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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 27, 2016
Mar. 29, 2015
Cash flows from operating activities:    
Net income $ 118,011 $ 204,193
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 42,391 36,152
Foreign currency transaction loss 0 12,074
Gain on property disposals (129) (881)
Share-based compensation 880 797
Deferred income tax benefit (215) (2,408)
Changes in operating assets and liabilities:    
Trade accounts and other receivables (1,894) 13,289
Inventories 22,829 (2,313)
Prepaid expenses and other current assets (608) 9,294
Accounts payable, accrued expenses and other current liabilities (55,990) (28,702)
Income taxes 55,261 50,639
Long-term pension and other postretirement obligations (2,311) 1,617
Other operating assets and liabilities (362) 2,335
Cash provided by operating activities 177,863 296,086
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (37,074) (32,591)
Proceeds from property disposals 610 867
Cash used in investing activities (36,464) (31,724)
Cash flows from financing activities:    
Proceeds from note payable to bank 8,885 0
Payments on note payable to bank (16,034) 0
Proceeds from revolving line of credit and long-term borrowings 0 1,680,000
Payments on revolving line of credit, long-term borrowings and capital lease obligations (21) (533,669)
Proceeds from equity contribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation 3,691 0
Tax benefit related to share-based compensation 0 7,834
Payment of capitalized loan costs (13) (8,862)
Purchase of common stock under share repurchase program (2,657) 0
Payment of special cash dividends 0 (1,498,470)
Cash used in financing activities (6,149) (353,167)
Effect of exchange rate changes on cash and cash equivalents 0 (9,301)
Increase (decrease) in cash and cash equivalents 135,250 (98,106)
Cash and cash equivalents, beginning of period 439,638 576,143
Cash and cash equivalents, end of period $ 574,888 $ 478,037