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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 25, 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

 

 

1

 

 

 

1

 

 

 

2

 

Balance at September 25, 2021

 

$

(26

)

 

$

(4

)

 

$

(30

)

 

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 2 million shares of its common stock at a cost of $76 million and 3 million shares at a cost of $122 million in the third quarter and year-to-date 2021, respectively. As of September 25, 2021, $178 million remains available for stock repurchases under the current stock repurchase program. Subsequent to the end of the third quarter of 2021 and through October 27, 2021, the Company repurchased 567 thousand shares of its common stock at a cost of $24 million.

At September 25, 2021, there were 13 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 third quarter and year-to-date 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.