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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 26, 2021
Sep. 27, 2020
Cash flows from operating activities:    
Net income (loss) $ (5,200) $ 94,740
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 274,336 248,641
Deferred income tax expense (benefit) (26,436) 37,739
Loss on early extinguishment of debt recognized as a component of interest expense 24,654 0
Stock-based compensation 8,418 (1,291)
Loan cost amortization 3,762 3,635
Gain on property disposals (3,605) (8,009)
Accretion of discount related to Senior Notes 1,104 737
Amortization of premium related to Senior Notes (167) (501)
Loss (gain) on equity-method investments (12) 297
Negative adjustment to previously recognized gain on bargain purchase 0 3,746
Changes in operating assets and liabilities:    
Trade accounts and other receivables (138,948) 44,615
Inventories (149,653) 41,292
Prepaid expenses and other current assets 13,718 (29,290)
Accounts payable, accrued expenses and other current liabilities 274,932 93,114
Income taxes 66,413 (30,868)
Long-term pension and other postretirement obligations (13,491) (823)
Other operating assets and liabilities (2,330) 10,561
Cash provided by operating activities 327,495 508,335
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (280,820) (242,603)
Proceeds from property disposals 22,896 21,715
Purchase of acquired business, net of cash acquired (953,947) (4,216)
Cash used in investing activities (1,211,871) (225,104)
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 2,951,707 386,696
Payments on revolving line of credit, long-term borrowings and finance lease obligations (2,005,960) (56,763)
Payments on early extinguishment of debt (21,258) 0
Payments of capitalized loan costs (22,293) 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 (107,806)
Cash provided by financing activities 901,546 222,127
Effect of exchange rate changes on cash and cash equivalents (381) (799)
Increase in cash, cash equivalents and restricted cash 16,789 504,559
Cash, cash equivalents and restricted cash, beginning of period 548,406 280,577
Cash, cash equivalents and restricted cash, end of period $ 565,195 $ 785,136