ' | ' |
Total liabilities | 1,679,800 | 2,004,872 | ' | ' |
Total Pilgrim's Pride Corporation stockholders' equity | 1,489,818 | 906,371 | ' | ' |
Noncontrolling interest | 2,784 | 2,626 | ' | ' |
Total stockholders' equity | 1,492,602 | 908,997 | 558,430 | 1,078,596 |
Total liabilities and stockholders' equity | 3,172,402 | 2,913,869 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Trade accounts and other receivables, less allowance for doubtful accounts | ' | ' | ' | ' |
Account receivable from JBS USA, LLC | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Income taxes receivable | -587 | -587 | ' | ' |
Current deferred tax assets | -7,190 | -4,300 | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' |
Assets held for sale | ' | ' | ' | ' |
Total current assets | -7,777 | -4,887 | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Intercompany receivable | -49,935 | -73,566 | ' | ' |
Investment in subsidiaries | -472,431 | -376,226 | ' | ' |
Deferred tax assets | -5,998 | -4,091 | ' | ' |
Other long-lived assets | -180,000 | -180,000 | ' | ' |
Identified intangible assets, net | ' | ' | ' | ' |
Property, plant and equipment, net | -4,764 | -3,889 | ' | ' |
Total assets | -720,905 | -642,659 | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accounts payable to JBS USA, LLC | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' |
Income taxes payable | -587 | -587 | ' | ' |
Current deferred tax liabilities | -7,190 | -4,300 | ' | ' |
Total current liabilities | -7,777 | -4,887 | ' | ' |
Long-term debt, less current maturities | -25,000 | -25,000 | ' | ' |
Note payable to JBS USA Holdings, Inc. | ' | ' | ' | ' |
Intercompany payable | -49,935 | -73,566 | ' | ' |
Deferred tax liabilities | -5,995 | -4,091 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' |
Total liabilities | -88,707 | -107,544 | ' | ' |
Total Pilgrim's Pride Corporation stockholders' equity | -632,198 | -535,115 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total stockholders' equity | -632,198 | -535,115 | ' | ' |
Total liabilities and stockholders' equity | -720,905 | -642,659 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 413,092 | 27,657 | 13,733 | 67,685 |
Restricted cash and cash equivalents | ' | ' | ' | ' |
Investment in available-for-sale securities | 96,902 | ' | ' | ' |
Trade accounts and other receivables, less allowance for doubtful accounts | 327,367 | 326,031 | ' | ' |
Account receivable from JBS USA, LLC | 2,388 | 1,514 | ' | ' |
Inventories | 696,604 | 802,282 | ' | ' |
Income taxes receivable | 52,662 | 55,306 | ' | ' |
Current deferred tax assets | 3,213 | ' | ' | ' |
Prepaid expenses and other current assets | 34,881 | 29,603 | ' | ' |
Assets held for sale | 6,798 | 9,808 | ' | ' |
Total current assets | 1,633,907 | 1,252,201 | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Intercompany receivable | -64,772 | 19,860 | ' | ' |
Investment in subsidiaries | 472,431 | 376,226 | ' | ' |
Deferred tax assets | 5,995 | 101,100 | ' | ' |
Other long-lived assets | 37,282 | 44,936 | ' | ' |
Identified intangible assets, net | 23,463 | 27,386 | ' | ' |
Property, plant and equipment, net | 1,009,711 | 1,043,696 | ' | ' |
Total assets | 3,118,017 | 2,865,405 | ' | ' |
Current maturities of long-term debt | 410,234 | 15,886 | ' | ' |
Accounts payable | 308,154 | 255,517 | ' | ' |
Accounts payable to JBS USA, LLC | 3,934 | 13,436 | ' | ' |
Accrued expenses | 269,062 | 230,278 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Current deferred tax liabilities | 7,190 | 108,201 | ' | ' |
Total current liabilities | 998,574 | 623,318 | ' | ' |
Long-term debt, less current maturities | 526,999 | 1,173,870 | ' | ' |
Note payable to JBS USA Holdings, Inc. | ' | ' | ' | ' |
Intercompany payable | ' | ' | ' | ' |
Deferred tax liabilities | 13,944 | ' | ' | ' |
Other long-term liabilities | 77,228 | 122,580 | ' | ' |
Total liabilities | 1,616,745 | 1,919,768 | ' | ' |
Total Pilgrim's Pride Corporation stockholders' equity | 1,501,272 | 945,637 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total stockholders' equity | 1,501,272 | 945,637 | ' | ' |
Total liabilities and stockholders' equity | 3,118,017 | 2,865,405 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 30 | ' |
