STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 28, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss (“AOCL”)

The following tables provide information regarding the changes in AOCL during 2025 and 2024:

	2025
	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		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(337,243)	$	(2,007)	$	(31,028)	$	(22)	$	(370,300)
Other comprehensive income (loss) before reclassifications	324,025		(2,318)		(185)		(113)		321,409
Amounts reclassified from accumulated other comprehensive loss to net income	—		2,814		(1,275)		118		1,657
Currency translation	—		36		176		—		212
Net current year other comprehensive income (loss)	324,025		532		(1,284)		5		323,278
Balance, end of year	$	(13,218)	$	(1,475)	$	(32,312)	$	(17)	$	(47,022)

	2024
	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		Losses on Available-for-Sale Securities		Total
	(In thousands)
Balance, beginning of year	$	(114,850)	$	(1,914)	$	(59,714)	$	(5)	$	(176,483)
Other comprehensive income (loss) before reclassifications	(222,393)		1,767		12,062		45		(208,519)
Amounts reclassified from accumulated other comprehensive loss to net income	—		(1,849)		17,000		(62)		15,089
Currency translation	—		(11)		(376)		—		(387)
Net current year other comprehensive income (loss)	(222,393)		(93)		28,686		(17)		(193,817)
Balance, end of year	$	(337,243)	$	(2,007)	$	(31,028)	$	(22)	$	(370,300)

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss(a)				Affected Line Item in the Consolidated Statements of Income
	2025		2024
	(In thousands)
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges	$	(2,836)	$	1,367	Net sales
Realized gain on settlement of foreign currency derivatives classified as cash flow hedge	22		482		Cost of sales
Realized gain (loss) on sale of securities	(156)		82		Interest income
Realized gain (loss) on settlement of pension obligation from plan termination(b)	1,611		(21,714)		Miscellaneous, net
Amortization of pension and other postretirement plan actuarial losses(b)	79		(816)		Miscellaneous, net
Total before tax	(1,280)		(20,599)
Tax benefit (expense)	(377)		5,510
Total reclassification for the period	$	(1,657)	$	(15,089)

(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.

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, under certain triggering events, 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.

Special Cash Dividends

On March 13, 2025, the Company declared a special dividend of $6.30 per share, to stockholders of record as of April 3, 2025. On April 17, 2025, the Company paid that special dividend from retained earnings of approximately $1.5 billion. The Company used cash on hand to fund the special cash dividend.

On July 30, 2025, the Company declared a special dividend of $2.10 per share, to stockholders of record as of August 20, 2025. On September 3, 2025, the Company paid that special dividend from retained earnings of approximately $500.0 million. The Company used cash on hand to fund the special cash dividend.