The Company believes it has substantial defenses to the claims made and intends to vigorously defend these cases. We own registered trademarks which are used in connection with our activity in our business. And Europe operations during 2016 increased $83. 9%, of our U. chicken sales were in prepared chicken products to foodservice customers and retail distributors, as compared to $2, 046.
Chief Financial Officer. Using a discounted cash flow analysis, a hypothetical 10. Net deferred tax liabilities. Credit Facility on March 12, 2015 and April 22, 2015, respectively. Operating incomes for the TTM have jumped to $1. The equity-based awards that may be granted under the LTIP include "incentive stock options, " within the meaning of the IRC, nonqualified stock options, stock appreciation rights, restricted stock awards ("RSAs") and restricted stock units ("RSUs"). On August 24, 2017, the Fifth Chamber ratified the Leniency Agreement. Their 5-year operating margin is just 5. Credit Facility") with Coöperatieve Rabobank U. Gold n plump chicken. 2 million, respectively, reflected in other comprehensive income. Reinvested and not distributed to the U. The Company valued two indefinite-lived trade names using the income approach, specifically the relief from royalty method. We have recently benefited from low market prices for feed ingredients, but market prices for feed ingredients remain volatile.
1 million, as required by funding regulations or laws, to our pension and other postretirement plans, respectively, during 2018. Notes receivable - current. However, the problem is that the primary driver which affects consumers in the selection of which product to buy is price. Pooled separate accounts ("PSAs") and common collective trust funds ("CCTs") are two of the most common types of alternative vehicles in which benefit plans invest. The all-cash deal allows Pilgrim's, which is mostly owned by meatpacking company JBS SA, to tap more deeply into a consumer shift toward products perceived to be more natural and healthy. Competition in the chicken industry with other vertically integrated poultry companies may make us unable to compete successfully in this industry, which could adversely affect our business. Gold n plump corn prices. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. Moy Park has included new innovative products in its portfolio every year during the last five years with a growing new product development pipeline.
These operating results included gross profit of $1, 471. This guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. Change in plan assets: Fair value of plan assets, beginning of year. The following table reconciles the statutory U. federal income tax rate to the Company's effective income tax rate: Federal income tax rate. In addition, we continue to invest in developing our talent internally. 740-10-25 that provide a recognition threshold and measurement criteria for the financial statement recognition of a tax benefit taken or expected to be taken in a tax return. Gold n plump grain prices. The remeasurement of the note is reported as a foreign currency translation adjustment in accumulated other comprehensive loss in the Consolidated and Combined Balance Sheets and will be reclassified into earnings only if the Company divests its investment in Moy Park. While management believes these instruments help mitigate various market risks, they are not designated nor accounted for as hedges as a result of the extensive recordkeeping requirements. A Mexico subsidiary of the Company is currently appealing an unfavorable tax adjustment proposed by Mexican Tax Authorities due to an examination of a specific transaction undertaken by the Mexico subsidiary during tax years 2009 and 2010. Book Overdraft Balances. 5 million related to to a property in Dublin, Ireland. A discussion of foreign operations risks is included in "Item 1A.
In addition to the risks of product liability or product recall due to deficiencies caused by our production or processing operations, we may encounter the same risks if any third party tampers with our products. Some of our facilities have been operating for many years, and were built before current environmental standards were imposed, and/or in areas that recently have become subject to residential and commercial development pressures. On November 6, 2009, H. 3548 was signed into law and included a provision that allowed most business taxpayers an increased carry back period for net operating losses incurred in 2008 or 2009. We market our balanced portfolio of fresh, prepared and value-added chicken products to a diverse set of over 5, 500 customers across the U. S., the U. K., Mexico and in approximately 100 other countries, with no single customer accounting for more than 10% of total sales. Chattel Mortgages, at Level 3 inputs. Interest expense in the table above assumes the continuation of interest rates and outstanding borrowings as of December 31, 2017. The Company believes it has strong defenses in each of the above litigations and intends to contest them vigorously. 0% change in ending feed ingredients inventories at December 31, 2017 and December 25, 2016 would be $14. Total Estimated Amount Expected to be Incurred.
2016 Compared to 2015. U. and Europe sales generated in 2016 increased $1. Total accounts payable to related parties. These quoted market prices, although a good indicator of the commodity's base price, do not represent the final price for which we can purchase these commodities. Information regarding the Company's outstanding derivative instruments and cash collateral posted with (owed to) brokers is included in the following table: (Fair values in thousands). These opportunities, including the Moy Park acquisition and the GNP acquisition, may expose us to successor liability relating to actions involving any acquired entities, their respective management or contingent liabilities incurred prior to our involvement and will expose us to liabilities associated with ongoing operations, in particular to the extent we are unable to adequately and safely manage such acquired operations. Number of days in period. JBS S. Promissory Note. Decreased sales volume, which resulted from the unfavorable impact that ongoing operational improvements in one of our prepared foods facilities had on production, the conversion of our Sanford, North Carolina facility to an organic operation, as well as more deboning of leg quarters in several of our facilities, offset the overall net sales increase by $195. As such, U. deferred income taxes have not been provided on these earnings. Dungannon Proteins Ltd. Depreciation and amortization (b). Credit Facility and the indentures governing the Company's senior notes restrict, but do not prohibit, the Company from declaring dividends.
Registrant's telephone number, including area code: (970) 506-8000. Changes in laws or regulations or the application thereof regarding areas such as wage and hour and environmental compliance may lead to government enforcement actions and resulting litigation by private litigants. The Company designated this note payable as a hedge of its net investment in Moy Park. The Company includes the rent escalation in its minimum lease payments obligations and recognizes them as a component of rental expense on a straight-line basis over the minimum lease term. Pilgrim's Pride Corporation's ("PPC") management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). 405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Inventory Impairments. Net sales to customers by customer location: 7, 452, 758. For example, our acquisition of GNP was structured as an equity purchase in which we effectively assumed all of the liabilities of GNP including liabilities that may be unknown.
We are increasingly dependent on information technology, and our business and reputation could suffer if we are unable to protect our information technology systems against, or effectively respond to, cyber-attacks, other cyber incidents or security breaches or if our information technology systems are otherwise disrupted. Civil and criminal penalties may be imposed for violations of these laws. Our pension and other postemployment benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. 00% of salary based on the salary deferral and compensation levels up to $245, 000. Customer relationships. 2 million for letter of credit fees. For payments beyond 30 years, the Company extended the curve assuming the discount rate derived in year 30 is extended to the end of the plan's payment expectations. Whether or not such a growth rate is sustainable is difficult to say, however, it is clear that according to European consumer tastes, pre-prepared proteins is a rapidly growing market.
Transaction costs incurred in conjunction with the purchase were approximately $0. The demand for our chicken products generally is greatest during the spring and summer months and lowest during the winter months. 6% respectively of their sales consisted of fresh products such as main cuts of chicken or pork along with whole chickens and turkey. As of December 31, 2017, we employed approximately 30, 900 persons in the U. Interest expense, net, consists of interest expense less interest income. If there is a product that we sell in our store that you don't see available online, please let us know. B) Deductions either written off, rebilled or reclassified as liabilities for market development fund rebates. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets under perform this yield, this will create a deficit.
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