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STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 30, 2019
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 10. 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 29, 2018

 

$

(50

)

 

$

(49

)

 

$

(99

)

Other comprehensive income activity before reclassifications

 

 

10

 

 

 

1

 

 

 

11

 

Balance at March 30, 2019

 

$

(40

)

 

$

(48

)

 

$

(88

)

 

Treasury Stock

In November 2018, the Board of Directors approved a stock repurchase program of up to $100 million of its common stock effective January 1, 2019, which extends until the end of 2020 and may be suspended or discontinued at any time. The stock repurchase authorization permits the Company to repurchase stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions. The exact number and timing of share repurchases will depend on market conditions and other factors, and will be funded through available cash balances. However, the Company’s ability to repurchase its common stock in 2019 is subject to certain restrictions under the Company’s Term Loan Credit Agreement.

During the first quarter of 2019, the Company purchased approximately 4 million shares of its common stock at a cost of $10 million, excluding commissions, and as of March 30, 2019, approximately $90 million remains available for share repurchases under the current stock repurchase authorization. Refer to Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” in Part II, “Other Information” for additional information.

Dividends on Common Stock

In February 2019, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $0.025 per share on its common stock, resulting in total cash payments of $14 million. Dividends have been recorded as a reduction to additional paid-in capital as the Company is in an accumulated deficit position. Payment of dividends is permitted under the Company’s Amended Credit Agreement provided that the Company has the required minimum liquidity or fixed charge ratio, but may be limited if the Company does not meet the necessary requirements. Additionally, under the Company’s Term Loan Credit Agreement, payment of dividends is permitted subject to compliance with an annual limit.