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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 25, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 pilgrimslogoa04a01a01a01a03.jpg

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1285071
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1770 Promontory Circle80634-9038
GreeleyCO
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (970506-8000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Exchange on which Registered
Common Stock, Par Value $0.01PPCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated Filer 
Non-accelerated FilerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of July 26, 2023, was 236,789,929.





INDEX
PILGRIM’S PRIDE CORPORATION
Item 1.
Condensed Consolidated Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 5.
Other Information
Item 6.



1


Table of Contents
PART I.     FINANCIAL INFORMATION
ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 25, 2023December 25, 2022
 (In thousands)
Cash and cash equivalents$730,980 $400,988 
Restricted cash and restricted cash equivalents46,030 33,771 
Trade accounts and other receivables, less allowance for credit losses1,163,425 1,097,212 
Accounts receivable from related parties1,697 2,512 
Inventories2,047,817 1,990,184 
Income taxes receivable133,747 155,859 
Prepaid expenses and other current assets241,138 211,092 
Total current assets4,364,834 3,891,618 
Deferred tax assets17,949 1,969 
Other long-lived assets21,989 41,574 
Operating lease assets, net281,159 305,798 
Intangible assets, net868,095 846,020 
Goodwill1,282,946 1,227,944 
Property, plant and equipment, net3,085,539 2,940,846 
Total assets$9,922,511 $9,255,769 
Accounts payable$1,515,540 $1,587,939 
Accounts payable to related parties14,718 12,155 
Revenue contract liabilities61,233 34,486 
Accrued expenses and other current liabilities934,396 850,899 
Income taxes payable15,487 58,411 
Current maturities of long-term debt985 26,279 
Total current liabilities2,542,359 2,570,169 
Noncurrent operating lease liabilities, less current maturities213,350 230,701 
Long-term debt, less current maturities3,699,607 3,166,432 
Deferred tax liabilities336,579 364,184 
Other long-term liabilities58,028 71,007 
Total liabilities6,849,923 6,402,493 
Common stock2,619 2,617 
Treasury stock(544,687)(544,687)
Additional paid-in capital1,973,498 1,969,833 
Retained earnings1,815,142 1,749,499 
Accumulated other comprehensive loss(187,342)(336,448)
Total Pilgrim’s Pride Corporation stockholders’ equity3,059,230 2,840,814 
Noncontrolling interest13,358 12,462 
Total stockholders’ equity3,072,588 2,853,276 
Total liabilities and stockholders’ equity$9,922,511 $9,255,769 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


2


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months EndedSix Months Ended
 June 25, 2023June 26, 2022June 25, 2023June 26, 2022
 (in thousands, except per share data)
Net sales$4,308,091 $4,631,648 $8,473,719 $8,872,043 
Cost of sales4,029,666 3,954,877 8,022,247 7,653,292 
Gross profit278,425 676,771 451,472 1,218,751 
Selling, general and administrative expense148,436 163,867 282,114 303,834 
Restructuring activities29,718  37,744  
Operating income100,271 512,904 131,614 914,917 
Interest expense, net of capitalized interest47,152 38,112 89,814 74,408 
Interest income(7,628)(1,010)(11,228)(2,284)
Foreign currency transaction losses16,395 2,758 34,538 14,294 
Miscellaneous, net(1,331)(1,688)(23,984)(2,012)
Income before income taxes45,683 474,732 42,474 830,511 
Income tax expense (benefit)(15,225)112,711 (24,065)187,930 
Net income60,908 362,021 66,539 642,581 
Less: Net income (loss) attributable to noncontrolling interests452 (95)896 27 
Net income attributable to Pilgrim’s Pride Corporation$60,456 $362,116 $65,643 $642,554 
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic236,733 240,366 236,659 242,018 
Effect of dilutive common stock equivalents476 607 527 619 
Diluted237,209 240,973 237,186 242,637 
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic$0.26 $1.51 $0.28 $2.65 
Diluted$0.25 $1.50 $0.28 $2.65 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



