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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 28, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 61,049 $ 254,205
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 164,376 138,530
Deferred income tax expense (benefit) 25,255 (3,354)
Stock-based compensation 3,467 5,217
Loan cost amortization 2,422 2,401
Negative adjustment to previously recognized gain on bargain purchase 1,740 0
Loss (gain) on property disposals (1,587) 230
Accretion of discount related to Senior Notes 491 491
Amortization of premium related to Senior Notes (334) (334)
Loss (gain) on equity-method investments 304 (32)
Foreign currency transaction gain related to borrowing arrangements 0 37
Changes in operating assets and liabilities:    
Trade accounts and other receivables 29,920 (20,385)
Inventories 16,350 (27,212)
Prepaid expenses and other current assets (22,072) (1,339)
Accounts payable, accrued expenses and other current liabilities (122,191) 20,664
Income taxes (27,350) 34,013
Long-term pension and other postretirement obligations (1,908) (1,121)
Other operating assets and liabilities 10,794 1,353
Cash provided by operating activities 140,726 403,364
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (148,175) (177,609)
Proceeds from property disposals 9,894 1,740
Purchase of acquired business, net of cash acquired (4,216) 0
Cash used in investing activities (142,497) (175,869)
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 356,547 99,636
Purchase of common stock under share repurchase program (77,879) (2,898)
Payments on revolving line of credit, long-term borrowings and finance lease obligations (20,105) (113,079)
Payment from equity distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation 0 (525)
Payment of capitalized loan costs 0 (596)
Cash provided by (used in) financing activities 258,563 (17,462)
Effect of exchange rate changes on cash and cash equivalents (2,896) (5)
Increase in cash, cash equivalents and restricted cash 253,896 210,028
Cash, cash equivalents and restricted cash, beginning of period 280,577 361,578
Cash, cash equivalents and restricted cash, end of period $ 534,473 $ 571,606