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Shareholders' Deficit | 9 Months Ended
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Sep. 25, 2024
Equity [Abstract] |
Shareholders' Deficit | Shareholders' Deficit Share Repurchases Our credit facility permits the repurchase of the Company'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 the year-to-date period ended September 25, 2024, we repurchased a total of 1.3 million shares of our common stock for $11.2 million, including excise taxes. This brings the total amount repurchased under the current authorization to $160.8 million, leaving $89.2 million that can be used to repurchase our common stock under this authorization as of September 25, 2024. Repurchased shares are included as treasury stock in our Consolidated Balance Sheets and our Consolidated Statements of Shareholders' Deficit. 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 September 25, 2024, 2.0 million shares were held in treasury stock. Accumulated Other Comprehensive Loss, Net The components of the change in accumulated other comprehensive loss, net were as follows:
| Defined Benefit Plans |  | Derivatives |  | Accumulated Other Comprehensive Loss, Net
| (In thousands)
Balance as of December 27, 2023 | $ | (337) |  |  | $ | (41,322) |  |  | $ | (41,659) |
Amortization of net loss (1) | 60 |  |  | — |  |  | 60 |
Settlement loss recognized | 26 |  |  | — |  |  | 26 |
Changes in the fair value of cash flow hedges | — |  |  | 1,650 |  |  | 1,650 |
Reclassification of cash flow hedges to interest expense, net (2) | — |  |  | (4,626) |  |  | (4,626) |
Amortization of unrealized losses related to interest rate swaps to interest expense, net | — |  |  | 502 |  |  | 502 |
Income tax expense related to items of other comprehensive income (loss) | (23) |  |  | 625 |  |  | 602 |
Balance as of September 25, 2024 | $ | (274) |  |  | $ | (43,171) |  |  | $ | (43,445) |
(1) Before-tax amount related to our defined benefit plans that was reclassified from accumulated other comprehensive loss, net and included as a component of pension expense within general and administrative expenses in our Consolidated Statements of Income during the year-to-date period ended September 25, 2024. (2) Amounts reclassified from accumulated other comprehensive loss, net into interest expense, net in our Consolidated Statements of Income represent payments either (received from) or made to the counterparty for the interest rate hedges. See Note 7 for additional details.

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