3


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedSix Months Ended
June 25, 2023June 26, 2022June 25, 2023June 26, 2022
(In thousands)
Net income$60,908 $362,021 $66,539 $642,581 
Other comprehensive income (loss):
Foreign currency translation adjustment:
Gains (losses) arising during the period101,281 (199,328)143,925 (257,530)
Derivative financial instruments designated as cash flow hedges:
Losses arising during the period(1,677)(851)(1,659)(323)
Income tax effect    
Reclassification to net earnings for losses (gains) realized(285)1,162 (349)1,319 
Income tax effect 18  (24)
Available-for-sale securities:
Losses arising during the period(94) (54) 
Income tax effect23  13  
Reclassification to net earnings for gains realized47  29  
Income tax effect(12) (7) 
Defined benefit plans:
Gains arising during the period5,760 7,502 9,993 16,153 
Income tax effect(2,546)(1,837)(3,127)(4,009)
Reclassification to net earnings of losses realized266 345 448 577 
Income tax effect(63)(84)(106)(141)
Total other comprehensive income (loss), net of tax102,700 (193,073)149,106 (243,978)
Comprehensive income163,608 168,948 215,645 398,603 
Less: Comprehensive income (loss) attributable to noncontrolling interests452 (95)896 27 
Comprehensive income attributable to Pilgrim’s Pride Corporation$163,156 $169,043 $214,749 $398,576 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Six Months Ended June 25, 2023Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 25, 2022261,611 $2,617 (25,142)$(544,687)$1,969,833 $1,749,499 $(336,448)$12,462 $2,853,276 
Net income— — — — — 65,643 — 896 66,539 
Other comprehensive income, net of tax— — — — — — 149,106 — 149,106 
Stock-based compensation plans:
Common stock issued under compensation plans264 2 — — (2)— — —  
Requisite service period recognition— — — — 3,667 — — — 3,667 
Balance at June 25, 2023261,875 $2,619 (25,142)$(544,687)$1,973,498 $1,815,142 $(187,342)$13,358 $3,072,588 
Three Months Ended June 25, 2023Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmountSharesAmount
(In thousands)
Balance at March 26, 2023261,875 $2,619 (25,142)$(544,687)$1,971,038 $1,754,686 $(290,042)$12,906 $2,906,520 
Net income— — — — — 60,456 — 452 60,908 
Other comprehensive loss, net of tax— — — — — — 102,700 — 102,700 
Stock-based compensation plans:
Requisite service period recognition— — — — 2,460 — — — 2,460 
Balance at June 25, 2023261,875 $2,619 (25,142)$(544,687)$1,973,498 $1,815,142 $(187,342)$13,358 $3,072,588 


5


Six Months Ended June 26, 2022Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
SharesAmountSharesAmount
(In thousands)
Balance at December 26, 2021261,347 $2,614 (17,673)$(345,134)$1,964,028 $1,003,569 $(47,997)$11,854 $2,588,934 
Net income— — — — — 642,554 — 27 642,581 
Other comprehensive loss, net of tax— — — — — — (243,978)— (243,978)
Stock-based compensation plans:
Common stock issued under compensation plans231 2 — — (2)— — —  
Requisite service period recognition— — — — 4,536 — — — 4,536 
Common stock purchased under share repurchase program— — (4,632)(119,989)— — — — (119,989)
Balance at June 26, 2022261,578 $2,616 (22,305)$(465,123)$1,968,562 $1,646,123 $(291,975)$11,881 $2,872,084 
Three Months Ended June 26, 2022Common StockTreasury StockAdditional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmountSharesAmount
(In thousands)
Balance at March 27, 2022261,568 $2,616 (18,831)$(372,157)$1,966,066 $1,284,007 $(98,902)$11,976 $2,793,606 
Net income (loss)— — — — — 362,116 — (95)362,021 
Other comprehensive loss, net of tax— — — — — — (193,073)— (193,073)
Stock-based compensation plans:
Common stock issued under compensation plans10  — —  — — —  
Requisite service period recognition— — — — 2,496 — — — 2,496 
Common stock purchased under share repurchase program— — (3,474)(92,966)— — — — (92,966)
Balance at June 26, 2022261,578 $2,616 (22,305)$(465,123)$1,968,562 $1,646,123 $(291,975)$11,881 $2,872,084 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


