XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 25, 2016
STOCKHOLDERS' EQUITY

NOTE 6. STOCKHOLDERS’ EQUITY

The following table reflects the changes in stockholders’ equity.

 

(In millions)

       

Stockholders’ equity at December 26, 2015

    $ 1,603   

Net income

      256   

Repurchase of common stock for treasury

      (26 ) 

Other comprehensive income

      11   

Amortization of long-term incentive stock grants

      16   
  

 

 

  

Stockholders’ equity at June 25, 2016

    $ 1,860   
  

 

 

  

Accumulated other comprehensive income (loss) activity, net of tax, where applicable, is provided in the following table:

 

(In millions)    Foreign
Currency
Translation
Adjustments		      Change in
Deferred
Pension and
Other		      Total  

Balance at December 26, 2015

    $ 108       $ (78 )     $ 30   

Other comprehensive income (loss) activity before reclassifications

      12         (1 )       11   
  

 

 

     

 

 

     

 

 

  

Net other comprehensive income (loss)

      12         (1 )       11   
  

 

 

     

 

 

     

 

 

  

Balance at June 25, 2016

    $ 120       $ (79 )     $ 41   
  

 

 

     

 

 

     

 

 

  

As a result of valuation allowances in the U.S. and several international taxing jurisdictions, items other than deferred pension amounts generally have little or no tax impact. The component balances are net of immaterial tax impacts, where applicable.

Treasury Stock

In May 2016, the Company’s Board of Directors authorized a stock repurchase program of up to $100 million of its outstanding common stock. The stock repurchase authorization permits the Company to repurchase stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions. The program, which extends for a period of 12 months, may be suspended or discontinued at any time. The exact number and timing of share repurchases will depend on market conditions and other factors, and will be funded through existing liquidity.

Under the stock repurchase program, the Company purchased approximately 7 million shares at a cost of $26 million in the second quarter of 2016. As of June 25, 2016, $74 million remains available for repurchase under the current authorization.