XML 50 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 24, 2012
Guarantees [Abstract]  
Schedule of Condensed Balance Sheet [Table Text Block]

CONDENSED CONSOLIDATING BALANCE SHEETS
June 24, 2012

Subsidiary

Subsidiary

Eliminations/

     

Parent

     

Guarantor

     

Non-Guarantors

     

Adjustments

     

Consolidation

(In thousands)

Cash and cash equivalents

$     

24,988

$     

$     

24,239

$      

$     

49,227

Restricted cash and cash equivalents

4,666

4,666

Investment in available-for-sale securities

156

156

Trade accounts and other receivables, less allowance for

 

       doubtful accounts

292,044

15,285

40,060

347,389

Account receivable from JBS USA, LLC

24,932

24,932

Inventories

869,863

22,767

95,362

987,992

Income taxes receivable

59,722

6,781

(1,008

)

65,495

Current deferred tax assets

4,003

1,492

(5,495

)

Prepaid expenses and other current assets

21,478

188

21,729

43,395

Assets held for sale

28,778

15,935

44,713

              Total current assets

1,321,805

42,243

210,420

(6,503

)

1,567,965

Investment in available-for-sale securities

474

474

Intercompany receivable

33,609

32,218

(65,827

)

Investment in subsidiaries

339,489

(339,489

)

Deferred tax assets

75,392

7

(4,300

)

71,099

Other long-lived assets

48,351

180,492

(180,000

)

48,843

Identified intangible assets, net

29,423

11,807

41,230

Property, plant and equipment, net

1,063,036

47,112

103,536

(3,888

)

1,209,796

                     Total assets

$

2,911,105

$

121,573

$

506,736

$

(600,007

)

$

2,939,407

Accounts payable

$

294,107

$

12,276

$

35,718

$

$

342,101

Account payable to JBS USA, LLC

6,746

6,746

Accrued expenses and other current liabilities

221,578

19,864

39,426

3

280,871

Income taxes payable

1,008

(1,008

)

Current deferred tax liabilities

83,809

933

(5,495

)

79,247

Current maturities of long-term debt

15,617

15,617

              Total current liabilities

621,857

32,140

77,085

(6,500

)

724,582

Long-term debt, less current maturities

1,239,619

(25,000

)

1,214,619

Intercompany payable

65,830

(65,830

)

Deferred tax liabilities

4,003

297

(4,300

)

Other long-term liabilities

297,264

3,205

(155,000

)

145,469

              Total liabilities

2,158,740

36,143

146,417

(256,630

)

2,084,670

              Total Pilgrim’s Pride Corporation stockholders’

                     equity

752,365

85,430

357,281

(343,377

)

851,699

Noncontrolling interest

3,038

3,038

              Total stockholders’ equity

752,365

85,430

360,319

(343,377

)

854,737

                     Total liabilities and stockholders’ equity

$

2,911,105

$

121,573

$

506,736

$

(600,007

)

$

2,939,407

 

CONDENSED CONSOLIDATING BALANCE SHEETS
December 25, 2011

Subsidiary

Subsidiary

Eliminations/

     

Parent

     

Guarantor

     

Non-Guarantors

     

Adjustments

     

Consolidation

(In thousands)

Cash and cash equivalents

$     

13,733

$     

30

$     

27,846

$      

$     

41,609

Restricted cash and cash equivalents

7,680

7,680

Investment in available-for-sale securities

157

157

Trade accounts and other receivables, less allowance for

       doubtful accounts

302,809

1,575

44,838

349,222

Account receivable from JBS USA, LLC

21,198

21,198

Inventories

766,227

21,144

91,723

879,094

Income taxes receivable

62,160

528

(3,621

)

59,067

Current deferred tax assets

4,003

1,478

(5,481

)

Prepaid expenses and other current assets

35,877

87

16,386

52,350

Assets held for sale

37,754

16,062

53,816

              Total current assets

1,239,758

26,839

206,698

(9,102

)

1,464,193

Investment in available-for-sale securities

497

497

Intercompany receivable

50,064

33,978

(84,042

)

Investment in subsidiaries

304,395

(304,395

)

Deferred tax assets

75,392

7

(4,300

)

71,099

Other long-lived assets

57,460

180,461

(180,000

)