6


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
 June 25, 2023June 26, 2022
 (In thousands)
Cash flows from operating activities:
Net income$66,539 $642,581 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization203,114 201,996 
Deferred income tax benefit(56,151)(35,538)
Loss (gain) on property disposals(9,316)2,718 
Loan cost amortization4,733 2,827 
Asset impairment4,011  
Stock-based compensation3,300 4,346 
Accretion of discount related to Senior Notes980 859 
Loss on equity-method investments328 4 
Changes in operating assets and liabilities:
Trade accounts and other receivables(54,971)(216,523)
Inventories(45,242)(309,360)
Prepaid expenses and other current assets(27,754)13,173 
Accounts payable, accrued expenses and other current liabilities5,139 96,083 
Income taxes9,933 21,959 
Long-term pension and other postretirement obligations944 (1,717)
Other operating assets and liabilities(16,246)(2,189)
Cash provided by operating activities89,341 421,219 
Cash flows from investing activities:
Acquisitions of property, plant and equipment(286,630)(196,205)
Proceeds from insurance recoveries20,681  
Proceeds from property disposals15,008 2,362 
Purchase of acquired business, net of cash acquired (4,847)
Cash used in investing activities(250,941)(198,690)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings1,078,032 351,065 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(565,658)(170,022)
Payments of capitalized loan costs(10,353)(3,052)
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 (119,989)
Cash provided by financing activities500,429 56,041 
Effect of exchange rate changes on cash and cash equivalents3,422 (6,067)
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents342,251 272,503 
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period434,759 450,121 
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period$777,010 $722,624 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


7


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) 
1.    BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim’s products are sold to foodservice, retail and frozen entrée customers. The Company’s primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to approximately 110 countries. Our fresh products consist of refrigerated (nonfrozen) whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork and pork ribs. The Company’s prepared products include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls. The Company’s other products include plant-based protein offerings, ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts. The Company also provides direct-to-consumer meals and hot food-to-go solutions in the U.K. and the Republic of Ireland. We operate feed mills, hatcheries, processing plants and distribution centers in the U.S., the U.K., Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. As of June 25, 2023, Pilgrim’s had approximately 61,900 employees and had the capacity to process approximately 42.1 million birds per 5-day work week. Approximately 4,655 contract growers supply chicken for the Company’s operations. As of June 25, 2023, PPC had the capacity to process approximately 33,500 pigs per 5-day work week and 226 contract growers supply pigs for the Company’s operations. As of June 25, 2023, JBS S.A., through its indirect wholly-owned subsidiaries (collectively, “JBS”), beneficially owned 82.6% of the Company’s outstanding common stock.
Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments unless otherwise disclosed) considered necessary for a fair presentation have been included. Operating results for the six months ended June 25, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 25, 2022.
The Company operates on the basis of a 52/53 week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example, 2023) in the notes to these Condensed Consolidated Financial Statements applies to our fiscal year and not the calendar year. The six months ended June 25, 2023 represents the period from December 26, 2022 through June 25, 2023. The six months ended June 26, 2022 represents the period from December 27, 2021 through June 26, 2022.
The Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries. We eliminate all significant affiliate accounts and transactions upon consolidation.
The Condensed Consolidated Financial Statements have been prepared in conformity with U.S. GAAP using management’s best estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of the contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Significant estimates made by the Company include the allowance for credit losses, reserves related to inventory obsolescence or valuation, useful lives of long-lived assets, goodwill, valuation of deferred tax assets, insurance accruals, valuation of pension and other postretirement benefits obligations, income tax accruals, certain derivative positions, certain litigation reserves and valuations of acquired businesses.
The functional currency of the Company’s U.S. and Mexico operations and certain holding-company subsidiaries in Luxembourg, the U.K., Malta and the Republic of Ireland is the U.S. dollar. The functional currency of its U.K. operations is the British pound. The functional currency of the Company’s operations in France, the Netherlands and the Republic of Ireland is the euro. For foreign currency-denominated entities other than the Company’s Mexico operations, translation from local currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect as of the balance sheet date.


