XML 23 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 26, 2016
Jun. 28, 2015
Cash flows from operating activities:    
Net income $ 271,053 $ 445,817
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 88,683 75,070
Asset impairment 0 4,813
Gain on property disposals (6,755) (1,331)
Share-based compensation 1,869 1,268
Deferred income tax benefit (700) (4,781)
Changes in operating assets and liabilities:    
Trade accounts and other receivables 6,610 35,014
Inventories (31,208) 3,192
Prepaid expenses and other current assets (19,817) 7,236
Accounts payable, accrued expenses and other current liabilities (23,028) 53,960
Income taxes 6,967 (35,554)
Long-term pension and other postretirement obligations (3,952) 966
Other operating assets and liabilities (738) 2,433
Cash provided by operating activities 288,984 588,103
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (93,978) (87,694)
Proceeds from property disposals 8,097 2,115
Cash used in investing activities (85,881) (85,579)
Cash flows from financing activities:    
Proceeds from note payable to bank 36,838 0
Payments on note payable to bank (65,564) 0
Proceeds from revolving line of credit and long-term borrowings 351,089 1,680,000
Payments on revolving line of credit, long-term borrowings and capital lease obligations (219,812) (683,705)
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 (693) (10,132)
Purchase of common stock under share repurchase program (7,328) 0
Payment of special cash dividends (699,915) (1,498,470)
Cash used in financing activities (601,694) (504,473)
Decrease in cash and cash equivalents (398,591) (1,949)
Cash and cash equivalents, beginning of period 439,638 576,143
Cash and cash equivalents, end of period $ 41,047 $ 574,194