Restricted cash and cash equivalents | ' | ' | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Trade accounts and other receivables, less allowance for doubtful accounts | 1,380 | 1,843 | ' | ' |
Account receivable from JBS USA, LLC | ' | ' | ' | ' |
Inventories | 20,215 | 22,813 | ' | ' |
Income taxes receivable | ' | ' | ' | ' |
Current deferred tax assets | 5,698 | 3,794 | ' | ' |
Prepaid expenses and other current assets | 270 | ' | ' | ' |
Assets held for sale | ' | ' | ' | ' |
Total current assets | 27,563 | 28,450 | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Intercompany receivable | 114,707 | 53,706 | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Deferred tax assets | ' | ' | ' | ' |
Other long-lived assets | ' | ' | ' | ' |
Identified intangible assets, net | ' | ' | ' | ' |
Property, plant and equipment, net | 44,643 | 45,746 | ' | ' |
Total assets | 186,913 | 127,902 | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable | 12,711 | 4,270 | ' | ' |
Accounts payable to JBS USA, LLC | ' | ' | ' | ' |
Accrued expenses | 33,821 | 24,265 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Current deferred tax liabilities | ' | ' | ' | ' |
Total current liabilities | 46,532 | 28,535 | ' | ' |
Long-term debt, less current maturities | ' | ' | ' | ' |
Note payable to JBS USA Holdings, Inc. | ' | ' | ' | ' |
Intercompany payable | ' | ' | ' | ' |
Deferred tax liabilities | 5,698 | 3,794 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' |
Total liabilities | 52,230 | 32,329 | ' | ' |
Total Pilgrim's Pride Corporation stockholders' equity | 134,683 | 95,573 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total stockholders' equity | 134,683 | 95,573 | ' | ' |
Total liabilities and stockholders' equity | 186,913 | 127,902 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 95,114 | 40,523 | 27,846 | 38,392 |
Restricted cash and cash equivalents | ' | ' | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Trade accounts and other receivables, less allowance for doubtful accounts | 47,931 | 57,056 | ' | ' |
Account receivable from JBS USA, LLC | ' | ' | ' | ' |
Inventories | 92,013 | 125,201 | ' | ' |
Income taxes receivable | 12,793 | ' | ' | ' |
Current deferred tax assets | 506 | 506 | ' | ' |
Prepaid expenses and other current assets | 26,697 | 26,444 | ' | ' |
Assets held for sale | 235 | 17,234 | ' | ' |
Total current assets | 275,289 | 266,964 | ' | ' |
Investment in available-for-sale securities | ' | ' | ' | ' |
Intercompany receivable | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Deferred tax assets | 18,924 | 422 | ' | ' |
Other long-lived assets | 182,881 | 180,587 | ' | ' |
Identified intangible assets, net | 9,062 | 10,880 | ' | ' |
Property, plant and equipment, net | 102,221 | 104,368 | ' | ' |
Total assets | 588,377 | 563,221 | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable | 49,495 | 52,578 | ' | ' |
Accounts payable to JBS USA, LLC | ' | ' | ' | ' |
Accrued expenses | -19,528 | 28,997 | ' | ' |
Income taxes payable | 587 | 1,055 | ' | ' |
Current deferred tax liabilities | 15,515 | 581 | ' | ' |
Total current liabilities | 46,069 | 83,211 | ' | ' |
Long-term debt, less current maturities | ' | ' | ' | ' |
Note payable to JBS USA Holdings, Inc. | ' | ' | ' | ' |
Intercompany payable | 49,935 | 73,566 | ' | ' |
Deferred tax liabilities | 297 | 297 | ' | ' |
Other long-term liabilities | 3,231 | 3,245 | ' | ' |
Total liabilities | 99,532 | 160,319 | ' | ' |
Total Pilgrim's Pride Corporation stockholders' equity | 486,061 | 400,276 | ' | ' |
Noncontrolling interest | 2,784 | 2,626 | ' | ' |
Total stockholders' equity | 488,845 | 402,902 | ' | ' |
Total liabilities and stockholders' equity | $588,377 | $563,221 | ' | ' |
SUPPLEMENTAL_GUARANTOR_FINANCI3
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $2,047,285 | [1] | $2,142,816 | $2,184,118 | $2,036,929 | $2,189,662 | [2] | $2,068,478 | $1,974,469 | $1,888,773 | $1,829,308 | [3] | $1,891,224 | $1,922,690 | $1,892,476 | $8,411,148 | $8,121,382 | $7,535,698 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,565,709 | 7,685,550 | 7,675,277 | |||
Operational restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,958 | |||
