Stockholders' Equity

12 Months Ended

Dec. 27, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock.

There were 781,724 shares as of December 27, 2020, and 803,404 as of December 29, 2019, of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock.

The Adolph Ochs family trust holds approximately 95% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock.

In early 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A common stock. As of December 27, 2020, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. There have been no purchases under this authorization since 2016.

We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $100 per share. No shares of preferred stock were issued or outstanding as of December 27, 2020.

The following table summarizes the changes in AOCI by component as of December 27, 2020:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans		Net unrealized gain on Available-for-sale Securities		Total Accumulated Other Comprehensive Loss
Balance as of December 29, 2019	$	3,438	$	(498,986)	$	572	$	(494,976)
Other comprehensive income before reclassifications, before tax	6,763		129		3,497		10,389
Amounts reclassified from accumulated other comprehensive loss, before tax	—		105,531		—		105,531
Income tax expense	1,815		28,372		938		31,125
Net current-period other comprehensive income, net of tax	4,948		77,288		2,559		84,795
Balance as of December 27, 2020	$	8,386	$	(421,698)	$	3,131	$	(410,181)

The following table summarizes the reclassifications from AOCI for the period ended December 27, 2020:

(In thousands) Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss		Affected line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(6,119)	Other components of net periodic benefit costs
Amortization of actuarial loss(1)	31,009		Other components of net periodic benefit costs
Pension settlement charge	80,641		Other components of net periodic benefit costs
Total reclassification, before tax	105,531
Income tax expense	28,323		Income tax expense
Total reclassification, net of tax	$	77,208

(1)These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information.