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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 27, 2020
Sep. 29, 2019
Cash flows from operating activities:    
Net income $ 94,740 $ 364,301
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 248,641 210,381
Deferred income tax expense 37,739 2,396
Gain on property disposals (8,009) (9,546)
Negative adjustment to previously recognized gain on bargain purchase 3,746 0
Loan cost amortization 3,635 3,609
Stock-based compensation (1,291) 7,322
Accretion of discount related to Senior Notes 737 737
Amortization of premium related to Senior Notes (501) (501)
Loss (gain) on equity-method investments 297 (48)
Foreign currency transaction loss related to borrowing arrangements 0 1,259
Changes in operating assets and liabilities:    
Trade accounts and other receivables 44,615 (46,648)
Inventories 41,292 (108,117)
Prepaid expenses and other current assets (29,290) 3,536
Accounts payable, accrued expenses and other current liabilities 93,114 67,308
Income taxes (30,868) 40,549
Long-term pension and other postretirement obligations (823) (1,578)
Other operating assets and liabilities 10,561 544
Cash provided by operating activities 508,335 535,504
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (242,603) (258,725)
Proceeds from property disposals 21,715 15,168
Purchase of acquired business, net of cash acquired (4,216) 0
Cash used in investing activities (225,104) (243,557)
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 386,696 99,638
Purchase of common stock under share repurchase program (107,806) (2,898)
Payments on revolving line of credit, long-term borrowings and finance lease obligations (56,763) (123,276)
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 (652)
Cash provided by (used in) financing activities 222,127 (27,713)
Effect of exchange rate changes on cash and cash equivalents (799) (808)
Increase in cash, cash equivalents and restricted cash 504,559 263,426
Cash, cash equivalents and restricted cash, beginning of period 280,577 361,578
Cash, cash equivalents and restricted cash, end of period $ 785,136 $ 625,004