Stockholders Equity

12 Months Ended

Dec. 25, 2011

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS' EQUITY

Rights Offering

The Company distributed to the holders of its common stock of record on January 17, 2012 non-transferable subscription rights for each share of its common stock (the "Rights Offering"). Each subscription right entitles the holder to purchase 0.2072 shares of common stock at a purchase price of $4.50 per share. The Rights Offering also includes an over-subscription privilege, which entitles a stockholder who exercises all of their basic subscription privilege in full the right to purchase pro rata additional shares of common stock that remain unsubscribed at the expiration of the Rights Offering, which is scheduled for February 29, 2012.

The Company's majority stockholder, JBS USA, has entered into an agreement pursuant to which JBS USA has committed to participate in the Rights Offering and exercise its basic subscription and over-subscription in full. The Company anticipates that aggregate gross proceeds of the offering will be approximately $200.0 million.

Stock Compensation

The Company granted 200,000 restricted shares of its common stock to William W. Lovette effective January 14, 2011 in connection with the employment agreement between itself and Mr. Lovette. On January 5, 2012 the Company issued the 200,000 shares to allow Mr. Lovette participation in the Rights Offering. These shares will be awarded to Mr. Lovette when they vest on January 3, 2013 and January 3, 2014 as described above. See "Note 18. Incentive Compensation Plans" to the Consolidated Financial Statements for additional information.

Other than the above arrangements, the Company does not have any other outstanding stock compensation grants.

Restrictions on Retained Earnings

The Exit Credit Facility prohibits us from paying dividends on the common stock of the Company. Further, the indenture governing the 2018 Notes restricts, but does not prohibit, the Company from declaring dividends.

Other Comprehensive Income

The amounts of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, are as follows:

Expense (Benefit)	2011			2010			Transition Period		2009
	(In thousands)
Unrealized holding gains (losses) on available- for-sale securities	$	(658	)	$	(66	)	$	—	$	1,454
Recognition in earnings of a previously unrecognized gain on     derivative instrument designated as a cash flow hedge	—			(1,521		)	—		(201		)
Gains (losses) associated with pension and other postretirement benefits	—			3,934			—		(530		)
	$	(658	)	$	2,347		$	—	$	723

Accumulated Other Comprehensive Loss

As of December 25, 2011 and December 26, 2010, the balance of each component of accumulated other comprehensive loss is as follows:

Component	2011			2010
	(In thousands)
Unrealized holding gains on available-for-sale securities, net of tax	$	12		$	1,172
Losses associated with pension and other postretirement benefits, net of tax	(46,082		)	(24,809		)
	$	(46,070	)	$	(23,637	)