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 Translation | | Losses on Derivative Financial Instruments Classified as Cash Flow Hedges | | Losses Related to Pension and Other Postretirement Benefits | | Gains (Losses) on Available-for-Sale Securities | | Total | | (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 Translation | | Losses on Derivative Financial Instruments Classified as Cash Flow Hedges | | Losses Related to Pension and Other Postretirement Benefits | | Gains (Losses) on Available-for-Sale Securities | | Total | | (In thousands) | Balance, beginning of period | $ | 82,782 | | | $ | (1,191) | | | $ | (102,211) | | | $ | — | | | $ | (20,620) | | | | | | | | | | | | Other comprehensive income before reclassifications | 13,135 | | | 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 income | 13,135 | | | (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 Components | | Nine Months Ended September 25, 2022 | | Nine Months Ended September 26, 2021 | | Affected 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 expense | | 249 | | | 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.
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