57,921

Identified intangible assets, net

31,384

12,699

44,083

Property, plant and equipment, net

1,090,376

49,336

105,928

(3,888

)

1,241,752

                     Total assets

$

2,848,829

$

110,153

$

506,290

$

(585,727

)

$

2,879,545

Accounts payable

$

270,538

$

13,033

$

45,293

$

$

328,864

Account payable to JBS USA, LLC

11,653

11,653

Accrued expenses and other current liabilities

226,016

17,193

38,588

281,797

Income taxes payable

3,621

(3,621

)

Current deferred tax liabilities

83,795

934

(5,481

)

79,248

Current maturities of long-term debt

15,611

15,611

              Total current liabilities

607,613

30,226

88,436

(9,102

)

717,173

Long-term debt, less current maturities

1,433,001

(25,000

)

1,408,001

Note payable to JBS USA Holdings, Inc.

50,000

50,000

Intercompany payable

84,042

(84,042

)

Deferred tax liabilities

4,003

297

(4,300

)

Other long-term liabilities

289,697

11,675

(155,431

)

145,941

              Total liabilities

2,380,311

34,229

184,450

(277,875

)

2,321,115

              Total Pilgrim’s Pride Corporation stockholders’

                     equity

468,518

75,924

319,022

(307,852

)

555,612

Noncontrolling interest

2,818

2,818

              Total stockholders’ equity

468,518

75,924

321,840

(307,852

)

558,430

                     Total liabilities and stockholders’ equity

$

2,848,829

$

110,153

$

506,290

$

(585,727

)

$

2,879,545

Schedule of Condensed Income Statement [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Thirteen Weeks Ended June 24, 2012

Subsidiary Subsidiary Eliminations/
      Parent       Guarantor       Non-Guarantors       Adjustments       Consolidation
(In thousands)
Net sales $      1,743,061 $      71,854 $             227,555 $         (68,001 ) $      1,974,469
Cost of sales 1,626,219 65,539   206,623   (68,001 ) 1,830,380
              Gross profit 116,842 6,315 20,932 144,089
Selling, general and administrative expense 39,336 5,103 44,439
Administrative restructuring charges 389 389
              Operating income 77,117 6,315 15,829 99,261
Interest expense, net 24,694 231 24,925
Interest income (7 ) (349 ) (356 )
Foreign currency transaction losses 25 8,187 8,212
Miscellaneous, net (363 ) (2 ) 129 (79 ) (315 )
              Income before income taxes 52,768 6,317 7,631 79 66,795
Income tax expense (benefit) (2,410 ) 2,385 (2,333 ) (2,358 )
              Income before equity in earnings of consolidated
                     subsidiaries 55,178 3,932 9,964 79 69,153
Equity in earnings of consolidated subsidiaries 14,105 (14,105 )
              Net income (loss) 69,283 3,932 9,964 (14,026 ) 69,153
Less: Net loss attributable to noncontrolling interest (205 ) (205 )
              Net income (loss) attributable to Pilgrim’s Pride
                     Corporation $ 69,283 $ 3,932 $ 10,169 $ (14,026 ) $ 69,358
 
Comprehensive income (loss) $ 57,838 $ 3,932 $ 9,964 $ (14,026 ) $ 57,708
Comprehensive loss attributable to
       noncontrolling interests (205 ) (205 )
Comprehensive income (loss) attributable to
       Pilgrim's Pride Corporation $ 57,838 3,932 $ 10,169 $ (14,026 ) $ 57,913
 

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Thirteen Weeks Ended June 26, 2011