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Income and expense accounts are remeasured using average exchange rates for the period. Adjustments resulting from translation of these financial records are reflected as a separate component of Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. For the Company’s Mexico operations, remeasurement from the Mexican peso to U.S. dollars is performed for monetary assets and liabilities using the exchange rate in effect as of the balance sheet date. Remeasurement is performed for non-monetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Income and expense accounts are remeasured using average exchange rates for the period. Net adjustments resulting from remeasurement of these financial records, as well as foreign currency transaction gains and losses, are reflected in Foreign currency transaction losses in the Condensed Consolidated Statements of Income.
Restricted Cash and Restricted Cash Equivalents
The Company is required to maintain cash balances with a broker as collateral for exchange-traded futures contracts. These balances are classified as restricted cash as they are not available for use by the Company to fund daily operations. The balance of restricted cash and restricted cash equivalents may also include investments in U.S. Treasury Bills that qualify as restricted cash equivalents, as required by the broker, to offset the obligation to return cash collateral.
The following table reconciles cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
June 25, 2023December 25, 2022
(In thousands)
Cash and cash equivalents$730,980 $400,988 
Restricted cash and restricted cash equivalents46,030 33,771 
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows$777,010 $434,759 
Accounting Pronouncements Adopted in 2023
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which requires disclosure of the existence of supplier financing programs. The guidance requires disclosure about the nature of the supplier financing agreements, including key terms and payment timing and determination of amounts, the accounting treatment for the transactions and the effect of the transactions on the financial statements, as well as any assets pledged or guarantees provided to the providers of the financing programs. The provisions of the new guidance were effective for years beginning after December 15, 2022 with the requirement to add rollforward disclosures for years beginning after December 15, 2023. The Company adopted this guidance effective December 26, 2022. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. Additional information regarding supplier finance programs is included in “Note 10. Supplier Finance Programs.”
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to the application of current GAAP to existing contracts, hedging relationships and other transactions affected by reference rate reform. The new guidance will ease the transition to new reference rates by allowing entities to update contracts and hedging relationships without applying many of the contract modification requirements specific to those contracts. The provisions of the new guidance are effective beginning March 12, 2020, extending through December 31, 2022 with the option to apply the guidance at any point during that time period. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which provides further clarification on the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. Once an entity elects an expedient or exception it must be applied to all eligible contracts or transactions. The Company adopted this guidance effective December 26, 2022. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.
2.    REVENUE RECOGNITION
The vast majority of the Company’s revenue is derived from contracts which are based upon a customer ordering our products. While there may be master agreements, the contract is only established when the customer’s order is accepted by the Company. The Company accounts for a contract, which may be verbal or written, when it is approved and committed by both parties, the rights of the parties are identified along with payment terms, the contract has commercial substance and collectability is probable.
The Company evaluates the transaction for distinct performance obligations, which are the sale of its products to customers. Since its products are commodity market-priced, the sales price is representative of the observable, standalone


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selling price. Each performance obligation is recognized based upon a pattern of recognition that reflects the transfer of control to the customer at a point in time, which is upon destination (customer location or port of destination), which faithfully depicts the transfer of control and recognition of revenue. There are instances of customer pick-up at the Company’s facility, in which case control transfers to the customer at that point and the Company recognizes revenue. The Company’s performance obligations are typically fulfilled within days to weeks of the acceptance of the order.
The Company makes judgments regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from revenue and cash flows with customers. Determination of a contract requires evaluation and judgment along with the estimation of the total contract value and if any of the contract value is constrained. Due to the nature of our business, there is minimal variable consideration, as the contract is established at the acceptance of the order from the customer. When applicable, variable consideration is estimated at contract inception and updated on a regular basis until the contract is completed. Allocating the transaction price to a specific performance obligation based upon the relative standalone selling prices includes estimating the standalone selling prices including discounts and variable consideration.
Disaggregated Revenue
Revenue has been disaggregated into the categories below to show how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended June 25, 2023
(In thousands)
FreshPreparedExportOtherTotal
U.S.$1,992,208 $221,655 $139,498 $92,847 $2,446,208 
U.K. and Europe280,707 878,720 117,103 34,220 1,310,750 
Mexico473,742 49,848  27,543 551,133 
Total net sales$2,746,657 $1,150,223 $256,601 $154,610 $4,308,091 
Three Months Ended June 26, 2022
(In thousands)
FreshPreparedExportOtherTotal
U.S.$2,312,418 $303,963 $141,015 $142,483 $2,899,879 
U.K. and Europe232,045 791,189 184,862 36,956 1,245,052 
Mexico425,849 39,338  21,530 486,717 
Total net sales$2,970,312 $1,134,490 $325,877 $200,969 $4,631,648 
Six Months Ended June 25, 2023
(In thousands)
FreshPreparedExportOtherTotal
U.S.$3,935,994 $466,456 $267,773 $208,553 $4,878,776 
U.K. and Europe545,370 1,710,449 234,724 59,471 2,550,014 
Mexico885,661 96,204  63,064 1,044,929 
Total net sales$5,367,025 $2,273,109 $502,497 $331,088 $8,473,719 
Six Months Ended June 26, 2022
(In thousands)
FreshPreparedExportOtherTotal
U.S.$4,400,039 $559,050 $274,812 $247,186 $5,481,087 
U.K. and Europe469,354 1,537,825 358,273 71,582 2,437,034 
Mexico836,269 75,479  42,174 953,922 
Total net sales$5,705,662 $2,172,354 $633,085 $360,942 $8,872,043 
Contract Costs
The Company can incur incremental costs to obtain or fulfill a contract such as broker expenses that are not expected to be recovered. The amortization period for such expenses is less than one year; therefore, the costs are expensed as incurred.


