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PENSION AND OTHER POSTRETIREMENT BENEFITS
 9 Months Ended
Sep. 29, 2024
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans such as the Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”), the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Plan”), the Tulip Limited Pension Plan and the Geo Adams Group Pension Fund, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plan. Expenses recognized under all retirement plans totaled $8.3 million and $8.3 million in the three months ended September 29, 2024 and September 24, 2023, respectively, and $26.9 million and $23.7 million in the nine months ended September 29, 2024 and September 24, 2023, respectively.
Defined Benefit Plans Obligations and Assets
During 2024, the Company executed a termination of its Union and GK Plans. Under the plan terminations, participants were offered a lump sum buyout or an annuity placement buyout. As a result, the Company settled the first portion of $43.4 million of outstanding benefit obligations and recognized a $10.7 million loss on settlement during the period ended September 29, 2024. The loss was recognized in Miscellaneous, net on the Condensed Consolidated Statement of Income. Assets of the pension plans were used to settle the obligations. The remaining outstanding pension obligations under the Union and GK Plans are expected to be settled during the fourth quarter of 2024.
The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:
Nine Months Ended
 September 29, 2024September 24, 2023
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of period$237,508 $1,160 $236,147 $1,169 
Interest cost8,089 35 7,918 36 
Actuarial loss (gain)(8,762)9 (11,882)(24)
Benefits paid(10,037)(124)(11,987)(118)
Curtailments and settlements(46,250)— — — 
Currency translation loss3,601 — 5,201 — 
Projected benefit obligation, end of period$184,149 $1,080 $225,397 $1,063 
Nine Months Ended
 September 29, 2024September 24, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in plan assets
Fair value of plan assets, beginning of period$225,451 $— $210,133 $— 
Actual return on plan assets8,724 — 5,048 — 
Contributions by employer4,965 124 6,423 118 
Benefits paid(10,037)(124)(11,987)(118)
Curtailments and settlements(46,250)— — — 
Expenses paid from assets(304)— (200)— 
Currency translation gain3,739 — 4,834 — 
Fair value of plan assets, end of period$186,288 $— $214,251 $— 
 September 29, 2024December 31, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Funded status
Overfunded (underfunded) benefit obligation, end of period$2,139 $(1,080)$(12,057)$(1,160)
 September 29, 2024December 31, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period
Noncurrent asset$2,362 $— $— $— 
Current liability(237)(187)(7,717)(187)
Long-term liability14 (893)(4,340)(973)
Net financial position$2,139 $(1,080)$(12,057)$(1,160)
September 29, 2024December 31, 2023
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period
Net actuarial loss (gain)$19,565 $(78)$40,487 $(87)
The accumulated benefit obligation for the Company’s defined benefit pension plans was $184.1 million and $237.5 million at September 29, 2024 and December 31, 2023, respectively.
Net Periodic Benefit Costs
Net defined benefit pension and other postretirement costs included the following components:
Three Months EndedNine Months Ended
September 29, 2024September 24, 2023September 29, 2024September 24, 2023
Pension BenefitsOther BenefitsPension BenefitsOther BenefitsPension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Interest cost$3,140 $13 $2,821 $14 $8,089 $35 $7,918 $36 
Estimated return on plan assets(3,127)— (2,596)— (8,330)— (7,349)— 
Settlement loss10,774 — — — 10,774 — — — 
Expenses paid from assets112 — 54 — 304 — 200 — 
Amortization of net loss259 — 261 — 594 — 701 — 
Amortization of past service cost4 — 5 — 13 — 13 — 
Net costs(a)
$11,162 $13 $545 $14 $11,444 $35 $1,483 $36 
(a)    Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.
Economic Assumptions
The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
 September 29, 2024December 31, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure benefit obligation at end of period
Discount rate4.96 %4.88 %4.81 %5.06 %
Nine Months Ended
September 29, 2024September 24, 2023
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure net pension and other postretirement cost
Discount rate4.79 %5.06 %5.09 %5.16 %
Expected return on plan assets5.42 %N/A4.98 %N/A
Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss
The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
Nine Months Ended
 September 29, 2024September 24, 2023
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
 (In thousands)
Net actuarial loss (gain), beginning of period$40,487 $(87)$48,121 $(66)
Amortization(607)— (714)— 
Realized loss on settlement(10,774)— — — 
Actuarial loss (gain)(8,762)9 (11,882)(24)
Asset loss (gain)(394)— 2,301 — 
Currency translation loss (gain)(385)— 364 — 
Net actuarial loss (gain), end of period$19,565 $(78)$38,190 $(90)
Remeasurement
The Company remeasures both plan assets and obligations on a quarterly basis.
Defined Contribution Plans
The Company sponsors two defined contribution retirement savings plans in the U.S. reportable segment for eligible U.S. and Puerto Rico employees. The Company maintains three postretirement plans for eligible employees in the Mexico reportable segment, as required by Mexico law, which primarily cover termination benefits. The Company maintains seven defined contribution retirement savings plans in the Europe reportable segment for eligible U.K. and Europe employees, as required by U.K. and Europe law. The Company’s expenses related to its defined contribution plans totaled $7.5 million and $7.4 million in the three months ended September 29, 2024 and September 24, 2023, respectively, and $25.0 million and $21.2 million in the nine months ended September 29, 2024 and September 24, 2023, respectively