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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 26, 2023
Cash flows from operating activities:    
Net income $ 174,938 $ 5,631
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 103,350 98,257
Deferred income tax expense (benefit) 15,519 (26,309)
Stock-based compensation 4,744 1,200
Loss (gain) on property disposals 1,842 (9,333)
Loan cost amortization 1,311 1,333
Accretion of discount related to Senior Notes 649 429
Gain on equity-method investments (2) (4)
Adjustment to previously recognized asset impairment 0 (130)
Changes in operating assets and liabilities:    
Trade accounts and other receivables 72,350 (132,791)
Inventories 114,471 (30,267)
Prepaid expenses and other current assets (27,628) (20,268)
Accounts payable, accrued expenses and other current liabilities (212,807) (43,662)
Income taxes 35,797 3,149
Long-term pension and other postretirement obligations (1,315) 949
Other operating assets and liabilities (12,192) (9,888)
Cash provided by (used in) operating activities 271,027 (161,704)
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (108,429) (131,701)
Proceeds from property disposals 2,217 12,631
Proceeds from insurance recoveries 0 1,599
Cash used in investing activities (106,212) (117,471)
Cash flows from financing activities:    
Proceeds from contribution (distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation 1,425 (1,592)
Payments on revolving line of credit, long-term borrowings and finance lease obligations (153) (6,527)
Proceeds from revolving line of credit and long-term borrowings 0 35,000
Payments of capitalized loan costs (16) 0
Cash provided by financing activities 1,256 26,881
Effect of exchange rate changes on cash and cash equivalents (2,411) 2,101
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 163,660 (250,193)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 731,223 434,759
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 894,883 $ 184,566