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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 28, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 11. STOCKHOLDERS’ EQUITY

PREFERRED STOCK

As of both December 28, 2024, and December 30, 2023, there were 1,000,000 shares of $0.01 par value per share of preferred stock authorized; no shares were issued and outstanding.

TREASURY STOCK

In February 2024, the Board of Directors approved a new stock repurchase program of up to $1 billion, available through March 31, 2027 which replaced the then existing $1 billion stock repurchase program. The Company repurchased 8 million shares of its common stock at a total cost of $300 million in 2024, including under the previous stock repurchase program. As of December 28, 2024, $725 million remains available for stock repurchases under the current stock repurchase program.

The current 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. Considering the ongoing macroeconomic environment and the Company’s operating results in 2024, the Company expects to substantially moderate the pace of stock repurchases in the near-term.

At December 28, 2024, there were 38 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 9 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends in 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 9 for additional information about the Company’s compliance with covenants.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss activity, net of tax, where applicable, is provided in the following tables:

 

(In millions)

 

Foreign
Currency
Translation
Adjustments

 

 

Change in
Deferred
Pension

 

 

Total

 

Balance at December 30, 2023

 

$

(31

)

 

$

(83

)

 

$

(114

)

Other comprehensive loss activity

 

 

(7

)

 

 

(4

)

 

 

(11

)

Tax impact

 

 

—

 

 

 

1

 

 

 

1

 

Total other comprehensive loss, net of tax, where applicable

 

 

(7

)

 

 

(3

)

 

 

(10

)

Balance at December 28, 2024

 

$

(38

)

 

$

(86

)

 

$

(124

)

 

 

(In millions)

 

Foreign
Currency
Translation
Adjustments

 

 

Change in
Deferred
Pension

 

 

Total

 

Balance at December 31, 2022

 

$

(39

)

 

$

(38

)

 

$

(77

)

Other comprehensive income (loss) activity

 

 

8

 

 

 

(43

)

 

 

(35

)

Tax impact

 

 

—

 

 

 

(2

)

 

 

(2

)

Total other comprehensive income (loss), net of tax, where applicable

 

 

8

 

 

 

(45

)

 

 

(37

)

Balance at December 30, 2023

 

$

(31

)

 

$

(83

)

 

$

(114

)