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Shareholders' Equity | 12 Months Ended
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Dec. 27, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Share Repurchases Our credit facility permits the repurchase of Denny’s stock and the payment of cash dividends subject to certain limitations. Our Board of Directors approves share repurchases of our common stock. Under these authorizations, we may, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934, as amended) or in privately negotiated transactions, subject to market and business conditions. Currently, we are operating under a $250 million share repurchase authorization approved by the Board of Directors in December 2019. During 2023, we repurchased a total of 5.2 million shares of our common stock for $52.1 million, including excise taxes. During 2022, we repurchased a total of 6.3 million shares of our common stock for $64.9 million. During 2021, we repurchased a total of 2.0 million shares of our common stock for $30.6 million. Repurchased shares are included as treasury stock in our Consolidated Balance Sheets and our Consolidated Statements of Shareholders’ Deficit. Retirement of Treasury Stock In the fourth quarter of fiscal 2023, the Board approved the retirement of 12.8 million shares of treasury stock at a weighted average share price of $11.02, including excise taxes. As of the year ended December 27, 2023, 0.7 million shares remained in treasury. Accumulated Other Comprehensive Loss The components of the change in accumulated other comprehensive loss were as follows:
| Pensions |  | Derivatives |  | Accumulated Other Comprehensive Loss
| (In thousands)
Balance as of December 30, 2020 | $ | (978) |  |  | $ | (59,427) |  |  | $ | (60,405) |
Benefit obligation actuarial loss | (46) |  |  | — |  |  | (46) |
Amortization of net loss (1) | 159 |  |  | — |  |  | 159 |
Changes in the fair value of cash flow derivatives | — |  |  | 4,275 |  |  | 4,275 |
Reclassification of cash flow derivatives to interest expense, net (2) | — |  |  | 4,023 |  |  | 4,023 |
Amortization of unrealized losses related to dedesignated derivatives to interest expense, net | — |  |  | 166 |  |  | 166 |
Income tax expense | (35) |  |  | (2,607) |  |  | (2,642) |
Balance as of December 29, 2021 | $ | (900) |  |  | $ | (53,570) |  |  | $ | (54,470) |
Benefit obligation actuarial gain | 261 |  |  | — |  |  | 261 |
Amortization of net loss (1) | 123 |  |  | — |  |  | 123 |
Settlement loss recognized | 74 |  |  | — |  |  | 74 |
Changes in the fair value of cash flow derivatives | — |  |  | 13,619 |  |  | 13,619 |
Reclassification of cash flow derivatives to interest expense, net (2) | — |  |  | 1,310 |  |  | 1,310 |
Amortization of unrealized losses related to dedesignated derivatives to interest expense, net | — |  |  | 29 |  |  | 29 |
Income tax expense | (113) |  |  | (3,530) |  |  | (3,643) |
Balance as of December 28, 2022 | $ | (555) |  |  | $ | (42,142) |  |  | $ | (42,697) |
Benefit obligation actuarial loss | (98) |  |  | — |  |  | (98) |
Amortization of net loss (1) | 56 |  |  | — |  |  | 56 |
Settlement loss recognized | 35 |  |  | — |  |  | 35 |
Plan closure loss | 74 |  |  | — |  |  | 74 |
Changes in the fair value of cash flow derivatives | — |  |  | 6,262 |  |  | 6,262 |
Reclassification of cash flow derivatives to interest expense, net (2) | — |  |  | (5,028) |  |  | (5,028) |
Amortization of unrealized losses related to dedesignated derivatives to interest expense, net | — |  |  | 353 |  |  | 353 |
Income tax benefit (expense) | 151 |  |  | (767) |  |  | (616) |
Balance as of December 27, 2023 | $ | (337) |  |  | $ | (41,322) |  |  | $ | (41,659) |
(1) Before-tax amount that was reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Consolidated Statements of Income. See Note 12 for additional details. (2) Amounts reclassified from accumulated other comprehensive loss into income represent payments made to (received from) the counterparty for the effective portions of the interest rate swaps. These amounts are included as a component of interest expense, net in our Consolidated Statements of Income. We expect to receive payments from the counterparty and reclassify $6.1 million from accumulated other comprehensive loss related to our interest rate swaps during the next twelve months. See Note 10 for additional details.

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