QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Dec. 29, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results

2019	First		Second		Third		Fourth(a)		Year
	(In thousands, except per share data)
Net sales	$	2,724,675	$	2,843,085	$	2,777,970	$	3,063,489	$	11,409,219
Gross profit	218,939		367,864		282,197		201,394		1,070,394
Net income attributable to PPC     common stockholders	84,011		170,068		109,765		92,080		455,924
Net income per share amounts -     basic	0.34		0.68		0.44		0.37		1.83
Net income per share amounts -    diluted	0.34		0.68		0.44		0.37		1.83
Number of days in period	91		91		91		91		364

2018	First(b)		Second(c)		Third(d)		Fourth(e)			Year
	(In thousands, except per share data)
Net sales	$	2,746,678	$	2,836,713	$	2,697,604	$	2,656,789		$	10,937,784
Gross profit	287,665		274,222		169,741		111,848			843,476
Net income (loss) attributable to PPC common stockholders	119,418		106,541		29,310		(7,324		)	247,945
Net income (loss) per share amounts - basic	0.48		0.43		0.12		(0.03		)	1.00
Net income (loss) per share amounts - diluted	0.48		0.43		0.12		(0.03		)	1.00
Number of days in period	91		91		91		91			364

2017	First(f)		Second(g)		Third(h)		Fourth(i)		Year
	(In thousands, except per share data)
Net sales	$	2,479,340	$	2,752,286	$	2,793,885	$	2,742,352	$	10,767,863
Gross profit	256,388		474,838		478,584		261,804		1,471,614
Net income attributable to PPC common stockholders	93,921		233,641		232,680		134,337		694,579
Net income per share amounts - basic	0.38		0.94		0.94		0.54		2.79
Net income per share amounts - diluted	0.38		0.94		0.93		0.54		2.79
Number of days in period	91		91		91		98		371

(a) On October 15, 2019, the Company acquired 100% of the equity of Tulip Limited and its subsidiaries (together, “Tulip”) from Danish Crown AmbA for £310.0 million, or $391.5 million for cash. In the fourth quarter of 2019, the Company recognized a bargain purchase gain of $56.9 million and transaction costs of approximately $1.3 million related to the acquisition of Tulip.

(b) In the first quarter of 2018, the Company recognized impairment charges of approximately $0.5 million related to the Luverne, Minnesota plant held for sale. Also in the first quarter of 2018, the Company had transaction costs of approximately $0.2 million related to the acquisition of Moy Park and GNP.

(c) In the second quarter of 2018, the Company recognized impairment charges of approximately $0.1 million related to its 40 North Foods leasehold improvements.

(d) In the third quarter of 2018, the Company recognized impairment charges of approximately $0.3 million related to the Luverne, Minnesota plant held for sale.

(e) In the fourth quarter of 2018, the Company recognized impairment charges of approximately $2.6 million related to Rose Energy Ltd. within its U.K. and Europe reportable segment. Also in the fourth quarter of 2018, the Company recognized nonrecurring charges of $3.0 million and $11.9 million related to Hurricane Michael and Hurricane Maria, respectively. Hurricane Michael hit the Company’s Live Oak complex in October 2018, causing two days of plant closure. Hurricane Maria hit the Company’s Puerto Rico complex in September 2017, causing six months of plant closure.

(f) On January 6, 2017, the Company acquired 100% of the membership interests of GNP from Maschhoff Family Foods, LLC for a cash purchase price of $350 million. In the first quarter, the Company had transaction costs of approximately $0.6 million for the acquisition of GNP.

(g) In the second quarter of 2017, the Company recognized impairment charges of approximately $3.5 million related to its Athens, Alabama plant held for sale.

(h) In the third quarter of 2017, the Company had transaction costs of approximately $15.0 million for the acquisition of Moy Park.

(i) In the fourth quarter of 2017, the Company had transaction costs of approximately $4.5 million for the acquisition of Moy Park.