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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 25, 2023
Cash flows from operating activities:    
Net income $ 501,461 $ 66,539
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 211,298 203,114
Gain on early extinguishment of debt recognized as a component of interest expense (11,159) 0
Asset Impairment 13,412 4,011
Deferred income tax expense (benefit) 8,952 (56,151)
Stock-based compensation 6,811 3,300
Loss (gain) on property disposals 2,715 (9,316)
Loan cost amortization 2,573 4,733
Accretion of discount related to Senior Notes 1,289 980
Loss (gain) on equity-method investments (3) 328
Changes in operating assets and liabilities:    
Trade accounts and other receivables 62,350 (54,971)
Inventories 146,189 (45,242)
Prepaid expenses and other current assets (43,532) (27,754)
Accounts payable, accrued expenses and other current liabilities 14,290 5,139
Income taxes 88,631 9,933
Long-term pension and other postretirement obligations 3,652 944
Other operating assets and liabilities (19,273) (16,246)
Cash provided by operating activities 989,656 89,341
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (213,247) (286,630)
Proceeds from property disposals 4,551 15,008
Proceeds from insurance recoveries 0 20,681
Cash used in investing activities (208,696) (250,941)
Cash flows from financing activities:    
Payments on revolving line of credit, long-term borrowings and finance lease obligations (150,895) (565,658)
Proceeds from revolving line of credit and long-term borrowings 0 1,078,032
Proceeds from contribution (payment of distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation 1,425 (1,592)
Payments on early extinguishment of debt (200) 0
Payments of capitalized loan costs (16) (10,353)
Cash provided by (used in) financing activities (149,686) 500,429
Effect of exchange rate changes on cash and cash equivalents (28,371) 3,422
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents 602,903 342,251
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 $ 1,334,126 $ 777,010