Pilgrim’s pride corporation (PPC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jul'18Apr'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'09
Cash flows from operating activities:
Net income

67,449

92,235

110,096

170,080

84,125

-8,227

29,463

106,344

119,224

133,925

238,313

245,191

100,738

85,432

123,632

153,042

118,011

80,060

137,095

241,624

204,193

167,003

255,803

190,445

98,187

143,670

161,024

190,791

54,228

22,350

42,941

69,153

39,598

-85,063

-162,800

-127,932

-119,895

33,925

Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization

79,773

76,849

71,851

71,348

67,182

66,975

71,026

68,643

67,444

67,199

72,012

69,941

62,672

57,580

85,445

46,292

42,391

57,332

41,415

38,918

36,152

43,084

36,219

38,261

38,260

36,670

37,914

38,149

37,790

39,003

36,431

36,214

35,766

52,355

53,631

52,223

50,852

56,705

Deferred income tax expense (benefit)

17,023

40,082

5,750

735

-4,089

34,687

9,780

-7,192

-4,735

-75,731

-89

13,077

12,780

-5,028

694

-485

-215

27,086

-2,433

-2,373

-2,408

158,562

0

-79,619

0

-

-

-

-

-

-

-

-

3,610

-1,012

1,411

-11,106

-112,392

Negative adjustment to previously recognized gain on bargain purchase

-1,740

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan cost amortization

1,212

1,212

1,208

1,200

1,201

1,232

945

1,635

1,757

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on investment securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

-5

53

-

0

0

0

-

-

-

-

-

-

-

-

-

Share-based compensation

676

2,810

2,105

3,335

1,882

3,894

3,626

4,360

1,273

566

507

487

1,460

698

3,535

989

880

843

864

471

797

1,424

1,127

1,355

1,022

930

812

1,055

548

219

166

150

149

149

149

149

120

1,790

Gain on property disposals

500

1,396

9,700

-300

100

1,389

700

-100

-100

-34

-228

886

-118

1,599

560

6,626

129

555

8,486

450

881

295

-27

1,709

-570

-2,904

-315

-315

1,139

-172

-4,506

231

-859

4,448

-519

-793

1,135

1,377

Loss (gain) on equity-method investments

-309

15

16

16

16

15

16

16

16

15

14

17

13

-258

-194

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accretion of discount related to Senior Notes

246

-

246

245

246

-

246

245

76

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash loss on early extinguishment of debt recognized as a reorganization item

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Amortization of premium related to Senior Notes

-167

-

-167

-167

-167

-

-167

-167

-167

-

0

0

0

-

-

-

-

-

-

-

-

1,901

114

114

114

114

114

114

114

114

114

114

114

114

114

114

111

0

Foreign currency transaction gain related to borrowing arrangements

0

-

-

-

1,034

-

-

-

-5,745

-

-

-

-2,158

0

0

0

0

-

-

-

-12,074

-29,544

-9,662

2,018

-941

352

-2,396

-9,091

7,753

-359

7,568

-7,355

5,407

-386

-9,594

2,776

-2,776

754

Loss on early extinguishment of debt recognized as a component of interest expense

-

-

-

-

-

-9,781

-1,119

-1,000

-3,918

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Asset impairment

-

-

-

-

-

2,620

311

103

470

209

1,413

3,534

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,428

0

0

1,342

11,255

8,832

2,808

0

0

Changes in operating assets and liabilities:
Restricted cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,527