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Taxes
The Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added and some excise taxes) from the transaction price.
Contract Balances
The Company receives payment from customers based on terms established with the customer. Payments are typically due within 14 to 30 days of delivery. Revenue contract liabilities relate to payments received in advance of satisfying the performance under the customer contract. The revenue contract liabilities relate to customer prepayments and the advanced consideration, such as cash, received from governmental agency contracts for which performance obligations to the end customer have not been satisfied.
Changes in the revenue contract liabilities balance are as follows (in thousands):
Balance as of December 25, 2022$34,486 
Revenue recognized(21,699)
Cash received, excluding amounts recognized as revenue during the period48,446 
Balance as of June 25, 2023$61,233 
Accounts Receivable
The Company records accounts receivable when revenue is recognized. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of our customers’ financial condition. We write off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable.
3.     DERIVATIVE FINANCIAL INSTRUMENTS
The Company utilizes various raw materials in its operations, including corn, soybean meal, soybean oil, wheat, natural gas, electricity and diesel fuel, which are all considered commodities. The Company considers these raw materials generally available from a number of different sources and believes it can obtain them to meet its requirements. These commodities are subject to price fluctuations and related price risk due to factors beyond our control, such as economic and political conditions, supply and demand, weather, governmental regulation and other circumstances. Generally, the Company purchases derivative financial instruments, specifically exchange-traded futures and options, in an attempt to mitigate price risk related to its anticipated consumption of commodity inputs for approximately the next twelve months. The Company may purchase longer-term derivative financial instruments on particular commodities if deemed appropriate.
The Company has operations in Mexico, the U.K., France, the Netherlands and the Republic of Ireland. Therefore, it has exposure to translational foreign exchange risk when the financial results of those operations are remeasured in U.S. dollars. The Company has purchased foreign currency forward contracts to manage a portion of this foreign exchange risk.
The fair value of derivative assets is included in the line item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets while the fair value of derivative liabilities is included in the line item Accrued expenses and other current liabilities on the same statements. The Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item Restricted cash and restricted cash equivalents on the Condensed Consolidated Balance Sheets.
Undesignated contracts may include contracts not designated as hedges or contracts that do not qualify for hedge accounting. The fair value of each of these derivatives is recognized in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Accrued expenses and other current liabilities. Changes in fair value of each derivative are recognized immediately in the Condensed Consolidated Statements of Income within Net sales, Cost of sales, Selling, general and administrative expense, or Foreign currency transaction losses depending on the risk the derivative is intended to mitigate. While management believes these instruments help mitigate various market risks, they are not designated and accounted for as hedges as a result of the extensive record keeping requirements.
The Company does not apply hedge accounting treatment to certain derivative financial instruments that it has purchased to mitigate commodity purchase exposures in the U.S. and Mexico or foreign currency transaction exposures on our


