XML 32 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 25, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS EQUITY
Accumulated Other Comprehensive Income (Loss)
The following tables provide information regarding the changes in accumulated other comprehensive income (loss):
Nine Months Ended September 25, 2022
Gains (Losses) Related to Foreign Currency TranslationLosses on Derivative Financial Instruments Classified as Cash Flow HedgesLosses Related to Pension and Other Postretirement BenefitsGains (Losses) on Available-for-Sale SecuritiesTotal
(In thousands)
Balance, beginning of period$27,241 $(2,365)$(72,873)$— $(47,997)
Other comprehensive income (loss) before reclassifications(572,130)(2,317)14,061 (21)(560,407)
Amounts reclassified from accumulated other comprehensive loss to net income— 2,637 698 — 3,335 
Currency translation— 75 — — 75 
Net current period other comprehensive income (loss)(572,130)395 14,759 (21)(556,997)
Balance, end of period$(544,889)$(1,970)$(58,114)$(21)$(604,994)
Nine Months Ended September 26, 2021
Gains Related to Foreign Currency TranslationLosses on Derivative Financial Instruments Classified as Cash Flow HedgesLosses Related to Pension and Other Postretirement BenefitsGains (Losses) on Available-for-Sale SecuritiesTotal
(In thousands)
Balance, beginning of period$82,782 $(1,191)$(102,211)$— $(20,620)
Other comprehensive income before reclassifications13,135 1,204 23,524 — 37,863 
Amounts reclassified from accumulated other comprehensive loss to net income— (1,261)1,200 — (61)
Currency translation— 16 — — 16 
Net current period other comprehensive income13,135 (41)24,724 — 37,818 
Balance, end of period$95,917 $(1,232)$(77,487)$— $17,198 
    
Amount Reclassified from Accumulated Other Comprehensive Loss(a)
Details about Accumulated Other Comprehensive Loss ComponentsNine Months Ended September 25, 2022Nine Months Ended September 26, 2021Affected Line Item in the Condensed Consolidated Statements of Income
(In thousands)
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges$(2,001)$746 Net sales
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges(562)860 Cost of sales
Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges(98)(460)Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b)
(923)(1,568)Miscellaneous, net
Total before tax(3,584)(422)
Tax expense249 483 
Total reclassification for the period$(3,335)$61 
(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.
Share Repurchase Plan and Treasury Stock
On March 8, 2022, the Company’s Board of Directors approved a $200.0 million share repurchase authorization. The Company repurchased shares through open market purchases. As of September 25, 2022, the Company repurchased approximately 7.5 million shares under this plan with a market value of approximately $199.6 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock.
Restrictions on Dividends
Both the U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, the U.K. and Europe Revolver Facility prohibits 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.