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STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 30, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 7. 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 30, 2023

 

$

(31

)

 

$

(83

)

 

$

(114

)

Other comprehensive income (loss) activity

 

 

(4

)

 

 

1

 

 

 

(3

)

Balance at March 30, 2024

 

$

(35

)

 

$

(82

)

 

$

(117

)

TREASURY STOCK

In October 2022, the Board of Directors approved a stock repurchase program of up to $1 billion, available through December 31, 2025 which replaced the then existing $600 million stock repurchase program effective November 3, 2022. In February 2024, the Company’s Board of Directors approved a new stock repurchase program of up to $1 billion of its common stock, available through March 31, 2027, which replaced the then existing $1 billion stock repurchase program. 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.

The Company repurchased 957 thousand shares of its common stock at a cost of $50 million in the first quarter of 2024. As of March 30, 2024, $972 million remains available for stock repurchases under the current stock repurchase program. Subsequent to the end of the first quarter of 2024 and through May 1, 2024, the Company repurchased 703 thousand shares of its common stock at a cost of $36 million.

At March 30, 2024, there were 31 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 6 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends in the first quarter of 2024. The Company does not anticipate declaring cash dividends in the foreseeable future. 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 6 for additional information about the Company’s compliance with covenants.