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Stock Repurchase Program
 12 Months Ended
Dec. 29, 2018
Equity [Abstract]  
Equity
Stock Repurchase Program
In September 2015, the Company’s Board of Directors (Board) authorized a stock repurchase program, whereby the Company could purchase up to 5.0 million shares of its common stock over a period of up to three years (2015 Repurchase Program). A total of 3.1 million shares were purchased by the Company pursuant to the 2015 Repurchase Program prior to its expiration in September 2018.
In July 2018, the Board approved a new stock repurchase program, authorizing the Company to purchase up to 5.0 million additional shares of its common stock over a period of up to three years (2018 Repurchase Program). The 2018 Repurchase Program became effective in September 2018 upon the expiration of the 2015 Repurchase Program. The Company expects to fund the 2018 Repurchase Program through its available cash, cash expected to be generated from future operations, the Credit Facility and other potential sources of capital. The 2018 Repurchase Program can be carried out at the discretion of a committee comprised of the Company’s CEO and CFO through open market purchases, one or more Rule 10b5-1 trading plans, block trades and privately negotiated transactions.
The following table provides a summary of the Company’s stock repurchase activities during the years ended December 29, 2018, December 30, 2017 and December 31, 2016 (in thousands, except per share amounts):
 
Years Ended
 
December 29,
2018
 
December 30,
2017
 
December 31,
2016
Shares repurchased
196

(1) 
804

(1) 
1,496

Average cost per share
$
84.12

 
$
84.90

 
$
42.39

Value of shares repurchased
$
16,490

 
$
68,260

 
$
63,403


______________
(1)
Excludes shares withheld from the shares of its common stock actually issued in connection the vesting of PSU awards to satisfy certain U.S. federal and state tax withholding obligations.