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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 28, 2020
Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 9. STOCKHOLDERS’ EQUITY Accumulated other comprehensive loss activity, net of tax, where applicable, is provided in the following table:
|  | Foreign |  |  | Change in |  |  |  |  |
|  | Currency |  |  | Deferred |  |  |  |  |
|  | Translation |  |  | Pension and |  |  |  |  |
(In millions) |  | Adjustments |  |  | Other |  |  | Total |
Balance at December 28, 2019 |  | $ | (29 | ) |  | $ | (37 | ) |  | $ | (66 | )
Other comprehensive loss activity |  |  | (41 | ) |  |  | (1 | ) |  |  | (42 | )
Balance at March 28, 2020 |  | $ | (70 | ) |  | $ | (38 | ) |  | $ | (108 | )
TREASURY STOCK In November 2018, the Board of Directors approved a stock repurchase program of up to $100 million of its common stock effective January 1, 2019, which extends until the end of 2020 and may be suspended or discontinued at any time. In November 2019, the Board of Directors approved an increase in the authorization of the existing stock repurchase program of up to $200 million and extended the program through the end of 2021. The current authorization includes the remaining authorized amount under the existing stock repurchase program. The exact timing of share repurchases will depend on market conditions and other factors, and will be funded through available cash balances. Under the stock repurchase program, the Company purchased approximately 13 million shares of its common stock at a cost of $30 million in the first quarter of 2020. As of March 28, 2020, approximately $131 million remains available for stock repurchases under the current stock repurchase authorization. At March 28, 2020, there were 98 million common shares held in treasury. The Company’s Term Loan Credit Agreement and Amended Credit Facility included certain covenants on restricted payments such as common stock repurchases, based on the Company’s liquidity and borrowing availability. The Company’s ability to repurchase its common stock was also subject to certain restrictions under the Term Loan Credit Agreement prior to its termination in the second quarter of 2020. Refer to Note 8 for additional information about the termination of the Term Loan Credit Agreement. DIVIDENDS ON COMMON STOCK In the first quarter of 2020, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $0.025 per share on its common stock, resulting in total cash payments of $13 million. Dividends have been recorded as a reduction to additional paid-in capital as the Company is in an accumulated deficit position. Payment of dividends is permitted under the Company’s Amended Credit Agreement provided that the Company has the required minimum liquidity or fixed charge coverage ratio, but may be limited if the Company does not meet the necessary requirements. Additionally, under the Company’s Term Loan Credit Agreement, payment of dividends was permitted subject to compliance with an annual limit, prior to its termination in the second quarter of 2020. Refer to Note 8 for additional information about the termination of the Term Loan Credit Agreement.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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