Treasury Stock

6 Months Ended

Jul. 01, 2023

Treasury Stock:

The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The total authorized amount of the program, which has been increased from time to time, is currently $6.50 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of July 1, 2023, the Company had remaining authorization under the share repurchase program of $1.29 billion, exclusive of any fees, commissions, or other expenses.

The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases during the fiscal three months and fiscal six months ended July 1, 2023 and June 25, 2022, respectively (in thousands, except per share amounts):


	Fiscal Three Months Ended				Fiscal Six Months Ended
	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022
Total number of shares repurchased	692		942		1,558		2,300
Average price paid per share	$	222.42	$	199.88	$	225.34	$	210.62
Total cost of share repurchases (a)	$	157,448	$	188,210	$	354,616	$	484,390