v3.25.2
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 28, 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

 

 

14

 

 

 

(6

)

 

 

8

 

Balance at June 28, 2025

 

$

(24

)

 

$

(92

)

 

$

(116

)

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 not repurchase any shares of its common stock in the second quarter and first half of 2025. The Company paid $3 million for excise taxes in the second quarter of 2025, related to share repurchases made in prior periods. As of June 28, 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 number and timing of stock 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 current strategic initiatives, the Company expects to continue to substantially moderate the pace of stock repurchases in the near-term.

At June 28, 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 second quarter and first half 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.