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Preferred Stock | 12 Months Ended
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Dec. 26, 2015
Equity [Abstract] |
Preferred Stock | Preferred Stock As of December 26, 2015 and December 27, 2014, there were 3 million shares of convertible preferred stock authorized. The preferred stock was issued for an ESOP established by Quaker and these shares are redeemable for common stock by the ESOP participants. Quaker made the final award to its ESOP in June 2001. The preferred stock accrues dividends at an annual rate of $5.46 per share. As of December 26, 2015 and December 27, 2014, there were 803,953 preferred shares issued and 135,053 and 145,453 shares outstanding, respectively. The outstanding preferred shares had a fair value of $67 million as of December 26, 2015 and $70 million as of December 27, 2014. Each share is convertible at the option of the holder into 4.9625 shares of common stock. The preferred shares may be called by us upon written notice for redemption under certain conditions, including, among other things, upon termination of the ESOP in accordance with the ESOP’s terms, at the greater of $78 per share plus accrued and unpaid dividends or the fair market value of the preferred stock. Activities of our preferred stock are included in the Consolidated Statement of Equity.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References No definition available. + Details
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