STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 27, 2014

STOCKHOLDERS' EQUITY

NOTE 12. STOCKHOLDERS’ EQUITY

Preferred Stock

As of December 27, 2014 and December 28, 2013, there were 1,000,000 shares of $0.01 par value preferred stock authorized; no shares were issued and outstanding.

Treasury Stock

At December 27, 2014, there were 5,915,268 common shares held in treasury. The Company’s Senior Secured Notes and the Facility include restrictions on additional common stock repurchases, based on the Company’s liquidity and borrowing availability. There were no repurchases of common stock in 2014 or 2013.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income 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 28, 2013	$	264		$	8		$	272
Other comprehensive loss activity before reclassifications		(79	)		(88	)		(167	)
Amounts reclassified from Accumulated other comprehensive income to Net loss)(a)		1			—			1
Tax impact		—			1			1
Net year-to-date other comprehensive income		(78	)		(87	)		(165	)
Balance at December 27, 2014	$	186		$	(79	)	$	107

(In millions)	Foreign Currency Translation Adjustments (b)		Change in Deferred Pension			Change in Deferred Cash Flow Hedge (c)			Total
Balance at December 29, 2012	$	217	$	(4	)	$	—		$	213
Other comprehensive income activity before reclassifications		11		22			2			35
Amounts reclassified from Accumulated other comprehensive income to Net loss (a)		36		—			(2	)		34
Tax impact		—		(10	)		—			(10	)
Net year-to-date other comprehensive income		47		12			—			59
Balance at December 28, 2013	$	264	$	8		$	—		$	272

^(a)  Amounts in parentheses indicate an increase to earnings.

^(b)  Includes $3 million gain included in Merger, restructuring and other operating expenses, net and $39 million loss, which is a component of Gain on disposition of joint venture.

^(c)  Included in the $(2) million are $(1) million recorded in Cost of goods sold and occupancy costs and $(1) million included in Other income (expense), net, respectively.

Because of valuation allowances in U.S. and several international taxing jurisdictions, items other than deferred pension amounts generally have little or no tax impact. The component balances are net of immaterial tax impacts, where applicable.