STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 30, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 11. STOCKHOLDERS’ EQUITY

PREFERRED STOCK

As of each of December 30, 2023, and December 31, 2022, there were 1,000,000 shares of $0.01 par value per share of preferred stock authorized; no shares were issued and outstanding.

TREASURY STOCK

In October 2022, the Board of Directors approved a stock repurchase program of up to $1 billion, available through December 31, 2025 which replaced the then existing $600 million stock repurchase program effective November 3, 2022. The 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.

The Company repurchased six million shares in 2023 for total consideration of $298 million. Of the total shares repurchased, two million shares were purchased from HG Vora for a cost of $89 million pursuant to the related stock purchase agreement that the Company entered into with HG Vora, effective March 13, 2023. As of December 30, 2023, $552 million remains available for stock repurchases under the current stock repurchase program, after considering purchases made under the $1 billion authorization effective November 3, 2022. In February 2024, the Company’s Board of Directors approved a new stock repurchase program of up to $1 billion of its common stock, available through March 31, 2027, which replaced the then existing $1 billion stock repurchase program. Subsequent to the end of fiscal 2023 and through February 21, 2024, the Company repurchased 332 thousand shares of its common stock at a cost of $17 million.

At December 30, 2023, there were 30 million shares of common stock held in treasury. The Company’s Third 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 9 for additional information about the Company’s compliance with covenants.

DIVIDENDS ON COMMON STOCK

The Company did not declare any cash dividends in 2023. The Company does not anticipate declaring cash dividends in the foreseeable future. The Company’s Third 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 9 for additional information about the Company’s compliance with covenants.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss activity, net of tax, where applicable, is provided in the following tables:

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 31, 2022	$	(39	)	$	(38	)	$	(77	)
Other comprehensive income (loss) activity		8			(43	)		(35	)
Tax impact		—			(2	)		(2	)
Total other comprehensive income (loss), net of tax, where applicable		8			(45	)		(37	)
Balance at December 30, 2023	$	(31	)	$	(83	)	$	(114	)

(In millions)	Foreign Currency Translation Adjustments			Change in Deferred Pension			Total
Balance at December 25, 2021	$	(27	)	$	21		$	(6	)
Other comprehensive loss activity before reclassifications		(18	)		(62	)		(80	)
Reclassification of foreign currency translation adjustments    realized upon disposal of business		6			—			6
Tax impact		—			3			3
Total other comprehensive loss, net of tax, where applicable		(12	)		(59	)		(71	)
Balance at December 31, 2022	$	(39	)	$	(38	)	$	(77	)