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Capital Structure | 12 Months Ended
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Jan. 02, 2022
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Capital Structure | (10) Capital Structure On October 4, 2019, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company’s common stock. On February 24, 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, which was fully utilized in connection with the ASR Agreement, described below. 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, which replaced the previously approved and fully utilized $1.0 billion share repurchase program. As of January 2, 2022, the Company had $704.1 million remaining under its $1.0 billion authorization for repurchases of shares of the Company’s common stock. 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. 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. During 2021, 2020 and 2019, the Company repurchased 2,912,558 shares, 838,871 shares and 2,493,560 shares of the Company’s common stock for $1.32 billion, $304.6 million and $699.0 million, respectively. On April 30, 2021, the Company entered into a $1.0 billion accelerated share repurchase agreement (the “ASR Agreement”) with a counterparty. Pursuant to the terms of the ASR Agreement, on May 3, 2021, the Company used a portion of the proceeds from the 2021 Recapitalization to pay the counterparty $1.0 billion in cash and received and retired 2,012,596 shares of its common stock. Final settlement of the ASR Agreement occurred on July 21, 2021. In connection with the ASR Agreement, the Company received and retired a total of 2,250,786 shares of its common stock at an average price of $444.29. Subsequent to the end of fiscal 2021, the Company repurchased and retired an additional 100,810 shares of common stock for $47.7 million. As of January 2, 2022, 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 January 2, 2022 and January 3, 2021 were as follows:
|  | January 2, 2022 |  |  | January 3, 2021 |
Voting |  |  | 36,135,081 |  |  |  | 38,865,160 |
Non-Voting |  |  | 3,192 |  |  |  | 3,190 |
Total Common Stock |  |  | 36,138,273 |  |  |  | 38,868,350 |

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