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Mexico operations. Therefore, the Company recognized changes in the fair value of these derivative financial instruments immediately in earnings. Gains or losses related to the commodity derivative financial instruments are included in the line item Cost of sales in the Condensed Consolidated Statements of Income. Gains or losses related to the foreign currency derivative financial instruments are included in the line item Foreign currency transaction losses and Cost of sales in the Condensed Consolidated Statements of Income.
The Company does apply hedge accounting treatment to certain derivative financial instruments related to its U.K. and Europe reportable segment that it has purchased to mitigate foreign currency transaction exposures. Before the settlement date of the financial derivative instruments, the Company recognizes changes in the fair value of the cash flow hedge into accumulated other comprehensive income (“AOCI”). When the derivative financial instruments are settled, the amount in AOCI is then reclassified to earnings. Gains or losses related to these derivative financial instruments are included in the line item Net sales and Cost of sales in the Condensed Consolidated Statements of Income.
We have generally applied the normal purchase and normal sale scope exception ("NPNS") to our forward physical grain purchase contracts delivered by truck and to our forward physical natural gas and solar-generated power purchase contracts. NPNS contracts are accounted for using the accrual method of accounting; therefore, amounts payable under these contracts are recorded when we take delivery of the contracted product and no amounts were recorded for the fair value of these contracts in the condensed consolidated financial statements at June 25, 2023 and December 25, 2022.
Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
June 25, 2023December 25, 2022
 (In thousands)
Fair values:
Commodity derivative assets$10,706 $17,922 
Commodity derivative liabilities(34,882)(9,042)
Foreign currency derivative assets1,312 555 
Foreign currency derivative liabilities(4,484)(6,170)
Sales contract derivative liabilities(1,178)(3,705)
Cash collateral posted with brokers(a)
46,030 33,771 
Derivatives coverage(b):
Corn11.8 %14.4 %
Soybean meal18.2 %10.1 %
Period through which stated percent of needs are covered:
CornMarch 2024December 2023
Soybean mealMarch 2024December 2023
(a)Collateral posted with brokers consists primarily of cash, short-term treasury bills or other cash equivalents.
(b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
    The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Three Months EndedSix Months Ended
Gains (Losses) by Type of Contract (a)
June 25, 2023June 26, 2022June 25, 2023June 26, 2022Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Foreign currency derivatives$(28,551)$(5,260)$(47,654)$(18,560)Foreign currency transaction losses
Commodity derivatives188 (12,517)(16,347)19,023 Cost of sales
Sales contract derivative liabilities(1,637)16,849 2,528 8,182 Net sales
Total$(30,000)$(928)$(61,473)$8,645 
(a)Amounts represent income (expenses) related to results of operations.
    The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:


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Gains (Losses) Recognized in Other Comprehensive Income
Three Months EndedSix Months Ended
June 25, 2023June 26, 2022June 25, 2023June 26, 2022
(In thousands)
Foreign currency derivatives$16 $(866)$(1,648)$(343)
Gains (Losses) Reclassified from AOCI into Income
Three Months Ended June 25, 2023Three Months Ended June 26, 2022
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
(In thousands)
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$4,308,091 $4,029,666 $47,152 $4,631,648 $3,954,877 $38,112 
Impact from cash flow hedging instruments:
Foreign currency derivatives120 56  (966)196 — 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales and interest expense.

Gains (Losses) Reclassified from AOCI into Income
Six Months Ended June 25, 2023Six Months Ended June 26, 2022
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
Net sales(a)
Cost of sales(b)
Interest expense, net of capitalized interest(b)
(In thousands)
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded$8,473,719 $8,022,247 $89,814 $8,872,043 $7,653,292 $74,408 
Impact from cash flow hedging instruments:
Foreign currency derivatives335 (14) (933)288 — 
Interest rates swap derivatives— —  — — 98 
(a)    Amounts represent income (expenses) related to net sales.
(b)    Amounts represent expenses (income) related to cost of sales and interest expense.
At June 25, 2023, there was a $1.8 million pre-tax deferred net loss on foreign currency derivatives recorded in AOCI that is expected to be reclassified to the Condensed Consolidated Statements of Income during the next twelve months. This expectation is based on the anticipated settlements on the hedged investments in foreign currencies that will occur over the next twelve months, at which time the Company will recognize the deferred gains to earnings.


