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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 26, 2023
Mar. 27, 2022
Cash flows from operating activities:    
Net income $ 5,631 $ 280,560
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 98,257 102,142
Deferred income tax benefit (26,309) (21,917)
Loss (gain) on property disposals (9,333) 1,855
Loan cost amortization 1,333 1,280
Stock-based compensation 1,200 1,963
Accretion of discount related to Senior Notes 429 429
Adjustment to previously recognized asset impairment (130) 0
Loss (gain) on equity-method investments (4) 8
Changes in operating assets and liabilities:    
Trade accounts and other receivables (132,791) (66,669)
Inventories (30,267) (146,035)
Prepaid expenses and other current assets (20,268) (5,889)
Accounts payable, accrued expenses and other current liabilities (43,662) (2,454)
Income taxes 3,149 84,780
Long-term pension and other postretirement obligations 949 (1,101)
Other operating assets and liabilities (9,888) (1,956)
Cash provided by (used in) operating activities (161,704) 226,996
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (131,701) (81,578)
Proceeds from property disposals 12,631 849
Proceeds from insurance recoveries 1,599 0
Purchase of acquired business, net of cash acquired 0 (4,847)
Cash used in investing activities (117,471) (85,576)
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 35,000 228,505
Payments on revolving line of credit, long-term borrowings and finance lease obligations (6,527) (32,093)
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation (1,592) (1,961)
Purchase of common stock under share repurchase program 0 (27,023)
Payments of capitalized loan costs 0 (1,098)
Cash provided by financing activities 26,881 166,330
Effect of exchange rate changes on cash and cash equivalents 2,101 (2,073)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (250,193) 305,677
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 434,759 450,121
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 184,566 $ 755,798