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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 30, 2018
Equity [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS’ EQUITY
 Accumulated Other Comprehensive Loss
     The following tables provide information regarding the changes in accumulated other comprehensive loss during 2018 and 2017:
 
2018(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 year
$
42,081

 
$
(1,848
)
 
$
(71,434
)
 
$
61

 
$
(31,140
)
Other comprehensive income (loss)
before reclassifications
(97,851
)
 
829

 
(939
)
 
867

 
(97,094
)
Amounts reclassified from
     accumulated other comprehensive
     loss to net income
—

 
348

 
910

 
(846
)
 
412

Impact of currency translation
—

 
(12
)
 
—

 
—

 
(12
)
Net current year other comprehensive income (loss)
(97,851
)
 
1,165

 
(29
)
 
21

 
(96,694
)
Balance, end of year
$
(55,770
)
 
$
(683
)
 
$
(71,463
)
 
$
82

 
$
(127,834
)
 
 
 
 
 
 
 
 
 
 
 
2017(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 year
$
(265,714
)
 
$
99

 
$
(64,243
)
 
$
—

 
$
(329,858
)
     Granite-Holdings Sarl common-control
transaction
204,577

 
(1,368
)
 
—

 
—

 
203,209

Other comprehensive income (loss)
before reclassifications
103,218

 
60

 
(7,770
)
 
82

 
95,590

Amounts reclassified from accumulated
other comprehensive loss to net
income
—

 
(639
)
 
579

 
(21
)
 
(81
)
Net current year other comprehensive
income (loss)
103,218

 
(579
)
 
(7,191
)
 
61

 
95,509

Balance, end of year
$
42,081

 
$
(1,848
)
 
$
(71,434
)
 
$
61

 
$
(31,140
)
(a)
All amounts are net of tax. Amounts in parentheses indicate debits.
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss(a)
 
Affected Line Item in the Consolidated and Combined Statements of Income
 
2018
 
2017
 
 
 
(In thousands)
 
 
Realized gain (loss) on settlement of
     derivative financial instruments
     classified as cash flow hedges
 
$
(348
)
 
$
639

 
Cost of sales
Realized gain on sale of securities
 
1,118

 
34

 
Interest income
Amortization of pension and other
postretirement plan actuarial losses:
 
 
 
 
 
 
Union employees pension plan(b)(d)
 
(49
)
 
(24
)
 
2018-Miscellaneous, net; 2017-Cost of sales
Legacy Gold Kist plans(c)(d)
 
(360
)
 
(283
)
 
2018-Miscellaneous, net; 2017-Cost of sales
Legacy Gold Kist plans(c)(d)
 
(794
)
 
(625
)
 
2018-Miscellaneous, net; 2017-SG&A expense
Total before tax
 
(433
)
 
(259
)
 
 
Tax expense
 
21

 
340

 
 
Total reclassification for the period
 
$
(412
)
 
$
81

 
 
(a)
Amounts in parentheses represent debits to results of operations.
(b)
The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.
(c)
The Company sponsors the GK Pension Plan, 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 SERP Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Directors’ Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors and the Retiree Life Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees (collectively, the “Legacy Gold Kist Plans”).
(d)
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 14. Pension and Other Postretirement Benefits” to the 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 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 that expired on February 9, 2017.
On October 31, 2018, the Company’s Board of Directors approved a $200.0 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 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 December 30, 2018, the Company had repurchased approximately 15,600 shares under this program with a market value of approximately $0.2 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.
Special Cash Dividends
On May 18, 2016, the Company paid a special cash dividend from retained earnings of approximately $700.0 million, or $2.75 per share, to stockholders of record on May 10, 2016. The Company used proceeds from the U.S. Credit Facility, along with cash on hand, to fund the special cash dividend.
Capital Contributions to a Subsidiary
In December 2018, the stockholders of Gallina Pesada, S.A.P.I. de C.V. (“GAPESA”), a subsidiary that is controlled, but not wholly owned, by the Company, contributed additional capital to fund a capacity expansion project in southern Mexico. The Company Contributed $0.6 million of additional capital. This capital contribution was eliminated upon consolidation. The noncontrolling stockholders contributed $1.4 million of additional capital.
In July 2016, the stockholders of GAPESA contributed additional capital to fund a capacity expansion project in southern Mexico. The Company contributed $2.7 million of additional capital. This contribution was eliminated upon consolidation. The noncontrolling stockholders contributed $7.3 million of additional capital. The respective contributions did not impact either the Company or noncontrolling stockholders’ ownership percentages in GAPESA.
Restrictions on Dividends
Both the U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends.
The Moy Park Multicurrency Revolving Facility Agreement restrict Moy Park’s ability and the ability of certain of Moy Park’s subsidiaries to, among other things, make payments and distributions to the Company.