QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Dec. 27, 2020

Quarterly Financial Information Disclosure [Abstract]


2020	First(a)		Second		Third(b)		Fourth		Year
	(In thousands, except per share data)
Net sales	$	3,074,928	$	2,824,023	$	3,075,121	$	3,117,829	$	12,091,901
Gross profit	177,099		119,859		313,842		227,396		838,196
Net income (loss) attributable to PPC	67,268		(6,036)		33,446		79		94,757
Net income (loss) per share amounts - basic	0.27		(0.02)		0.14		—		0.39
Net income (loss) per share amounts - diluted	0.27		(0.02)		0.14		—		0.39
Number of days in period	91		91		91		91		364


2019	First		Second		Third		Fourth(c)		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	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(d)		Second(e)		Third(f)		Fourth(g)		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	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

(a)In the first quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $1.7 million.

(b)In the third quarter of 2020, the company recognized a negative adjustment to the previously recognized gain on bargain purchase from the 2019 acquisition of PPL for approximately $2.0 million.

(c)On October 15, 2019, the Company acquired 100% of the equity of PPL and its subsidiaries (together, “PPL”) from Danish Crown AmbA for £311.3 million, or $393.3 million for cash. In the fourth quarter of 2019, the Company recognized a gain on bargain purchase of $56.9 million and transaction costs of approximately $1.3 million related to the acquisition of PPL.

(d)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.

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

(f)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.

(g)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.