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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 25, 2017
Jun. 26, 2016
Cash flows from operating activities:    
Net income $ 328,536 $ 271,053
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 107,671 88,683
Foreign currency transaction loss related to borrowing arrangements 5,634 0
Asset impairment 3,534 0
Gain on property disposals (768) (6,755)
Gain on equity method investments (30) 0
Share-based compensation 1,947 1,869
Deferred income tax expense (benefit) 26,904 (700)
Changes in operating assets and liabilities:    
Trade accounts and other receivables (73,684) 6,610
Inventories (97,857) (31,208)
Prepaid expenses and other current assets (5,702) (19,817)
Accounts payable, accrued expenses and other current liabilities (34,565) (23,028)
Income taxes 60,695 6,967
Long-term pension and other postretirement obligations (3,916) (3,952)
Other operating assets and liabilities (2,265) (738)
Cash provided by operating activities 316,134 288,984
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (174,150) (93,978)
Purchase of acquired business, net of cash acquired (359,698) 0
Proceeds from property disposals 1,466 8,097
Cash used in investing activities (532,382) (85,881)
Cash flows from financing activities:    
Proceeds from note payable to bank 0 36,838
Payments on note payable to bank 0 (65,564)
Proceeds from revolving line of credit and long-term borrowings 1,013,662 351,089
Payments on revolving line of credit, long-term borrowings and capital lease obligations (586,056) (219,812)
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 (2,777) (693)
Purchase of common stock under share repurchase program (14,641) (7,328)
Payment of special cash dividends 0 (699,915)
Cash provided by (used in) financing activities 415,226 (601,694)
Increase (decrease) in cash, cash equivalents and restricted cash 198,978 (398,591)
Cash, cash equivalents and restricted cash, beginning of period 125,307 439,638
Cash, cash equivalents and restricted cash, end of period $ 324,285 $ 41,047