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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 29, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 7. STOCKHOLDERS’ EQUITY Accumulated other comprehensive income (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 28, 2024 |  | $ | (38 | ) |  | $ | (86 | ) |  | $ | (124 | )
Other comprehensive income (loss) activity |  |  | 3 |  |  |  | (2 | ) |  |  | 1 |
Balance at March 29, 2025 |  | $ | (35 | ) |  | $ | (88 | ) |  | $ | (123 | )
TREASURY STOCK In February 2024, the Company’s Board of Directors approved a 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 did no t repurchase any shares of its common stock in the first quarter of 2025. As of March 29, 2025, $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 the first quarter of 2025, the Company expects to continue to substantially moderate the pace of stock repurchases in the near-term. At March 29, 2025, 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 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 2025. 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 6 for additional information about the Company’s compliance with covenants.

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