Gross profit (loss) | 207,925 | [1] | 236,573 | 282,507 | 118,434 | 75,543 | [2] | 106,135 | 144,089 | 110,065 | 20,188 | [3] | -62,387 | -46,228 | -53,110 | 845,439 | 435,832 | -141,537 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,915 | 177,041 | 205,143 | |||
Administrative restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,661 | 8,449 | 26,911 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,863 | 250,342 | -373,591 | |||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,006 | 104,926 | 111,532 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,125 | -1,397 | -1,465 | |||
Foreign currency transaction losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,415 | -4,810 | 12,601 | |||
Miscellaneous, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,373 | -1,439 | -9,133 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 573,940 | 153,062 | -487,126 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,227 | -20,980 | 8,564 | |||
Income (loss) before equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,713 | 174,042 | -495,690 | |||
Equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,713 | 174,042 | -495,690 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158 | -192 | 1,082 | |||
Net income (loss) attributable to Pilgrim's Pride Corporation | 143,352 | [1] | 160,917 | 190,704 | 54,582 | 22,773 | [2] | 42,931 | 69,357 | 39,173 | -85,355 | [3] | -162,516 | -128,141 | -120,760 | 549,555 | 174,234 | -496,772 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -491,077 | -244,329 | -283,681 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -490,197 | -244,329 | -283,681 | |||
Operational restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -880 | ' | ' | |||
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Administrative restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -880 | ' | ' | |||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency transaction losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Miscellaneous, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 367 | 684 | 25,748 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,247 | -684 | -25,748 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income (loss) before equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,247 | -684 | -25,748 | |||
Equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -122,213 | -98,894 | 9,334 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -123,460 | -99,578 | -16,414 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) attributable to Pilgrim's Pride Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -123,460 | -99,578 | -16,414 | |||
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,333,150 | 6,836,012 | 6,135,319 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,678,655 | 6,530,925 | 6,237,535 | |||
Operational restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,958 | |||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 654,495 | 305,087 | -104,174 | |||
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,816 | 156,535 | 174,694 | |||
Administrative restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,129 | 9,743 | 19,824 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,550 | 138,809 | -298,692 | |||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,368 | 104,652 | 110,940 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -295 | -363 | |||
Foreign currency transaction losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 95 | -31 | |||
Miscellaneous, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,633 | -2,131 | 59,661 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 421,881 | 36,488 | -468,899 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,461 | -38,852 | -14,139 | |||
Income (loss) before equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 427,342 | 75,340 | -454,760 | |||
Equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,213 | 98,894 | -9,334 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,555 | 174,234 | -464,094 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) attributable to Pilgrim's Pride Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,555 | 174,234 | -464,094 | |||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 521,973 | 537,198 | 458,932 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 468,809 | 511,800 | 430,343 | |||
