STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 26, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

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

	Six Months Ended June 26, 2022
	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	(257,530)		(343)		12,144		(245,729)
Amounts reclassified from accumulated other comprehensive loss to net income	—		1,295		436		1,731
Currency translation	—		20		—		20
Net current period other comprehensive income (loss)	(257,530)		972		12,580		(243,978)
Balance, end of period	$	(230,289)	$	(1,393)	$	(60,293)	$	(291,975)

	Six Months Ended June 27, 2021
	Gains 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	$	82,782	$	(1,191)	$	(102,211)	$	(20,620)
Other comprehensive income before reclassifications	49,138		2,214		29,185		80,537
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,320)		730		(590)
Currency translation	—		27		—		27
Net current period other comprehensive income	49,138		921		29,915		79,974
Balance, end of period	$	131,920	$	(270)	$	(72,296)	$	59,354

	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Income Components	Six Months Ended June 26, 2022		Six Months Ended June 27, 2021		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	$	(933)	$	1,282	Net sales
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	(288)		255		Cost of sales
Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges	(98)		(289)		Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)	(577)		(955)		Miscellaneous, net
Total before tax	(1,896)		293
Tax expense	165		297
Total reclassification for the period	$	(1,731)	$	590

(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 June 26, 2022, the Company repurchased approximately 4.6 million shares under this plan with a market value of approximately $120.0 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.