Stockholders' Equity

12 Months Ended

Dec. 26, 2021

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.

As of December 26, 2021, and December 27, 2020, there were 781,724 shares 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 February 2022, the Board of Directors approved a $150 million Class A stock repurchase program that replaced the previous program, which was approved in 2015. The new authorization provides that Class A shares may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares primarily to offset the impact of dilution from our equity compensation program, but subject to market conditions and other factors, we may also make opportunistic repurchases to reduce share count. There is no expiration date with respect to this authorization.

As of December 26, 2021, repurchases under the previous program totaled $84.9 million (excluding commissions) and $16.2 million remained. There were no repurchases under that program between February 2016 and February 2022, when the program was replaced.

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 26, 2021.

The following table summarizes the changes in AOCI by component as of December 26, 2021:

(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 27, 2020	$	8,386	$	(421,698)	$	3,131	$	(410,181)
Other comprehensive (loss)/income before reclassifications, before tax	(6,328)		23,331		(6,025)		10,978
Amounts reclassified from accumulated other comprehensive loss, before tax	—		25,919		—		25,919
Income tax (benefit)/expense	(1,696)		13,232		(1,618)		9,918
Net current-period other comprehensive (loss)/income, net of tax	(4,632)		36,018		(4,407)		26,979
Balance as of December 26, 2021	$	3,754	$	(385,680)	$	(1,276)	$	(383,202)

The following table summarizes the reclassifications from AOCI for the period ended December 26, 2021:

(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)	$	(4,988)	Other components of net periodic benefit costs
Amortization of actuarial loss(1)	30,907		Other components of net periodic benefit costs
Pension settlement charge	—		Other components of net periodic benefit costs
Total reclassification, before tax	25,919
Income tax expense	6,964		Income tax expense
Total reclassification, net of tax	$	18,955

(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.