Note 8 – Stockholders’ Equity and Accumulated Other Comprehensive Loss

Seaboard has a share repurchase program in place that was approved by its Board of Directors and is in effect through October 31, 2019. As of September 30, 2017, the authorized amount of repurchases under the share repurchase program remained at $100 million. Seaboard did not repurchase any shares of common stock for the nine months ended September 30, 2017. Under this share repurchase program, Seaboard is authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may be above or below the traded market price. During the period that the share repurchase program remains in effect, from time to time, Seaboard may enter into a 10b5‑1 plan authorizing a third party to make such purchases on behalf of Seaboard. All stock repurchased will be made in compliance with applicable legal requirements and funded by cash on hand. The timing of the repurchases and the number of shares repurchased at any given time will depend upon market conditions, compliance with Securities and Exchange Commission regulations, and other factors. The Board of Directors’ stock repurchase authorization does not obligate Seaboard to acquire a specific amount of common stock, and the stock repurchase program may be suspended at any time at Seaboard’s discretion.

The changes in the components of other comprehensive income (loss), net of related taxes, are as follows:



	Three Months Ended				Nine Months Ended
	September 30,		October 1,		September 30,		October 1,
(Millions of dollars)	2017		2016		2017		2016
Foreign currency translation adjustment	$	(2)	$	(7)	$	(3)	$	(23)
Unrealized gain on investments		—		1		3		1
Unrecognized pension cost (1)		1		—		3		2
Other comprehensive income (loss), net of tax	$	(1)	$	(6)	$	3	$	(20)

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This primarily represents the amortization of actuarial losses that were included in net periodic pension cost and was recorded in operating income. See Note 6 to the condensed consolidated financial statements for further discussion.

The components of accumulated other comprehensive loss, net of related taxes, are as follows:



	September 30,		December 31,
(Millions of dollars)	2017		2016
Cumulative foreign currency translation adjustment	$	(258)	$	(254)
Unrealized gain on investments		6		2
Unrecognized pension cost		(49)		(52)
Total accumulated other comprehensive loss	$	(301)	$	(304)

The foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar segment. At September 30, 2017, the Sugar segment had $72 million in net assets denominated in Argentine pesos, and there were no net assets or liabilities denominated in U.S. dollars. Management cannot predict the volatility in the currency exchange rate.

At September 30, 2017 and October 1, 2016, income taxes for the cumulative foreign currency translation adjustment was recorded using a 35% effective tax rate except for $88 million and $87 million, respectively, related to certain subsidiaries for which no tax benefit was recorded. At September 30, 2017 and October 1, 2016, income taxes for all other components of accumulated other comprehensive loss were recorded using a 39% effective tax rate except for unrecognized pension cost of $18 million related to employees at certain subsidiaries for which no tax benefit was recorded.