-140

-17

-7,996

-56,918

4,175

-694

164

0

Trade accounts and other receivables

26,296

-21,648

26,263

22,766

-2,381

7,481

-28,476

-30,032

61,945

-64,308

53,086

42,899

50,492

-33,221

72,259

-8,504

1,894

-35,436

-5,680

-21,725

-13,289

-26,259

6,083

31,847

-2,145

-32,693

17,804

2,471

5,183

10,965

1,049

5,166

-3,043

21,116

-12,805

122,959

-67,283

-6,577

Inventories

-9,333

3,631

80,905

25,844

1,368

-18,387

-4,484

-40,762

-19,541

57,593

55,905

31,371

62,530

14,984

-13,109

54,037

-22,829

-66,433

-13,970

-5,505

2,313

-20,977

-17,918

42,567

-14,310

-103,254

-40,000

-16,482

17,061

-29,102

-14,666

83,825

25,813

-21,262

-36,817

-129,021

64,273

-26,006

Prepaid expenses and other current assets

22,419

19,026

-4,875

-10,140

11,479

-3,816

-15,671

10,322

20,777

-550

54

-2,431

17,754

-17,280

-21,807

26,840

-7,023

-24,993

8,651

2,058

-9,294

21,316

-3,360

8,955

11,099

-11,234

2,190

8,295

6,819

1,480

9,883

4,381

-13,144

7,756

-49,272

25,855

-11,407

-9,897

Accounts payable, accrued expenses and other current liabilities

-108,004

52,584

46,644

42,632

-21,968

8,727

-25,884

133,162

-29,171

13,278

10,401

-41,094

-5,412

40,547

58,374

32,962

-55,990

-55,845

38,199

82,662

-28,702

8,147

11,768

19,085

5,833

-20,270

62,798

37,726

-30,629

-26,156

2,233

42,406

-35,003

-25,899

-5

46,684

-28,054

16,540

Income taxes

16

66,927

-6,536

-27,434

-6,579

72,901

13,998

62,787

98,784

-39,057

-75,856

-47,991

-25,216

-29,449

-38,822

48,294

-55,261

73,160

-53,390

86,193

-50,639

165,239

-56,996

-139,286

-43,662

19,728

6,505

-8,068

3,381

19,286

-270

11,277

3,421

-5,713

457

1,565

-992

-10,909

Deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,354

0

-2,045

-135

49,635

Long-term pension and other postretirement obligations

-6,282

-7,643

-457

194

-1,315

2,336

-3,764

-2,564

-2,759

-1,204

-5,744

-2,283

-1,633

-1,871

-4,342

-1,641

-2,311

-832

-3,634

-651

1,617

-4,020

-1,858

-901

995

-3,663

-1,025

-1,728

-421

4,420

-7,120

0

0

-

-

-

-

-

Other operating assets and liabilities

-7,008

-5,220

809

-3,036

1,683

-2,852

-664

-1,476

534

-676

92

324

1,013

-1,606

5,452

376

362

-2,275

-802

-98

-2,335

1,796

-1,165

445

-814

1,166

-3,065

-511

-345

95

782

-251

2,985

1,483

-1,992

4,282

-120

2,248

Cash provided by operating activities

21,064

131,017

132,140

282,995

120,369

66,370

121,291

303,349

640

182,830

284,942

267,254

66,295

243,379

262,999

103,490

185,494

164,066

268,211

292,017

296,086

264,284

386,217

220,490

195,701

281,817

285,789

290,288

20,639

43,663

75,639

50,940

29,382

489

10,692

-37,769

-102,403

-4,057

Cash flows from investing activities:
Acquisitions of property, plant and equipment

77,200

89,420

81,100

89,700

87,900

116,766

76,700

78,500

76,700

81,508

60,375

76,350

121,639

119,925

127,057

56,904

37,074

60,414

42,154

55,103

32,591

40,094

40,535

43,054

47,760

39,930

27,324

23,191

25,778

28,217

24,549

20,891

16,670

14,099

18,717

39,192

63,960

30,463

Purchase of acquired business, net of cash acquired

1,740

-

-

-

0

-

-

-

-

0

298,822

0

359,698

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of investment securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

18,100

0

37,000

96,902

0

0

0

0

0

74

88

60

1,153

2,030

1,353

6,024

Proceeds from sale or maturity of investment securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

18,100

37,000

96,950

0

0

0

0

-

-

-

-

1,221

11,997

1,803

831

4,511

Proceeds from property disposals

600

600

13,500

1,200

500

7,100

1,500

200

1,000

1,890

1,119

1,285

181

398

4,880

7,487

610

1,057

11,438

1,248

867

2,686

4,065

2,846

1,511

28,007

447

1,223

1,660

713

16,226

9,395

3,066

21,542

2,625

475

4,402

3,522

Proceeds from business dispositions to Swift Pork Company, a subsidiary of JBS USA, LLC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Proceeds from business dispositions to JBS Trading International, Inc., a subsidiary of JBS USA, LLC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Cash used in investing activities

