STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 25, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

The following tables provide information regarding the changes in accumulated other comprehensive loss during 2022 and 2021:

	2022
	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		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)
Other comprehensive income (loss) before reclassifications	(297,066)		(1,718)		6,383		(1)		(292,402)
Amounts reclassified from accumulated other comprehensive loss to net income	—		4,118		1,043		(13)		5,148
Currency translation	—		(1,197)		—		—		(1,197)
Net current year other comprehensive income (loss)	(297,066)		1,203		7,426		(14)		(288,451)
Balance, end of year	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)

	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)

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2022		2021
	(In thousands)
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	$	(3,193)	$	1,359	Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedge	(851)		709		Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges	(98)		(631)		Interest expense, net of capitalized interest
Realized gain on sale of securities	17		—		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(1,381)		(2,278)		Miscellaneous, net
Total before tax	(5,506)		(841)
Tax expense	358		695
Total reclassification for the period	$	(5,148)	$	(146)

(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 purchases. As of December 25, 2022, 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 6, 2021.

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 September 25, 2022, the Company repurchased approximately 7.5 million shares under this plan with a market value of approximately $199.6 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 U.K. and Europe Revolver Facility prohibits MPH(E) and other Pilgrim’s entities located in the U.K. and Republic of Ireland to, among other things, make payments and distributions to the Company.