STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 26, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

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

	Nine Months Ended September 26, 2021(a)
	Gains Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Gains (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	13,135		1,204		23,524		—		37,863
Amounts reclassified from accumulated other comprehensive income to net income	—		(1,261)		1,200		—		(61)
Currency translation	—		16		—		—		16
Net current period other comprehensive income	13,135		(41)		24,724		—		37,818
Balance, end of period	$	95,917	$	(1,232)	$	(77,487)	$	—	$	17,198

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

	Nine Months Ended September 27, 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		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)

(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	Nine Months Ended September 26, 2021		Nine Months Ended September 27, 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	$	746	$	1,452	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	860		(314)		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(460)		(99)		Interest expense, net of capitalized interest
Realized gain on sale of securities	—		18		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,568)		(1,127)		Miscellaneous, net
Total before tax	(422)		(70)
Tax expense	483		277
Total reclassification for the period	$	61	$	207

(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 repurchased shares through open market purchases. As of September 26, 2021, the Company 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. This program expired on February 16, 2021.

Restrictions on Dividends

Both the Fifth U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, Moy Park’s Bank of Ireland 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.