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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 24, 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

      300   

Repurchase of common stock for treasury

      (81 ) 

Dividends paid on common stock

      (13 ) 

Other comprehensive income

      13   

Amortization of long-term incentive stock grants

      27   
  

 

 

  

Stockholders’ equity at September 24, 2016

    $ 1,849   
  

 

 

  

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

      14         (1 )       13   
  

 

 

     

 

 

     

 

 

  

Net other comprehensive income (loss)

      14         (1 )       13   
  

 

 

     

 

 

     

 

 

  

Balance at September 24, 2016

    $ 122       $ (79 )     $ 43   
  

 

 

     

 

 

     

 

 

  

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. In August 2016, the Board of Directors authorized increasing the share repurchase program to $250 million. 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 authorization extends to the end of 2018 and 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, in the third quarter 2016, the Company purchased approximately 16 million shares at a cost of $55 million. In year-to-date 2016, the Company purchased approximately 23 million shares at a cost of $81 million. As of September 24, 2016, $169 million remains available for repurchase under the current authorization. Refer to Item 2 Unregistered Sales of Equity Securities and Use of Proceeds for more information.

Dividends on Common Stock

In August 2016, the Board of Directors declared a cash dividend of $0.025 per share on its common stock. The total per share dividend of $0.025 was paid in September 2016 to shareholders of record at the close of business on August 25, 2016, resulting in a total cash payment of $13 million. Dividends have been recorded as a reduction to additional paid-in capital as the Company is in an accumulated deficit position.