Operational restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,164 | 25,398 | 28,589 | |||
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,215 | ' | ' | |||
Administrative restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,949 | 25,398 | 28,589 | |||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency transaction losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Miscellaneous, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,351 | -14 | 3,818 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,598 | 25,412 | 24,771 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,764 | 9,593 | 9,351 | |||
Income (loss) before equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,834 | 15,819 | 15,420 | |||
Equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,834 | 15,819 | 15,420 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) attributable to Pilgrim's Pride Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,834 | 15,819 | 15,420 | |||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,047,102 | 992,501 | 1,225,128 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 908,442 | 887,154 | 1,291,080 | |||
Operational restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,660 | 105,347 | -65,952 | |||
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,884 | 20,506 | 30,449 | |||
Administrative restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532 | -1,294 | 7,087 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114,244 | 86,135 | -103,488 | |||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 638 | 274 | 592 | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,061 | -1,102 | -1,102 | |||
Foreign currency transaction losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,417 | -4,905 | 12,632 | |||
Miscellaneous, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,542 | 22 | -98,360 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,708 | 91,846 | -17,250 | |||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,924 | 8,279 | 13,352 | |||
Income (loss) before equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,784 | 83,567 | -30,602 | |||
Equity in earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,784 | 83,567 | -30,602 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158 | -192 | 1,082 | |||
Net income (loss) attributable to Pilgrim's Pride Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85,626 | $83,759 | ($31,684) | |||
[1] | In the fourth quarter of 2013, the Company recognized expenses related to the shutdown of our Dallas plant of $.5 million and asset impairment charges of $.5 million. | |||||||||||||||||
[2] | In the fourth quarter of 2012, the Company recognized expenses related to the shutdown of our Dallas plant of $1.1 million and asset impairment charges of $1.4 million. | |||||||||||||||||
[3] | In the fourth quarter of 2011, the Company recognized restructuring charges of $14.6 million, asset impairment charges of $11.3 million and net gains on derivative financial instruments of $3.1 million. |
SUPPLEMENTAL_GUARANTOR_FINANCI4
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | $549,713 | $174,042 | ($495,690) |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | 62 | -12 | -1,160 |
Gains (losses) associated with pension and other postretirement benefits, net of tax of $13,774, $0 and $0, respectively | 22,714 | -22,429 | -21,273 |
Total other comprehensive income (loss) | 22,776 | -22,441 | -22,433 |
Comprehensive income (loss) | 572,489 | 151,601 | -518,123 |
Less: Comprehensive income attributable to noncontrolling interests | 158 | -192 | 1,082 |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | 572,331 | 151,793 | -519,205 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | -123,460 | -99,578 | -16,414 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | ' | ' | ' |
Gains (losses) associated with pension and other postretirement benefits, net of tax of $13,774, $0 and $0, respectively | ' | ' | ' |
Total other comprehensive income (loss) | ' | ' | ' |
Comprehensive income (loss) | -123,460 | -99,578 | -16,414 |
