STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 26, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss during 2021 and 2020:

	2021
	Gains (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 year	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)
Other comprehensive income (loss)      before reclassifications	(55,541)		405		27,598		—		(27,538)
Amounts reclassified from accumulated      other comprehensive loss to net income	—		(1,594)		1,740		—		146
Currency translation	—		15		—		—		15
Net current year other comprehensive      income (loss)	(55,541)		(1,174)		29,338		—		(27,377)
Balance, end of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)

	2020
	Gains (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 year	$	(1,108)	$	(2,406)	$	(71,615)	$	—	$	(75,129)
Other comprehensive income (loss)      before reclassifications	83,890		3,823		(31,724)		55		56,044
Amounts reclassified from accumulated      other comprehensive loss to net income	—		(2,664)		1,128		(55)		(1,591)
Currency translation	—		56		—		—		56
Net current year other comprehensive      income (loss)	83,890		1,215		(30,596)		—		54,509
Balance, end of year	$	82,782	$	(1,191)	$	(102,211)	$	—	$	(20,620)

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2021		2020
	(In thousands)
Realized gain on settlement of foreign currency      derivatives classified as cash flow hedges	$	1,359	$	2,987	Net sales
Realized gain (loss) on settlement of foreign currency      derivatives classified as cash flow hedges	709		(114)		Cost of sales
Realized loss on settlement of interest rate swap      derivatives classified as cash flow hedges	(631)		(209)		Interest expense, net of capitalized interest
Realized gain on sale of securities	—		73		Interest income
Amortization of pension and other postretirement      plan actuarial losses(b)	(2,278)		(1,503)		Miscellaneous, net
Total before tax	(841)		1,234
Tax expense	695		357
Total reclassification for the period	$	(146)	$	1,591

(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 15. Pension and Other Postretirement Benefits.”

Preferred Stock

The Company has authorized 50,000,000 shares of $0.01 par value preferred stock, although no shares have been issued and no shares are outstanding.

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 purchase. As of December 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.