Subsidiary Subsidiary Eliminations/
      Parent       Guarantor       Non-Guarantors       Adjustments       Consolidation
(In thousands)
Net sales $      1,547,207 $      119,650 $             321,531 $         (65,698 ) $      1,922,690
Cost of sales 1,582,084 106,940 343,635   (65,698 ) 1,966,961
Operational restructuring charges 1,957 1,957
              Gross profit (loss) (36,834 ) 12,710 (22,104 ) (46,228 )
Selling, general and administrative expense 43,663 7,965 51,628
Administrative restructuring charges 850 850
              Operating income (loss) (81,347 ) 12,710 (30,069 ) (98,706 )
Interest expense, net 27,312 114 27,426
Interest income (53 ) (225 ) (278 )
Foreign currency transaction losses 28 16 44
Miscellaneous, net 26,579 1,225 (29,150 ) (90 ) (1,436 )
              Income (loss) before income taxes (135,213 ) 11,485 (824 ) 90 (124,462 )
Income tax expense (benefit) (1,222 ) 4,336 356 3,470
              Income (loss) before equity in earnings of
                     consolidated subsidiaries (133,991 ) 7,149 (1,180 ) 90 (127,932 )
Equity in earnings of consolidated subsidiaries 5,764 (5,764 )
              Net income (loss) (128,227 ) 7,149 (1,180 ) (5,674 ) (127,932 )
Less: Net income attributable to noncontrolling
       interests 209 209
              Net income (loss) attributable to Pilgrim’s Pride
                     Corporation $ (128,227 ) $ 7,149 $ 4,998 $ (5,674 ) $ (128,141 )
 
Comprehensive income (loss) $ (128,443 ) $ 7,149 $ (1,180 ) $ (5,674 ) $ (128,148 )
Comprehensive income attributable to
       noncontrolling interests 209 209
Comprehensive income (loss) attributable to  
       Pilgrim's Pride Corporation $ (128,443 ) $ 7,149 $ (1,389 ) $ (5,674 ) $ (128,357 )
 

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Twenty-Six Weeks Ended June 24, 2012

Subsidiary Subsidiary Eliminations/
      Parent       Guarantor       Non-Guarantors       Adjustments       Consolidation
(In thousands)
Net sales $      3,382,624 $      148,340 $              460,844 $       (128,566 ) $      3,863,242
Cost of sales 3,193,571 133,082 411,001 (128,566 ) 3,609,088
              Gross profit 189,053 15,258 49,843 254,154
Selling, general and administrative expense 79,554 10,141 89,695
Administrative restructuring charges 3,269 5 3,274
              Operating income 106,230 15,258 39,697 161,185
Interest expense, net 52,770 400 53,170
Interest income (16 ) (614 ) (630 )
Foreign currency transaction losses 48 2,236 2,284
Miscellaneous, net (481 ) (11 ) (400 ) 207 (685 )
              Income (loss) before income taxes 53,909 15,269 38,075 (207 ) 107,046
Income tax expense (benefit) (7,087 ) 5,764 (382 ) (1,705 )
              Income (loss) before equity in earnings of
                     consolidated subsidiaries 60,996 9,505 38,457 (207 ) 108,751
Equity in earnings of consolidated subsidiaries 47,745 (47,745 )
              Net income (loss) 108,741 9,505 38,457 (47,952 ) 108,751
Less: Net income attributable to noncontrolling
       interest 220 220
              Net income (loss) attributable to Pilgrim’s Pride
                     Corporation $ 108,741 $ 9,505 $ 38,237 $ (47,952 ) $ 108,531
 
Comprehensive income (loss) $ 97,716 $ 9,505 $ 38,457 $ (47,952 ) $ 97,726
Comprehensive income attributable to
       noncontrolling interests 220 220
Comprehensive income (loss) attributable to
       Pilgrim's Pride Corporation $ 97,716 9,505 $ 38,237 $ (47,952 ) $ 97,726
 

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Twenty-Six Weeks Ended June 26, 2011

Subsidiary Subsidiary Eliminations/
      Parent       Guarantor       Non-Guarantors       Adjustments       Consolidation
(In thousands)
Net sales $      3,089,877 $      229,660 $              645,154 $        (149,525 ) $      3,815,166
Cost of sales 3,170,191 209,011 681,522 (149,525 ) 3,911,199
Operational restructuring charges 3,305 3,305
              Gross profit (loss) (83,619 ) 20,649 (36,368 ) (99,338 )
Selling, general and administrative expense 88,824 16,052 104,876
Administrative restructuring charges 1,268 1,268
              Operating income (loss) (173,711 ) 20,649 (52,420 ) (205,482 )
Interest expense, net 54,499 434 54,933
Interest income (354 ) (634 ) (988 )
Foreign currency transaction gains (173 ) (2,518 ) (2,691 )
Miscellaneous, net 51,757 2,352 (57,048 ) 432 (2,507 )
              Income (loss) before income taxes (279,440 ) 18,297 7,346 (432 ) (254,229 )
Income tax expense (benefit) (15,972 ) 6,907 2,663 (6,402 )
              Income (loss) before equity in earnings of
                     consolidated subsidiaries (263,468 ) 11,390 4,683 (432 ) (247,827 )
Equity in earnings of consolidated subsidiaries 15,000 (15,000 )
              Net income (loss) (278,468 ) 11,390 4,683 14,568 (247,827 )
Less: Net income attributable to noncontrolling
       interest 1,074 1,074
              Net income (loss) attributable to Pilgrim’s Pride
                     Corporation $ (278,468 ) $ 11,390 $ 3,609 $ 14,568 $ (248,901 )
                                       
