PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 29, 2025

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 in the U.K., such as 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 $6.4 million and $7.4 million in the three months ended June 29, 2025 and June 30, 2024, respectively, and $16.1 million and $18.6 million in the six months ended June 29, 2025 and June 30, 2024, respectively.

In the fourth quarter of 2024, the Company completed the termination of its two U.S. pension plans, Pilgrim’s Pride Retirement Plan for Union Employees (the “Union Plan”) and the Pilgrim’s Pride Pension Plan for Legacy Gold Kist Employees (the “GK Pension Plan”). Under the plan terminations, participants were offered a lump-sum buyout or an annuity placement buyout. Assets of the pension plans were liquidated and funds from liquidation were used to settle the obligations, which amounted to $99.6 million at time of termination.

The Company used a quarter-end measurement date of June 29, 2025 for its pension and postretirement benefits plans. Certain disclosures are listed below. Other disclosures are not material to the financial statements.

Net Periodic Benefit Costs

Net defined benefit pension and other postretirement costs included the following components:


	Three Months Ended								Six Months Ended
	June 29, 2025				June 30, 2024				June 29, 2025				June 30, 2024
	Pension Benefits		Other Benefits		Pension Benefits		Other Benefits		Pension Benefits		Other Benefits		Pension Benefits		Other Benefits
	(In thousands)
Interest cost	$	1,581	$	13	$	2,683	$	13	$	3,068	$	22	$	4,949	$	22
Estimated return on plan assets	(2,019)		—		(2,756)		—		(3,905)		—		(5,203)		—
Settlement gain	(1,611)		—		—		—		(1,611)		—		—		—
Expenses paid from assets	105		—		132		—		230		—		192		—
Amortization of net loss	159		—		199		—		75		(1)		335		—
Amortization of past service cost	5		—		5		—		9		—		9		—
Net costs(a)	$	(1,780)	$	13	$	263	$	13	$	(2,134)	$	21	$	282	$	22

(a) Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.

During the six months ended June 29, 2025, the Company received $4.6 million from the liquidation of the remaining assets of the Union Plan and GK Pension Plan, the majority of which will be used to cover future plan administration costs for the U.S. defined contribution retirement savings plan. During the six months ended June 29, 2025, the Company contributed $2.2 million to our pension programs. We anticipate making additional contributions of approximately $3.2 million during the remainder of 2025 for the other company sponsored programs. The Company contributed $3.5 million to our pension programs during the six months ended June 30, 2024.

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 $7.7 million and $7.6 million in the three months ended June 29, 2025 and June 30, 2024, respectively, and $17.1 million and $17.5 million in the six months ended June 29, 2025 and June 30, 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

PILGRIMS PRIDE CORP 10-Q