STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 26, 2023

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):

	Three Months Ended March 26, 2023
	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		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	(269,825)	$	(1,162)	$	(65,447)	$	(14)	$	(336,448)
Other comprehensive income before reclassifications	42,644		16		3,652		30		46,342
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	—		(64)		139		(13)		62
Currency translation	—		2		—		—		2
Net current period other comprehensive income (loss)	42,644		(46)		3,791		17		46,406
Balance, end of period	$	(227,181)	$	(1,208)	$	(61,656)	$	3	$	(290,042)

	Three Months Ended March 27, 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		Gains (Losses) on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	27,241	$	(2,365)	$	(72,873)	$	—	$	(47,997)
Other comprehensive income (loss) before reclassifications	(58,202)		523		6,479		—		(51,200)
Amounts reclassified from accumulated other comprehensive loss 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)

	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 26, 2023		Three Months Ended March 27, 2022		Affected Line Item in the Condensed Consolidated Statements of Income
	(In thousands)
Realized gains on settlement of foreign currency derivatives classified as cash flow hedges	$	120	$	32	Net sales
Realized losses on settlement of foreign currency derivatives classified as cash flow hedges	(56)		(91)		Cost of sales
Realized gain on sale of securities	18		—		Interest Income
Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges	—		(98)		Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)	(182)		(232)		Miscellaneous, net
Total before tax	(100)		(389)
Tax expense	38		99
Total reclassification for the period	$	(62)	$	(290)

(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.

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.