Stockholders' Deficit

8 Months Ended

Sep. 12, 2021

4. Stockholders’ Deficit

The following table summarizes changes in stockholders’ deficit for the third quarter of 2021.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at June 20, 2021		36,853,571		$	369		$	7,771		$	(4,146,702	)	$	(2,008	)
Net income		—			—			—			120,402			—
Dividends declared on common stock and equivalents ($0.94 per share)		—			—			—			(34,400	)		—
Issuance and cancellation of stock awards, net		938			—			—			—			—
Tax payments for restricted stock upon vesting		(11,918	)		—			(5,730	)		—			—
Purchases of common stock		(391,007	)		(4	)		(14,801	)		(64,882	)		—
Exercise of stock options		113,903			1			6,922			—			—
Non-cash equity-based compensation expense		—			—			5,953			—			—
Currency translation adjustment		—			—			—			—			(404	)
Balance at September 12, 2021		36,565,487		$	366		$	115		$	(4,125,582	)	$	(2,412	)

The following table summarizes changes in stockholders’ deficit for the three fiscal quarters of 2021.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at January 3, 2021		38,868,350		$	389		$	5,122		$	(3,303,492	)	$	(2,424	)
Net income		—			—			—			354,782			—
Dividends declared on common stock and equivalents ($2.82 per share)		—			—			—			(105,555	)		—
Issuance and cancellation of stock awards, net		(980	)		—			—			—			—
Tax payments for restricted stock upon vesting		(14,819	)		—			(6,817	)		—			—
Purchases of common stock		(2,469,473	)		(25	)		(33,345	)		(1,071,317	)		—
Exercise of stock options		182,409			2			15,946			—			—
Non-cash equity-based compensation expense		—			—			19,453			—			—
Other		—			—			(244	)		—			—
Currency translation adjustment		—			—			—			—			12
Balance at September 12, 2021		36,565,487		$	366		$	115		$	(4,125,582	)	$	(2,412	)

On April 30, 2021, the Company entered into a $1.0 billion accelerated share repurchase agreement (the “ASR Agreement”) with a counterparty. Refer to Note 5 for additional information related to this transaction.

On July 20, 2021, the Company’s Board of Directors authorized a new share repurchase program to repurchase up to $1.0 billion of the Company’s common stock. This repurchase program replaced the Company’s previously approved $1.0 billion share repurchase program, which was fully utilized in connection with the ASR Agreement. During the third quarter of 2021, the Company repurchased and retired 391,007 shares of its common stock, including 238,190 shares received at settlement of the ASR Agreement and 152,817 shares of its common stock under this Board of Directors-approved share repurchase program for a total of approximately $79.7 million. During the three fiscal quarters of 2021, the Company repurchased and retired 2,469,473 shares of its common stock, including the 2,250,786 shares of common stock repurchased under the ASR Agreement and 218,687 shares of common stock repurchased under the Company's Board of Directors-approved share repurchase program for a total of approximately $1.1 billion. As of September 12, 2021, the end of the third quarter, the Company had a total remaining authorized amount for share repurchases of approximately $920.3 million. Subsequent to the end of the third quarter and through October 12, 2021, the Company repurchased and retired an additional 205,145 shares of common stock for a total of approximately $100.1 million.

Subsequent to the end of the third quarter, on October 12, 2021, the Company’s Board of Directors declared a $0.94 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2021, to be paid on December 30, 2021.

The following table summarizes changes in stockholders’ deficit for the third quarter of 2020.


												Accumulated
						Additional						Other
	Common Stock					Paid-in			Retained			Comprehensive
	Shares			Amount		Capital			Deficit			Loss
Balance at June 14, 2020		39,347,213		$	393	$	32,251		$	(3,311,015	)	$	(4,535	)
Net income		—			—		—			99,129			—
Dividends declared on common stock and equivalents ($0.78 per share)		—			—		—			(30,741	)		—
Issuance and cancellation of stock awards, net		32,676			1		—			—			—
Tax payments for restricted stock upon vesting		(12,195	)		—		(4,757	)		—			—
Exercise of stock options		24,781			—		1,725			—			—
Non-cash equity-based compensation expense		—			—		4,905			—			—
Currency translation adjustment		—			—		—			—			1,113
Balance at September 6, 2020		39,392,475		$	394	$	34,124		$	(3,242,627	)	$	(3,422	)

The following table summarizes changes in stockholders’ deficit for the three fiscal quarters of 2020.


													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Deficit			Loss
Balance at December 29, 2019		38,934,009		$	389		$	243		$	(3,412,649	)	$	(3,742	)
Net income		—			—			—			339,399			—
Dividends declared on common stock and equivalents ($2.34 per share)		—			—			—			(91,880	)		—
Issuance and cancellation of stock awards, net		38,389			1			—			—			—
Tax payments for restricted stock upon vesting		(18,215	)		—			(6,584	)		—			—
Purchases of common stock		(271,064	)		(3	)		(988	)		(78,599	)		—
Exercise of stock options		709,356			7			26,519			—			—
Non-cash equity-based compensation expense		—			—			14,934			—			—
Adoption of credit losses standard		—			—			—			1,102			—
Currency translation adjustment		—			—			—			—			320
Balance at September 6, 2020		39,392,475		$	394		$	34,124		$	(3,242,627	)	$	(3,422	)