STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss:



	Thirty-Nine Weeks Ended September 24, 2017^(a)
	Gains (Losses) Related to Foreign Currency Translation			Unrealized Gains (Losses) on Derivative Financial Instruments Classified as Cash Flow Hedges			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	(265,714	)	$	99		$	(64,243	)	$	—	$	(329,858	)
Granite Holdings Sàrl common-control transaction	204,577			(1,368		)	—			—		203,209
Other comprehensive income (loss) before reclassifications	92,364			(137		)	(2,539		)	—		89,688
Amounts reclassified from accumulated other comprehensive loss to net income	—			9			435			—		444
Net current period other comprehensive income (loss)	92,364			(128		)	(2,104		)	—		90,132
Balance, end of period	$	31,227		$	(1,397	)	$	(66,347	)	$	—	$	(36,517	)



	Thirty-Nine Weeks Ended September 25, 2016^(a)
	Losses Related to Foreign Currency Translation			Unrealized Gains (Losses) on Derivative Financial Instruments Classified as Cash Flow Hedges			Losses Related to Pension and Other Postretirement Benefits			Unrealized Holding Gains on Available-for-Sale Securities			Total
	(In thousands)
Balance, beginning of period	$	(32,482	)	$	(61	)	$	(58,997	)	$	67		$	(91,473	)
Other comprehensive income (loss) before reclassifications	(171,509		)	167			(7,158		)	265			$	(178,235	)
Amounts reclassified from accumulated other comprehensive loss to net income	—			(35		)	307			(332		)	$	(60	)
Net current period other comprehensive income (loss)	(171,509		)	132			(6,851		)	(67		)	(178,295		)
Balance, end of period	$	(203,991	)	$	71		$	(65,848	)	$	—		$	(269,768	)


(a)	All amounts are net of tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.



	Amounts Reclassified from Accumulated Other Comprehensive Loss^(a)
Details about Accumulated Other Comprehensive Loss Components	Thirty-Nine Weeks Ended September 24, 2017			Thirty-Nine Weeks Ended September 25, 2016			Affected Line Item in the Condensed Consolidated and Combined Statements of Income
	(In thousands)
Realized gain (loss) on settlement of derivative financial instruments classified as cash flow hedges	$	(9	)	$	35		Cost of sales
Realized gain on sale of securities	—			534			Interest income
Amortization of defined benefit pension and other postretirement plan actuarial losses:
Union employees pension plan^(b)(d)	(18		)	(15		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(212		)	(149		)	Cost of sales
Legacy Gold Kist plans^(c)(d)	(469		)	(330		)	Selling, general and administrative expense
Total before tax	(708		)	75
Tax benefit (expense)	264			(15		)
Total reclassification for the period	$	(444	)	$	60


(a)	Amounts in parentheses represent debits to results of operations.


(b)	The Company sponsors the Pilgrim’s Pride Retirement Plan for Union Employees, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.

(c)

The Company sponsors the Pilgrim’s Pride Plan for Legacy Gold Kist Employees, a qualified defined benefit pension plan covering certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007, the Former Gold Kist Inc. Supplemental Executive Retirement Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Former Gold Kist Inc. Directors’ Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors, and the Gold Kist Inc. Retiree Life Insurance Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees.


(d)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See “Note 13. Pension and Other Postretirement Benefits” to the Condensed Consolidated and Combined Financial Statements.

Share Repurchase Program and Treasury Stock

On July 28, 2015, the Company’s Board of Directors approved a $150.0 million share repurchase authorization. The Company plans to repurchase shares through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs. The share repurchase program was originally scheduled to expire on July 27, 2016. On February 10, 2016, the Company’s Board of Directors approved an increase of the share repurchase authorization to $300.0 million and an extension of the expiration to February 9, 2017. On February 8, 2017, the Company's Board of Directors further extended the program expiration to August 9, 2017. The extent to which the Company repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the Company’s management team. The Company reserves the right to limit or terminate the repurchase program at any time without notice. As of September 24, 2017, the Company had repurchased approximately 11.4 million shares under this program with a market value at the time of purchase of approximately $231.8 million. The Company accounted for the shares repurchased using the cost method.

Restrictions on Dividends

The U.S. Credit Facility, the 2015 Indenture governing the Senior Notes due 2025 and the 2017 Indenture governing the Senior Notes due 2027 restrict, but do not prohibit, the Company from declaring dividends.