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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 26, 2021
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 26, 2020 |  | $ | (27 | ) |  | $ | (5 | ) |  | $ | (32 | )
Other comprehensive income activity |  |  | 9 |  |  |  | 1 |  |  |  | 10 |
Balance at June 26, 2021 |  | $ | (18 | ) |  | $ | (4 | ) |  | $ | (22 | )
TREASURY STOCK In May 2021, the Board of Directors approved a new stock repurchase program of up to $300 million, available through June 30, 2022, which replaced the Company’s then existing $200 million stock repurchase program. The new authorization may be suspended or discontinued at any time. The exact number and timing of stock repurchases will depend on market conditions and other factors, and will be funded through available cash balances. The Company repurchased 1 million shares of its common stock at a cost of $46 million in the second quarter and first half of 2021. As of June 26, 2021, $254 million remains available for stock repurchases under the current stock repurchase program. Subsequent to the end of the second quarter of 2021 and through July 28, 2021, the Company repurchased 486 thousand shares of its common stock at a cost of $23 million. At June 26, 2021, there were 11 million shares of common stock held in treasury. The Company’s Third Amended Credit Agreement permits restricted payments, such as common stock repurchases, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 8 for additional information about the Company’s compliance with covenants. DIVIDENDS ON COMMON STOCK In May 2020, in order to preserve liquidity during the COVID-19 pandemic and in light of the uncertainties as to its duration and economic impact, the Company’s Board of Directors temporarily suspended the Company’s quarterly cash dividend beginning in the second quarter of 2020. There was no quarterly cash dividend declared and paid in the second quarter and first half of 2021. The Company’s quarterly cash dividend remains temporarily suspended. Prior to its temporary suspension, dividends have been recorded as a reduction to additional paid-in capital as the Company is in an accumulated deficit position. The Company’s Third Amended Credit Agreement permits restricted payments, such as dividends, but may be limited if the Company does not meet the required minimum liquidity or fixed charge coverage ratio requirements. Refer to Note 8 for additional information about the Company’s compliance with covenants.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: 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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