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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 25, 2022
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Loss The following tables provide information regarding the changes in accumulated other comprehensive loss during 2022 and 2021:
| 2022
| Gains (Losses) Related to Foreign Currency Translation |  | Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges |  | Losses Related to Pension and Other Postretirement Benefits |  | Gains (Losses) on Available-for-Sale Securities |  | Total
| (In thousands)
Balance, beginning of year | $ | 27,241 |  |  | $ | (2,365) |  |  | $ | (72,873) |  |  | $ | — |  |  | $ | (47,997) |
Other comprehensive income (loss) before reclassifications | (297,066) |  |  | (1,718) |  |  | 6,383 |  |  | (1) |  |  | (292,402) |
Amounts reclassified from accumulated other comprehensive loss to net income | — |  |  | 4,118 |  |  | 1,043 |  |  | (13) |  |  | 5,148 |
Currency translation | — |  |  | (1,197) |  |  | — |  |  | — |  |  | (1,197) |
Net current year other comprehensive income (loss) | (297,066) |  |  | 1,203 |  |  | 7,426 |  |  | (14) |  |  | (288,451) |
Balance, end of year | $ | (269,825) |  |  | $ | (1,162) |  |  | $ | (65,447) |  |  | $ | (14) |  |  | $ | (336,448) |
| 2021
| Gains (Losses) Related to Foreign Currency Translation |  | Unrealized Losses on Derivative Financial Instruments Classified as Cash Flow Hedges |  | Losses Related to Pension and Other Postretirement Benefits |  | Unrealized Holding Gains on Available-for-Sale Securities |  | Total
| (In thousands)
Balance, beginning of year | $ | 82,782 |  |  | $ | (1,191) |  |  | $ | (102,211) |  |  | $ | — |  |  | $ | (20,620) |
Other comprehensive income (loss) before reclassifications | (55,541) |  |  | 405 |  |  | 27,598 |  |  | — |  |  | (27,538) |
Amounts reclassified from accumulated other comprehensive loss to net income | — |  |  | (1,594) |  |  | 1,740 |  |  | — |  |  | 146 |
Currency translation | — |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Net current year other comprehensive income (loss) | (55,541) |  |  | (1,174) |  |  | 29,338 |  |  | — |  |  | (27,377) |
Balance, end of year | $ | 27,241 |  |  | $ | (2,365) |  |  | $ | (72,873) |  |  | $ | — |  |  | $ | (47,997) |
Details about Accumulated Other Comprehensive Loss Components |  | Amount Reclassified from Accumulated Other Comprehensive Loss(a) |  | Affected Line Item in the Consolidated Statements of Income
| 2022 |  | 2021 |
|  | (In thousands) |  |
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedges |  | $ | (3,193) |  |  | $ | 1,359 |  |  | Net sales
Realized gain (loss) on settlement of foreign currency derivatives classified as cash flow hedge |  | (851) |  |  | 709 |  |  | Cost of sales
Realized loss on settlement of interest rate swap derivatives classified as cash flow hedges |  | (98) |  |  | (631) |  |  | Interest expense, net of capitalized interest
Realized gain on sale of securities |  | 17 |  |  | — |  |  | Interest income
Amortization of pension and other postretirement plan actuarial losses(b) |  | (1,381) |  |  | (2,278) |  |  | Miscellaneous, net
Total before tax |  | (5,506) |  |  | (841) |  |  |
Tax expense |  | 358 |  |  | 695 |  |  |
Total reclassification for the period |  | $ | (5,148) |  |  | $ | (146) |  |  |
(a)Positive amounts represent income to the results of operations while amounts in parentheses represent expenses to the results of operations. (b)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See “Note 15. Pension and Other Postretirement Benefits.” Preferred Stock The Company has authorized 50,000,000 shares of $0.01 par value preferred stock, although no shares have been issued and no shares are outstanding. Share Repurchase Program and Treasury Stock On October 31, 2018, the Company’s Board of Directors approved a $200.0 million share repurchase authorization. The Company repurchased shares through open market purchases. As of December 25, 2022, the Company repurchased approximately 6.3 million shares under this program with a market value of approximately $113.4 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock. This program expired on February 6, 2021. On March 8, 2022, the Company’s Board of Directors approved a $200.0 million share repurchase authorization. The Company repurchased shares through open market purchases. As of September 25, 2022, the Company repurchased approximately 7.5 million shares under this plan with a market value of approximately $199.6 million. The Company accounted for the shares repurchased using the cost method. The Company currently plans to maintain these shares as treasury stock. Restrictions on Dividends Both the U.S. Credit Facility and the indentures governing the Company’s senior notes restrict, but do not prohibit, the Company from declaring dividends. Additionally, the U.K. and Europe Revolver Facility prohibits MPH(E) and other Pilgrim’s entities located in the U.K. and Republic of Ireland to, among other things, make payments and distributions to the Company.

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