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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 27, 2015
Equity [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY
 Accumulated Other Comprehensive Loss
     The following tables provide information regarding the changes in accumulated other comprehensive loss during 2015 and 2014:
 
2015(a)
 
2014(a)
 
Losses Related to Pension and Other Postretirement Benefits
 
Unrealized Holding Gains on Available-for-Sale Securities
 
Total
 
Losses Related to Pension and Other Postretirement Benefits
 
Unrealized Holding Gains on Available-for-Sale Securities
 
Total
 
(In thousands)
 
 
 
 
Balance, beginning of year
$
(62,572
)
 
$
31

 
$
(62,541
)
 
$
(45,797
)
 
$
62

 
$
(45,735
)
Other comprehensive income (loss)
before reclassifications
4,004

 
(260
)
 
3,744

 
(16,810
)
 
319

 
(16,491
)
Amounts reclassified from
     accumulated other comprehensive
     loss to net income
(429
)
 
296

 
(133
)
 
35

 
(350
)
 
(315
)
Net current year other
     comprehensive income (loss)
3,575

 
36

 
3,611

 
(16,775
)
 
(31
)
 
(16,806
)
Balance, end of year
$
(58,997
)
 
$
67

 
$
(58,930
)
 
$
(62,572
)
 
$
31

 
$
(62,541
)
(a)
All amounts are net of tax. Amounts in parentheses indicate debits.
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss(a)
 
Affected Line Item in the Consolidated Statements of Operations
 
2015
 
2014
 
 
 
(In thousands)
 
 
Realized gain on sale of securities
 
$
476

 
$
562

 
Interest income
Amortization of pension and other
postretirement plan actuarial losses:
 
 
 
 
 
 
Union employees pension plan(b)
 
—

 
—

(d) 
Cost of goods sold
Legacy Gold Kist plans(c)
 
(215
)
 
(19
)
(d) 
Cost of goods sold
Legacy Gold Kist plans(c)
 
(474
)
 
(37
)
(d) 
Selling, general and administrative expense
Total before tax
 
(213
)
 
506

 
 
Tax benefit (expense)
 
80

 
(191
)
 
 
Total reclassification for the period
 
$
(133
)
 
$
315

 
 
(a)
Amounts in parentheses represent debits to results of operations.
(b)
The Company sponsors the Union Plan, a qualified defined benefit pension plan covering certain locations or work groups with collective bargaining agreements.
(c)
The Company sponsors the GK Pension Plan, a qualified defined benefit pension plan covering certain eligible U.S. employees who were employed at locations that the Company purchased through its acquisition of Gold Kist in 2007, the SERP Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist executives, the Directors’ Emeriti Plan, a nonqualified defined benefit retirement plan covering certain former Gold Kist directors and the Retiree Life Plan, a defined benefit postretirement life insurance plan covering certain retired Gold Kist employees (collectively, the “Legacy Gold Kist Plans”).
(d)
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 13. Pension and Other Postretirement Benefits” to the Consolidated Financial Statements.
Share Repurchase Program and Treasury Stock
On July 28, 2015, the Company's Board of Directors approved a $150.0 million share repurchase authorization. The Company plans to repurchase shares through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs. The share repurchase program was originally scheduled to expire on July 27, 2016. On February 10, 2016, the Company's Board of Directors approved an increase of the share repurchase authorization to $300.0 million and an extension of the expiration to February 9, 2017. The extent to which the Company repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the Company’s management team. The Company reserves the right to limit or terminate the repurchase program at any time without notice. As of December 27, 2015, the Company had repurchased 4,861,859 shares under this program with a market value of approximately $99.2 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.
Special Cash Dividend
On February 17, 2015, the Company paid a special cash dividend from retained earnings of approximately $1.5 billion, or $5.77 per share, to stockholders of record as of January 30, 2015. The Company used proceeds from the U.S. Credit Facility, along with cash on hand, to fund the special cash dividend.