STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 27, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

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

	Three Months Ended March 27, 2022(a)
	Gains (Losses) Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Total
	(In thousands)
Balance, beginning of period	$	27,241	$	(2,365)	$	(72,873)	$	(47,997)
Other comprehensive income before reclassifications	(58,202)		523		6,479		(51,200)
Amounts reclassified from accumulated other comprehensive income to net income	—		115		175		290
Currency translation	—		5		—		5
Net current period other comprehensive income (loss)	(58,202)		643		6,654		(50,905)
Balance, end of period	$	(30,961)	$	(1,722)	$	(66,219)	$	(98,902)

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

	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		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 loss 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.

	Amount Reclassified from Accumulated Other Comprehensive Income(a)
Details about Accumulated Other Comprehensive Income Components	Three Months Ended March 27, 2022		Three Months Ended March 28, 2021		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	$	32	$	278	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	(91)		22		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(98)		(132)		Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)	(232)		(571)		Miscellaneous, net
Total before tax	(389)		(403)
Tax expense	99		167
Total reclassification for the period	$	(290)	$	(236)

(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 14. 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 Plan and Treasury Stock

On March 8, 2022, the Company’s Board of Directors approved a $200.0 million share repurchase authorization. The Company repurchased shares through open market purchases. As of March 27, 2022, the Company repurchased approximately 1.2 million shares under this plan with a market value of approximately $27.0 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 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.