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Stockholders’ Deficit | 12 Months Ended
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Dec. 29, 2024
Equity [Abstract] |
Stockholders’ Deficit | 6. Stockholders’ Deficit Shares Authorized and Outstanding The Company has 100.0 million shares of common stock authorized as of December 29, 2024 and December 31, 2023, respectively. The Company’s outstanding shares of common stock, net of repurchased common stock held as treasury stock, were 32.6 million shares at December 29, 2024 and 32.5 million shares at December 31, 2023, respectively. Share Repurchase Program On October 28, 2021, our Board of Directors approved a share repurchase program with an indefinite duration for up to $425.0 million of the Company’s common stock. The following table summarizes our repurchase activity for the years ended December 29, 2024, December 31, 2023 and December 25, 2022, respectively:
(In thousands, except average price per share) Year Ended |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Aggregate Cost of Shares Purchased (a) |  | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
December 29, 2024 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 90,160 |
December 31, 2023 |  | 2,523 |  | $ | 83.10 |  |  | $ | 209,640 |  |  | $ | 90,160 |
December 25, 2022 |  | 1,343 |  | $ | 93.07 |  |  | $ | 125,000 |  |  | $ | 299,800 |
(a) Aggregate cost of shares purchased for year ended December 31, 2023 excludes $2.8 million of transaction costs directly attributable to share repurchases, including $2.1 million related to a 1% excise tax incurred under the Inflation Reduction Act of 2022. These excise taxes were paid during the year ended December 29, 2024 and are classified as a financing cash outflow within the Consolidated Statements of Cash Flows. We did not repurchase any shares subsequent to December 29, 2024. Approximately $90.2 million remained available under the Company’s share repurchase program as of February 21, 2025. The shares repurchased during the year ended December 31, 2023 included 2,176,928 shares repurchased on March 1, 2023 from certain funds affiliated with, or managed by, Starboard Value LP (collectively, “Starboard”), at a price of $82.52 per share, for aggregate consideration of $179.6 million. Starboard’s Chief Executive Officer is Jeffrey Smith, who previously served as the Company’s Chairman of the Board until his resignation on March 1, 2023. The timing and volume of share repurchases under the Company’s share repurchase programs may be executed at the discretion of management on an opportunistic basis, subject to market and business conditions, access to borrowings, regulatory requirements and other factors, or pursuant to trading plans or other arrangements. Repurchases under the programs may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deems appropriate. Repurchases under the Company’s share repurchase programs may be commenced or suspended from time to time at the Company’s discretion without prior notice. Funding for the share repurchase programs will be provided through our credit facility, operating cash flow, stock option exercises and cash and cash equivalents. Dividends on Common Stock The Company paid aggregate cash dividends of approximately $60.6 million ($1.84 per share), $58.5 million ($1.76 per share) and $54.8 million ($1.54 per share) to common stockholders for the years 2024, 2023 and 2022, respectively. On January 24, 2025, our Board of Directors declared a first quarter 2025 dividend of $0.46 per common share, representing a $15.2 million aggregate dividend that was paid on February 21, 2025 to stockholders of record as of the close of business on February 10, 2025. The declaration and payment of any future dividends will be at the discretion of our Board of Directors.

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