RESTRUCTURING-RELATED ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table provides a summary of our estimates of costs associated with these restructuring initiatives by major type of cost:

	Moy Park		Pilgrim’s Pride Ltd.		Pilgrim’s Food Masters 2022		Pilgrim’s Food Masters 2023		Total
	(In thousands)
Earliest implementation date	October 2022		November 2022		December 2022		October 2023
Expected predominant completion date	June 2023		July 2023		July 2023		March 2024
Costs incurred and expected to be incurred:
Employee-related costs	$	11,103	$	20,098	$	15,156	$	3,113	$	49,470
Asset impairment costs	4,709		—		4,224		—		8,933
Contract termination costs	248		—		358		—		606
Other exit and disposal costs (a)	6,245		6,638		6,330		—		19,213
Total exit and disposal costs	$	22,305	$	26,736	$	26,068	$	3,113	$	78,222
Costs incurred since earliest implementation date:
Employee-related costs	$	11,103	$	20,098	$	14,490	$	3,027	$	48,718
Asset impairment costs	3,476		—		4,141		—		7,617
Contract termination costs	248		—		—		—		248
Other exit and disposal costs (a)	6,245		5,654		6,330		—		18,229
Total exit and disposal costs	$	21,072	$	25,752	$	24,961	$	3,027	$	74,812

(a)Comprised of other costs directly related to the restructuring initiatives including Moy Park flock depletion, the write-off of Pilgrim’s Pride Ltd. prepaid maintenance costs and Pilgrim’s Food Masters consulting fees.

During 2023, the Company recognized the following expenses and paid the following cash related to each restructuring initiative:

	Expenses		Cash Outlays
	(In thousands)
Moy Park	$	1,747	$	7,719
Pilgrim’s Pride Ltd.	15,611		21,364
Pilgrim’s Food Masters 2022	23,960		21,350
Pilgrim’s Food Masters 2023	3,027		929
	$	44,345	$	51,362

Schedule of Restructuring Reserve

The following table reconciles liabilities and reserves associated with each restructuring initiative from its respective inception to December 31, 2023. Ending liability balances for employee termination benefits and other charges are reported in the line item Accrued expenses and other current liabilities in our Consolidated Balance Sheets. The ending reserve balance for inventory adjustments is reported in the line item Inventories in our Consolidated Balance Sheets. The ending reserve balance for asset impairments is reporting in the line item Property, plant and equipment, net in our Consolidated Balance Sheets.

	Moy Park
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Asset impairment	$	2,391	$	(83)	$	(2,751)	$	443	$	—
Inventory adjustments	1		47		(48)		—		—
Other charges	6,025		162		(3,315)		(228)		2,644
Other employee costs	—		1,495		(1,495)		—		—
Contract termination	122		126		(110)		6		144
Total	$	8,539	$	1,747	$	(7,719)	$	221	$	2,788

	Pilgrim’s Pride Ltd.
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Employee retention benefits	$	—	$	1,784	$	(1,810)	$	61	$	35
Severance	5,503		10,105		(15,077)		203		734
Inventory adjustments	615		372		(722)		29		294
Lease termination	800		(236)		(597)		197		164
Other charges	501		3,586		(3,158)		(177)		752
Total	$	7,419	$	15,611	$	(21,364)	$	313	$	1,979

	Pilgrim’s Food Masters 2022
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Severance	$	639	$	13,502	$	(12,865)	$	5	$	1,281
Asset impairment	—		4,141		(4,143)		2		—
Inventory adjustments	—		793		(728)		—		65
Lease termination	—		1,219		—		70		1,289
Other charges	—		4,305		(3,614)		(6)		685
Total	$	639	$	23,960	$	(21,350)	$	71	$	3,320

	Pilgrim’s Food Masters 2023
	Liability or reserve as of December 25, 2022		Restructuring charges incurred		Cash payments and disposals		Currency translation		Liability or reserve as of December 31, 2023
	(In thousands)
Employee retention benefits	$	—	$	1,015	$	(508)	$	15	$	522
Severance	—		2,012		(421)		45		1,636
Total	$	—	$	3,027	$	(929)	$	60	$	2,158