Note 8 – Stockholders’ Equity and Accumulated Other Comprehensive Loss

In October 2017, the Board of Directors extended through October 31, 2019 the share repurchase program initially established in November 2009. 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. As of March 30, 2019, $82 million remained available for repurchase under this program. Seaboard repurchased 3,396 shares of common stock at a total price of $13 million during the three months ended March 30, 2019.

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



	Three Months Ended
	March 30,		March 31,
(Millions of dollars)	2019		2018
Foreign currency translation adjustment	$	(2)	$	(10)
Unrecognized pension cost		3		1
Other comprehensive loss, net of tax	$	1	$	(9)

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



	March 30,		December 31,
(Millions of dollars)	2019		2018
Cumulative foreign currency translation adjustment	$	(351)	$	(349)
Unrecognized pension cost		(58)		(61)
Total accumulated other comprehensive loss	$	(409)	$	(410)

The foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar and Alcohol segment. However, effective in the third quarter of 2018, the Sugar and Alcohol segment’s functional currency changed from the Argentine peso to the U.S. dollar due to highly inflationary accounting. For the three months ended March 30, 2019, less than $1 million of income taxes for foreign currency translation was recorded because substantially all of the cumulative foreign currency translation adjustment related to foreign subsidiaries for which no tax benefit was recorded.

As of March 30, 2019 and March 31, 2018, income taxes for the cumulative unrecognized pension cost were recorded using a 26% effective tax rate except for unrecognized pension cost of $21 million related to employees at certain subsidiaries for which no tax benefit was recorded.