Less: Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | -123,460 | -99,578 | -16,414 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | 549,555 | 174,234 | -464,094 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | 62 | ' | ' |
Gains (losses) associated with pension and other postretirement benefits, net of tax of $13,774, $0 and $0, respectively | 22,714 | -22,429 | -21,273 |
Total other comprehensive income (loss) | 22,776 | -22,429 | -21,273 |
Comprehensive income (loss) | 572,331 | 151,805 | -485,367 |
Less: Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | 572,331 | 151,805 | -485,367 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | 37,834 | 15,819 | 15,420 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | ' | ' | ' |
Gains (losses) associated with pension and other postretirement benefits, net of tax of $13,774, $0 and $0, respectively | ' | ' | ' |
Total other comprehensive income (loss) | ' | ' | ' |
Comprehensive income (loss) | 37,834 | 15,819 | 15,420 |
Less: Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | 37,834 | 15,819 | 15,420 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | 85,784 | 83,567 | -30,602 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on available-for-sale securities, net of tax | ' | -12 | -1,160 |
Gains (losses) associated with pension and other postretirement benefits, net of tax of $13,774, $0 and $0, respectively | ' | ' | ' |
Total other comprehensive income (loss) | ' | -12 | -1,160 |
Comprehensive income (loss) | 85,784 | 83,555 | -31,762 |
Less: Comprehensive income attributable to noncontrolling interests | 158 | -192 | 1,082 |
Comprehensive income (loss) attributable to Pilgrim's Pride Corporation | $85,626 | $83,747 | ($32,844) |
SUPPLEMENTAL_GUARANTOR_FINANCI5
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Cash flows provided (used in) by operating activities | $878,533 | $199,624 | ($128,991) |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, plant and equipment | -116,223 | -90,327 | -135,968 |
Purchases of investment securities | -96,902 | -162 | -4,596 |
Proceeds from sale or maturity of investment securities | ' | 688 | 15,852 |
Proceeds from business dispositions to Swift Pork Company | ' | ' | 13,000 |
Proceeds from business dispositions to JBS Trading International, Inc. | ' | ' | 24,479 |
Proceeds from property disposals | 31,337 | 29,400 | 29,044 |
Cash used in investing activities | -181,788 | -60,401 | -58,189 |
Cash flows from financing activities: | ' | ' | ' |
Payments on notes payable to JBS USA | ' | -50,000 | ' |
Proceeds from notes payable to JBS USA | ' | ' | 50,000 |
Proceeds from long-term debt | 505,600 | 851,400 | 965,689 |
Payments on long-term debt | -758,578 | -1,110,711 | -881,833 |
Purchase of remaining interest in subsidiary | ' | ' | -2,504 |
Proceeds from sale of common stock | ' | 198,282 | ' |
Payment of capitalized loan costs | -5,006 | ' | -4,395 |
Tax benefit related to share-based compensation | 7,770 | ' | ' |
Other financing activities | ' | ' | -107 |
Cash provided by (used in) financing activities | -250,214 | -111,029 | 126,850 |
Effect of exchange rate changes on cash and cash equivalents | -6,505 | -1,623 | -4,138 |
Increase (decrease) in cash and cash equivalents | 440,026 | 26,571 | -64,468 |
Cash and cash equivalents, beginning of period | 68,180 | 41,609 | 106,077 |
Cash and cash equivalents, end of period | 508,206 | 68,180 | 41,609 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Cash flows provided (used in) by operating activities | -367 | -253 | -26,958 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, plant and equipment | ' | ' | ' |
Purchases of investment securities | ' | ' | ' |
Proceeds from sale or maturity of investment securities | ' | ' | ' |
Proceeds from business dispositions to Swift Pork Company | ' | ' | ' |
Proceeds from business dispositions to JBS Trading International, Inc. | ' | ' | ' |
Proceeds from property disposals | ' | ' | ' |
Cash used in investing activities | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Payments on notes payable to JBS USA | ' | ' | ' |
Proceeds from notes payable to JBS USA | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments on long-term debt | ' | ' | ' |
Purchase of remaining interest in subsidiary | ' | ' | ' |
Proceeds from sale of common stock | ' | ' | ' |
