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PENSION AND OTHER POSTRETIREMENT BENEFITS
 6 Months Ended
Jun. 26, 2022
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans such as the Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”) the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”), the Tulip Limited Pension Plan (the “Tulip Plan”) and the Geo Adams Group Pension Fund (the “Geo Adams Plan”), nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $10.4 million and $4.0 million in the three months ended June 26, 2022 and June 27, 2021, respectively, and $16.8 million and $9.3 million in the six months ended June 26, 2022 and June 27, 2021, respectively.
Defined Benefit Plans Obligations and Assets
The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:
Six Months Ended
 June 26, 2022June 27, 2021
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period$373,062 $1,346 $404,194 $1,593 
Interest cost3,224 10 2,437 8 
Actuarial gain(62,285)(116)(28,552)(35)
Benefits paid(6,344)(66)(5,978)(70)
Curtailments and settlements(3,762)— (2,689)— 
Currency translation (gain) loss(11,305)— 10,196 — 
Projected benefit obligation, end of period$292,590 $1,174 $379,608 $1,496 
Six Months Ended
 June 26, 2022June 27, 2021
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period$326,409 $— $305,983 $— 
Actual return on plan assets(42,499)— 14,564 — 
Contributions by employer5,494 66 6,832 70 
Benefits paid(6,344)(66)(5,978)(70)
Curtailments and settlements(3,762)— (2,689)— 
Expenses paid from assets(188)— (169)— 
Currency translation (gain) loss(10,747)— 8,764 — 
Fair value of plan assets, end of period$268,363 $— $327,307 $— 
 June 26, 2022December 26, 2021
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Funded status:
Unfunded benefit obligation, end of period$(24,227)$(1,174)$(46,653)$(1,346)
 June 26, 2022December 26, 2021
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability$(2,996)$(167)$(6,063)$(157)
Long-term liability(21,231)(1,007)(40,590)(1,189)
Recognized liability$(24,227)$(1,174)$(46,653)$(1,346)
June 26, 2022December 26, 2021
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss$41,420 $3 $58,143 $118 
The accumulated benefit obligation for the Company’s defined benefit pension plans was $292.6 million and $373.1 million at June 26, 2022 and December 26, 2021, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both June 26, 2022 and December 26, 2021.
Net Periodic Benefit Costs
Net defined benefit pension and other postretirement costs included the following components:
Three Months EndedSix Months Ended
June 26, 2022June 27, 2021June 26, 2022June 27, 2021
Pension BenefitsOther BenefitsPension BenefitsOther BenefitsPension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Interest cost$1,716 $6 $987 $3 $3,224 $10 $2,437 $8 
Estimated return on plan assets(2,611)— (1,815)— (5,014)— (4,456)— 
Settlement loss1,167 — 837 — 1,167 — 837 — 
Expenses paid from assets73 — 91 — 188 — 169 — 
Amortization of net loss341 — 381 — 568 — 946 1 
Amortization of past service cost4 — 3 — 9 — 8 — 
Net costs(a)
$690 $6 $484 $3 $142 $10 $(59)$9 
(a)    Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.
Economic Assumptions
The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
 June 26, 2022December 26, 2021
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate3.69 %4.10 %2.23 %2.38 %
Six Months Ended
June 26, 2022June 27, 2021
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate2.29 %2.38 %1.86 %1.80 %
Expected return on plan assets3.32 %NA3.53 %NA
Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss
The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
Six Months Ended
 June 26, 2022June 27, 2021
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
 (In thousands)
Net actuarial loss, beginning of period$58,143 $118 $95,522 $174 
Amortization(577)— (954)(1)
Settlement adjustments(1,167)— (837)— 
Actuarial gain(62,285)(115)(28,552)(35)
Asset loss (gain)47,513 — (10,109)— 
Currency translation loss (gain)(207)— 776 — 
Net actuarial loss, end of period$41,420 $3 $55,846 $138 
Remeasurement
The Company remeasures both plan assets and obligations on a quarterly basis.
Defined Contribution Plans
The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains seven defined contribution retirement savings plans in the U.K. and Europe reportable segment for eligible U.K. and Europe employees, as required by U.K. and Europe law. The Company’s expenses related to its defined contribution plans totaled $8.9 million in the three months ended June 26, 2022 and $14.4 million in the six months ended June 26, 2022.