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4.    TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables, less allowance for credit losses, consisted of the following:
June 25, 2023December 25, 2022
 (In thousands)
Trade accounts receivable$1,051,942 $984,332 
Notes receivable from third parties48,586 33,477 
Other receivables72,544 88,962 
Receivables, gross1,173,072 1,106,771 
Allowance for credit losses(9,647)(9,559)
Receivables, net$1,163,425 $1,097,212 
Accounts receivable from related parties(a)
$1,697 $2,512 
(a)    Additional information regarding accounts receivable from related parties is included in “Note 17. Related Party Transactions.”
Activity in the allowance for credit losses was as follows:
Six Months Ended
June 25, 2023
(In thousands)
Balance, beginning of period$(9,559)
Provision charged to operating results(576)
Account write-offs and recoveries1,166 
Effect of exchange rate(678)
Balance, end of period$(9,647)
In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with a maximum capacity of $265.0 million and no recourse to the Company or JBS USA. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860 in the Broad Transactions – Transfers and Servicing topic. At the transfer date, the Company received cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.
5.     INVENTORIES
Inventories consisted of the following:
June 25, 2023December 25, 2022
 (In thousands)
Raw materials and work-in-process$1,219,819 $1,204,092 
Finished products651,061 596,375 
Operating supplies73,679 95,367 
Maintenance materials and parts103,258 94,350 
Total inventories$2,047,817 $1,990,184 
6.    INVESTMENTS IN SECURITIES
The Company recognizes investments in available-for-sale securities as cash equivalents, current investments or long-term investments depending upon each security’s length to maturity. The following table summarizes our investments in available-for-sale securities:


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June 25, 2023December 25, 2022
CostFair ValueCostFair Value
(In thousands)
Cash equivalents:
Fixed income securities$308,549 $308,722 $167,366 $167,430 
Gross realized gains during the three and six months ended June 25, 2023 related to the Company’s available-for-sale securities were $4.4 million and $6.3 million, respectively and gross realized gains during the three and six months ended June 26, 2022 were immaterial. Proceeds received from the sale or maturity of available-for-sale securities investments are historically disclosed in the Condensed Consolidated Statements of Cash Flows. Net unrealized holding gains and losses on the Company’s available-for-sale securities recognized during the six months ended June 25, 2023 and June 26, 2022 that have been included in accumulated other comprehensive income (loss) and the net amount of gains and losses reclassified out of accumulated other comprehensive income (loss) to earnings during the six months ended June 25, 2023 and June 26, 2022 are disclosed in “Note 13. Stockholders’ Equity.”
7.     GOODWILL AND INTANGIBLE ASSETS
The activity in goodwill by segment for the six months ended June 25, 2023 was as follows:
December 25, 2022Currency TranslationJune 25, 2023
(In thousands)
U.S.$41,936 $ $41,936 
U.K. and Europe1,058,204 55,002 1,113,206 
Mexico127,804  127,804 
Total$1,227,944 $55,002 $1,282,946 
Intangible assets consisted of the following:
December 25, 2022AmortizationCurrency TranslationJune 25, 2023
(In thousands)
Cost:
Trade names not subject to amortization$549,024 $— $29,591 $578,615 
Trade names subject to amortization112,057 — 874 112,931 
Customer relationships427,662 — 13,217 440,879 
Accumulated amortization:
Trade names(53,708)(1,898)(139)(55,745)
Customer relationships(189,015)(14,821)(4,749)(208,585)
Intangible assets, net$846,020 $(16,719)$38,794 $868,095 
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Customer relationships
3-18 years
Trade names subject to amortization
15-20 years
At June 25, 2023, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts of its intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its intangible assets subject to amortization at that date.
8.    PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (“PP&E”), net consisted of the following:


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June 25, 2023December 25, 2022
(In thousands)
Land$270,474 $263,494 
Buildings2,113,264 2,065,042 
Machinery and equipment3,746,044 3,651,464 
Autos and trucks86,388 77,865 
Finance lease assets5,710 5,710 
Construction-in-progress474,532