Comprehensive income (loss) $ (279,199 ) $ 11,390 $ 4,683 $ 14,568 $ (248,558 )
Comprehensive income attributable to
       noncontrolling interests 1,074 1,074
Comprehensive income (loss) attributable to
       Pilgrim's Pride Corporation $ (279,199 ) 11,390 $ 3,609 $ 14,568 $ (249,632 )
Schedule of Condensed Cash Flow Statement [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Twenty-Six Weeks Ended June 24, 2012

Subsidiary

Subsidiary

Eliminations/

     

Parent

     

Guarantor

     

Non-Guarantors

     

Adjustments

     

Consolidation

(In thousands)

Cash provided by operating activities

$     

77,717

$        

620

$               

1,761

$              

224

$           

80,322

Cash flows from investing activities:

       Acquisitions of property, plant and equipment

(32,535

)

(642

)

(4,384

)

(37,561

)

       Purchases of investment securities

(73

)

(89

)

(162

)

       Proceeds from sale or maturity of investment securities

58

58

       Proceeds from property sales and disposals

11,640

821

12,461

              Cash used in investing activities

(20,910

)

(642

)

(3,652

)

(25,204

)

Cash flows from financing activities:

       Payments on note payable to JBS USA Holdings, Inc.

(50,000

)

(50,000

)

       Proceeds from long-term debt

391,300

391,300

       Payments on long-term debt

(584,904

)

(584,904

)

       Proceeds from sale of common stock

198,282

198,282

       Other financing activities

224

(224

)

              Cash provided by (used in) financing activities

(45,322

)

224

(224

)

(45,322

)

Effect of exchange rate changes on cash and cash equivalents

(2,178

)

(2,178

)

Increase (decrease) in cash and cash equivalents

11,485

(22

)

(3,845

)

7,618

Cash and cash equivalents, beginning of period

13,733

30

27,846

41,609

Cash and cash equivalents, end of period

$

25,218

$

8

$

24,001

$

$

49,227

 

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Twenty-Six Weeks Ended June 26, 2011

Subsidiary

Subsidiary

Eliminations/

     

Parent

     

Guarantor

     

Non-Guarantors

     

Adjustments

     

Consolidation

(In thousands)

Cash provided by (used in) operating activities

$     

(194,575

)

$     

7,740

$               

44,485

$          

2,178

$           

(140,172

)

Cash flows from investing activities:

       Acquisitions of property, plant and equipment

(91,020

)

(7,746

)

(4,386

)

(103,152

)

       Purchases of investment securities

(3,383

)

(3,383

)

       Proceeds from sale or maturity of investment securities

2,634

2,634

       Proceeds from property sales and disposals

3,799

6

1,072

4,877

              Cash used in investing activities

(87,221

)

(7,740

)

(4,063

)

(99,024

)

Cash flows from financing activities:

       Proceeds from long-term debt

580,289

580,289

       Payments on long-term debt

(455,931

)

(455,931

)

       Proceeds from note payable to JBS Holdings, Inc.

50,000

50,000

       Purchase of remaining interest in subsidiary

106

(2,610

)

(2,504

)

       Payment of capitalized loan costs

(4,395

)

(4,395

)

       Other financing activities

(538

)

432

(106

)

              Cash provided by (used in) financing activities

170,069

(538

)

(2,178

)

167,353

Effect of exchange rate changes on cash and cash equivalents

330

330

Increase (decrease) in cash and cash equivalents

(111,727

)

40,214

(71,513

)

Cash and cash equivalents, beginning of period

67,685

38,392

106,077

Cash and cash equivalents, end of period

$

(44,042

)

$

$

78,606

$

$

34,564