Payment of capitalized loan costs | ' | ' | ' |
Tax benefit related to share-based compensation | ' | ' | ' |
Cash dividends paid | ' | ' | -25,000 |
Other financing activities | 367 | 253 | 1,958 |
Cash provided by (used in) financing activities | 367 | 253 | 26,958 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' |
Cash and cash equivalents, end of period | ' | ' | ' |
Parent Company [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Cash flows provided (used in) by operating activities | 819,071 | 174,046 | -91,621 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, plant and equipment | -99,562 | -75,985 | -115,791 |
Purchases of investment securities | -96,902 | -73 | ' |
Proceeds from sale or maturity of investment securities | ' | 57 | ' |
Proceeds from business dispositions to Swift Pork Company | ' | ' | ' |
Proceeds from business dispositions to JBS Trading International, Inc. | ' | ' | ' |
Proceeds from property disposals | 13,042 | 26,911 | 26,503 |
Cash used in investing activities | -183,422 | -49,090 | -89,288 |
Cash flows from financing activities: | ' | ' | ' |
Payments on notes payable to JBS USA | ' | -50,000 | ' |
Proceeds from notes payable to JBS USA | ' | ' | 50,000 |
Proceeds from long-term debt | 505,600 | 851,400 | 965,689 |
Payments on long-term debt | -758,578 | -1,110,711 | -881,833 |
Purchase of remaining interest in subsidiary | ' | ' | -2,504 |
Proceeds from sale of common stock | ' | 198,282 | ' |
Payment of capitalized loan costs | -5,006 | ' | -4,395 |
Tax benefit related to share-based compensation | 7,770 | ' | ' |
Cash dividends paid | ' | ' | ' |
Other financing activities | ' | ' | ' |
Cash provided by (used in) financing activities | -250,214 | -111,029 | 126,957 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Increase (decrease) in cash and cash equivalents | 385,435 | 13,927 | -53,952 |
Cash and cash equivalents, beginning of period | 27,657 | 13,733 | 67,685 |
Cash and cash equivalents, end of period | 413,092 | 27,657 | 13,733 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Cash flows provided (used in) by operating activities | 4,852 | 2,178 | 8,973 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, plant and equipment | -4,857 | -2,208 | -9,108 |
Purchases of investment securities | ' | ' | ' |
Proceeds from sale or maturity of investment securities | ' | ' | ' |
Proceeds from business dispositions to Swift Pork Company | ' | ' | ' |
Proceeds from business dispositions to JBS Trading International, Inc. | ' | ' | ' |
Proceeds from property disposals | 5 | ' | 165 |
Cash used in investing activities | -4,852 | -2,208 | -8,943 |
Cash flows from financing activities: | ' | ' | ' |
Payments on notes payable to JBS USA | ' | ' | ' |
Proceeds from notes payable to JBS USA | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments on long-term debt | ' | ' | ' |
Purchase of remaining interest in subsidiary | ' | ' | ' |
Proceeds from sale of common stock | ' | ' | ' |
Payment of capitalized loan costs | ' | ' | ' |
Tax benefit related to share-based compensation | ' | ' | ' |
Cash dividends paid | ' | ' | ' |
Other financing activities | ' | ' | ' |
Cash provided by (used in) financing activities | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Increase (decrease) in cash and cash equivalents | ' | -30 | 30 |
Cash and cash equivalents, beginning of period | ' | 30 | ' |
Cash and cash equivalents, end of period | ' | ' | 30 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Cash flows provided (used in) by operating activities | 54,977 | 23,653 | -19,385 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, plant and equipment | -11,804 | -12,134 | -11,069 |
Purchases of investment securities | ' | -89 | -4,596 |
Proceeds from sale or maturity of investment securities | ' | 631 | 15,852 |
Proceeds from business dispositions to Swift Pork Company | ' | ' | 13,000 |
Proceeds from business dispositions to JBS Trading International, Inc. | ' | ' | 24,479 |
Proceeds from property disposals | 18,290 | 2,489 | 2,376 |
Cash used in investing activities | 6,486 | -9,103 | 40,042 |
Cash flows from financing activities: | ' | ' | ' |
Payments on notes payable to JBS USA | ' | ' | ' |
