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Stockholders' Equity
 6 Months Ended
Jul. 03, 2016
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity

Stockholders’ Equity

The following is a summary of the changes in stockholders’ equity:
 
Six Months Ended
 
July 3,
2016
 
June 28,
2015
Balance at beginning of period
$
752,914

 
$
1,717,576

Comprehensive income
66,931

 
52,563

Cash dividends
(32,152
)
 
(40,189
)
Repurchases of common stock
(109,348
)
 
(63,206
)
Share-based compensation
9,925

 
12,242

Exercises of stock options
6,238

 
15,278

Vesting of restricted shares
(2,841
)
 
(1,393
)
Tax benefit from share-based compensation
1,402

 
45,452

Other
95

 
103

Balance at end of period
$
693,164

 
$
1,738,426



Repurchases of Common Stock

On June 1, 2015, our Board of Directors authorized a repurchase program for up to $1,400,000 of our common stock through January 1, 2017, when and if market conditions warrant and to the extent legally permissible. During the six months ended July 3, 2016, the Company repurchased 10,767 shares with an aggregate purchase price of $109,187, of which $2,991 was accrued at July 3, 2016 and excluding commissions of $161. As of July 3, 2016, the Company had $268,969 of availability remaining under its June 2015 authorization. Subsequent to July 3, 2016 through August 4, 2016, the Company repurchased 2,171 shares with an aggregate purchase price of $21,064, excluding commissions of $32.

Also as part of the June 2015 authorization, the Company commenced an $850,000 share repurchase program on June 3, 2015, which included (1) a modified Dutch auction tender offer to repurchase up to $639,000 of our common stock and (2) a separate stock purchase agreement to repurchase up to $211,000 of our common stock from Nelson Peltz, Peter W. May (Messrs. Peltz and May are members of the Company’s Board of Directors) and Edward P. Garden (who served on the Company’s Board of Directors until December 14, 2015) and certain of their family members and affiliates, investment funds managed by Trian Fund Management, L.P. (an investment management firm controlled by Messrs. Peltz, May and Garden, “TFM”) and the general partner of certain of those funds (together with Messrs. Peltz, May and Garden, certain of their family members and affiliates and TFM, the “Trian Group”). During the second quarter of 2015, the Company incurred costs of $1,489 in connection with the tender offer, which were recorded to treasury stock. The $850,000 share repurchase program was completed during the third quarter of 2015.

In August 2014, our Board of Directors authorized a repurchase program for up to $100,000 of our common stock through December 31, 2015, when and if market conditions warrant and to the extent legally permissible. During the six months ended June 28, 2015, the Company repurchased 5,655 shares with an aggregate purchase price of $61,631, excluding commissions of $86. The August 2014 authorization was completed during the third quarter of 2015.

Accumulated Other Comprehensive Loss

The following table provides a rollforward of the components of accumulated other comprehensive loss, net of tax as applicable:
 
Foreign Currency Translation
 
Cash Flow Hedges (a)
 
Pension
 
Total
Balance at January 3, 2016
$
(66,163
)
 
$
(3,571
)
 
$
(1,089
)
 
$
(70,823
)
Current-period other comprehensive income (loss)
14,256

 
888

 
(56
)
 
15,088

Balance at July 3, 2016
$
(51,907
)
 
$
(2,683
)
 
$
(1,145
)
 
$
(55,735
)
 
 
 
 
 
 
 
 
Balance at December 28, 2014
$
(28,363
)
 
$
(2,044
)
 
$
(887
)
 
$
(31,294
)
Current-period other comprehensive loss
(12,494
)
 
(2,442
)
 
(203
)
 
(15,139
)
Balance at June 28, 2015
$
(40,857
)
 
$
(4,486
)
 
$
(1,090
)
 
$
(46,433
)
_______________

(a)
Current-period other comprehensive loss for the three and six months ended June 28, 2015 includes the effect of changes in unrealized losses on cash flow hedges, net of tax. The three and six months ended July 3, 2016 includes the reclassification of unrealized losses on cash flow hedges of $443 and $888, respectively, from “Accumulated other comprehensive loss” to our condensed consolidated statements of operations. The reclassification of unrealized losses on cash flow hedges for the three and six months ended July 3, 2016 consists of $724 and $1,447, respectively, recorded to “Interest expense,” net of the related income tax benefit of $281 and $559, respectively, recorded to “Provision for income taxes.” See Note 7 for more information.