STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 27, 2020

Accumulated Other Comprehensive Loss

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


	Nine Months Ended September 27, 2020(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 period	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)

Other comprehensive income (loss) before reclassifications	(48,921)		3,403		(44,641)		2		(90,157)
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,039)		846		(14)		(207)
Currency translation	—		(27)		—		—		(27)
Net current period other comprehensive income (loss)	(48,921)		2,337		(43,795)		(12)		(90,391)
Balance, end of period	$	(50,029)	$	(69)	$	(115,410)	$	(12)	$	(165,520)


	Nine Months Ended September 29, 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 Gains on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	(55,770)	$	(683)	$	(71,463)	$	82	$	(127,834)

Other comprehensive income (loss) before reclassifications	(50,824)		(1,257)		(6,962)		383		(58,660)
Amounts reclassified from accumulated other comprehensive loss to net income	—		74		745		(353)		466
Currency translation	—		(12)		—		—		(12)
Net current period other comprehensive income (loss)	(50,824)		(1,195)		(6,217)		30		(58,206)
Balance, end of period	$	(106,594)	$	(1,878)	$	(77,680)	$	112	$	(186,040)

(a) All amounts are net of tax. Amounts in parentheses represent income (expenses) related to results of operations.


	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Nine Months Ended September 27, 2020		Nine Months Ended September 29, 2019		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gain on settlement of foreign currency derivatives classified as cash flow hedges	$	1,452	$	—	Net sales
Realized loss on settlement of foreign currency derivatives classified as cash flow hedges	(314)		(74)		Cost of sales
Realized gain on settlement of interest rate swap derivatives classified as cash flow hedges	(99)		—		Interest expense, net of capitalized interest
Realized gain on sale of securities	18		466		Interest income
Amortization of pension and other postretirement plan actuarial losses:
Union Plan(b)	(72)		(54)		Miscellaneous, net
Legacy Gold Kist Plans(b)(c)	(1,055)		(930)		Miscellaneous, net
Total before tax	(70)		(592)
Tax benefit	277		126
Total reclassification for the period	$	207	$	(466)

(a) Amounts in parentheses represent income (expenses) related to results of operations.

(b) 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 Condensed Consolidated Financial Statements.

(c) 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”).

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 September 27, 2020, the Company had repurchased approximately 6.1 million shares under this program with a market value of approximately $110.9 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.

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.