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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 29, 2019
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Accumulated Other Comprehensive Loss
The following tables provide information regarding the changes in accumulated other comprehensive loss during 2019 and 2018:
 
2019(a)
 
Losses Related to Foreign Currency Translation
 
Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges
 
Losses Related to Pension and Other Postretirement Benefits
 
Unrealized Holding Losses on Available-for-Sale Securities
 
Total
 
(In thousands)
Balance, beginning of year
$
(55,770
)
 
$
(683
)
 
$
(71,463
)
 
$
82

 
$
(127,834
)
Other comprehensive income (loss)
before reclassifications
54,662

 
(2,052
)
 
(1,145
)
 
386

 
51,851

Amounts reclassified from
     accumulated other comprehensive
     loss to net income
—

 
383

 
993

 
(468
)
 
908

Currency translation
—

 
(54
)
 
—

 
—

 
(54
)
Net current year other comprehensive income (loss)
54,662

 
(1,723
)
 
(152
)
 
(82
)
 
52,705

Balance, end of year
$
(1,108
)
 
$
(2,406
)
 
$
(71,615
)
 
$
—

 
$
(75,129
)
 
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

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
)
(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
2019
 
2018
 
 
(In thousands)
 
 
Realized loss on settlement of
     derivative financial instruments
     classified as cash flow hedges
$
(383
)
 
$
(348
)
 
Cost of sales
Realized gain on sale of securities
619

 
1,118

 
Interest income
Amortization of pension and other
postretirement plan actuarial losses:
 
 
 
 
 
Union Plan(c)
(73
)
 
(49
)
 
Miscellaneous, net
Legacy Gold Kist Plans(b)(c)
(1,240
)
 
(1,154
)
 
Miscellaneous, net
Total before tax
(1,077
)
 
(433
)
 
 
Tax expense
169

 
21

 
 
Total reclassification for the period
$
(908
)
 
$
(412
)
 
 
(a)
Amounts in parentheses represent debits to results of operations.
(b)
The Company sponsors the GK Pension Plan, the SERP Plan, the Directors’ Emeriti Plan and the Retiree Life Plan (collectively, the “Legacy Gold Kist Plans”).
(c)
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 15. Pension and Other Postretirement Benefits” to the Consolidated and Combined Financial Statements.
Share Repurchase Program and Treasury Stock
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 29, 2019, the Company had repurchased approximately 132,000 shares under this program with a market value of approximately $3.1 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.
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.
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. Additionally, the Moy Park Multicurrency Revolving Facility Agreement restricts 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.