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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 26, 2022
Jun. 27, 2021
Cash flows from operating activities:    
Net income (loss) $ 642,581 $ (66,035)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Depreciation and amortization 201,996 182,260
Deferred income tax benefit (35,538) (32,809)
Stock-based compensation 4,346 5,168
Loan cost amortization 2,827 2,279
Loss (gain) on property disposals 2,718 (5,057)
Accretion of discount related to Senior Notes 859 675
Loss (gain) on equity-method investments 4 (8)
Loss on early extinguishment of debt recognized as a component of interest expense 0 24,254
Amortization of premium related to Senior Notes 0 (167)
Changes in operating assets and liabilities:    
Trade accounts and other receivables (216,523) (117,610)
Inventories (309,360) (173,947)
Prepaid expenses and other current assets 13,173 (6,027)
Accounts payable, accrued expenses and other current liabilities 96,083 266,487
Income taxes 21,959 46,638
Long-term pension and other postretirement obligations (1,717) (9,507)
Other operating assets and liabilities (2,189) (1,642)
Cash provided by operating activities 421,219 114,952
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (196,205) (183,744)
Purchase of acquired business, net of cash acquired (4,847) 0
Proceeds from property disposals 2,362 21,385
Cash used in investing activities (198,690) (162,359)
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 351,065 1,540,133
Payments on revolving line of credit, long-term borrowings and finance lease obligations (170,022) (1,522,416)
Purchase of common stock under share repurchase program (119,989) 0
Payments of capitalized loan costs (3,052) (8,650)
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation (1,961) (650)
Payments on early extinguishment of debt 0 (21,258)
Cash provided by (used in) financing activities 56,041 (12,841)
Effect of exchange rate changes on cash and cash equivalents (6,067) 1,859
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 272,503 (58,389)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 450,121 548,406
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 722,624 $ 490,017