STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 28, 2021

Accumulated Other Comprehensive Income

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


	Three Months Ended March 28, 2021(a)
	Gains Related to Foreign Currency Translation		Gains on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)

Other comprehensive income before reclassifications	33,291		1,463		22,897		—		57,651
Amounts reclassified from accumulated other comprehensive income to net income	—		(200)		436		—		236
Currency translation	—		12		—		—		12
Net current period other comprehensive income	33,291		1,275		23,333		—		57,899
Balance, end of period	$	116,073	$	84	$	(78,878)	$	—	$	37,279

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


	Three Months Ended March 29, 2020(a)
	Losses Related to Foreign Currency Translation		Gains on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains 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	(96,765)		4,123		(8,105)		9		(100,738)
Amounts reclassified from accumulated other comprehensive loss to net income	—		742		283		—		1,025
Currency translation	—		(75)		—		—		(75)
Net current period other comprehensive income (loss)	(96,765)		4,790		(7,822)		9		(99,788)
Balance, end of period	$	(97,873)	$	2,384	$	(79,437)	$	9	$	(174,917)

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


	Amount Reclassified from Accumulated Other Comprehensive Income(a)
Details about Accumulated Other Comprehensive Income Components	Three Months Ended March 28, 2021		Three Months Ended March 29, 2020		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	$	278	$	—	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	22		(742)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(132)		—		Interest expense, net of capitalized interest

Amortization of pension and other postretirement plan actuarial losses(b)	(571)		(375)		Miscellaneous, net
Total before tax	(403)		(1,117)
Tax expense	167		93
Total reclassification for the period	$	(236)	$	(1,024)

(a) Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the results of operations.

(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 13. Pension and Other Postretirement Benefits.”

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 March 28, 2021, the Company had repurchased approximately 6.3 million shares under this program with a market value of approximately $113.4 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.