Capital Structure

12 Months Ended

Dec. 30, 2018

(10)	Capital Structure

The Company has a Board of Directors-approved open market share repurchase program of the Company’s common stock, which was reset during the first quarter of 2018 to $750.0 million. The open market share repurchase program has historically been funded by excess

operating cash flows, excess proceeds from the Company’s recapitalization transactions and borrowings under the Company’s variable funding notes

On August 2, 2017, the Company entered into the $1.0 billion 2017 ASR Agreement with a counterparty. Pursuant to the terms of the 2017 ASR Agreement, on August 3, 2017, as part of its Board of Directors-approved share repurchase program, the Company used a portion of the proceeds from the 2017 Recapitalization to pay the counterparty $1.0 billion in cash to repurchase shares of the Company’s common stock. Final settlement of the 2017 ASR Agreement occurred on October 11, 2017. In connection with the 2017 ASR Agreement, the Company received and retired a total of 5,218,670 shares of its common stock at an average price of $191.62.

During 2018, 2017 and 2016, the Company repurchased 2,387,430 shares, 5,576,249 shares and 2,816,716 shares (including the 456,936 shares of its common stock received in the first quarter of 2016 in connection with the settlement of the Company’s $600.0 million accelerated share repurchase agreement with a counterparty entered into on October 27, 2015) for approximately $591.2 million, $1.06 billion and $300.3 million, respectively. At December 30, 2018, the Company had $158.8 million remaining under its $750.0 million authorization. The Company’s policy is to recognize the difference between the purchase price and par value of the common stock in additional

paid-in

capital. In instances where there is no additional

paid-in

capital, the difference is recognized in retained deficit. From December 31, 2018 through February 14, 2019, the Company repurchased and retired an additional 33,549 shares of common stock for a total of approximately $8.1 million, or an average price of $242.74 per share.

As of December 30, 2018, authorized common stock consists of 160,000,000 voting shares and 10,000,000

non-voting

shares. The share components of outstanding common stock at December 30, 2018 and December 31, 2017 are as follows:


	2018		2017
Voting		40,974,200		42,881,905
Non-Voting		3,361		16,424
Total Common Stock		40,977,561		42,898,329