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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 26, 2017
Mar. 27, 2016
Cash flows from operating activities:    
Net income $ 94,463 $ 118,011
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 50,390 42,391
Foreign currency transaction loss 2,158 0
Loss (gain) on property disposals 118 (129)
Loss on equity method investments (13) 0
Share-based compensation 1,460 880
Deferred income tax expense (benefit) 13,330 (215)
Changes in operating assets and liabilities:    
Trade accounts and other receivables (33,681) (1,894)
Inventories (54,448) 22,829
Prepaid expenses and other current assets (16,715) 7,023
Accounts payable, accrued expenses and other current liabilities (18,072) (55,990)
Income taxes 25,380 55,261
Long-term pension and other postretirement obligations (1,633) (2,311)
Other operating assets and liabilities (1,283) (362)
Cash provided by operating activities 61,454 185,494
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (114,487) (37,074)
Purchase of acquired business, net of cash acquired (359,698) 0
Proceeds from property disposals 181 610
Cash used in investing activities (474,004) (36,464)
Cash flows from financing activities:    
Proceeds from note payable to bank 0 8,885
Payments on note payable to bank 0 (16,034)
Proceeds from revolving line of credit and long-term borrowings 662,795 0
Payments on revolving line of credit, long-term borrowings and capital lease obligations (330,772) (21)
Proceeds from equity contribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation 5,038 3,691
Payment of capitalized loan costs 0 (13)
Purchase of common stock under share repurchase program (14,641) (2,657)
Cash provided by (used in) financing activities 322,420 (6,149)
Increase (decrease) in cash, cash equivalents and restricted cash (90,130) 142,881
Cash, cash equivalents and restricted cash, beginning of period 125,307 439,638
Cash, cash equivalents and restricted cash, end of period $ 35,177 $ 582,519