STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

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

	Six Months Ended June 30, 2024
	Losses Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of period	$	(114,850)	$	(1,914)	$	(59,714)	$	(5)	$	(176,483)
Other comprehensive income (loss) before reclassifications	(114,136)		2,000		5,692		115		(106,329)
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	—		(2,061)		261		(177)		(1,977)
Currency translation	—		7		392		—		399
Net current period other comprehensive income (loss)	(114,136)		(54)		6,345		(62)		(107,907)
Balance, end of period	$	(228,986)	$	(1,968)	$	(53,369)	$	(67)	$	(284,390)

	Six Months Ended June 25, 2023
	Losses Related to Foreign Currency Translation		Losses on Derivative Financial Instruments Classified as Cash Flow Hedges		Losses Related to Pension and Other Postretirement Benefits		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 (loss) before reclassifications	143,925		(1,648)		7,207		(41)		149,443
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	—		(349)		342		22		15
Currency translation	—		(11)		(341)		—		(352)
Net current period other comprehensive income (loss)	143,925		(2,008)		7,208		(19)		149,106
Balance, end of period	$	(125,900)	$	(3,170)	$	(58,239)	$	(33)	$	(187,342)

	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Six Months Ended June 30, 2024		Six Months Ended June 25, 2023		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	$	1,956	$	335	Net sales
Realized gains on settlement of foreign currency derivatives classified as cash flow hedges	105		14		Cost of sales
Realized gains (losses) on sale of securities	234		(29)		Interest income
Amortization of pension and other postretirement plan actuarial losses(b)	(344)		(448)		Miscellaneous, net
Total before tax	1,951		(128)
Tax benefit	26		113
Total reclassification for the period	$	1,977	$	(15)

(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

The U.S. Credit Facility and the indentures governing the Company’s senior notes may restrict the Company from declaring dividends. Additionally, the Europe Credit Facility may restrict 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.