STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 29, 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:

	Nine Months Ended September 29, 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		Gains (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	(4,124)		4,301		7,136		82		7,395
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	—		(2,700)		8,627		(62)		5,865
Currency translation	—		20		(387)		—		(367)
Net current period other comprehensive income (loss)	(4,124)		1,621		15,376		20		12,893
Balance, end of period	$	(118,974)	$	(293)	$	(44,338)	$	15	$	(163,590)

	Nine Months Ended September 24, 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	39,269		(302)		5,282		(126)		44,123
Amounts reclassified from accumulated other comprehensive loss (gain) to net income	—		(216)		541		127		452
Currency translation	—		27		(364)		—		(337)
Net current period other comprehensive income (loss)	39,269		(491)		5,459		1		44,238
Balance, end of period	$	(230,556)	$	(1,653)	$	(59,988)	$	(13)	$	(292,210)

	Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss Components	Nine Months Ended September 29, 2024		Nine Months Ended September 24, 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	$	2,255	$	440	Net sales
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges	445		(224)		Cost of sales
Realized gains (losses) on sale of securities	82		(168)		Interest income
Realized loss on settlement of pension obligation from plan termination(b)	(10,774)		—		Miscellaneous, net
Amortization of pension and other postretirement plan actuarial losses(b)	(607)		(714)		Miscellaneous, net
Total before tax	(8,599)		(666)
Tax benefit	2,734		214
Total reclassification for the period	$	(5,865)	$	(452)

(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 have currently no restrictions on dividends. Under certain triggering events, the U.S. Credit Facility may limit the Company’s ability to declare and pay 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.