Stockholders' Deficit

6 Months Ended

Jun. 20, 2021

Federal Home Loan Banks [Abstract]

Stockholders' Deficit

4. Stockholders’ Deficit

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

	Common Stock						Additional Paid-in Capital			Retained Deficit			Accumulated Other Comprehensive Loss
	Shares			Amount
Balance at March 28, 2021		38,818,197		$	388		$	6,612		$	(3,240,842	)	$	(2,238	)
Net income		—			—			—			116,619			—
Dividends declared on common stock and equivalents ($0.94 per share)		—			—			—			(34,680	)		—
Issuance and cancellation of stock awards, net		837			—			—			—			—
Tax payments for restricted stock upon vesting		(110	)		—			(43	)		—			—
Purchases of common stock		(2,012,596	)		(20	)		(12,181	)		(987,799	)		—
Exercise of stock options		47,243			1			5,331			—			—
Non-cash equity-based compensation expense		—			—			8,296			—			—
Other		—			—			(244	)		—			—
Currency translation adjustment		—			—			—			—			230
Balance at June 20, 2021		36,853,571		$	369		$	7,771		$	(4,146,702	)	$	(2,008	)

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

													Accumulated
	Common Stock						Additional						Other
							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		—			—			—			234,380			—
Dividends declared on common stock and equivalents ($1.88 per share)		—			—			—			(71,155	)		—
Issuance and cancellation of stock awards, net		(1,918	)		—			—			—			—
Tax payments for restricted stock upon vesting		(2,901	)		—			(1,087	)		—			—
Purchases of common stock		(2,078,466	)		(21	)		(18,544	)		(1,006,435	)		—
Exercise of stock options		68,506			1			9,024			—			—
Non-cash equity-based compensation expense		—			—			13,500			—			—
Other		—			—			(244	)		—			—
Currency translation adjustment		—			—			—			—			416
Balance at June 20, 2021		36,853,571		$	369		$	7,771		$	(4,146,702	)	$	(2,008	)

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.

Subsequent to the end of the second quarter, 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 replaces the Company’s previously approved $1.0 billion share repurchase program, which was fully utilized in connection with the ASR Agreement.

Also on July 20, 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 September 15, 2021, to be paid on September 30, 2021.

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

												Accumulated
	Common Stock					Additional						Other
						Paid-in			Retained			Comprehensive
	Shares			Amount		Capital			Deficit			Loss
Balance at March 22, 2020		39,039,599		$	390	$	12,474		$	(3,398,986	)	$	(6,068	)
Net income		—			—		—			118,668			—
Dividends declared on common stock and equivalents ($0.78 per share)		—			—		—			(30,697	)		—
Issuance and cancellation of stock awards, net		4,068			—		—			—			—
Tax payments for restricted stock upon vesting		(91	)		—		(31	)		—			—
Exercise of stock options		303,637			3		14,693			—			—
Non-cash equity-based compensation expense		—			—		5,115			—			—
Currency translation adjustment		—			—		—			—			1,533
Balance at June 14, 2020		39,347,213		$	393	$	32,251		$	(3,311,015	)	$	(4,535	)

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

													Accumulated
	Common Stock						Additional						Other
							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		—			—			—			240,270			—
Dividends declared on common stock and equivalents ($1.56 per share)		—			—			—			(61,139	)		—
Issuance and cancellation of stock awards, net		5,713			—			—			—			—
Tax payments for restricted stock upon vesting		(6,020	)		—			(1,827	)		—			—
Purchases of common stock		(271,064	)		(3	)		(988	)		(78,599	)		—
Exercise of stock options		684,575			7			24,794			—			—
Non-cash equity-based compensation expense		—			—			10,029			—			—
Adoption of credit losses standard		—			—			—			1,102			—
Currency translation adjustment		—			—			—			—			(793	)
Balance at June 14, 2020		39,347,213		$	393		$	32,251		$	(3,311,015	)	$	(4,535	)