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Equity
 6 Months Ended
Jun. 28, 2015
Equity [Abstract]  
Equity
Stockholders’ Equity

Stockholders’ Equity

The following is a summary of the changes in stockholders’ equity:
 
Six Months Ended
 
June 28,
2015
 
June 29,
2014
Balance at beginning of period
$
1,717,576

 
$
1,929,486

Comprehensive income
52,563

 
74,205

Dividends
(40,189
)
 
(36,648
)
Repurchases of common stock
(63,206
)
 
(277,275
)
Share-based compensation
12,242

 
15,158

Exercises of stock options
15,278

 
23,412

Vesting of restricted shares
(1,393
)
 
(1,397
)
Tax benefit from share-based compensation
45,452

 
17,338

Other
103

 
87

Balance at end of period
$
1,738,426

 
$
1,744,366



Repurchases of Common Stock

On June 1, 2015, our Board of Directors authorized a new repurchase program for up to $1,400,000 of our common stock through January 1, 2017, when and if market conditions warrant and to the extent legally permissible. As part of the authorization, the Company commenced an $850,000 share repurchase program on June 3, 2015, which included (1) a modified Dutch auction tender offer to repurchase up to $639,000 of our common stock and (2) a separate stock purchase agreement to repurchase up to $211,000 of our common stock from the Trian Group (as defined below in Note 13). For additional information on the separate stock purchase agreement see Note 13. During the second quarter of 2015, the Company incurred costs of $1,489 in connection with the tender offer, which were recorded to treasury stock. Subsequent to the second quarter of 2015, on June 30, 2015, the tender offer expired and on July 8, 2015, the Company repurchased 55,808 shares for an aggregate purchase price of $639,000. On July 17, 2015, the Company repurchased 18,416 shares, pursuant to the separate purchase agreement, for an aggregate purchase price of $210,867. As a result, the $850,000 share repurchase program that commenced on June 3, 2015 was completed.
In August 2014, our Board of Directors authorized a repurchase program for up to $100,000 of our common stock through December 31, 2015, when and if market conditions warrant and to the extent legally permissible. For the six months ended June 28, 2015, the Company repurchased 5,655 shares with an aggregate purchase price of $61,631, excluding commissions of $86.
In January 2014, our Board of Directors authorized a repurchase program for up to $275,000 of our common stock through the end of fiscal year 2014. The Company utilized the full authorization upon completion of a modified Dutch auction tender offer on February 19, 2014 resulting in 29,730 shares repurchased for an aggregate purchase price of $275,000. The Company incurred costs of $2,275 in connection with the tender offer, which were recorded to treasury stock.
Accumulated Other Comprehensive Loss

The following table provides a rollforward of the components of accumulated other comprehensive loss, net of tax as applicable:
 
Foreign Currency Translation
 
Cash Flow Hedges
 
Pension
 
Total
Balance at December 28, 2014
$
(28,363
)
 
$
(2,044
)
 
$
(887
)
 
$
(31,294
)
Current-period other comprehensive loss
(12,494
)
 
(2,442
)
 
(203
)
 
(15,139
)
Balance at June 28, 2015
$
(40,857
)
 
$
(4,486
)
 
$
(1,090
)
 
$
(46,433
)
 
 
 
 
 
 
 
 
Balance at December 29, 2013
$
(9,803
)
 
$
744

 
$
(1,278
)
 
$
(10,337
)
Current-period other comprehensive income (loss)
975

 
(2,418
)
 
338

 
(1,105
)
Balance at June 29, 2014
$
(8,828
)
 
$
(1,674
)
 
$
(940
)
 
$
(11,442
)


The cumulative gains and losses on these items are included in “Accumulated other comprehensive loss” in the condensed consolidated balance sheets.