The Company’s Board of Directors approved a

$1.0

billion program to repurchase the Company’s common stock during the fourth quarter of 2019. The Company’s share repurchase programs have 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.

During 2019, 2018 and 2017, the Company repurchased 2,493,560 shares, 2,387,430 shares and 5,576,249 shares for approximately $699.0 million, $591.2 million and $1.06 billion, respectively. At December 29, 2019, the Company had $406.1 million remaining under its $1.0 billion 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 30, 2019 through February 13, 2020, the Company repurchased and retired an additional 271,064 shares of common stock for a total of approximately $79.6 million.

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.

As of December 29, 2019, 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 29, 2019 and December 30, 2018 are as follows:


	2019		2018
Voting		38,930,646		40,974,200
Non-Voting		3,363		3,361

Total Common Stock		38,934,009		40,977,561