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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 24, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Loss The following tables provide information regarding the changes in accumulated other comprehensive loss:
| Nine Months Ended September 24, 2023
| Losses Related to Foreign Currency Translation |  | Losses on Derivative Financial Instruments Classified as Cash Flow Hedges |  | Losses Related to Pension and Other Postretirement Benefits |  | Losses on Available-for-Sale Securities |  | Total
| (In thousands)
Balance, beginning of period | $ | (269,825) |  |  | $ | (1,162) |  |  | $ | (65,447) |  |  | $ | (14) |  |  | $ | (336,448) |
Other comprehensive income (loss) before reclassifications | 39,269 |  |  | (302) |  |  | 5,282 |  |  | (126) |  |  | 44,123 |
Amounts reclassified from accumulated other comprehensive loss to net income | — |  |  | (216) |  |  | 541 |  |  | 127 |  |  | 452 |
Currency translation | — |  |  | 27 |  |  | (364) |  |  | — |  |  | (337) |
Net current period other comprehensive income (loss) | 39,269 |  |  | (491) |  |  | 5,459 |  |  | 1 |  |  | 44,238 |
Balance, end of period | $ | (230,556) |  |  | $ | (1,653) |  |  | $ | (59,988) |  |  | $ | (13) |  |  | $ | (292,210) |
| Nine Months Ended September 25, 2022
| Gains (Losses) Related to Foreign Currency Translation |  | Losses on Derivative Financial Instruments Classified as Cash Flow Hedges |  | Losses Related to Pension and Other Postretirement Benefits |  | Losses on Available-for-Sale Securities |  | Total
| (In thousands)
Balance, beginning of period | $ | 27,241 |  |  | $ | (2,365) |  |  | $ | (72,873) |  |  | $ | — |  |  | $ | (47,997) |
Other comprehensive income (loss) before reclassifications | (572,130) |  |  | (2,317) |  |  | 14,061 |  |  | (21) |  |  | (560,407) |
Amounts reclassified from accumulated other comprehensive loss to net income | — |  |  | 2,637 |  |  | 698 |  |  | — |  |  | 3,335 |
Currency translation | — |  |  | 75 |  |  | — |  |  | — |  |  | 75 |
Net current period other comprehensive income (loss) | (572,130) |  |  | 395 |  |  | 14,759 |  |  | (21) |  |  | (556,997) |
Balance, end of period | $ | (544,889) |  |  | $ | (1,970) |  |  | $ | (58,114) |  |  | $ | (21) |  |  | $ | (604,994) |
| Amount Reclassified from Accumulated Other Comprehensive Loss(a) |  |
Details about Accumulated Other Comprehensive Loss Components | Nine Months Ended September 24, 2023 |  | Nine Months Ended September 25, 2022 |  | Affected Line Item in the Condensed Consolidated Statements of Income
| (In thousands) |  |
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges | $ | 440 |  |  | $ | (2,001) |  |  | Net sales
Realized losses on settlement of foreign currency derivatives classified as cash flow hedges | (224) |  |  | (562) |  |  | Cost of sales
Realized losses on sale of securities | (168) |  |  | — |  |  | Interest income
Realized losses on settlement of interest rate swap derivatives classified as cash flow hedges | — |  |  | (98) |  |  | Interest expense, net of capitalized interest
Amortization of pension and other postretirement plan actuarial losses(b) | (714) |  |  | (923) |  |  | Miscellaneous, net
Total before tax | (666) |  |  | (3,584) |  |  |
Tax benefit | 214 |  |  | 249 |  |  |
Total reclassification for the period | $ | (452) |  |  | $ | (3,335) |  |  |
(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 14. 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. Restrictions on Dividends The 2021 U.S. Credit Facility, the RCF 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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