Stockholders' Equity and Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 27, 2020

Stockholders' Equity and Accumulated Other Comprehensive Loss

Stockholders' Equity and Accumulated Other Comprehensive Loss

Note 7 – Stockholders’ Equity and Accumulated Other Comprehensive Loss

In October 2019, the Board of Directors extended through October 31, 2020 Seaboard’s share repurchase program. 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, 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 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 June 27, 2020, $65 million remained available for repurchase under this program. Seaboard repurchased 0 shares and 4,069 shares of common stock during the three and six months ended June 27, 2020, respectively.

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

	Three Months Ended				Six Months Ended
	June 27,		June 29,		June 27,		June 29,
(Millions of dollars)	2020		2019		2020		2019
Foreign currency translation adjustment	$	(19)	$	(9)	$	(16)	$	(11)
Unrecognized pension cost (a)		—		3		2		6
Other comprehensive loss, net of tax	$	(19)	$	(6)	$	(14)	$	(5)

(a)

Primarily represents amounts reclassified from accumulated other comprehensive loss to net periodic pension cost representing the amortization of actuarial losses (gains) and other adjustments.

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

	June 27,		December 31,
(Millions of dollars)	2020		2019
Cumulative foreign currency translation adjustment	$	(385)	$	(369)
Cumulative unrecognized pension cost		(69)		(71)
Total accumulated other comprehensive loss	$	(454)	$	(440)