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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 29, 2024
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following tables provide information regarding the changes in accumulated other comprehensive loss:
| Nine Months Ended September 29, 2024
| Losses Related to Foreign Currency Translation |  | 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 period | $ | (114,850) |  |  | $ | (1,914) |  |  | $ | (59,714) |  |  | $ | (5) |  |  | $ | (176,483) |
Other comprehensive income (loss) before reclassifications | (4,124) |  |  | 4,301 |  |  | 7,136 |  |  | 82 |  |  | 7,395 |
Amounts reclassified from accumulated other comprehensive loss (gain) to net income | — |  |  | (2,700) |  |  | 8,627 |  |  | (62) |  |  | 5,865 |
Currency translation | — |  |  | 20 |  |  | (387) |  |  | — |  |  | (367) |
Net current period other comprehensive income (loss) | (4,124) |  |  | 1,621 |  |  | 15,376 |  |  | 20 |  |  | 12,893 |
Balance, end of period | $ | (118,974) |  |  | $ | (293) |  |  | $ | (44,338) |  |  | $ | 15 |  |  | $ | (163,590) |
| 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 (gain) 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) |
| Amount Reclassified from Accumulated Other Comprehensive Loss(a) |  |
Details about Accumulated Other Comprehensive Loss Components | Nine Months Ended September 29, 2024 |  | Nine Months Ended September 24, 2023 |  | Affected Line Item in the Condensed Consolidated Statements of Income
| (In thousands) |  |
Realized gains on settlement of foreign currency derivatives classified as cash flow hedges | $ | 2,255 |  |  | $ | 440 |  |  | Net sales
Realized gains (losses) on settlement of foreign currency derivatives classified as cash flow hedges | 445 |  |  | (224) |  |  | Cost of sales
Realized gains (losses) on sale of securities | 82 |  |  | (168) |  |  | Interest income
Realized loss on settlement of pension obligation from plan termination(b) | (10,774) |  |  | — |  |  | Miscellaneous, net
Amortization of pension and other postretirement plan actuarial losses(b) | (607) |  |  | (714) |  |  | Miscellaneous, net
Total before tax | (8,599) |  |  | (666) |  |  |
Tax benefit | 2,734 |  |  | 214 |  |  |
Total reclassification for the period | $ | (5,865) |  |  | $ | (452) |  |  |
(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 U.S. Credit Facility and the indentures governing the Company’s senior notes have currently no restrictions on dividends. Under certain triggering events, the U.S. Credit Facility may limit the Company’s ability to declare and pay dividends. Additionally, the Europe Credit Facility may restrict 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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