Proceeds from notes payable to JBS USA | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments on long-term debt | ' | ' | ' |
Purchase of remaining interest in subsidiary | ' | ' | ' |
Proceeds from sale of common stock | ' | ' | ' |
Payment of capitalized loan costs | ' | ' | ' |
Tax benefit related to share-based compensation | ' | ' | ' |
Cash dividends paid | ' | ' | -25,000 |
Other financing activities | -367 | -253 | -2,065 |
Cash provided by (used in) financing activities | -367 | -253 | -27,065 |
Effect of exchange rate changes on cash and cash equivalents | -6,505 | -1,623 | -4,138 |
Increase (decrease) in cash and cash equivalents | 54,591 | 12,674 | -10,546 |
Cash and cash equivalents, beginning of period | 40,523 | 27,846 | 38,392 |
Cash and cash equivalents, end of period | $95,114 | $40,523 | $27,846 |
QUARTERLY_RESULTS_Details
QUARTERLY RESULTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
QUARTERLY RESULTS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $2,047,285 | [1] | $2,142,816 | $2,184,118 | $2,036,929 | $2,189,662 | [2] | $2,068,478 | $1,974,469 | $1,888,773 | $1,829,308 | [3] | $1,891,224 | $1,922,690 | $1,892,476 | $8,411,148 | $8,121,382 | $7,535,698 |
Gross profit (loss) | 207,925 | [1] | 236,573 | 282,507 | 118,434 | 75,543 | [2] | 106,135 | 144,089 | 110,065 | 20,188 | [3] | -62,387 | -46,228 | -53,110 | 845,439 | 435,832 | -141,537 |
Net income attributable to PPC common stockholders | 143,352 | [1] | 160,917 | 190,704 | 54,582 | 22,773 | [2] | 42,931 | 69,357 | 39,173 | -85,355 | [3] | -162,516 | -128,141 | -120,760 | 549,555 | 174,234 | -496,772 |
Net loss per share amounts - basic and diluted (in dollars per share) | $0.55 | [1] | $0.62 | $0.74 | $0.21 | $0.09 | [2] | $0.17 | $0.27 | $0.18 | ($0.38) | [3] | ($0.72) | ($0.57) | ($0.54) | $2.12 | $0.70 | ($2.21) |
Number of days in quarter | '91 days | [1] | '91 days | '91 days | '91 days | '98 days | [2] | '91 days | '91 days | '91 days | '91 days | [3] | '91 days | '91 days | '91 days | '364 days | '371 days | '364 days |
Operational restructuring charges | 500 | ' | ' | ' | 1,100 | ' | ' | ' | 14,600 | ' | ' | ' | ' | ' | 1,958 | |||
Asset impairment | 500 | ' | ' | ' | 1,400 | ' | ' | ' | 11,300 | ' | ' | ' | 4,004 | 2,770 | 22,895 | |||
Derivative gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $3,100 | ' | ' | ' | $25,100 | $8,300 | $63,800 | |||
[1] | In the fourth quarter of 2013, the Company recognized expenses related to the shutdown of our Dallas plant of $.5 million and asset impairment charges of $.5 million. | |||||||||||||||||
[2] | In the fourth quarter of 2012, the Company recognized expenses related to the shutdown of our Dallas plant of $1.1 million and asset impairment charges of $1.4 million. | |||||||||||||||||
[3] | In the fourth quarter of 2011, the Company recognized restructuring charges of $14.6 million, asset impairment charges of $11.3 million and net gains on derivative financial instruments of $3.1 million. |
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
Allowance For Doubtful Accounts [Member] | ' | ' | ' | |||
Beginning Balance | $3,757 | $5,163 | $6,063 | |||
Additions Charged to Operating Results | 1,668 | -1,629 | -1,095 | |||
Charged to Other Accounts | ' | ' | ' | |||
Deductions | 1,369 | [1] | -223 | [1] | -195 | [1] |
Ending Balance | 4,056 | 3,757 | 5,163 | |||
Allowance For Sales Returns [Member] | ' | ' | ' | |||
Beginning Balance | 10,152 | 8,030 | 22,929 | |||
Additions Charged to Operating Results | 159,417 | 147,125 | 154,842 | |||
Charged to Other Accounts | ' | ' | ' | |||
Deductions | 162,480 | [2] | 145,004 | [2] | 169,741 | [2] |
Ending Balance | 7,089 | 10,152 | 8,030 | |||
Valuation Allowance Of Deferred Tax Assets [Member] | ' | ' | ' | |||
Beginning Balance | 188,354 | 230,336 | 53,938 | |||
Additions Charged to Operating Results | -164,180 | -50,455 | 168,368 | |||
Charged to Other Accounts | -13,774 | 8,473 | 8,030 | |||
Deductions | ' | [3] | ' | [3] | ' | [3] |
Ending Balance | $10,400 | $188,354 | $230,336 | |||
[1] | Uncollectible accounts written off, net of recoveries. | |||||
[2] | Deductions either written off, rebilled or reclassified as liabilities for market development fund rebates. | |||||
[3] | Reductions in the valuation allowance. |