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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 25, 2022
Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 8. 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 25, 2021 |  | $ | (27 | ) |  | $ | 21 |  |  | $ | (6 | )
Other comprehensive loss activity before reclassifications |  |  | (12 | ) |  |  | (2 | ) |  |  | (14 | )
Reclassification of foreign currency translation adjustments realized upon disposal of business |  |  | 6 |  |  |  | — |  |  |  | 6 |
Balance at June 25, 2022 |  | $ | (33 | ) |  | $ | 19 |  |  | $ | (14 | )
TREASURY STOCK The Board of Directors reviewed the Company’s existing capital allocation programs in connection with the sale of CompuCom, and on December 31, 2021, authorized an additional $200 million for share repurchases under the then existing stock repurchase program, for a total authorization of $650 million. This stock repurchase program expired on June 30, 2022, and in July 2022, the Board of Directors approved a new stock repurchase program of up to $600 million, available through June 30, 2024. The new authorization may be suspended or discontinued at any time. The exact timing of share repurchases will depend on market conditions and other factors, and will be funded through available cash balances. On November 16, 2021, as part of the stock repurchase program expiring on June 30, 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) to repurchase shares of the Company’s common stock in exchange for an up-front payment $150 million. The ASR repurchase period ran through May 25, 2022, and the Company received 0.7 million shares of its common stock as the final settlement of the ASR in the second quarter of 2022. The Company repurchased 3.6 million shares of its common stock in total at an average price per share of $41.46 under the ASR. The Company did not repurchase any additional shares of its common stock in the second quarter and first half of 2022. I n July 2022, as part of the new $600 million stock repurchase program, the Board of Directors approved a Dutch auction tender offer to repurchase up to $300 million worth of shares of its common stock, based on demand. Subject to certain limitations and legal requirements, the Company could repurchase up to an additional 2% of the outstanding shares in the tender offer. Through this tender offer, the Company’s shareholders have the opportunity to tender some or all of their shares at a price within the range of $31.50 to $36.00 per share subject to the conditions set forth in the tender offer documents. The tender offer commenced on July 18, 2022 and is expected to expire on August 12, 2022, unless extended or earlier terminated by the Company. At June 25, 2022, there were 17 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 7 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 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 the first half of 2022. The Company’s quarterly cash dividend remains suspended. Prior to its 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 7 for additional information about the Company’s compliance with covenants.

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