Equity

12 Months Ended

Dec. 28, 2013

Equity [Abstract]

Equity

Note 6 –Equity

The Company’s Board of Directors has extended, until October 2014, its authorization to repurchase up to ten million shares of the Company’s common stock through open market transactions or through privately negotiated transactions.  The Company has no obligation to purchase any shares and may cancel, suspend, or extend the time period for the purchase of shares at any time.  Any purchases will be funded primarily through existing cash and cash from operations.  The Company may hold any shares purchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes.  From its initial authorization in 1999 through December 28, 2013, the Company had repurchased approximately 2.4 million shares under this authorization.

The Company entered into an agreement with Leucadia pursuant to which the Company repurchased from Leucadia 10.4 million shares of the Company’s common stock on September 24, 2012 at a total cost of $427.3 million. The Company’s repurchase transaction with Leucadia was completed outside of the repurchase authorization previously approved by the Board of Directors.

During the first quarter of 2013, the Company adopted ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated OCI by component. In addition, an entity is required to present significant amounts reclassified out of accumulated OCI by the respective line items of net income.

Changes in accumulated OCI by component, net of taxes and noncontrolling interest, were as follows:

(In thousands)	Cumulative Translation Adjustment			Unrealized (Losses)/ Gains on Derivatives			Minimum Pension/OPEB Liability Adjustment			Unrealized Gains on Equity Investments		Total
December 29, 2012	$	(3,032	)	$	(167	)	$	(39,527	)	$	103	$	(42,623	)
Other comprehensive income before reclassifications		2,570			(2,102	)		24,851			152		25,471
Amounts reclassified from accumulated OCI		—			3,815			2,518			—		6,333
Net current-period other comprehensive income		2,570			1,713			27,369			152		31,804
December 28, 2013	$	(462	)	$	1,546		$	(12,158	)	$	255	$	(10,819	)

Reclassification adjustments out of accumulated OCI were as follows:

	Amount reclassified from Accumulated OCI
(In thousands)	For the Year Ended December 28, 2013			Affected Line Item
Unrealized losses on derivatives:
Closed positions, commodity contracts	$	5,672		Cost of goods sold
		(1,857	)	Income tax expense
		3,815		Net of tax
		—		Noncontrolling interest
	$	3,815		Net of tax and noncontrolling interest
Amortization of employee benefit items:
Amortization of net loss	$	3,844		Selling, general, and administrative expense
		(1,326	)	Income tax expense
		2,518		Net of tax
		—		Noncontrolling interest
	$	2,518		Net of tax and noncontrolling interest

The change in cumulative foreign currency translation adjustment primarily relates to the Company’s investment in foreign subsidiaries and fluctuations in exchange rates between their local currencies and the U.S. dollar.  During 2013, the value of the Mexican peso decreased approximately one percent and the British pound increased two percent relative to the U.S. dollar, respectively.