-78,276

-473,504

-67,688

-88,467

-87,402

-109,723

-75,185

-78,323

-75,660

-77,773

-358,078

-75,065

-481,156

-119,527

-122,177

-49,417

-36,464

-59,357

-404,248

-53,855

-31,724

-37,408

-36,470

-3,208

13,701

-108,825

-26,877

-21,968

-24,118

-27,504

-7,693

-11,512

-13,692

46,083

-5,248

-38,944

-60,080

-28,454

Cash flows from financing activities:
Proceeds from short-term notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Payments on short-term notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Proceeds from notes payable to JBS USA

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Proceeds from revolving line of credit and long-term borrowings

356,547

159,828

2

32,443

67,193

45,292

99,028

101,721

502,341

858,156

0

350,867

662,795

77,723

164,203

351,089

0

0

0

0

1,680,000

0

0

0

0

0

0

217,100

288,500

255,600

204,500

208,100

183,200

161,000

224,400

324,989

255,300

60,370

Proceeds (distribution) from capital contribution under the TSA

0

0

0

0

-525

0

0

0

5,558

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of subsidiary common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-97

198,379

0

0

0

0

0

Proceeds from Contributed Capital

-

-

-

-

-

-

-

-

-

-

0

0

5,038

-1

0

0

3,691

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit related to share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,360

0

0

7,834

458

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of note payable to affiliate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

50,000

0

0

0

0

-

Payments on revolving line of credit, long-term borrowings and finance lease obligations

13,396

166,641

10,197

50,786

62,293

45,568

397,989

239,902

433,550

18,999

17,774

257,451

334,453

65,937

284,266

219,791

21

6,396

37

150,036

533,669

500,035

34

205,252

204,913

295

32

447,246

311,005

257,703

268,104

243,102

341,802

212,001

1,125,763

-591,556

135,625

10,144

Purchase of common stock under share repurchase program

27,906

0

0

2,898

0

-

-

-

-

0

0

0

14,641

97,551

13,005

4,671

2,657

54,153

45,080

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of remaining interest in joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Payment of capitalized loan costs

0

0

56

138

458

1,500

5,373

1,647

4,061

9,081

1,773

2,777

0

0

0

680

13

42

2,190

1,270

8,862

0

0

0

0

-

-

-

-

-

-

-

-

0

8,790

-5,084

689

0

Payment of cash dividend

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,498,470

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on notes payable to bank

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

49,530

16,034

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from notes payable to bank

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

27,953

8,885

22,857

5,869

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in outstanding cash management obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Other financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,976

Cash provided by financing activities

315,245

-6,813

-10,251

-21,379

3,917

-10,372

-304,334

-139,828

70,288

76,564

-19,547

90,639

318,739

-84,840

-141,685

-595,545

-6,149

-39,094

-41,438

-151,306

-353,167

-495,728

-34

-204,920

-204,913

7,475

-5,038

-230,146

-22,505

-2,103

-63,604

-35,099

-10,223

-51,002

10,499

48,367

118,986

48,250

Effect of exchange rate changes on cash and cash equivalents

-2,193

4,873

-803

-434

429

-537

41

-2,639

6,669

1,280

5,811

7,091

2,182

-

-

-

-

-

-

-

-9,301

-23,602

-8,528

75

2,280

-2,577

-1,789

-3,503

1,364

-906

1,461

-2,672

494

-865

-3,603

-103

433

532

Increase (decrease) in cash, cash equivalents and restricted cash

255,840

-344,427

53,398

172,715

37,313

-54,262

-258,187

82,559

1,937

182,901

-86,872

289,919

-93,940

29,362

-29,800

-541,472

142,881

61,351

-177,475

96,157

-98,106

-292,454

341,185

12,437

6,769

177,890

252,085

34,671

-24,620

13,150

5,803

1,657

5,961

-5,295

12,340

-28,449

-43,064

16,271

Supplemental Disclosure Information:
Interest paid (net of amount capitalized)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16,298

Income taxes paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-86