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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 28, 2024
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 30, 2023 |  | $ | (31 | ) |  | $ | (83 | ) |  | $ | (114 | )
Other comprehensive loss activity |  |  | 4 |  |  |  | (4 | ) |  |  | — |
Balance at September 28, 2024 |  | $ | (27 | ) |  | $ | (87 | ) |  | $ | (114 | )
TREASURY STOCK 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 3 million shares of its common stock at a cost of $102 million and 6 million shares at a cost of $257 million in the third quarter and year-to-date 2024, respectively. As of September 28, 2024, $768 million remains available for stock repurchases under the current stock repurchase program. Subsequent to the end of the third quarter of 2024 and through October 30, 2024, the Company repurchased 1 million shares of its common stock at a cost of $33 million. At September 28, 2024, there were 36 million shares of common stock held in treasury. The Company’s Fourth 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 The Company did not declare any cash dividends in the third quarter and year-to-date 2024. The Company does not anticipate declaring cash dividends in the foreseeable future. The Company’s Fourth 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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