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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 27, 2021
Jun. 28, 2020
Cash flows from operating activities:    
Net income (loss) $ (66,035) $ 61,049
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 182,260 164,376
Deferred income tax expense (benefit) (32,809) 25,255
Loss on early extinguishment of debt recognized as a component of interest expense 24,254 0
Stock-based compensation 5,168 3,467
Gain on property disposals (5,057) (1,587)
Loan cost amortization 2,279 2,422
Accretion of discount related to Senior Notes 675 491
Amortization of premium related to Senior Notes (167) (334)
Loss (gain) on equity-method investments (8) 304
Negative adjustment to previously recognized gain on bargain purchase 0 1,740
Changes in operating assets and liabilities:    
Trade accounts and other receivables (117,610) 29,920
Inventories (173,947) 16,350
Prepaid expenses and other current assets (6,027) (22,072)
Accounts payable, accrued expenses and other current liabilities 266,487 (122,191)
Income taxes 46,638 (27,350)
Long-term pension and other postretirement obligations (9,507) (1,908)
Other operating assets and liabilities (1,642) 10,794
Cash provided by operating activities 114,952 140,726
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (183,744) (148,175)
Proceeds from property disposals 21,385 9,894
Purchase of acquired business, net of cash acquired 0 (4,216)
Cash used in investing activities (162,359) (142,497)
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 1,540,133 356,547
Payments on revolving line of credit, long-term borrowings and finance lease obligations (1,522,416) (20,105)
Payment on early extinguishment of debt (21,258) 0
Payment of capitalized loan costs (8,650) 0
Payment of equity distribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim’s Pride Corporation (650) 0
Purchase of common stock under share repurchase program 0 (77,879)
Cash provided by (used in) financing activities (12,841) 258,563
Effect of exchange rate changes on cash and cash equivalents 1,859 (2,896)
Increase (decrease) in cash, cash equivalents and restricted cash (58,389) 253,896
Cash, cash equivalents and restricted cash, beginning of period 548,406 280,577
Cash, cash equivalents and restricted cash, end of period $ 490,017 $ 534,473