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PENSION AND OTHER POSTRETIREMENT BENEFITS
 3 Months Ended
Mar. 26, 2023
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 $7.6 million and $6.4 million in the three months ended March 26, 2023 and March 27, 2022, 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:
Three Months Ended
 March 26, 2023March 27, 2022
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation, beginning of period$236,147 $1,169 $373,062 $1,346 
Interest cost2,314 9 1,508 4 
Actuarial gain(3,134)(15)(29,146)(56)
Benefits paid(3,838)(29)(4,810)(26)
Currency translation loss (gain)(1,082)— 161 — 
Projected benefit obligation, end of period$230,407 $1,134 $340,775 $1,268 
Three Months Ended
 March 26, 2023March 27, 2022
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of period$210,133 $— $326,409 $— 
Actual return on plan assets3,357 — (18,246)— 
Contributions by employer2,109 29 3,287 26 
Benefits paid(3,838)(29)(4,810)(26)
Expenses paid from assets(94)— (115)— 
Currency translation gain (loss)(1,012)— 116 — 
Fair value of plan assets, end of period$210,655 $— $306,641 $— 
 March 26, 2023December 25, 2022
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Funded status:
Unfunded benefit obligation, end of period$(19,752)$(1,134)$(26,014)$(1,169)
 March 26, 2023December 25, 2022
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period:
Current liability$(794)$(148)$(841)$(177)
Long-term liability(18,958)(986)(25,173)(992)
Recognized liability$(19,752)$(1,134)$(26,014)$(1,169)
March 26, 2023December 25, 2022
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period:
Net actuarial loss (gain)$43,585 $(81)$48,121 $(66)
The accumulated benefit obligation for the Company’s defined benefit pension plans was $230.4 million and $236.1 million at March 26, 2023 and December 25, 2022, respectively. Each of the Company’s defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at both March 26, 2023 and December 25, 2022.
Net Periodic Benefit Costs
Net defined benefit pension and other postretirement costs included the following components:
Three Months Ended
March 26, 2023March 27, 2022
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Interest cost$2,314 $9 $1,508 $4 
Estimated return on plan assets(2,222)— (2,403)— 
Expenses paid from assets94 — 115 — 
Amortization of net loss179 — 227 — 
Amortization of past service cost4 — 5 — 
Net costs(a)
$369 $9 $(548)$4 
(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:
 March 26, 2023December 25, 2022
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure benefit obligation at end of period:
Discount rate5.14 %5.44 %5.04 %5.16 %
Three Months Ended
March 26, 2023March 27, 2022
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure net pension and other postretirement cost:
Discount rate5.04 %5.16 %2.23 %2.38 %
Expected return on plan assets4.97 %NA3.40 %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:
Three Months Ended
 March 26, 2023March 27, 2022
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
 (In thousands)
Net actuarial loss (gain), beginning of period$48,121 $(66)$58,143 $118 
Amortization(183)— (232)— 
Actuarial gain(3,134)(15)(29,146)(56)
Asset loss (gain)(1,136)— 20,649 — 
Currency translation loss (gain)(83)— 27 — 
Net actuarial loss (gain), end of period$43,585 $(81)$49,441 $62 
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 $6.8 million in the three months ended March 26, 2023.